InMed Pharmaceuticals

Absent the Mentari merger or another financing/partnership, InMed lacks runway to fund IND‑enabling activities and must either raise capital or pause/abandon development. If true, equity is effectively binary and dependent on financing events; if false (new financing arrives), the pipeline can be advanced and value can be created.

The March 2026 wind‑down of BayMedica removed InMed's only revenue stream, converting the company into a preclinical NCE portfolio whose equity value depends on discrete development milestones or M&A rather than recurring commercial cash flow. Without revenue, value must come from de‑risking and monetizing pipeline assets (partnerships, licensing or sale); absence of milestones leaves little support for the stock.

If the Merger closes as currently framed, pre‑Merger Mentari stockholders will own ~98.99% pro‑forma, meaning InMed’s strategy, resource allocation and pipeline prioritization will be controlled by the incoming group rather than existing shareholders. This changes governance, incentive alignment and the ultimate timing/scale of development investment; existing holders become minority owners with limited control over dilution and strategy.