InMed Pharmaceuticals Receives Nasdaq Notice; Merger Expected to Restore Equity

What Happened

• On September 16, 2026 InMed Pharmaceuticals (INM) received a Nasdaq notice that it does not meet Nasdaq Listing Rule 5550(b)(1), which requires $2,500,000 in shareholders’ equity. InMed reported shareholders’ equity of $1,075,007 in its Form 10-K for the year ended June 30, 2026.
• The company attributes the shortfall mainly to transaction-related expenses tied to its May 19, 2026 Merger Agreement with Mentari Therapeutics, the wind-down of BayMedica, higher G&A, impairment charges and ongoing operating losses. InMed says the combined company is expected to receive approximately $490.0 million in aggregate gross proceeds (including $50.0 million previously received by Mentari) from pre-closing financing, and expects the Merger to close in Q4 2026, subject to shareholder approval.

Key Details

• Nasdaq notice date: September 16, 2026; InMed has 45 days (until November 2, 2026) to submit a plan to regain compliance.
• If Nasdaq accepts the plan, InMed may have up to 180 calendar days from September 16, 2026 (until March 15, 2027) to demonstrate compliance.
• Reported shareholders’ equity: $1,075,007 (fiscal year ended June 30, 2026); Nasdaq minimum required: $2,500,000.
• Company stock continued trading on Nasdaq under symbol "INM"; closing price increased by about $0.68 (~99.8%) as of September 18, 2026 vs. immediately prior to the Merger announcement.

Why It Matters

• For investors, this is material because failure to regain compliance could lead to delisting, which typically reduces liquidity and may hurt share value and the company's ability to raise capital.
• InMed’s stated path to regain compliance relies primarily on the pending Merger with Mentari and related financing; those transactions are not guaranteed to close or to produce the expected equity improvements.
• Watch upcoming milestones: InMed’s compliance plan submission (by Nov 2, 2026), any Nasdaq response, the Form S-4/definitive proxy materials for the Merger, the shareholder vote, and whether the Merger and pre-closing financing close as disclosed. The filing includes forward-looking cautionary language; there is no assurance Nasdaq will accept a plan or that an appeal (if needed) would succeed.