Vancouver, British Columbia--(Newsfile Corp. - November 5, 2026) - InMed Pharmaceuticals Inc. (NASDAQ: INM) (now Mentari Therapeutics, Inc.) (the "Company"), a pharmaceutical company focused on developing a pipeline of proprietary small molecule drug candidates for diseases with high unmet medical needs, today announced that, subject to the satisfaction or waiver of the remaining closing conditions under the agreement and plan of merger and reorganization dated May 19, 2026 (as amended, the "Merger Agreement"), among the Company, Mentari Therapeutics, Inc., a Delaware corporation ("Mentari"), Indigo Merger Sub Corp. and Indigo Merger Sub II, LLC, the Company's previously announced merger with Mentari (the "Merger") is expected to close on November 6, 2026.

On the closing date and prior to the completion of the Merger, the Company expects to redomesticate from British Columbia, Canada to the State of Nevada. Effective at the commencement of trading on November 9, 2026, the Company's common stock is expected to begin trading on The Nasdaq Capital Market ("Nasdaq") under the name "Mentari Therapeutics, Inc." and the new symbol "MTRI", with a new CUSIP number of 587157108 and a new ISIN number of US5871571080.

In connection with the Merger and pursuant to a contingent value rights agreement to be entered into on or prior to the closing date of the Merger (the "CVR Agreement"), the Company expects to issue to shareholders of record as of the close of business on November 5, 2026 (the "CVR Distribution Record Date") one contingent value right (each, a "CVR") for each outstanding common share of the Company (each, a "Common Share") held by such shareholder as of the CVR Distribution Record Date, after giving effect to the one-for-ten consolidation of the Common Shares that became effective on Nasdaq at market open on November 5, 2026, with each CVR representing the right to receive contingent payments upon the occurrence of certain events set forth in, and subject to and in accordance with the terms of, the CVR Agreement. Investors who purchase Common Shares on Thursday, November 5 are not expected to be holders of record as of the CVR Distribution Record Date. Common Shares to be issued in connection with the surrender of outstanding in-the-money stock options of the Company, as contemplated in connection with the Merger, will not entail any corresponding CVR entitlement.

About the Merger

Consummation of the Merger is subject to the satisfaction or waiver of each of the other closing conditions set forth in the Merger Agreement. For a more complete description of the closing conditions under the Merger Agreement, please see the section titled "The Merger Agreement - Conditions to the Completion of the Merger" beginning on page 214 of the Company's proxy statement/prospectus and management information circular dated October 1, 2026.

About the Company:

The Company is a pharmaceutical company focused on developing a pipeline of proprietary small molecule drug candidates targeting the CB1/CB2 receptors. The Company's pipeline consists of three separate programs in the treatment of Alzheimer's, ocular and dermatological indications. For more information, visit www.inmedpharma.com.

Cautionary Note Regarding Forward-Looking Information:

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "potential", "possible", "would" and similar expressions. Such statements, based as they are on current expectations of management, inherently involve numerous risks, uncertainties and assumptions, known and unknown, many of which are beyond our control. Forward-looking information is based on management's current expectations and beliefs and is subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Without limiting the foregoing, forward-looking information in this news release includes, but is not limited to, statements about: developing a pipeline of proprietary small molecule drug candidates for diseases with high unmet medical needs, the Merger, the change of control of the Company that will result from the Merger, the closing of the Merger (if at all) and the expected timing thereof, the reductions in the capital of the Company in connection with any distributions to the Company's shareholders, including of CVRs, the redomestication of the Company from British Columbia, Canada to the State of Nevada and the timing thereof, the CVR Agreement and the issuance of, and contingent payments (if any) with respect to, the CVRs, including the absence of any CVR entitlement for Common Shares issued upon the surrender of the Company's stock options, the satisfaction or waiver of closing conditions under the Merger Agreement and the expected commencement of trading of the Company's common stock on Nasdaq under the name "Mentari Therapeutics, Inc.", the symbol "MTRI" and a new CUSIP number.

Additionally, there are known and unknown risk factors which could cause the Company's actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. These risks and uncertainties include, but are not limited to, risks related to: the Merger may not be completed on the anticipated timeline or at all, the failure to satisfy the conditions to closing of the Merger, whether any CVR payments are actually ever made, the outcome of preclinical studies and clinical trials, regulatory approval processes, the combined company's reliance on third parties, protection of intellectual property, the combined company's need for substantial additional funding and Nasdaq's approval of the initial listing application of the combined company. Should one or more of these risks or uncertainties materialize, or should any of the Company's, Mentari's or the combined company's assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. A complete discussion of the risks and uncertainties facing the Company's stand-alone business is disclosed in the Company's Annual Report on Form 10-K, as may be updated from time to time by the Company's Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission available at www.sec.gov.

All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.

No Offer or Solicitation

This communication is not intended to and does not constitute (i) a solicitation of a proxy, consent or approval with respect to any securities or in respect of the proposed transaction or (ii) an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended (the "Securities Act"), or an exemption therefrom. Subject to certain exceptions to be approved by the relevant regulators or certain facts to be ascertained, the public offer will not be made directly or indirectly, in or into any jurisdiction where to do so would constitute a violation of the laws of such jurisdiction, or by use of the mails or by any means or instrumentality (including without limitation, facsimile transmission, telephone and the internet) of interstate or foreign commerce, or any facility of a national securities exchange, of any such jurisdiction.

NEITHER THE SEC NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OR DETERMINED IF THIS COMMUNICATION IS TRUTHFUL OR COMPLETE.

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Source: InMed Pharmaceuticals