Mentari Therapeutics, Inc. — November 2026 Merger Earnings Summary

Financial Performance:

• The merger between InMed and Mentari was accounted for as a reverse recapitalization, with Mentari as the accounting acquirer.
• Pro forma combined cash and cash equivalents as of June 30, 2026, totaled $478.1 million, reflecting $490.0 million in aggregate gross proceeds from the Mentari Pre-Closing Financing (First Financing of $290.0 million and Second Financing of $200.0 million) net of transaction costs and adjustments.
• Pro forma combined total assets as of June 30, 2026, were $478.8 million.
• Pro forma combined total liabilities as of June 30, 2026, were $11.4 million.
• Pro forma combined stockholders' equity (deficit) as of June 30, 2026, was $467.2 million.
• For the six months ended June 30, 2026, pro forma combined net loss from continuing operations was $37.3 million, compared to a combined historical loss of $38.4 million ($7.6 million InMed + $30.8 million Mentari) before transaction adjustments.
• For the year ended December 31, 2025, pro forma combined net loss from continuing operations was $26.9 million, compared to a combined historical loss of $27.2 million ($7.8 million InMed + $19.4 million Mentari) before transaction adjustments.
• Pro forma combined research and development expenses for the six months ended June 30, 2026, were $31.1 million; for the year ended December 31, 2025, they were $21.4 million.
• Pro forma combined general and administrative expenses for the six months ended June 30, 2026, were $5.3 million; for the year ended December 31, 2025, they were $6.1 million.
• Pro forma combined net loss per share attributable to common stockholders was $(0.64) for the six months ended June 30, 2026, and $(0.46) for the year ended December 31, 2025.
• Pro forma combined weighted-average shares outstanding for the six months ended June 30, 2026, were 54.1 million; for the year ended December 31, 2025, they were 53.9 million.
• Historical InMed net loss per share for the year ended June 30, 2026, was $(31.20) after a one-for-ten reverse stock split; for the year ended June 30, 2025, it was $(83.63).

Guidance and Future Outlook:

• The Combined Company is led by Mentari's management team and remains focused on developing therapies for migraine prevention.
• Following the merger, the Combined Company expects substantially all future research and development activities and expenditures to relate to Mentari's product candidates.
• The Combined Company does not currently anticipate continuing material development activities related to InMed's legacy programs and expects to pursue strategic alternatives for those assets through the Contingent Value Rights (CVR) structure.
• The merger is expected to be accounted for as a reverse recapitalization under U.S. GAAP.

Business Segments and Product Lines:

• The Combined Company will focus substantially all operational and financial resources on Mentari's migraine prevention programs.
• InMed's legacy assets, primarily cannabinoid-based product candidates including INM-901, INM-089, and INM-755, along with related intellectual property, are subject to the CVR structure and are not expected to receive material future development resources.
• Existing InMed programs are expected to be pursued only to the extent they can be monetized, partnered, licensed, or otherwise disposed of through the CVR structure.

Market and Competitive Landscape:

• The document does not provide specific details on market trends, market share, or competitive landscape beyond the strategic shift to migraine prevention.

Risks and Challenges:

• The unaudited pro forma condensed combined financial information is preliminary and subject to further revision as additional information becomes available, including additional financing and transaction costs.
• Differences between preliminary estimates and final accounting, expected to be completed after the closing of the Merger, could have a material impact on the financial information.
• The pro forma information does not give effect to potential impacts of current financial conditions, regulatory matters, operating efficiencies, or other savings or expenses associated with integration.
• Actual results reported in periods following the Merger may differ significantly from the pro forma financial information due to differences in assumptions used.
• The Series A Preferred Stock includes fundamental transaction provisions that may require the Company to transfer cash or other assets upon the occurrence of certain merger or change-in-control events not solely within the Company's control.

Management Commentary and Tone:

• The Combined Company is led by Mentari's management team.
• Mentari is considered the accounting acquirer based on factors including Mentari stockholders owning a substantial majority of voting rights, Mentari's largest stockholder retaining the largest interest (26.4%), Mentari designating the initial board members, and Mentari's executive team becoming the management of the Combined Company.
• InMed's legacy assets are to be monetized via the CVR structure rather than continued development.

Other Key Points:

• The merger closed on November 6, 2026, following the effectiveness of InMed's Form S-4 registration statement and stockholder approvals.
• InMed changed its name to "Mentari Therapeutics, Inc." and Indigo Merger Sub II, LLC changed its name to "Mentari Therapeutics Operating Company LLC."
• The Exchange Ratio was 0.20065 shares of InMed common stock for each share of Mentari common stock.
• Former Mentari stockholders will own approximately 99.0% of the outstanding common stock of the Combined Company, while former InMed stockholders will own approximately 1.0%.
• Mentari closed the Mentari Pre-Closing Financing for aggregate gross proceeds of $490.0 million ($290.0 million First Financing and $200.0 million Second Financing).
• A Contingent Value Rights (CVR) Agreement was entered into, granting InMed's pre-Merger shareholders one CVR for each outstanding share of InMed common stock held as of November 5, 2026. CVRs represent the right to receive net proceeds from the disposition of InMed's pre-Merger legacy assets.
• The merger triggered vesting acceleration for certain InMed options, with in-the-money options converted to shares and out-of-the-money options cancelled for no consideration.
• InMed effected a one-for-ten reverse stock split of its common stock immediately prior to the closing of the Merger.
• Fairmount, Paragon, and Paratari are expected to own approximately 26.4%, 0.8%, and 1.0% of the Combined Company's outstanding capital stock on a fully diluted basis, respectively.
• The pro forma capitalization assumes InMed's net cash at closing is $(4.4) million.
• No income tax effects were reflected in the pro forma statements as both companies incurred pre-tax losses and maintain a full valuation allowance on deferred tax assets.
• Transaction costs of approximately $22.4 million (Mentari) and $2.4 million (InMed) were recognized as reductions to additional paid-in capital or accumulated deficit.
• InMed's accumulated deficit of $130.2 million as of June 30, 2026, was derecognized and adjusted to additional paid-in capital as part of the recapitalization.