Key Highlights

  • Shares slid 9.52% to USD 1.52 in premarket trading on November 4, 2026.
  • The net loss for the quarter ended September 30, 2026 was USD 2,330,778, compared with USD 1,726,899 a year earlier.
  • Cash held at USD 1,094,488 on September 30, 2026, down from USD 2,194,413 on June 30, 2026.
  • The company expects its cash to fund operations only into mid-November 2026.
  • Shareholders' Equity was a Deficit of USD 1,199,396 at quarter end.

What Moved InMed Before the Open (down USD 0.1599, 9.52%)

InMed Pharmaceuticals Inc. (NASDAQ:INM) fell 9.52%, or USD 0.1599, to USD 1.52 in premarket trading on November 4, 2026, measured against the November 3, 2026 close. The drop followed first quarter fiscal 2027 results published on November 3, 2026, which showed a wider loss and a smaller cash balance. Because it trades under USD 5, the stock counts as a penny stock, so volatility, thin Liquidity and dilution risk all apply.

The results arrived one day before a Shareholder meeting on the proposed Merger with Mentari Therapeutics, which is scheduled for November 4, 2026. No separate offering or delisting announcement dated November 3 or November 4, 2026 was identified.

The Numbers and the Merger Behind the Move

For the three months ended September 30, 2026, InMed posted a net loss of USD 2,330,778, or USD 0.42 per share, against USD 1,726,899, or USD 0.44 per share, a year earlier. Losses from discontinued operations came to USD 335,766, versus income of USD 103,449 in the prior year quarter.

Research and development expense dropped to USD 206,015 from USD 575,458, while general and administrative expense climbed to USD 1,804,625 from USD 1,239,058. The company said cash should fund operations only into mid-November 2026, which makes the merger timetable especially pressing.

Under the proposed deal, Mentari has announced private placements with expected gross proceeds of about USD 490 million, which it says would fund operations into 2029. Closing is expected in the fourth quarter of calendar 2026, subject to conditions including shareholder approvals. A contingent value rights structure would allow eligible InMed shareholders to share in proceeds from monetizing legacy assets, although the company said no payment is assured.

Business Background and Recent Updates

InMed is a clinical-stage company developing small molecule candidates, with legacy programs in Alzheimer's disease, dry age-related macular degeneration and dermatology. During the quarter, it completed a pre-IND meeting with the FDA for INM-901, its Alzheimer's candidate, and reached agreement on next steps.

INM-901, INM-089 for dry age-related macular degeneration and INM-755 for dermatology are all being pursued for divestiture, licensing or other strategic opportunities. Shares outstanding rose to 5,493,735 at September 30, 2026 from 5,339,436 at June 30, 2026.

Balance Sheet, Listing Status and Risks

Cash was USD 1,094,488 at September 30, 2026, against current liabilities of about USD 2.5 million. Shareholders' equity moved to a deficit of USD 1,199,396 from positive equity of USD 1,075,007 at June 30, 2026.

On September 16, 2026, Nasdaq told the company that its equity of USD 1,075,007 had fallen below the USD 2.5 million minimum under Listing Rule 5550(b)(1). InMed submitted a compliance plan on October 30, 2026, which Nasdaq accepted, with a deadline of March 15, 2027. The company expects the merger and pre-closing financing to cure the shortfall, but it gave no assurance.

What to Watch Next

The first marker is the result of the November 4, 2026 shareholder meeting, followed by the remaining closing conditions and the Mentari financing. Also watch the funding runway before closing and any update on the legacy programs.