InMed Pharmaceuticals gets Nasdaq equity deficiency notice

InMed Pharmaceuticals Inc. (NASDAQ: INM) has received a notice from Nasdaq's Listing Qualifications Department stating that the company's shareholders' equity fell below the minimum threshold required for continued listing on the Nasdaq Capital Market.

According to the company's Annual Report on Form 10-K for the fiscal year ended June 30, 2026, InMed reported shareholders' equity of $1,075,007, below the $2,500,000 minimum required under Nasdaq Listing Rule 5550(b)(1).

InMed attributed the decline primarily to transaction-related expenses connected to a previously announced Agreement and Plan of Merger and Reorganization dated May 19, 2026, with Mentari Therapeutics, Inc. Additional contributing factors included costs related to the wind-down of its wholly owned subsidiary BayMedica, LLC, increased general and administrative expenses, impairment charges on intangible assets, and continued operating losses.

The company said it expects the planned merger with Mentari, along with an associated pre-closing financing, to generate aggregate gross proceeds of approximately $490.0 million, which it believes will restore compliance with Nasdaq's equity requirement. The merger is expected to close in the fourth quarter of 2026, subject to shareholder approval.

Nasdaq has given InMed 45 calendar days to submit a compliance plan. If accepted, Nasdaq may grant an extension of up to 180 calendar days to demonstrate compliance. If the company fails to meet the requirement within the applicable period, Nasdaq may initiate delisting proceedings. InMed would have the right to appeal any such determination to a Nasdaq Hearings Panel, with its shares expected to remain listed during that process.

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