InMed Posts $2.3M Quarterly Loss as Cash Runs to Mid-November Ahead of Mentari Merger Vote
INM has more than doubled off its 52-week low of $0.575 on elevated volume (2.1× avg).
Summary
InMed reported a fiscal Q1 2027 net loss of $2.33 million, wider than the $1.73 million loss a year earlier, with cash and equivalents falling to $1.09 million from $2.19 million at June 30. Management now says available cash funds operations only into mid-November — a tighter runway than the prior 10-Q language — making the November 4 shareholder vote on the Mentari Therapeutics reverse merger the company's near-term lifeline. Shareholders' equity has turned negative at $(1.20) million, and the company disclosed that Nasdaq accepted its compliance plan on October 30, giving it until March 15, 2027 to regain the $2.5 million minimum equity requirement. The merger, which would hand existing InMed holders just 1.01% of the combined company, is paired with roughly $490 million in expected Mentari private placement proceeds intended to fund operations into 2029. A 1-for-10 reverse split is set to take effect November 5, cutting the share count from 5,493,735 to about 549,374, contingent on shareholder approval.
At the time of this announcement, INM was trading at $1.56 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $9M. The 52-week trading range was $0.58 to $2.33. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: TMX Newsfile.