Inmed Pharmaceuticals Inc. · NASDAQ:INM
Inmed Pharmaceuticals — Merger or Acquisition (May 2026)
32 slides from Inmed Pharmaceuticals's merger presentation, May 19, 2026
Slide 1: Mentari Therapeutics Overview
M AY 2 0 2 6 Mentari Therapeutics Overview
Slide 2: Disclaimers
2 Disclaimers The information contained in this presentation has been prepared by Mentari Therapeutics, Inc. and its affiliates ("we," "us," "our" or the "Company") and contains information pertaining to the business and operations of the Company. The information contained in this presentation: (a)
Slide 3: Transaction summary
3 Transaction summary Transaction: Transaction between InMed Pharmaceuticals Inc. (InMed), including its wholly owned subsidiaries, and Mentari Therapeutics, Inc. (Mentari) Transaction Structure: InMed to acquire 100% of Mentari equity interests in a reverse triangular merger of a wholly owned subsi
Slide 4: Estimated capitalization following close of transactions with InMed and pre-closing private placement
4 Estimated capitalization following close of transactions with InMed and pre-closing private placement Shares on an as-converted / as- exercised basis Expected ownership of the combined company InMed Shares of common stock outstanding (including upon exercise of outstanding warrants) 6,803,274 1.51
Slide 5: Mentari is developing potentially best-in-class therapies for the prevention of migraine
5 Mentari Therapeutics is developing potentially best-in-class therapies for the prevention of migraine PACAP = Pituitary Adenylate Cyclase-Activating Polypeptide; CGRP = Calcitonin Gene-Related Peptide; MoA= Mechanism of Action; SC=subcutaneous; IND = Investigational New Drug Application; CTA = Cli
Slide 6: Mentari has a rapid path to value creation
6 Mentari has a rapid path to value creation Potential BIC anti-PACAP therapy expected to enter clinic mid-2026, followed by potential BIC CGRP x PACAP bsAb expected early 2027 Migraine affects 1B+ patients globally CGRP therapies generating over $6B in revenue currently and expected to grow to ~$11
Slide 7: Migraine is a mega blockbuster market with CGRP-targeted therapies expected to peak at ~$11B by 2031
7 Migraine is a mega blockbuster market with CGRP-targeted therapies alone expected to peak at ~$11B in revenue by 2031 3.7 6.3 1.3 2.2 1.4 2.4 0 2 4 6 8 10 12 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E 2031E 2021 2020 2019 0.1 0.7 1.3 2.5 2.9 4.2 5.6 6.4 7.9 8.7 9.4 10.0 10.6 10.9 2018 Expec
Slide 8: Significant unmet need as many patients do not adequately respond to CGRP therapies
8 While CGRP therapies generate billions in revenue, there is still significant unmet need as many patients do not adequately respond Notes: MMDs = monthly migraine days; Emgality episodic averaged across Phase 3 EVOLVE-1 & -2 trials. Vyepti 300mg Q12W dose. Ajovy 225mg Q4W dose, Ajovy can also be d
Slide 9: Portfolio optimized to address large post-CGRP opportunity
9 Portfolio optimized to address large post-CGRP opportunity, with upside potential in broader migraine market Notes: Inadequate responders defined as patients who do not reach >50% reduction in monthly migraine days (combined partial and non-responders). TAM estimates based on projections for 2033
Slide 10: PACAP acts through an independent signaling pathway in migraine pathophysiology
10 PACAP acts through an independent signaling pathway with established relevance in migraine pathophysiology Sources: 2025 Pietra (Cephalgia); 2023 Kuburas (J Headache and Pain); 2023 Guo (Neurobio of Disease); 2024 Ashina (NEJM) PACAP & CGRP signal via discrete receptors that converge at downstrea
Slide 11: Lundbeck demonstrated proof-of-concept with single dose IV anti-PACAP in Ph2
11 -4 -3 -2 -1 0 Lundbeck demonstrated proof-of-concept with a single dose of IV anti-PACAP with a clean safety profile in a randomized Ph2 study Notes: These are cross-trial comparisons across trials with different patient populations and trial designs. No head-head-to-head comparison studies have
Slide 12: Mentari poised to accelerate pipeline following positive Lundbeck PROCEED data
12 Mentari is poised to accelerate pipeline following positive Lundbeck PROCEED data Phase 2b met primary endpoint for IV admin only – Full data at AHS Rapid development of MT-001 and MT-002 AHS data highlights benefit of combination strategy AHS dataset shows strong single agent activity for anti-P
Slide 13: Parallel lead programs: Distinct strategies for migraine prevention
13 MT-002 CGRP x PACAP bispecific Ab MT-001 Anti-PACAP mAb Parallel lead programs: Distinct strategies to address the full spectrum of patients in need of migraine prevention Sources: 2024 Ashina (NEJM); 2026 Buse (Neurol. Ther); 2023 Kuburas (J Headache and Pain); GlobalData; Internal data; KOL int
Slide 14: MT-001 is a potentially best-in-class anti-PACAP
14 MT-001 is a potentially best-in-class anti-PACAP Notes: Affinity and potency comparison determined to be similar or better on functional ligand blockade based on studies conducted by Paragon. No clinical head-to-head comparison studies have been conducted. Lu AG09222 generated based on published
Slide 15: MT-001 has broad ligand-receptor coverage across multiple PACAP pathways
15 MT-001 has broad ligand-receptor coverage across multiple PACAP pathways Sources: Internal data; 2021 Pellesi (JAMA Network Open); 2014 Amin (Brain); 2023 Rasmussen (J Headache Pain) "+" denotes relative magnitude of potential inhibitory activity Meningeal mast cell degranulation Neurogenic Type
Slide 16: MT-001 has demonstrated similar in vitro potency to reference anti-PACAP
16 MT-001 has demonstrated similar in vitro potency to reference anti- PACAP across PACAP isoforms, multiple receptors, and cell lines Notes: Data shown is mean of 3 technical replicates ± sd. Representative data shown in VPAC2R (overexpression line using CHO). Reference PACAP mAb generated internal
Slide 17: MT-001 expected to match reference anti-PACAP exposures with convenient SC dosing
17 MT-001 is expected to match reference anti-PACAP efficacious exposures with convenient SC dosing Notes: Reference PACAP mAb generated internally based on published INN for Lu AG09222. Lundbeck doses for benchmarking based on Ph2a high dose and low/med/high clinical study design. Projected dose fo
Slide 18: Development path sets up a catalyst-rich next 12-24 months
18 Development path sets up a catalyst-rich next 12-24 months Notes: All catalyst timings are preliminary and subject to change; Benchmark time from FIH to BLA/NDA reflects average of Aimovig and Emgality time from FIH to BLA. Activity Phase 2 Chronic/Episodic Migraine Patients Phase 1 Healthy Volun
Slide 19: MT-002 is a bispecific antibody targeting CGRP and PACAP
19 MT-002 is a bispecific antibody targeting CGRP and PACAP, aiming for best-in-indication efficacy Notes: Potency comparison determined to be similar or better on functional ligand blockade based on studies conducted by Paragon. Paragon generated Lu AG09222 based on published sequence. Dual CGRP &
Slide 20: MT-002 expected to match reference exposures with convenient SC dosing
20 MT-002 is expected to match reference PACAP mAb and CGRP mAb efficacious exposures with convenient SC dosing Notes & Sources: Pharmacokinetic data plots combine data from two separate studies. Reference PACAP mAb generated internally based on published INN for Lu AG09222. Dose projections assume
Slide 21: MT-002 dual targeting provides two opportunities to improve migraine care
21 Notes: Pbo-adj ΔMMD refers to placebo-adjusted change in monthly migraine days Source: Emgality, Ajovy, Vyepti, Aimovig FDA labels; 2026 Buse (Neurol. Ther); 2024 Ashina (NEJM); Lundbeck Press Release (Feb 2026); 2023 Guo (Neurol of Disease); 2021 Kuburas (J. Neurosci.); 2023 Kuburas (J Headache
Slide 22: MT-002 builds on established safety of anti-CGRPs and emerging safety of anti-PACAP
22 MT-002 builds on established safety of anti-CGRPs and emerging safety of anti-PACAP Note: AE = adverse events; AE-related discontinuation rate based on galcanezumab REGAIN OLE (12 months), eptinezumab SUNSET (60 weeks) and fremanezumab FOCUS OLE (6 months) Sources: 2022 Pozo-Rosich (Curr Med Res
Slide 23: MT-002 is well-positioned to address patients with suboptimal response to CGRPs
23 $2B+ 2L after CGRP failure $5B+ All CGRP inadequate responders $10B+ Preferred 1L biologic 2L treatment post-CGRP failure alone represents a blockbuster opportunity Base case market opportunity: ~40-50% of patients with inadequate response to CGRP monotherapy Upside opportunity: Potential for pre
Slide 24: Development path sets up a catalyst-rich next years
24 Development path sets up a catalyst-rich next 3 years Notes: All catalyst timings are preliminary and subject to change; benchmark time from FIH to BLA/NDA reflects average of Aimovig and Emgality Potential for rapid validation, value recognition, and path to BLA • Phase 1 HV data highly deriskin
Slide 25: MT-003 is a potential best-in-class anti-CGRP mAb with Q3M dosing
25 Combination Opportunities Single-Agent Opportunity MT-003 is a potential best-in-class anti-CGRP mAb with Q3M monotherapy dosing and enables combinations to maximize efficacy Potential Best-in-Class CGRP mAb Single Q3M SC autoinjection Highly validated target in a growing $11B peak class (expecte
Slide 26: MT-003 addresses the convenience gap in CGRP-targeted therapies
26 "Patients are more compliant when it's quarterly." - US KOL MT-003 addresses the convenience gap in CGRP-targeted therapies with a Q3M SC anti-CGRP Notes: Ajovy is 12 injections per year, with either 1 SC injection monthly or 3 SC injections quarterly Sources: KOL Interviews, FDA labeling [A Q3M
Slide 27: MT-003 creates opportunity for best-in-indication combinations
27 MT-003 creates opportunity for best-in-indication combinations Highly validated Safe drug class BIC dosing CGRP Novel MOA with compelling single-agent efficacy BIC dosing PACAP/Novel MOA Potential for best-in-indication efficacy Combinations for migraine Illustrative MT-002 is also a potential pa
Slide 28: MT-004 and MT-005 are potentially best-in-class antibodies against novel targets
28 MT-004 and MT-005 are potentially best-in-class antibodies against novel targets, enabling additional combo approaches in migraine MT-005 1Q27 DC Selection Additional Pipeline Opportunities Differentiated targets in headache disorders: Targets are distinct from CGRP and have preclinical valida
Slide 29: $290M financing expected to fund parallel leads through multiple inflection points
29 MT-001 (Anti-PACAP) Mid – IND or CTA Mid – Ph1 HV data Ph2a PoC in migraine patients MT-002 (Anti-CGRP x PACAP bispecific) 1Q – DC selection 1Q – IND or CTA YE – Ph1 HV data MT-003 (Anti-CGRP) 2Q – DC selection MT-004 (undisclosed) 1Q – DC selection MT-005 (undisclosed) 1Q – DC selection $290M fi
Slide 30: Migraine therapies have generated multiple significant M&A outcomes
30 Migraine therapies have generated multiple significant M&A outcomes and are highly valued by large pharma Sources: Company press releases; GlobalData Acquirer Target Deal economics (year) Status of lead asset at deal $11.6B (2022) Oral CGRP-R antagonist (rimegepant / Nurtec / Vydura) approved in
Slide 31: Mentari programs developed by team with deep expertise in antibody engineering
31 Mentari programs were developed by team with deep expertise in antibody engineering and drug development Julianne Bruno Chairperson, Board of Directors Michelle Pernice Board of Directors Neta Batscha SVP, Strategy & Operations Mike Meehl SVP, Biologics Research Hussam Shaheen CSO Jason Oh SVP, B
Slide 32: Thank you
<_<“ Thank you
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