Inmed Pharmaceuticals Inc. · NASDAQ:INM

Inmed Pharmaceuticals — Merger or Acquisition (July 2026)

27 slides from Inmed Pharmaceuticals's merger presentation, Jul 22, 2026

  1. Slide 1: Mentari Therapeutics Overview

    J U LY 2 0 2 6 Mentari Therapeutics Overview

  2. 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)

  3. Slide 3: Updated Transaction Summary

    3 Updated Transaction summary Overview: 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

  4. Slide 4: Estimated capitalization following closing of merger and pre-closing financings

    4 Estimated capitalization following closing of merger with InMed and pre-closing financings (initial and second tranches) 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 warra

  5. Slide 5: Mentari is developing potentially best-in-class therapies for the prevention of migraine

    5 Mentari is developing potentially best-in-class therapies for the prevention of migraine PACAP: Pituitary Adenylate Cyclase-Activating Polypeptide; CGRP: Calcitonin Gene-Related Peptide; SC: subcutaneous; IND: Investigational New Drug Application; CTA: Clinical Trial Application. *Mentari has opti

  6. Slide 6: Mentari was founded to solve a significant unmet need in a debilitating disease

    6 Mentari Therapeutics was founded to solve a significant unmet need in a debilitating disease with global impact BIC: Best-in-Class, FIH: first-in-human. Sources: Steiner 2023 Nat Rev Neurol. Buse 2026 Neurol. Ther. Ashina 2024 NEJM. Lundbeck Press Release (February 12, 2026); Anti-CGRP therapies F

  7. Slide 7: Migraine is a mega-blockbuster market with anti-CGRP therapies expected to peak at ~$11B

    7 Migraine is a mega-blockbuster market with anti-CGRP therapies alone expected to peak at ~$11B in revenue by 2031 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 Expected sales gr

  8. Slide 8: Significant unmet need as many patients do not adequately respond to anti-CGRPs

    8 While anti-CGRPs generate billions in revenue, there is still significant unmet need as many patients do not adequately respond 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 dosed 675mg Q

  9. Slide 9: CGRP & PACAP act through independent signaling pathways in migraine

    9 CGRP & PACAP act through independent signaling pathways with established relevance in migraine pathophysiology Sources: Pietra 2025 Cephalalgia. Kuburas 2023 J Headache and Pain. Guo 2023 Neurobiol Dis. Ashina 2024 NEJM. CGRP & PACAP signal via discrete receptors that converge at downstream migrai

  10. Slide 10: Targeting CGRP and PACAP together expected to deliver more migraine relief

    10 -8 -6 -4 -2 0 Comparison is for illuatrative purposes only. No head-to-head trials have been conducted. Illustrated trials had different patient populations and trial designs. All data ranges reflect Wk12 measures. Anti-CGRPs: Emgality (SC): EVOLVE-2 (Skjarevshi 2018 Cephalagia), EVOLVE-1 (Stauff

  11. Slide 11: MT-002 is a bispecific antibody targeting CGRP and PACAP

    11 MT-002 is a bispecific antibody targeting CGRP and PACAP, aiming for best-in-indication efficacy Potency comparison determined to be similar or better on functional ligand blockade based on studies conducted by Paragon. Paragon generated bocunebart based on published sequence. Dual CGRP & PACAP i

  12. Slide 12: MT-002 designed to target efficacious exposures with patient-centric SC dosing

    12 MT-002 is designed to target efficacious exposures for both CGRP and PACAP with patient-centric SC dosing NHP: non-human primate. PK plots combine data from two separate studies. Reference anti-PACAP mAb generated internally based on published INN for bocunebart. Dose projections assume MT-002 ha

  13. Slide 13: MT-002 builds on established safety of anti-CGRPs and emerging anti-PACAP safety

    13 MT-002 builds on established safety of anti-CGRPs and emerging safety of anti-PACAP AE: adverse events, OLE: open label extensions. AE-related discontinuation rate based on Emgality REGAIN OLE (12 months), Vyepti SUNSET (60 weeks) and Ajovy FOCUS OLE (6 months). Sources: Pozo-Rosich 2022 Curr Med

  14. Slide 14: MT-002 with convenient dosing poised to disrupt the treatment paradigm

    14 Notes: Inadequate responders defined as patients who do not reach >50% reduction in monthly migraine days (MMD) (combined partial and non-responders). TAM estimates based on projections for 2033 of ~$10,000 WAC per patient, assuming 1.2M patients on anti-CGRP mAbs, 55% responders (>50% reduction

  15. Slide 15: Migraine offers rapid path to value creation, with multiple near-term catalysts for MT-002

    15 Migraine offers rapid path to value creation, with multiple near-term catalysts expected for MT-002 FIH: first-in-human, BLA: Biologics license application, IV: intravenous, SC: subcutaneous Activity 2026 2027 2028 Phase 1 Healthy volunteers (IV & SC) Phase 2 Chronic & Episodic migraine YE 2027 P

  16. Slide 16: MT-001 is a potentially best-in-class anti-PACAP mAb

    16 MT-001 is a potentially best-in-class anti-PACAP mAb 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. Bocunebart generated based on published seq

  17. Slide 17: MT-001 has similar in vitro potency to reference anti-PACAP

    17 MT-001 has demonstrated similar in vitro potency to reference anti- PACAP across PACAP isoforms, multiple receptors, and cell lines Data shown is mean of 3 technical replicates ± sd. Representative data shown in VPAC2R (overexpression line using CHO). Reference anti-PACAP mAb generated internally

  18. Slide 18: MT-001 expected to match reference exposures with convenient Q3M SC dosing

    18 MT-001 is expected to match reference antibody's efficacious exposures with convenient Q3M SC dosing NHP: non-human primate. Reference anti-PACAP mAb generated internally based on published INN for bocunebart. Projected dose for MT-001 reflects dose exposure projected to match 480 mg bocunebart I

  19. Slide 19: MT-003 is a potential best-in-class anti-CGRP mAb with Q3M SC dosing

    19 MT-003 is a potential best-in-class anti-CGRP mAb with convenient Q3M SC dosing *Ajovy is 12 injections per year, with either 1 SC injection monthly or 3 SC injections quarterly. SC: subcutaneous, mAb: monoclonal antibody, IV: intravenous. Mentari has option to license MT-003 under Paragon agreem

  20. Slide 20: With less burdensome dosing, MT-003 could become the preferred anti-CGRP therapy

    20 With less burdensome dosing, MT-003 has potential to become the preferred anti-CGRP therapy NHP: non-human primate. Reference anti-CGPR is a representative anti-CGRP monoclonal antibody. Mentari has option to license MT-003 under Paragon agreement. Patients and physicians prefer quarterly dosing

  21. Slide 21: MT-003 creates opportunity for best-in-indication combinations

    21 MT-003 creates opportunity for best-in-indication combinations BIC: best-in-class, MOA: mechanism of action. Mentari has option to license MT-003 under Paragon agreement. MT-003 Highly validated Safe drug class BIC dosing CGRP Novel MOA with compelling single-agent efficacy BIC dosing Novel MOA P

  22. Slide 22: Pipeline contains additional antibodies against novel migraine prevention targets

    22 Pipeline contains additional potentially best-in-class antibodies against novel migraine prevention targets DC: drug candidate. Mentari has option to license MT-004 and MT-005 under Paragon agreement. ▪ MT-005 ❑1H27 DC Selection Additional Pipeline Opportunities Differentiated targets in headache

  23. Slide 23: Current runway expected to fund Mentari through multiple value inflection points

    23 MT-002 (Anti-CGRP x PACAP bispecific) 1Q – DC selection 1Q – IND or CTA YE – Ph1 HV data MT-001 (Anti-PACAP) MY – IND or CTA MY – Ph1 HV data Ph2a PoC in migraine patients MT-003 (Anti-CGRP) MY – DC selection MT-004 (Undisclosed) 1Q – DC selection MT-005 (Undisclosed) 1H – DC selection Current ru

  24. Slide 24: Migraine therapies have generated significant M&A outcomes

    24 Migraine therapies have generated multiple significant M&A outcomes and are highly valued by large pharma mAb: monoclonal antibody, R: receptor. Sources: Company press releases; GlobalData Acquirer Target Deal economics (year) Status of lead asset at deal $11.6B (2022) Oral CGRP-R antagonist (rim

  25. Slide 25: Mentari led by team with deep expertise in drug development

    25 • Led Avadel as CEO from development-stage organization through commercialization and acquisition by Alkermes for up to $2.4B • Over 30 years industry experience, with leadership roles at Linden Capital Partners, Lumara Health, Ther-Rx Corp, Sanofi and Schering-Plough Mentari led by team with dee

  26. Slide 26: Thank you

    <<“... Ee Thank you

  27. Slide 27: MT-001 and MT-002 have broad ligand-receptor coverage across PACAP pathways

    27 MT-001 and MT-002 have broad ligand-receptor coverage across multiple PACAP pathways Sources: Internal data; Pellesi 2021 JAMA Network Open. Amin 2014 Brain. Rasmussen 2023 J Headache Pain. "+" denotes relative magnitude of potential inhibitory activity Meningeal mast cell degranulation Neurogeni

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