Mentari Therapeutics, Inc., a privately held biotechnology company focused on migraine prevention, announced a $200 million private placement consisting of common stock and pre-funded warrants, according to a press release dated July 22, 2026.

The financing round includes investors such as Fairmount, ADAR1 Capital Management, Venrock Healthcare Capital Partners, Janus Henderson Investors, Blackstone Multi-Asset Investing, RTW Investments, Deep Track Capital, BB Biotech, and others. Jefferies, TD Cowen, Stifel, and Guggenheim Securities acted as placement agents.

The private placement is expected to close immediately before the completion of Mentari's planned merger with InMed Pharmaceuticals, Inc. (NASDAQ: INM) and concurrently with a previously announced $290 million private placement. The combined $490 million in total financing is expected to extend the company's cash runway into 2029.

Following the merger and both private placements, the estimated total shares outstanding of the combined company on an as-converted and as-exercised basis is expected to be approximately 601,195,812. The combined company will operate under the Mentari Therapeutics name and trade on the Nasdaq Capital Market under a new ticker symbol.

Mentari's pipeline includes two PACAP-targeted lead programs, MT-001 and MT-002. The financing is intended to fund Phase 2a readouts for both programs, along with broader clinical development. MT-002 is described as an anti-CGRP and anti-PACAP bispecific antibody.