ADAR1 Capital’s Recent Buy Signals a Positive Tilt on InMed
On October 23, 2026, ADAR1 Capital Management, LLC added 4 shares to its holding of 956,584 InMed Pharmaceuticals common shares at $1.32, a price that sits just below the current market close of $1.59. The trade, while small in dollar terms, is part of a rapid buying streak that began in mid‑October. Within the past week, ADAR1 has executed a series of purchases totaling more than 20 000 shares, steadily raising its stake from 940,000 to just under 957,000 shares. This incremental accumulation is noteworthy because it comes as InMed’s stock is riding a 20% weekly rally, buoyed by the impending merger with Mentari Therapeutics and the upcoming contingent value rights (CVR) distribution.
What Investors Should Take Away
The timing of ADAR1’s buys aligns with the company’s strategic milestones. InMed’s planned CVR issuance on November 5 and the shareholder vote on the return‑of‑capital proposal set a clear path for potential upside. ADAR1’s confidence—evidenced by its recent purchases—suggests it expects the merger to add value and that the CVR mechanism will unlock further gains. For shareholders, a rise in ownership concentration by a sophisticated private‑equity vehicle can be a bullish sign, particularly when the buyer’s transactions are priced near the market level and the company is experiencing a strong short‑term rally.
ADAR1 Capital: A Pattern of Opportunistic Accumulation
ADAR1’s transaction history with InMed reveals a disciplined, step‑wise accumulation strategy. The firm has repeatedly purchased shares at or below the prevailing price, often in relatively small blocks (hundreds to a few thousand shares). The average purchase price over the last 60 days has hovered around $1.33–$1.36, slightly above the current $1.59 but well below the 52‑week high of $2.33. This approach indicates a preference for buying at support levels, potentially positioning ADAR1 for a payoff if the share price reaches the higher end of its historical range. The firm’s pattern also shows a willingness to increase stakes rapidly when momentum is favorable, as seen in the 2026‑05 spike when it purchased 200,000 shares at $1.56.
Implications for InMed’s Future
With ADAR1 now holding approximately 10% of the outstanding shares, the company’s ownership structure is becoming more concentrated. While this does not yet threaten control, it does mean that significant block trades could have a noticeable impact on price volatility. The upcoming merger and CVR distribution are likely to create a “window of opportunity” for shareholders to realize gains, and ADAR1’s continued purchases may signal confidence in the transaction’s value creation potential. Investors should watch for any further inflows from ADAR1, as they could precede a price breakout or, conversely, indicate a willingness to hold through the merger integration period.
Bottom Line
ADAR1 Capital’s recent buying activity, set against a backdrop of a strong weekly rally and strategic corporate moves, provides a positive signal for investors. The firm’s disciplined accumulation pattern and the timing of its trades suggest it is positioning for value capture as InMed moves through its merger and CVR plans. While the trade volume is modest, the concentration of ownership and the broader context make this a noteworthy development for anyone following InMed’s trajectory.
| Date | Owner | Transaction Type | Shares | Price per Share | Security |
|---|---|---|---|---|---|
| 2026-10-23 | ADAR1 Capital Management, LLC () | Buy | 4.00 | 1.32 | Common Shares |
