Company: CMND
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005490
Chunk: 58

Company: Clearmind Medicine Inc.
Filing Date: 2025-01-22
Form: 20-F
Item: Item 3
Chunk 58
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 our
competitors establishing a strong market position before we are able to enter the market. Additionally, products or technologies developed
by our competitors may render our potential product candidates uneconomical or obsolete, and we may not be successful in marketing any
product candidates we may develop against competitors.

In addition, we could face litigation or other
proceedings with respect to the scope, ownership, validity and/or enforceability of our programs’ patents relating to our competitors’
products, and our competitors may allege that our products infringe, misappropriate or otherwise violate their intellectual property.
The availability of our competitors’ products could limit the demand, and the price we are able to charge, for any products that
we may develop and commercialize.

If the market opportunities for our product candidates are smaller
than we believe they are, our revenue may be adversely affected, and our business may suffer. Our ability to successfully identify patients
and acquire a significant market share will be necessary for us to achieve profitability and growth.

We focus research and product development on treatments
for the treatment of alcohol abuse and binge drinking. Our projections of both the number of individuals who are affected by our target
disorder indications and have the potential to benefit from treatment with our product candidates, are based on our beliefs and estimates.
These estimates have been derived from a variety of sources, including the scientific literature, and may prove to be incorrect. Further,
new studies may change the estimated incidence or prevalence of these disorders. The number of patients may turn out to be lower than
expected. The effort to identify patients with these mental health disorders we seek to treat is in early stages, and we cannot accurately
predict the number of patients for whom treatment might be possible. Additionally, the potentially addressable patient population for
our product candidates that we may identify may be limited or may not be amenable to treatment with our product candidates, and new patients
may become increasingly difficult to identify or gain access to, which would adversely affect our results of operations and our business.
Further, even if we obtain significant market share for our product candidates, because the potential target populations are small, we
may never achieve profitability.

Risks Related to Reliance on Third Parties

We may seek to enter into additional collaborations and other similar
arrangements and may not be successful in entering into new arrangements, and even if we are, we may not realize the benefits of such
relationships.

After the completion of collaboration agreements
with two universities, we expect to enter into additional collaboration agreements as