Company: CMND
Filing Date: 2025-12-05
Form Type: F-1/A
Source: 0001213900-25-118772
Chunk: 283

Company: Clearmind Medicine Inc.
Filing Date: 2025-12-05
Form: F-1/A
Chunk 283
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 nine months ended July 31, 2025 and 2024 (Expressed in United States Dollars) (Unaudited)

| 1. | Nature of Operations and Going Concern |

| a. | Clearmind Medicine Inc. (the “Company”) was incorporated in the province of British Columbia on July 18, 2017. The Company is a clinical stage pharmaceutical company currently engaged in phase I/IIa clinical trials of novel psychedelic medicines that have been developed to solve widespread, yet under-served, health problems. The Company’s head office is located at Suite 101 -1220 West 6th Avenue, Vancouver, BC, V6H 1A5. The Company’s wholly-owned Israeli subsidiary (Clearmindmed Ltd.) functions as the research and development arm of the Company. |

The Company trades under the symbol
“CMND” on the Nasdaq Capital Market and on the Frankfurt Stock Exchange under the symbol “CWY”. The Company was
listed on the Canadian Securities Exchange (“CSE”) in Toronto until March 14, 2024. Following approval for a voluntary delisting,
the Company no longer trades on the CSE, but remains a reporting issuer in Canada.

| b. | Going concern |

These condensed interim consolidated financial statements have been
prepared on the going concern basis, which assumes that the Company will be able to realize its assets and discharge its liabilities in
the normal course of business. For the nine months ended July 31, 2025, the Company has not generated any revenues and has negative cash
flows from operations of $. As of July 31, 2025, the Company has an accumulated deficit of $. The continued operations
of the Company are dependent on its ability to generate future cash flows or obtain additional financing through debt or equity. Management
is of the opinion that sufficient working capital will be obtained from external financing sources to meet the Company’s liabilities
and commitments as they become due, although there is a risk that additional financing will not be available on a timely basis or on terms
acceptable to the Company. These factors raise substantial doubt on the Company’s ability to continue as a going concern. These
condensed interim consolidated financial statements do not reflect any adjustments that may be necessary if the Company is unable to continue
as a going concern.

| c. | Reverse share split |

On November 28, 2023, the Company’s
Board of Directors (the “Board”) approved a reverse split of its issued and outstanding common shares, effective