Company: CMND
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005490
Chunk: 73

Company: Clearmind Medicine Inc.
Filing Date: 2025-01-22
Form: 20-F
Item: Item 3
Chunk 73
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 held by a court of competent jurisdiction to cover the manufacturing process
of any of our product candidates, any materials formed during the manufacturing process or any final product itself, the holders of any
such patents may be able to block our ability to commercialize such product candidates unless we obtain a license under the applicable
patents, or until such patents expire or are finally determined to be invalid or unenforceable.

Similarly, if any third-party patents were held
by a court of competent jurisdiction to cover aspects of our formulations, processes for manufacture, or methods of use, the holders of
any such patents may be able to block our ability to develop and commercialize the applicable product candidate unless we obtain a license
or until such patent expires or is finally determined to be invalid or unenforceable. In either case, such a license may not be available
on commercially reasonable terms or at all.

Parties making claims against us may obtain injunctive
or other equitable relief, which could effectively block our ability to further develop and commercialize one or more of our product candidates.
Defense of these claims, regardless of their merit, would involve substantial litigation expense and would be a substantial diversion
of employee resources from our business. In the event of a successful claim of infringement against us, we may have to pay substantial
damages, including treble damages and attorneys’ fees for willful infringement, pay royalties, redesign our infringing products
or obtain one or more licenses from third parties, which may be impossible or require substantial time and monetary expenditure.

We may not be successful in obtaining or maintaining necessary rights
to our product candidates through acquisitions and in-licenses.

Because our programs may require the use of proprietary
rights held by third parties, the growth of our business will likely depend in part on our ability to acquire, in-license, or use these
proprietary rights. In addition, our product candidates may require specific formulations to work effectively and efficiently and the
rights to these formulations may be held by others. We may be unable to acquire or in-license any compositions, methods of use, processes,
or other third-party intellectual property rights from third parties that we identify as necessary for our product candidates. The licensing
and acquisition of third-party intellectual property rights is a competitive area, and a number of more established companies are also
pursuing strategies to license or acquire third-party intellectual property rights that we may consider attractive. These established
companies may have a competitive advantage over us due to their size, cash resources, and greater