Company: CMND
Filing Date: 2025-11-17
Form Type: 424B5
Source: 0001213900-25-111233
Chunk: 20

Company: Clearmind Medicine Inc.
Filing Date: 2025-11-17
Form: 424B5
Chunk 20
---
 actors remains
a significant risk. Iran is also believed to have a strong influence among extremist groups in the region, such as Hamas in Gaza, Hezbollah
in Lebanon, the Houthi movement in Yemen and various rebel militia groups in Syria and Iraq. These situations may potentially escalate
in the future to more violent events which may affect Israel and us.

In connection with the Israeli
security cabinet’s declaration of war against Hamas and possible hostilities with other organizations, several hundred thousand
Israeli military reservists were drafted to perform immediate military service, including five full time employees in Israel of ours.
Although many of such military reservists have since been released, including all our employees, they may be called up for additional
reserve duty, depending on developments in the war in Gaza and along Israel’s other borders. Military service call ups that result
in absences of personnel from us for an extended period of time may materially and adversely affect our business, prospects, financial
condition and results of operations. As of November 12, 2025, none of our directors, officers or employees are serving in active
or reserve duty.

Since the war broke out on
October 7, 2023, our operations have not been adversely affected by this situation, and we have not experienced disruptions to our clinical
studies, facilities or the manufacturing or supply of our drug candidates. While the intensity and duration of the security situation
in Israel have been difficult to predict, as were the economic implications on our business and operations and on Israel’s economy
in general, the ceasefire marks a potential shift towards stability in the region. If sustained, this could reduce the risk of disruptions
to our business and the Israeli economy in general. However, if the war is renewed or expands to other fronts, such as Lebanon, Syria
and the West Bank, our operations may be harmed.

Our insurance does not cover
losses that may occur as a result of an event associated with the security situation in the Middle East or for any resulting disruption
in our operations. Although the Israeli government has in the past covered the reinstatement value of direct damages that were caused
by terrorist attacks or acts of war, we cannot assure you that this government coverage will be maintained or, if maintained, will be
sufficient to compensate us fully for damages incurred, and the government may cease providing such coverage or the coverage might not
suffice to cover potential damages. Any losses or damages incurred by us could have a material adverse effect on our business.

<div align='