Company: CMND
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005490
Chunk: 84

Company: Clearmind Medicine Inc.
Filing Date: 2025-01-22
Form: 20-F
Item: Item 3
Chunk 84
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 a person
or government could allege such fraud or other misconduct, even if none occurred. If any such actions are instituted against us, and we
are not successful in defending ourselves or asserting our rights, those actions could have a significant impact on our business, including
the imposition of significant fines or other sanctions.

Under applicable employment laws, we may not be able to enforce
covenants not to compete and therefore may be unable to prevent our competitors from benefiting from the expertise of some of our former
employees.

We generally enter into non-competition agreements
with our employees and certain key consultants. These agreements prohibit our employees and certain key consultants, if they cease working
for us, from competing directly with us or working for our competitors or clients for a limited period of time. We may be unable to enforce
these agreements under the laws of the jurisdictions in which our employees work and it may be difficult for us to restrict our competitors
from benefitting from the expertise our former employees or consultants developed while working for us.

International expansion of our business exposes us to business,
regulatory, political, operational, financial and economic risks associated with doing business outside of the United States, Canada or
Israel.

Other than our headquarters, which are located
in Canada, and other operations, which are located in Israel and the United States, we currently have limited international
operations, but our business strategy incorporates potentially significant international expansion, particularly in anticipation of approval
of our product candidates. We plan to retain sales representatives and third party distributors and conduct physician, specialist, hospital
pharmacist and patient association outreach activities, as well as clinical trials, outside of Canada, the United States and Israel. Doing
business internationally involves a number of risks, including but not limited to:

  multiple, conflicting and changing laws and regulations such as privacy regulations, tax laws, export and import restrictions, employment laws, regulatory requirements and other governmental ap...  
  failure by us to obtain regulatory approvals for the use of our product candidates in various countries;                                                                                              
  additional potentially relevant third-party patent rights;                                                                                                                                            
  complexities and difficulties in obtaining protection and enforcing our intellectual property;                                                                                                        
  difficulties in staffing and managing foreign operations;                                                                                                                                             
  complexities associated with managing multiple payor reimbursement regimes, government payors, prince controls or patient self-pay systems;                                                           
  limits in our ability to penetrate international markets;                                                                                                                                             
  financial risks, such as longer payment cycles, difficulty collecting accounts receivable, the impact of local and regional financial crises on demand and