Company: CMND
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005490
Chunk: 5

Company: Clearmind Medicine Inc.
Filing Date: 2025-01-22
Form: 20-F
Item: Item 3
Chunk 5
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 $6,251,431 for the
years ended October 31, 2024, 2023 and 2022, respectively. As of October 31, 2024, we had an accumulated deficit of $24,022,741. We have
devoted substantially all of our financial resources to designing and developing MEAI, including preclinical studies and providing general
and administrative support for these operations. We expect that our expenses and operating losses will increase for the foreseeable future
as we continue clinical development of MEAI for the treatment of alcohol use disorder, or AUD and obesity and metabolic disorder. Our
ability to ultimately achieve revenues and profitability is dependent upon our ability to successfully complete the development of MEAI
and any future product candidates, obtain necessary regulatory approvals for and successfully manufacture, market and commercialize our
products.

We anticipate that our expenses will increase substantially
based on a number of factors, including to the extent that we:

  continue our pre-clinical development and initiate clinical trials of MEAI;                                                                                                                           
  seek regulatory and marketing approvals for any product candidates that successfully complete clinical trials;                                                                                        
  advance our preclinical and research and development programs;                                                                                                                                        
  identify, assess, acquire, license and/or develop other product candidates;                                                                                                                           
  manufacture current good manufacturing practices, or cGMP, material for future clinical trials or potential commercial sales;                                                                         
  establish a sales, marketing and distribution infrastructure to commercialize any products for which we may obtain marketing approval;                                                                
  hire personnel and invest in additional infrastructure to support our operations as a public company and expand our product development;                                                              
  enter into agreements to license intellectual property from third parties;                                                                                                                            
  develop, maintain, protect and expand our intellectual property portfolio; and                                                                                                                        
  experience any delays or encounter issues with respect to any of the above, including, but not limited to, failed trials, complex results, safety issues or other regulatory challenges that requ...  

To date, we have financed our operations primarily
through the sale of equity securities. The amount of any future operating losses will depend, in part, on the rate of our future expenditures
and our ability to obtain funding through equity or debt financings, strategic collaborations or grants. Even if we obtain regulatory
approval to market one or more product candidates, our future revenue will depend upon the size of any markets in which such product candidates
receive approval and our ability to achieve sufficient market acceptance, pricing, reimbursement from third-party payors for such