Company: CMND
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005490
Chunk: 168

Company: Clearmind Medicine Inc.
Filing Date: 2025-01-22
Form: 20-F
Item: Item 5
Chunk 168
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4, 2023
and 2022, respectively. As of October 31, 2024, we had an accumulated deficit of $24,022,741. We anticipate that we will continue to incur
significant losses for the foreseeable future as our operating expenses and capital expenditures increase substantially due to our continued
investment in our research and development activities and as we hire additional employees over the coming years.

A. Operating Results

Components of Operating Results

Research and Development Expenses

Research and development activities are our primary
focus. We do not believe that it is possible at this time to accurately project total expenses required for us to reach the point at which
we will be ready to out-license our technologies. Development timelines, the probability of success and development costs can differ materially
from expectations. In addition, we cannot forecast whether and when collaboration arrangements will be entered into, if at all, and to
what degree such arrangements would affect our development plans and capital requirements. We expect our research and development expenses
to increase over the next several years as our development program progresses. We would also expect to incur increased research and development
expenses if we were to identify and develop additional technologies.

Research and development expenses include the following:

  employee-related expenses, such as salaries and share-based compensation;  

  expenses relating to outsourced and contracted services, such as manufacturing, consulting, research and advisory services;  

  supply and development costs; and  

  costs associated with regulatory compliance.  

We recognize research and development expenses as we incur
them.

General and Administrative Expenses

General and administrative expenses consist primarily
of personnel costs, including share-based compensation related to directors, employees and consultants, facility costs, patent application
and maintenance expenses, and external professional service costs, including legal, accounting, audit, finance, business development,
investor relations and human resource services, and other consulting fees.

We anticipate that our general and administrative
expenses will increase in the future as we increase our administrative headcount and infrastructure to support our continued research
and development programs and the potential commercialization of our products. We also anticipate that we will incur increased expenses
related to audit, legal, regulatory and tax-related services associated with maintaining compliance with Nasdaq and SEC requirements,
director and officer insurance premiums, director compensation, and other costs associated with being a public company.

Results of Operations

Our results of operations have varied in the past
and can be expected to vary in the future due to numerous factors. We believe that period-to-period comparisons of our operating results