Company: CMND
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005490
Chunk: 61

Company: Clearmind Medicine Inc.
Filing Date: 2025-01-22
Form: 20-F
Item: Item 3
Chunk 61
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 collaborations related to our product candidates, could delay the development and commercialization
of our product candidates and reduce their competitiveness if they reach the market, which could have a material adverse effect on our
business, financial condition and results of operations.

Collaborative relationships with third parties could cause us to
expend significant resources and incur substantial business risk with no assurance of financial return.

We anticipate relying upon strategic collaborations
for marketing and commercializing our existing product candidates, if approved, and we may rely even more on strategic collaborations
for research and development of other of our product candidates or discoveries. We may sell product offerings through strategic partnerships
with pharmaceutical and biotechnology companies. If we are unable to establish or manage such strategic collaborations on terms favorable
to us in the future, our research and development efforts and potential to generate revenue may be limited.

If we enter into research and development collaborations
during the early phases of product development, success will in part depend on the performance of research collaborators. We will not
directly control the amount or timing of resources devoted by research collaborators to activities related to product candidates. Research
collaborators may not commit sufficient resources to our research and development programs. If any research collaborator fails to commit
sufficient resources, the preclinical or clinical development programs related to the collaboration could be delayed or terminated. Also,
collaborators may pursue existing or other development-stage products or alternative technologies in preference to those being developed
in collaboration with us. Finally, if we fail to make required milestone or royalty payments to collaborators or to observe other obligations
in agreements with them, the collaborators may have the right to terminate or stop performance of those agreements.

Establishing strategic collaborations is difficult
and time consuming. Our discussions with potential collaborators may not lead to the establishment of collaborations on favorable terms,
if at all. Potential collaborators may reject collaborations based upon their assessment of our financial, regulatory or intellectual
property position. In addition, there have been a significant number of recent business combinations among large pharmaceutical companies
that have resulted in a reduced number of potential future collaborators. Even if we successfully establish new collaborations, these
relationships may never result in the successful development or commercialization of product candidates or the generation of sales revenue.
To the extent that we enter into collaborative arrangements, the related product revenues are likely to be lower than if we directly marketed
and sold products. Such collaborators may also consider alternative product candidates or technologies for similar indications that may
be available to collaborate on and whether such a collaboration could be more attractive than the