Company: CMND
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005490
Chunk: 6

Company: Clearmind Medicine Inc.
Filing Date: 2025-01-22
Form: 20-F
Item: Item 3
Chunk 6
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 product
candidates. Further, the operating losses that we incur may fluctuate significantly from quarter to quarter and year to year, such that
a period-to-period comparison of our results of operations may not be a good indication of our future performance. Other unanticipated
costs may also arise.

Our financial statements contain an explanatory paragraph regarding
substantial doubt about our ability to continue as a going concern, which could prevent us from obtaining new financing on reasonable
terms or at all.

Our audited consolidated financial statements for
the year ended October 31, 2024, contain an explanatory paragraph regarding substantial doubt about our ability to continue as a going
concern. We have incurred losses in each year since our inception, including net losses of $5,254,678, $8,620,837 and $6,894,868 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 and a
negative cash flows from operations of $4,858,659. These events and conditions, along with other matters, indicate that a material uncertainty
exists that raise substantial doubt on our ability to continue as a going concern. The financial statements for 2024 do not include any
adjustments that might result from the outcome of this uncertainty. Further financial statements may include an explanatory paragraph
with respect to our ability to continue as a going concern. Until we can generate significant recurring revenues, we expect to satisfy
our future cash needs through debt or equity financing. We cannot be certain that additional funding will be available to us on acceptable
terms, if at all. If funds are not available, we may be required to delay, reduce the scope of, or eliminate research or development plans
for, or commercialization efforts with respect to our products. This may raise substantial doubts about our ability to continue as a going
concern.

We have never generated any revenue from product sales and may never
be profitable.

We are a clinical stage pharmaceutical company,
have no products approved for marketing in any jurisdiction and we have never generated any revenue from product sales. Our ability to
generate revenue and achieve profitability depends on our ability, alone or with strategic collaboration partners, to successfully complete
the development of, and obtain the regulatory and marketing approvals necessary to commercialize, MEAI or any future product candidates.
We do not anticipate generating revenue from product sales for at least the next