Company: CMND
Filing Date: 2025-12-05
Form Type: F-1/A
Source: 0001213900-25-118772
Chunk: 120

Company: Clearmind Medicine Inc.
Filing Date: 2025-12-05
Form: F-1/A
Chunk 120
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 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. For further information regarding our business and operations, see “Business” below. 73 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. Nine Months Ended July 31, 2025 Compared to Nine Months Ended July 31, 2024 Research and development expenses Research and development expenses for the nine months ended July 31, 2025, amounted to $1,636,343, representing an increase of $740,026, or 83%, compared to $896,317 for the nine months ended July 31, 2024. The increase compared to the prior period mainly resulted from the expenses incurred to complete our pre-clinical program ahead of the commencement of our clinical trial. General and administrative expenses General and administrative expenses for the nine months ended July 31, 2025, amounted to $2,574,576, representing a decrease of $687,851, or 21%, compared to $3,262,427 for the nine months ended July 31, 2024. The decrease resulted primarily from a decrease in investor relations fees and professional fees, offset by an increase in share-based compensation. Net loss and comprehensive loss Net loss for the