Company: CMND
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005490
Chunk: 56

Company: Clearmind Medicine Inc.
Filing Date: 2025-01-22
Form: 20-F
Item: Item 3
Chunk 56
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, if approved.

Governments outside the United States may impose strict price controls,
which may adversely affect our revenues, if any.

In some countries, including Member States of the
European Union, the pricing of prescription drugs is subject to governmental control. Additional countries may adopt similar approaches
to the pricing of prescription drugs. In such countries, pricing negotiations with governmental authorities can take considerable time
after receipt of regulatory approval for a product. In addition, there can be considerable pressure by governments and other stakeholders
on prices and reimbursement levels, including as part of cost containment measures. Political, economic and regulatory developments may
further complicate pricing negotiations, and pricing negotiations may continue after coverage and reimbursement have been obtained. Reference
pricing used by various countries and parallel distribution, or arbitrage between low-priced and high-priced countries, can further reduce
prices. In some countries, we may be required to conduct a clinical study or other studies that compare the cost-effectiveness of any
of our product candidates to other available therapies in order to obtain or maintain reimbursement or pricing approval, which is time-consuming
and costly. We cannot be sure that such prices and reimbursement will be acceptable to us. Publication of discounts by third-party payors
or authorities may lead to further pressure on the prices or reimbursement levels within the country of publication and other countries.
If pricing is set at unsatisfactory levels or if reimbursement of our products is unavailable or limited in scope or amount, our revenues
from sales by us or our strategic partners and the potential profitability of any of our product candidates in those countries would be
negatively affected.

We face significant competition in an environment of rapid technological
and scientific change, and there is a possibility that our competitors may achieve regulatory approval before we do or develop therapies
that are safer, more advanced or more effective than ours, which may negatively impact our ability to successfully market or commercialize
any product candidates we may develop and ultimately harm our financial condition.

The pharmaceutical industry is highly competitive,
with new approaches and technologies regularly emerging. We expect to face competition across our current programs and with any future
programs we may seek to develop and/or commercialize from major pharmaceutical, biotechnology, specialty pharmaceutical and generic pharmaceutical
companies among others. Potential competitors also include academic institutions, government agencies and other public and private research
organizations that conduct research, seek patent protection and establish collaborative arrangements for research, development, manufacturing
and commercialization. In addition, programs that we currently believe to be complementary may eventually become competitors.

If any of our competitors