Company: CMND
Filing Date: 2025-11-17
Form Type: 424B5
Source: 0001213900-25-111233
Chunk: 47

Company: Clearmind Medicine Inc.
Filing Date: 2025-11-17
Form: 424B5
Chunk 47
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 prospectus. See “Where You Can Find More Information.”

<div align='center'>8

CAPITALIZATION</div>

The following table sets forth our cash and our capitalization as of July 31, 2023:

This table should be read in conjunction with our financial statements and the notes thereto incorporated by reference herein and the accompanying prospectus supplement.

|                                      |     | As       
 of       
 July 31, 
 2023     |         |   |
|:-------------------------------------|:----|:---------|--------:|:--|
| U.S. dollars in thousands            |     |          |         |   |
| Cash and cash equivalents            |     | $        |   3,847 |   |
| Derivative warrants liability        |     |          |  (1,313 | ) |
| Shareholders’ equity:                |     |          |         |   |
| Share capital and share premium      |     |          |  14,933 |   |
| RSU and share reserve                |     |          |     288 |   |
| Warrants                             |     |          |     741 |   |
| Share-based payment reserve          |     |          |   1,585 |   |
| Accumulated other comprehensive loss |     |          |     (21 | ) |
| Accumulated deficit                  |     |          | (14,698 | ) |
| Total shareholders’ equity           |     |          |   2,828 |   |
| Total capitalization                 |     |          |   2,828 |   |

Unless otherwise indicated,
the number of common shares outstanding prior to and after this offering is based on 237,273 Common Shares outstanding as of July
31, 2023. The number of Common Shares referred to above to be outstanding after this offering and, unless otherwise indicated, the other
information in this prospectus, excludes as of such date:

| ● | 162,729 Common Shares issuable                                                                                                   
 upon the exercise of warrants outstanding as of such date, at exercise prices ranging from $23.4 to $1,366.02, all of which were 
 vested as of such date;                                                                                                          |

| ● | 4,811 Common Shares issuable                                                                                                      
 upon the exercise of options to directors, employees and consultants under our incentive option plan outstanding as of such date, 
 at a weighted average exercise price of $457.55, of which 2,860 were vested