Company: CMND
Filing Date: 2025-11-19
Form Type: 424B5
Source: 0001213900-25-112329
Chunk: 14

Company: Clearmind Medicine Inc.
Filing Date: 2025-11-19
Form: 424B5
Chunk 14
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 of such date, at a weighted average exercise price of $429.24, of which 5,513 were vested as of such date; and |
| ● | 76,251 common shares issuable upon the exercise of RSUs issued to consultants under consulting agreements.                                                                                                                                                      |

<div align='center'>S-5

RISK FACTORS</div>

Investing in our securities involves significant risks. Before making an investment decision, you should carefully consider the risks described below and in the documents incorporated by reference into this prospectus supplement and the accompanying prospectus, together with all of the other information appearing in this prospectus supplement or the accompanying prospectus or incorporated by reference herein or therein, including in light of your particular investment objectives and financial circumstances. The risks so described are not the only risks we face. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations and become material. Our business, financial condition and results of operations could be materially adversely affected by any of these risks. The trading price of our securities could decline due to any of these risks, and you may lose all or part of your investment. The discussion of risks includes or refers to forward-looking statements; you should read the explanation of the qualifications and limitations on such forward-looking statements discussed elsewhere in this prospectus supplement under the caption “Cautionary Statement Regarding Forward-Looking Statements” below.

Risks Related to this Offering

Our management team will have immediate and broad discretion over the use of the net proceeds from this offering and may not use them effectively.

We currently intend to use
the net proceeds of this offering for general corporate purposes, which may include operating expenses, research and development, including
clinical and pre-clinical testing of our product candidates, working capital, future acquisitions and general capital expenditures. See
“Use of Proceeds.” However, our management will have broad discretion in the application of the net proceeds. Our shareholders
may not agree with the manner in which our management chooses to allocate the net proceeds from this offering. The failure by our management
to apply these funds effectively could have a material adverse effect on our business, financial condition and results of operation. Pending
their use, we may invest the net proceeds from this offering in a manner that does not produce income. The decisions made by our management
may not result in positive returns on your investment and you will not have an opportunity to evaluate the economic, financial or other
information upon which our management bases its decisions.

We will need