Company: CMND
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005490
Chunk: 167

Company: Clearmind Medicine Inc.
Filing Date: 2025-01-22
Form: 20-F
Item: Item 5
Chunk 167
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ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS

CLEARMIND MEDICINE INC.

(Expressed in United States Dollars)

MANAGEMENT’ S DISCUSSION AND ANALYSIS OF

The following discussion and analysis of our
financial condition and results of operations should be read in conjunction with our financial statements and the related notes included
elsewhere in this annual report. The discussion below contains forward-looking statements that are based upon our current expectations
and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to inaccurate
assumptions and known or unknown risks and uncertainties, including those identified in “ Cautionary Note Regarding Forward-Looking
Statements” and under “ Risk Factors” elsewhere in the annual report. Our discussion and analysis for the year ended
October 31, 2023 can be found in Item 5. “ Operating and Financial Review and Prospects” of our Annual Report on Form 20-F
for the fiscal year ended October 31, 2023, filed with the SEC on January 29, 2024, as amended by Amendment No. 1 to our Annual Report
on Form 20-F for the fiscal year ended October 31, 2023, filed with the SEC on March 18, 2024, as amended by Amendment No. 2 to our Annual
Report on Form 20-F for the fiscal year ended October 31, 2023, filed with the SEC on March 27, 2024 (File No. 001-41557).

Overview

We are a clinical pharmaceutical company currently
engaged in phase I/IIa clinical trials of novel psychedelic medicines to solve widespread, yet under-served, health problems. Our goal
is to develop and provide a new type of treatment for mental health disorders, including AUD, binge drinking and eating disorders, where
there is significant unmet need and lack of innovation. We see psychedelic therapies, which previously may have been overlooked or underused,
as the future of treatment for a variety of indications. We believe that our solution for AUD can help solve one of the world’s
biggest health problems, which costs the United States alone roughly $250 billion each year.

We have experienced net losses in every period
since our inception in 2017. We incurred net losses of $5,254,678, $8,620,837 and $6,894,868 for the years ended October 31, 202