Company: CMND
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005490
Chunk: 9

Company: Clearmind Medicine Inc.
Filing Date: 2025-01-22
Form: 20-F
Item: Item 3
Chunk 9
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 in any particular geography where we receive marketing approv...  
  the terms and timing of any collaborative, licensing and other arrangements that we may establish;                                                                                                    
  the costs of preparing, filing and prosecuting patent applications, maintaining and enforcing our intellectual property rights and defending intellectual property-related claims; and                
  the level of revenue, if any, received from commercial sales of any product candidates for which we receive marketing approval.                                                                       

Identifying potential product candidates and conducting
preclinical testing and clinical trials is a time-consuming, expensive and uncertain process that takes years to complete, and we may
never generate the necessary data or results required to obtain marketing approval and achieve product sales. In addition, our product
candidates, if and when approved, may not achieve commercial success. Our product revenues, if any, will be derived from or based on sales
of product candidates that may not be commercially available for many years, if at all. Accordingly, we will need to continue to rely
on additional financing to achieve our business objectives. Any additional fundraising efforts may divert our management from their day-to-day
activities, which may adversely affect our ability to develop and commercialize our product candidates.

We cannot guarantee that financing will be available
in sufficient amounts or on terms acceptable to us, if at all, and the terms of any financing may adversely affect the interests or rights
of our shareholders. Even if we believe that we have sufficient funds for our current or future operating plans, we may seek additional
capital if market conditions are favorable or if we have specific strategic considerations. The issuance of additional securities, whether
equity or debt, by us, or the possibility of such issuance, may cause the market price of our shares to decline. Further, our ability
to raise additional capital may be adversely impacted by potential worsening global economic conditions and the recent disruptions to
and volatility in the credit and financial markets in the United States and worldwide, including from any resurgence of the COVID-19 pandemic.

To the extent that we raise capital through the
sale of equity or convertible debt securities, your ownership interest will be diluted, and the terms of such securities may include liquidation
or other preferences that adversely affect your rights as a shareholder. Debt financing, if available, may involve covenants restricting
our operations or our ability to incur additional debt. If we raise funds through collaboration and licensing arrangements with third
parties, it may be necessary to relinquish certain rights to our technologies or our product candidates, or to grant licenses on terms
that are