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

Company: Clearmind Medicine Inc.
Filing Date: 2025-01-22
Form: 20-F
Item: Item 3
Chunk 22
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 coverage. Political pressures and adverse publicity could lead to delays in, and increased
expenses for, and limit or restrict the introduction and marketing of, our product candidates or any future therapeutic candidates.

If our product candidates or any future therapeutic
candidates are approved for commercial sale and are deemed to be controlled substances, we will be highly dependent upon consumer perceptions
of the safety and quality of our therapies. We may face limited adoption if third-party therapy sites, therapists or patients are unwilling
to try such a novel treatment given that some of our therapies are from substances that might be controversial, overlooked or underused.
There has been a history of negative media coverage regarding psychedelic substances, including compounds in many of our product candidates,
which may affect the public’s perception of our therapies. In addition, compounds in most of our product candidates may elicit intense
psychological experiences, and this could deter patients from choosing this course of treatment. Our business could be adversely affected
if we were subject to negative publicity or if any of our therapies or any similar therapies distributed by other companies prove to be,
or are asserted to be, harmful to patients. Because of our dependence upon consumer perception, any adverse publicity associated with
illness or other adverse effects resulting from patients’ use or misuse of our therapies or any similar therapies distributed by
other companies could have a material adverse impact on our business, prospects, financial condition and results of operations.

Future adverse events in research into alcohol
abuse and binge-drinking, on which we focus our research efforts, or the pharmaceutical industry more generally, could also result in
greater governmental regulation, stricter labeling requirements and potential regulatory delays in the testing or approvals of our therapies.
Any increased scrutiny could delay or increase the costs of obtaining regulatory approval for our product candidates or any future therapeutic
candidates.

Any clinical trials that we may conduct in the future may fail to
demonstrate substantial evidence of the safety and effectiveness of product candidates that we may identify and pursue for their intended
uses, which would prevent, delay or limit the scope of regulatory approval and potential commercialization.

Before obtaining regulatory approvals for the commercial
sale of any of our product candidates, we must demonstrate through lengthy, complex and expensive preclinical studies and clinical trials
that the applicable product candidate is both safe and effective for use in each target indication. Each product candidate must demonstrate
an adequate risk versus benefit profile in its intended patient population and for its intended use.

Clinical testing is expensive and can take many
years to complete, and its outcome is inherently uncertain.