Company: CMND
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005490
Chunk: 78

Company: Clearmind Medicine Inc.
Filing Date: 2025-01-22
Form: 20-F
Item: Item 3
Chunk 78
---
 we
may not be able to implement our business strategy.

Due to our limited resources and access to capital, we must, and
have in the past decided to, prioritize development of certain product candidates over other potential candidates. These decisions may
prove to have been wrong and may adversely affect our revenues.

Because we have limited resources and access to
capital to fund our operations, we must decide which product candidates to pursue and the amount of resources to allocate to each. Our
decisions concerning the allocation of research, collaboration, management and financial resources toward particular product candidates
may not lead to the development of viable commercial products and may divert resources away from better opportunities. Similarly, our
decisions to delay, terminate or collaborate with third parties in respect of certain product development programs may also prove not
to be optimal and could cause us to miss valuable opportunities. If we make incorrect determinations regarding the market potential of
our product candidates or misread trends in the pharmaceutical industry, in particular for our lead product candidate, our business, financial
condition and results of operations could be materially adversely affected.

We may not be successful in our efforts to identify, discover or
license additional product candidates.

Although a substantial amount of our effort will
focus on the continued clinical testing, potential approval and commercialization of MEAI, the success of our business also depends upon
our ability to identify, discover or license additional product candidates. Our research programs or licensing efforts may fail to yield
additional product candidates for clinical development for a number of reasons, including: lack of financial or personnel resources to
acquire or discover additional product candidates; new product candidates may not succeed in preclinical or clinical testing, or may be
shown to have harmful side effects or may have other characteristics that may make them unmarketable or unlikely to receive marketing
approval; our competitors may develop alternatives that render our product candidates obsolete or less attractive; the market for a product
candidate may change during our development program so that such product may become unprofitable to continue to develop; new product candidates
may not be capable of being produced in commercial quantities at an acceptable cost, or at all; and new product candidates may not be
accepted as safe and effective by patients, the medical community, or third-party payors.

We may be forced to abandon our development efforts
for a program or programs that are unsuccessful, or we may not be able to identify, license, or discover additional product candidates,
which would have a material adverse effect on our business and could potentially cause us