Company: CMND
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005490
Chunk: 169

Company: Clearmind Medicine Inc.
Filing Date: 2025-01-22
Form: 20-F
Item: Item 5
Chunk 169
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are not necessarily meaningful and should not be relied upon as indications of future performance.

Year Ended October 31, 2024 Compared to Year Ended October 31,
2023

Research and development expenses

Research and development expenses for the
year ended October 31, 2024, amounted to $1,382,808, representing a decrease of $161,421, or 10.5%, compared to $1,544,229 for the year
ended October 31, 2023. The decrease compared to the prior period mainly resulted from the expenses incurred to complete our pre-clinical
program ahead of the commencement of our clinical trial.

We have completed a series of pre-clinical, IND-enabling
studies in the United States and China that are required before we can study our compound for the first time in humans. These studies
include pharmacokinetic and toxicological studies in rats and dogs in order to assess the safety profile of our compound and characterization
of the drug metabolism. We have conducted several metabolism studies designed to better understand the way MEAI is digested in several
species. In addition, we have conducted a pre-clinical animal model of AUD to characterize the effect of MEAI on alcohol consumption.
This study involved testing the effect of MEAI’s ability to curb alcohol cravings after exposing mice to prolonged alcohol consumption
over a short period, mimicking binge alcohol consumption in humans.

In March 2023, we announced
that we had submitted an IND application with the FDA, requesting approval to initiate our first-in-human Phase I/IIa clinical trial with
CMND-100 in patients suffering from AUD. Subsequently, in May 2023 we initiated the CM-CMND-001 clinical trial in both Israel and the
United States, including at the Yale School of Medicine’s Department of Psychiatry and Johns Hopkins University School of Medicine.
In February 2024, we received approval to commence its Phase I/IIa clinical trial of CMND - 100 for AUD from the Israeli Ministry
of Health, and in October 2024 and December 2024 we announced that we received IRB approval from Johns Hopkins University in Maryland,
U. S. A. and Yale University in Connecticut, U. S. A., respectively, our clinical sites for part A of our Phase I/IIa clinical trial in the
United States for treating patients suffering from AUD.

The CM-CMND-001 clinical trial
is designed to be a double blind, placebo