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

Company: Clearmind Medicine Inc.
Filing Date: 2025-01-22
Form: 20-F
Item: Item 3
Chunk 25
---
 decide that our data are insufficient
for approval and require additional preclinical, clinical or other studies. In addition, varying interpretations of the data obtained
from preclinical and clinical testing could delay, limit or prevent marketing approval of a product candidate. Any marketing approval
we ultimately obtain may be limited or subject to restrictions or post-approval commitments that render the approved product not commercially
viable.

If we experience delays in obtaining approval,
or if we fail to obtain approval of any product candidates we may develop, the commercial prospects for those product candidates may be
harmed, and our ability to generate revenues will be materially impaired.

The results of early-stage clinical trials and preclinical studies
may not be predictive of future results. Initial data in clinical trials may not be indicative of results obtained when these trials are
completed or in later stage trials.

The results of preclinical studies may not be predictive
of the results of clinical trials, and the results of any early-stage clinical trials we commence may not be predictive of the results
of the later-stage clinical trials. The results of preclinical studies and clinical trials in one set of patients or disorder indications,
or from preclinical studies or clinical trials that we did not lead, may not be predictive of those obtained in another. In some instances,
there can be significant variability in safety or efficacy results between different clinical trials of the same product candidate due
to numerous factors, including changes in trial procedures set forth in protocols, differences in the size and type of the patient populations,
changes in and adherence to the dosing regimen and other clinical trial protocols and the rate of dropout among clinical trial participants.
In addition, preclinical and clinical data are often susceptible to various interpretations and analyses, and many companies that have
believed their product candidates performed satisfactorily in preclinical studies and clinical trials have nonetheless failed to obtain
marketing approval. A number of companies in the pharmaceutical, biopharmaceutical and biotechnology industries have suffered significant
setbacks in clinical development even after achieving promising results in earlier studies, and any such setbacks in our clinical development
could have a material adverse effect on our business and operating results. Even if early-stage clinical trials are successful, we may
need to conduct additional clinical trials of our product candidates in additional patient populations or under different treatment conditions
before we are able to seek approvals from the FDA, the EMA or other comparable foreign regulatory authorities to market and sell these
product candidates. Failure to obtain marketing authorization for our product candidates could substantially harm our business, prospects,