# EDGAR Filing Document

**Accession Number:** 0001892500
**File Stem:** 0001213900-26-068761
**Filing Date:** 2026-6
**Character Count:** 105401
**Document Hash:** c00fade986c43c7cbdf221615fe5884a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-068761.hdr.sgml**: 20260615

**ACCESSION NUMBER**: 0001213900-26-068761

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 67

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260615

**DATE AS OF CHANGE**: 20260615

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Clearmind Medicine Inc.
- **CENTRAL INDEX KEY:** 0001892500
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** Z4
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41557
- **FILM NUMBER:** 261090691

**BUSINESS ADDRESS:**
- **STREET 1:** 101-1220 WEST 6TH AVENUE
- **CITY:** VANCOUVER, BRITISH COLUMBIA
- **STATE:** Z4
- **ZIP:** V6H1A5
- **BUSINESS PHONE:** 972-54-5704749

**MAIL ADDRESS:**
- **STREET 1:** 101-1220 WEST 6TH AVENUE
- **CITY:** VANCOUVER, BRITISH COLUMBIA
- **STATE:** Z4
- **ZIP:** V6H1A5

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 6-K**

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

under the Securities Exchange Act of 1934

For the month of June 2026

Commission file number: 001-41557

**<u>Clearmind Medicine Inc.</u>**

(Translation of registrant's name into English)

**101 – 1220 West 6th Avenue**

**Vancouver, British Columbia** (Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

**<u>CONTENTS</u>**

On June 15, 2026, the registrant filed in Canada its unaudited condensed interim consolidated financial statements and Management's Discussion and Analysis for the three and six months ended April 30, 2026, with the Canadian Securities Administration and each of the Ontario Securities Commission, British Columbia Securities Commission and Alberta Securities Commission.

This Report on Form 6-K is incorporated by reference into the Registrant's Registration Statements on Form F-3 (File No. [333-275991](http://www.sec.gov/Archives/edgar/data/1892500/000121390023094809/ea189816-f3_clearmind.htm), [333-270859](http://www.sec.gov/Archives/edgar/data/1892500/000121390024004506/ea191622-posam_clearmind.htm), [333-273293](http://www.sec.gov/Archives/edgar/data/1892500/000121390024004506/ea191622-posam_clearmind.htm), [333-290404](http://www.sec.gov/Archives/edgar/data/1892500/000121390026008227/ea0273508-posam1_clearmind.htm), [333-293521](http://www.sec.gov/Archives/edgar/data/1892500/000121390026017379/ea0277219-f3_clear.htm) and [333-295455](http://www.sec.gov/Archives/edgar/data/1892500/000121390026050265/ea0288494-f3_clearmind.htm)) and Form S-8 (File No. [333-283695](http://www.sec.gov/Archives/edgar/data/1892500/000121390024107014/ea0224059-s8_clearmind.htm)), filed with the Securities and Exchange Commission, to be a part thereof from the date on which this report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** |  |
| 99.1 | [Condensed Interim Consolidated Financial Statements for the three and six months ended April 30, 2026.](ea029277701ex99-1.htm) |
| 99.2 | [Management's Discussion and Analysis for the three and six months ended April 30, 2026.](ea029277701ex99-2.htm) |
| 101.INS | Inline XBRL Instance Document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |

---

**<u>SIGNATURES</u>**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  | **Clearmind Medicine Inc.** | **Clearmind Medicine Inc.** | **Clearmind Medicine Inc.** |
| Date: June 15, 2026 | By: | /s/ Adi Zuloff-Shani | /s/ Adi Zuloff-Shani |
|  |  | Name: | Adi Zuloff-Shani |
|  |  | Title: | Chief Executive Officer |

---

## Exhibit 99.1

?xml version='1.0' encoding='ASCII'?

**Exhibit 99.1**

**CLEARMIND MEDICINE INC.**

Condensed Interim Consolidated Financial Statements

For The Three And Six Months Ended April 30, 2026

(Expressed in United States Dollars)

(Unaudited)

**CLEARMIND MEDICINE INC.** 

Condensed Interim Consolidated Statements of Financial Position

(Expressed in United States Dollars)

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **April 30,**<br>**2026** | **October 31,**<br>**2025** |
| Assets |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $11415719 | $3923058 |
| &nbsp;&nbsp;&nbsp;Other receivables | 146378 | 35825 |
| &nbsp;&nbsp;&nbsp;Short-term investments (Note 3) | 2177460 | 1662407 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 177922 | 39940 |
| &nbsp;&nbsp;&nbsp;Related parties (Note 4b) | 405315 | 286488 |
| Total current assets | 14322794 | 5947718 |
| Non-current assets |  |  |
| &nbsp;&nbsp;&nbsp;Intangible assets | 91940 | 97372 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 20808 | 20560 |
| &nbsp;&nbsp;&nbsp;Right-of-use asset (Note 14e) | 87970 | 17402 |
| Total non-current assets | 200718 | 135334 |
| Total assets | $14523512 | $6083052 |
| Liabilities |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | $713629 | $682163 |
| &nbsp;&nbsp;&nbsp;Due to related parties (Note 4a) | 97801 | 60232 |
| &nbsp;&nbsp;&nbsp;Derivative warrant liabilities (Note 5) | 2135753 | 2369195 |
| &nbsp;&nbsp;&nbsp;Short-term portion of lease liabilities (Note 14e) | 41241 | 18800 |
| &nbsp;&nbsp;&nbsp;Convertible loans (Note 6) | - | 1760066 |
| Total current liabilities | 2988424 | 4890456 |
| Long-term lease liabilities | 44347 | - |
| Total non-current liabilities | 44347 | - |
| Total liabilities | $3032771 | $4890456 |
| Shareholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;Share capital and share premium (Note 7) | 42663040 | 26402659 |
| &nbsp;&nbsp;&nbsp;Warrants (Note 8) | 459341 | 459341 |
| &nbsp;&nbsp;&nbsp;Share-based payment reserve (Notes 9, 10) | 2171570 | 2231570 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (21250) | (21250) |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (33781960) | (27879724) |
| Total shareholders' equity | 11490741 | 1192596 |
| Total liabilities and shareholders' equity | $14523512 | $6083052 |

---

Approved and authorized for issuance on behalf of the Board of Directors on June 15, 2026:

---

| | |
|:---|:---|
| */s/ Alan Rootenberg* | */s/ Adi Zuloff-Shani* |
| Alan Rootenberg, CFO | Adi Zuloff-Shani, CEO |

---

(The accompanying notes are an integral part of these condensed interim consolidated financial statements)

**CLEARMIND MEDICINE INC.**

Condensed Interim Consolidated Statements of Operations and Comprehensive Loss

(Expressed in United States Dollars)

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Six months ended** | **Six months ended** |
|  | **April 30,** | **April 30,** | **April 30,** | **April 30,** |
|  | **2026** | **2025** | **2026** | **2025** |
| Operating expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative | $924502 | $855124 | $3943923 | $1889860 |
| &nbsp;&nbsp;&nbsp;Research and development, net | 646707 | 451857 | 1287201 | 913295 |
| Total operating expenses | 1571209 | 1306981 | 5231124 | 2803155 |
| Finance income (expenses) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Changes in fair value of derivative warrant liabilities (Note 5) | (452435) | 664768 | (86509) | 1179518 |
| &nbsp;&nbsp;&nbsp;Changes in fair value of short-term investments (Note 3) | 438021 | (157083) | (134948) | (228788) |
| &nbsp;&nbsp;&nbsp;Foreign exchange gain | 8489 | 2246 | 14751 | (2204) |
| &nbsp;&nbsp;&nbsp;Other finance expenses | (4233) | (7868) | (8340) | (16583) |
| &nbsp;&nbsp;&nbsp;Interest income on deposits | 42025 | 41648 | 106674 | 75656 |
| &nbsp;&nbsp;&nbsp;Changes in fair value of convertible loans (Note 6) | (505000) | - | (555469) | - |
| Total finance income | (473133) | 543711 | (663841) | 1007599 |
| Loss before taxes | (2044342) | (763270) | (5894965) | (1795556) |
| &nbsp;&nbsp;&nbsp;Tax expenses | (3311) | (20658) | (7271) | (59993) |
| Net Loss and Comprehensive loss | $(2047653) | $(783928) | $(5902236) | $(1855549) |
| Loss per share, basic and diluted | $(6.78) | $(62.27) | $(28.43) | $(156.01) |
| Weighted average number of shares outstanding for the purposes of basic and diluted loss per share | 301964 | 12589 | 207586 | 11894 |

---

---

| | |
|:---|:---|
| **(\*)** | On December 15, 2025, the Company effected a 1-for-40 reverse split of its issued and outstanding common shares and on May 21, 2026, the Company effected a further 1-for-10 reverse split of its issued and outstanding common shares (the "Reverse Splits"). Following the Reverse Splits, holders of the Company's common shares received 0.0025 of a common share for every one common share held. All share amounts have been retroactively adjusted for all periods presented. |

---

(The accompanying notes are an integral part of these condensed interim consolidated financial statements)

**CLEARMIND MEDICINE INC.**

Condensed Interim Statements of Changes in Shareholders' Equity

(Expressed in United States Dollars)

(Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Share capital and <br> share premium** | **Share capital and <br> share premium** | | | | | |
|  | **Number of<br> shares (\*)** | **Amount** |<br>**Warrants** | **Share-based**<br>**payment<br> reserve** | **Accumulated<br> other**<br>**comprehensive<br> income** |<br>**Accumulated<br> deficit** | **Total**<br>**shareholders'<br> equity** |
| **Balance, October 31, 2025** | **15883** | $**26402659** | $**459341** | $**2231570** | $**(21250)** | $**(27879724)** | $**1192596** |
| Net loss for the period |  | – | – | – | – | (5902236) | (5902236) |
| Exercise of warrants (Notes 7c(iii, viii)) | 28013 | 548493 | – | – | – | – | 548493 |
| Issuance of common shares upon vesting of restricted share units (Notes 7c(iv, vi)) | 388 | 64340 | – | (64340) | – | – | – |
| Issuance of shares upon conversion of convertible loans (Notes 6, 7c(i, ix)) | 778626 | 6860535 | – | – | – | – | 6860535 |
| Issuance of common shares (Note 7c(ii)) | 117970 | 7245761 | – | – | – | – | 7245761 |
| Share-based compensation (Notes 7c(v,vi, vii), 9, 10) | 78230 | 1541252 | – | – | – | – | 1541252 |
| **Balance, April 30, 2026** | **1019110** | $**42663040** | $**459341** | $**2171570** | $**(21250)** | $**(33781960)** | $**11490741** |
| **Balance, October 31, 2024** | **10667** | $**24168256** | $**459341** | $**2523946** | $**(21250)** | $**(24022741)** | $**3107552** |
| Net loss for the period |  | – | – | – | – | (1855549) | (1855549) |
| Exercise of warrants | 776 | 437007 | – | – | – | – | 437007 |
| Issuance of common shares upon vesting of restricted share units | 1398 | 733114 | – | (733114) | – | – | – |
| Share-based compensation | – | – | – | 612460 | – | – | 612460 |
| **Balance, April 30, 2025** | **12841** | $**25338377** | $**459341** | $**2403292** | $**(21250)** | $**(25878290)** | $**2301470** |

---

---

| | |
|:---|:---|
| **(\*)** | On December 15, 2025, the Company effected a 1-for-40 reverse split of its issued and outstanding common shares and on May 21, 2026, the Company effected a further 1-for-10 reverse split of its issued and outstanding common shares. Following the Reverse Splits, holders of the Company's common shares received 0.0025 of a common share for every one common share held. All share amounts have been retroactively adjusted for all periods presented. |

---

(The accompanying notes are an integral part of these condensed interim consolidated financial statements)

**CLEARMIND MEDICINE INC.**

Condensed Interim Consolidated Statements of Cash Flows

(Expressed in United States Dollars)

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six months ended<br> April 30,** | **Six months ended<br> April 30,** |
|  | **2026** | **2025** |
| Operating activities |  |  |
| Net loss for the period | $(5902236) | $(1855549) |
| Adjustments for: |  |  |
| &nbsp;&nbsp;&nbsp;Amortization of intangible assets | 5432 | 5432 |
| &nbsp;&nbsp;&nbsp;Amortization of right-of-use asset | 21797 | 18576 |
| &nbsp;&nbsp;&nbsp;Interest on lease liability | 1134 | 2332 |
| &nbsp;&nbsp;&nbsp;Exchange rate differences | (14338) | 1960 |
| &nbsp;&nbsp;&nbsp;Changes in fair value of derivative warrant liabilities | 86509 | (1179518) |
| &nbsp;&nbsp;&nbsp;Interest on convertible loans | 555469 | – |
| &nbsp;&nbsp;&nbsp;Share-based compensation | 1545592 | 612460 |
| &nbsp;&nbsp;&nbsp;Changes in fair value of short-term investments | 134948 | 228788 |
| Changes in working capital: |  |  |
| &nbsp;&nbsp;&nbsp;(Increase) decrease in other receivables | (104703) | 6017 |
| &nbsp;&nbsp;&nbsp;Increase in prepaid expenses | (136959) | (147132) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in accounts payable and accrued liabilities | 36971 | (51969) |
| &nbsp;&nbsp;&nbsp;Decrease in amounts due to / from related parties | (82645) | (5230) |
| Net cash used in operating activities | (3853029) | (2363833) |
| Investing activities |  |  |
| &nbsp;&nbsp;&nbsp;Acquisition of short-term investment (Note 3) | (650001) | (200000) |
| &nbsp;&nbsp;&nbsp;Proceeds of short-term investment | – | 82960 |
| &nbsp;&nbsp;&nbsp;Changes in restricted cash | – | (13498) |
| Net cash used in investing activities | (650001) | (130538) |
| Financing activities |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds received from issuance of shares (Note 7c (ii)) | 7245761 | – |
| &nbsp;&nbsp;&nbsp;Proceeds received from convertible loans (Note 6) | 4545000 | – |
| &nbsp;&nbsp;&nbsp;Proceeds received from exercise of warrants (Notes 7c (iii, viii)) | 228542 | 415086 |
| &nbsp;&nbsp;&nbsp;Repayment of lease liabilities | (24140) | (20572) |
| Net cash provided by financing activities | 11995163 | 394514 |
| Effect of foreign exchange rate changes on cash and cash equivalents | 528 | (1436) |
| Net increase (decrease) in cash and cash equivalents | 7492661 | (2101293) |
| Cash and cash equivalents at beginning of period | 3923058 | 6573813 |
| Cash and cash equivalents at end of period | $11415719 | $4472520 |
| **Supplementary disclosure of cash flow information:** |  |  |
| Cash received as interest | $106674 | $75896 |
| Cash paid in respect of taxes | 55176 | 16408 |
| Cash paid as interest on lease liability | – | 2332 |
| **Non-cash financing and investing activities** |  |  |
| Issuance of shares upon conversion of convertible loans (Notes 6,7c (i, ix)) | $6860535 | $– |
| Right of use assets obtained in exchange for lease liabilities | $85588 | $– |

---

(The accompanying notes are an integral part of these condensed interim consolidated financial statements)

**CLEARMIND MEDICINE INC.**

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in United States Dollars)

(Unaudited)

**1.** **Nature of Operations and Going Concern** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Clearmind Medicine Inc. (the "Company") was incorporated
in the province of British Columbia on July 18, 2017. The Company is a clinical stage pharmaceutical company currently engaged in phase
I/IIa clinical trials of novel psychedelic medicines that have been developed to solve widespread, yet under-served, health problems.
The Company's head office is located at Suite 101 -1220 West 6th Avenue, Vancouver, BC, V6H 1A5. The Company's wholly-owned
Israeli subsidiary (Clearmindmed Ltd.) functions as the research and development arm of the Company. The Company's wholly-owned
Canadian subsidiary, Clearmind Labs Corp., holds part of the groups IP, and the Company's wholly-owned Canadian subsidiary, Clearmind
Buzz Inc., which was incorporated in Ontario, Canada on March 18, 2026, and currently inactive.

The Company trades under the symbol "CMND" on the Nasdaq Capital Market. The Company was listed on the Canadian Securities Exchange ("CSE") in Toronto until March 14, 2024. Following approval for a voluntary delisting, the Company no longer trades on the CSE, but remains a reporting issuer in Canada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Going concern

These condensed interim consolidated financial statements have been prepared on the going concern basis, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business. For the six months ended April 30, 2026, the Company had not generated any revenues and had negative cash flows from operations of $3,853,029. As of April 30, 2026, the Company had an accumulated deficit of $33,781,960. The continued operations of the Company are dependent on its ability to generate future cash flows or obtain additional financing through debt or equity. Management is of the opinion that sufficient working capital will be obtained from external financing sources to meet the Company's liabilities and commitments as they become due, although there is a risk that additional financing will not be available on a timely basis or on terms acceptable to the Company. These factors raise substantial doubt on the Company's ability to continue as a going concern. These condensed interim consolidated financial statements do not reflect any adjustments that may be necessary if the Company is unable to continue as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Reverse share splits

On December 15, 2025, the Company effected a 1-for-40 reverse split of its issued and outstanding common shares and on May 21, 2026, the Company effected a further 1-for-10 reverse split of its issued and outstanding common shares (collectively, the "Reverse Splits"). Following the Reverse Splits, holders of the Company's common shares received 0.0025 of a common share for every- one common share held. All share amounts have been retroactively restated for all periods presented.

All issued and outstanding common shares or instruments convertible into common shares contained in these financial statements have been retroactively adjusted to reflect the reverse share splits for all periods presented, unless explicitly stated otherwise.

**CLEARMIND MEDICINE INC.**

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in United States Dollars)

(Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Nature of Operations and Going Concern** (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. On October 7, 2023, Hamas launched a series of attacks on civilian
and military targets in Southern Israel and Central Israel, to which the Israel Defense Forces responded. In addition, Iran, Hezbollah
and the Houthi movement attacked military and civilian targets in Israel, to which Israel responded, including through increased air and/or
ground operations in Lebanon, Syria, Yemen and Iran. Following years of conflict in the region, on October 9, 2025, Israel, Hamas, the
United States and other countries in the region agreed to a framework for a ceasefire in Gaza between Israel and Hamas. On February 28,
2026, the United States and Israel launched joint combat operations in Iran to which Iran and Hezbollah responded with ballistic missile
and drone attacks on Israel as well as other countries and U.S. military bases in the region. On April 8, 2026, the United States and
Iran agreed to a two-week ceasefire. How long and how severe the current conflicts in Gaza, Northern Israel, Lebanon, Iran or the broader
region last and become is unknown at this time and any continued clash among Israel, Hamas, Hezbollah, Iran or other countries or militant
groups in the region may escalate in the future into a greater regional conflict. The intensity and duration of the security situation
in Israel have been difficult to predict, as are the economic implications on our business and operations and on Israel's economy
in general. As of the date of these consolidated financial statements, conflict continues in parts of the region. The Company's
clinical trials, the laboratory that supports such clinical trials and the Contract Research Organization (CRO) are based in Israel. The
extent to which the security situation in Israel may impact the Company's financial condition, results of operations, or liquidity
is uncertain, and as of the date of issuance of these condensed interim consolidated financial statements, the Company is not aware of
any specific event or circumstance that would require an update to its estimates or judgments or an adjustment to the carrying value of
the Company's assets or liabilities as of April 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Material Accounting Policy Information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Basis of Presentation

The accompanying condensed interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB") on a going concern basis.

These condensed interim consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Clearmindmed Ltd., Clearmind Labs Corp. and Clearmind Buzz Inc, incorporated in Ontario, Canada on March 18, 2026, and currently inactive. All inter-company balances and transactions have been eliminated on consolidation.

These condensed interim consolidated financial statements have been prepared on a historical cost basis, except for financial assets and liabilities (including derivatives) which are presented at fair value through profit or loss ("FVTPL").

These unaudited condensed interim consolidated financial statements have been prepared in accordance with the requirements of International Accounting Standard IAS 34 "Interim Financial Reporting" as issued by the IASB. They do not include all the information required in annual financial statements in accordance with IFRS accounting standards and should be read in conjunction with the annual financial statements of the Company for the year ended October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Condensed Interim Consolidated Financial Information

Certain information and footnote disclosures normally included in financial statements prepared in accordance with IFRS have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these condensed interim consolidated financial statements should be read in conjunction with the audited financial statements as of and for the year ended October 31, 2025 and the notes thereto (the "2025 Annual Report").

**CLEARMIND MEDICINE INC.**

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in United States Dollars)

(Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Material Accounting Policy Information** (continued)

The condensed interim consolidated financial statements have been prepared on the same basis as the 2025 Annual Report. In the opinion of the Company's management, these condensed interim consolidated financial statements contain all adjustments that are necessary to present fairly the Company's financial position and results of operations for the interim periods presented. The results for the six months ended April 30, 2026 are not necessarily indicative of the results for the year ending October 31, 2026, or for any future period.

As of April 30, 2026, there have been no material changes in the Company's significant accounting policies from those that were disclosed in the 2025 Annual Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Significant Accounting Estimates and Judgments

The preparation of consolidated financial statements in accordance with IFRS requires management to make judgments, estimates, and assumptions that affect the application of policies and reported amounts of assets, liabilities, income, and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

<u>Significant Estimates</u>

 

*Derivative Warrant Liabilities and Assets*

 

The Company analyses warrants issued to determine whether they meet the classification as liabilities or equity. Derivative warrant liabilities and assets are adjusted to reflect their fair value at each reporting period, with any increase or decrease in the fair value recorded in the results of operations. The Company uses a fair valuation specialist to estimate the value of these instruments using the Black and Scholes and binomial pricing model.

The key assumptions used in the models are the expected future volatility in the price of the Company's shares, the expected life of the warrants, the risk-free interest rate and the probability of any future adjustment event.

<u>Significant Judgments</u>

The critical judgments that the Company's management has made in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognized in the Company's consolidated financial statements are as follows:

 

*Going Concern*

 

The application of the going concern assumption requires management to take into account all available information about the future, which is at least but not limited to twelve months from the end of the reporting period. The Company is aware that material uncertainties related to events or conditions raise substantial doubt upon the Company's ability to continue as a going concern.

**CLEARMIND MEDICINE INC.**

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in United States Dollars)

(Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Short-term Investments** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **October 31,<br> 2025** | **Additions** | **Disposals** | **Changes in<br> fair value** | **April 30,<br> 2026** |
| Polyrizon Ltd. (1) | $886 | $&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $1420 | $2306 |
| Taurus Gold Corp. (2) – shares and warrants (see also note 11(a)) | 1661521 | - | - | (1304911) | 356610 |
| Quantum X Labs Inc. (3) – shares and warrants (see also note 11(a)) | - | 650001 | - | 1168543 | 1818544 |
|  | $1662407 | $650001 | $- | $(134948) | $2177460 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **October 31,<br> 2024** | **Additions** | **Disposals** | **Changes in<br> fair value** | **October 31,<br> 2025** |
| Polyrizon Ltd. (1) | $289388 | $200000 | $(186072) | $(302430) | $886 |
| Taurus Gold Corp. – shares and warrants | - | 514591 | - | 1146930 | 1661521 |
|  | $289388 | $714591 | $(186072) | $844500 | $1662407 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) On March 31, 2025, the Company subscribed for shares, pre funded warrants and warrants to purchase shares of Polyrizon ("Polyrizon Shares"). As of October 31, 2025 and April 30, 2026, following the exercise and sale of certain Polyrizon Shares, the Company retained a balance of 145 Polyrizon shares. On November 28, 2025, Polyrizon effected a reverse share split of its ordinary shares at the ratio of 1-for-6, such that each six (6) ordinary shares, no par value, were consolidated into one (1) ordinary share, no par value. All the Polyrizon Shares and price per Polyrizon share information have been retroactively adjusted in these financial statements.

(2) During
October 2025, the Company subscribed for 13,020,000 shares ("Taurus Shares") and 13,020,000 warrants ("October 2025
Taurus Warrants") of Taurus Gold Corp. ("Taurus") at a cost of $466,441. Each October 2025 Taurus Warrant can be exercised
into one ordinary share of Taurus at an exercise price of CAD$0.064 per share, subject to certain adjustments, including a cashless exercise
mechanism. The October 2025 Taurus Warrants expire on October 31, 2028. The Black-Scholes pricing model was used to measure the October
2025 Taurus Warrants with the following assumptions: share price of CAD$0.03, volatility of 70%, risk-free interest rate of 2.89% and
expected life of 2.51 years.

During October 2025, the Company also purchased an additional 111,065 Taurus Shares from a third party investor and paid $48,150.

(3) On March 4, 2026, the company invested $650,001 in Quantum X Labs Inc.
(formerly known as Viewbix Inc.) ("QXL") and received 371,429 shares (the "QXL Shares") and 297,143 warrants (the
"QXL Warrants"). The QXL Warrants expire on March 5, 2031. The Black-Scholes pricing model was used to measure the QXL Warrants
with the following assumptions: share price of $3.11, volatility of 86.35%, risk-free interest rate of 4.02% and expected life of 4.85
years. QXL is an advanced technologies company that combines digital advertising activities with a strategic move into quantum and AI
technologies.

The Taurus Shares, Polyrizon Shares and QXL Shares are recorded at fair value in the Company's Consolidated Statement of Financial Position. The October 2025 Taurus Warrants and QXL Warrants were recorded at their fair value as a derivative asset at the time of the grant and are revalued at the end of each reporting period. The changes in fair value of short-term investment were recorded to the Condensed Interim Consolidated Statements of Operations and Comprehensive Loss.

**CLEARMIND MEDICINE INC.**

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in United States Dollars)

(Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Related Party Transactions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Compensation to key management personnel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The compensation to key management personnel for services they provide to the Company is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months<br> ended**<br>**April 30,**<br>**2026** | **Three months ended**<br>**April 30,**<br>**2025** | **Six months<br> ended**<br>**April 30,**<br>**2026** | **Six months<br> ended**<br>**April 30,**<br>**2025** |
| **Officers:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Consulting fees | $133465 | $84557 | $304593 | $168557 |
| &nbsp;&nbsp;&nbsp;Share based compensation | - | 43973 | - | 117902 |
|  | $133465 | $128530 | $304593 | $286459 |
| **Directors:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Directors' fees | $148462 | $58127 | $330492 | $116333 |
| &nbsp;&nbsp;&nbsp;Share based compensation | - | 69226 | - | 186821 |
|  | $148462 | $127353 | $330492 | $303154 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Balances with related parties

---

| | | |
|:---|:---|:---|
|  | **April 30,**<br>**2026** | **October 31,**<br>**2025** |
| Amounts owed to officers | $46708 | $29761 |
| Amounts owed to directors | 51093 | 30471 |
|  | $97801 | $60232 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. On March 7, 2022, the Company signed an agreement with SciSparc Ltd ("SciSparc"), pursuant to which the Company and SciSparc agreed to cooperate in conducting a feasibility study using certain molecules developed by each party (the "Cooperation Agreement"). Certain of the Company's officers and directors currently operate, manage or are engaged as officers and/or directors of SciSparc. In June 2023, the Company entered into a research agreement with the Hebrew University of Jerusalem to evaluate its and SciSparc's combination treatment for obesity and metabolic syndrome. To date, the collaboration has resulted in the filing of nine patent applications. To the extent the parties determine to proceed to a commercial cooperation, they will enter into a joint venture where the parties share the economics and rights on a 50%-50% basis. To date, no determination has been made to pursue the joint venture and the development of the molecule remains in a very early stage. For the three and six months ended April 30, 2026, the Company incurred research and development expenses conducted within the framework of the Cooperation Agreement in the amount of $88,847 and $121,815, respectively (three and six months ended April 30, 2025- $33,763 and $46,509 respectively). As of April 30, 2026, $405,315 is owed to the Company by SciSparc (October 31, 2025 - $286,488).

**CLEARMIND MEDICINE INC.**

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in United States Dollars)

(Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Derivative warrant liabilities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. On April 6, 2023, the Company issued 4,505,718 warrants in connection
with its April 2023 Public Offering ("April 2023 Warrants"). The April 2023 Warrants include a cashless exercise provision
and repricing adjustments for offerings at a price lower than the existing exercise price of the warrants, stock splits, reclassifications,
subdivisions, and other similar transactions and therefore, these warrants were recorded
at their fair value as a derivative liability at the time of the grant and are revalued at the end of each reporting period. The number
of April 2023 Warrants does not change, however, the number of shares issued upon the exercise of the April 2023 Warrants have changed,
subject to the adjustment noted above ("Warrant Shares").

On November 14, 2025, April 2023 Warrants were exercised for 1,305 common shares (see note 8(a)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. On September 18, 2023, the Company issued 7,500,000 warrants in connection with its September 2023 Public Offering ("September 2023 Warrants"). The September 2023 Warrants include a cashless exercise provision and repricing adjustments for offerings at a price lower than the existing exercise price of the warrants, stock splits, reclassifications, subdivisions, and other similar transactions and therefore, these warrants were recorded at their fair value as a derivative liability at the time of the grant and are revalued at the end of each reporting period. The number of September 2023 Warrants does not change, however, the number of shares issued upon the exercise of the September 2023 Warrants have changed, subject to the adjustment noted above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. On January 16, 2024, the Company issued 1,500,000 warrants with an exercise price of $640.0 per warrant in connection with its January 2024 Public Offering ("January 2024 Warrants"). The January 2024 Warrants include a cashless exercise provision and repricing adjustments for offerings at a price lower than the existing exercise price of the warrants, stock splits, reclassifications, subdivisions, and other similar transactions and therefore, these warrants were recorded at their fair value as a derivative liability at the time of the grant and are revalued at the end of each reporting period. The number of January 2024 Warrants does not change, however, the number of shares issued upon the exercise of the January 2024 Warrants have changed, subject to the adjustment noted above. On November 14, 2025, January 2024 Warrants were exercised into 3,923 common shares and on April 21, 2026, January 2024 Warrants shares were exercised into 22,785 common shares. (see note 8(a)).

d. On December 15, 2025, following the Reverse Split of the Company shares noted above, the exercise prices of the January 2024 Warrants were reduced to $25.607. On February 13, 2026, following the conversions of the Promissory Notes, the exercise prices of the April 2023 Warrants, the September 2023 Warrants and the January 2024 Warrants were reduced to $12.50. On April 15, 2026, following the conversions of the Promissory Notes, the exercise prices of the April 2023 Warrants, the September 2023 Warrants and the January 2024 Warrants were reduced to $6.00. For further details of the ratio of warrant shares issuable and outstanding in relation to the April 2023 Warrants, the September 2023 Warrants and the January 2024 Warrants, see detailed table in note 8. See also note 15(b) for details of further price changes after April 30, 2026.

e. During the three and six months ended April 30, 2026, the Company recorded a loss on the revaluation of the total derivative warrant liabilities of $452,435 and $86,509, respectively, in the Condensed Interim Consolidated Statements of Operations and Comprehensive Loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The binomial model was used to measure the derivative warrant liability with the following assumptions:

---

| | |
|:---|:---|
|  | **April 30,<br> 2026** |
| Share Price | $7.12 |
| Exercise Price | $6.00 |
| Expected life | 1.93 – 2.71 years |
| Risk-free interest rate | 3.57 – 3.90% |
| Dividend yield | 0.00% |
| Expected volatility | 124.89 – 146.96% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. The following table presents the changes in the derivative warrant liability during the period:

---

| | |
|:---|:---|
| Balance as of October 31, 2024 | $3519702 |
| &nbsp;&nbsp;&nbsp;Exercise of warrants | (21921) |
| &nbsp;&nbsp;&nbsp;Change in fair value of warrants | (1128586) |
| Balance as of October 31, 2025 | $2369195 |
| &nbsp;&nbsp;&nbsp;Exercise of warrants | (319951) |
| &nbsp;&nbsp;&nbsp;Change in fair value of warrants | 86509 |
| &nbsp;&nbsp;&nbsp;Balance as of April 30, 2026 | $2135753 |

---

**CLEARMIND MEDICINE INC.**

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in United States Dollars)

(Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Convertible loans** 

On September 17, 2025, the Company entered into a share purchase agreement ("SPA") with two third parties (the "CLA Investors"). Pursuant to the SPAs, the Company shall issue and sell to the CLA Investors, from time to time as provided therein, promissory notes, in the aggregate principal amount of $2.5 million, for an aggregate purchase price of $2.25 million (90% of the subscription amount) ("Promissory Notes").

During November 2025, the balance owing on the Promissory Notes ($1,810,535) was converted into 10,791 Common Shares. See Note 7(c)(i).

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; During the six months ended April 30, 2026, the CLA Investors purchased additional Promissory Notes in the aggregate principal amount of $5,050,000, for an aggregate purchase price of $4,545,000.<br>During the six months ended April 30, 2026, the CLA Investors converted Promissory Notes in the aggregate amount of $5,050,000 into 767,835 common shares. See Note 7(c)(ix).<br>On February 9, 2026, the Company and the CLA Investors amended the Floor Price of the Promissory Notes to $12.50.<br>On April 15, 2026, the Company and the CLA Investors amended the Floor Price (as defined below) of the Promissory Notes to $6.00.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April 30, 2026, the Company and the CLA Investors entered into an amendment to the SPAs pursuant to which the Initial Subscription Amount was increased by $8.15 million, such that the aggregate principal amount of Promissory Notes that the Company may issue and sell from time to time to the CLA Investors as of such date is $10.0 million, or the Subscription Amount, for an aggregate purchase price of $9.0 million (90% of the Subscription Amount) as of such date. As of the date hereof, the total Promissory Notes in the aggregate principal amount of $8.15 million and accrued interest, due under the Promissory Notes were converted into 802,622 common shares. Due to certain blocker arrangements in the Promissory Notes, 21,858 common shares are held by the Company as abeyance shares. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The conversions of the Promissory Notes triggered an adjustment to the exercise price and the number of warrant shares issuable pursuant to the April 2023 Warrants, September 2023 Warrants and January 2024 Warrants. The new exercise price of the warrants is $6.00 per Common Share and entitles the warrant holders to a total of 370,033 common shares. |

---

Finance expense on the First and Second Initial Promissory Notes during the period ended April 30, 2026 amounted to $555,469.

Management has elected to designate the instrument at fair value through profit or loss under IFRS 9.4.3.5 at initial recognition for the Company's promissory notes and therefore, the Company measures the entire hybrid contract (host and variable conversion feature) at Fair Value Through Profit or Loss (FVTPL). No embedded derivative is separated under IFRS 9 and no amortized-cost accounting or effective interest method applies. The Company records the carrying amount as fair value of the instrument under IFRS 13 and fair value is based on the fair value of the shares that the noteholder would receive if conversion occurred on the reporting date, adjusted for credit risk, non-performance risk, and contractual settlement terms.

---

| | |
|:---|:---|
|  | **Convertible<br> loans** |
| Balance, October 31, 2024 | $- |
| &nbsp;&nbsp;&nbsp;Proceeds received from issuance of convertible loans | 2250000 |
| &nbsp;&nbsp;&nbsp;Finance expenses | 209196 |
| &nbsp;&nbsp;&nbsp;Issuance of shares upon conversion of convertible loans | (699130) |
| Balance, October 31, 2025 | $1760066 |
| &nbsp;&nbsp;&nbsp;Proceeds received from issuance of convertible loans | 4545000 |
| &nbsp;&nbsp;&nbsp;Finance expenses | 555469 |
| &nbsp;&nbsp;&nbsp;Issuance of shares upon conversion of convertible loans | (6860535) |
| Balance, April 30, 2026 | $- |

---

**CLEARMIND MEDICINE INC.**

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in United States Dollars)

(Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Share Capital** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Company's authorized share capital comprises an unlimited common shares without par value. As of April 30, 2026, 1,019,110 (October 31, 2025 – 15,883) common shares were issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. On December 15, 2025, the Company effected a 1-for-40 reverse split of its issued and outstanding common shares, and on May 21, 2026, the Company effected a further 1-for-10 reverse split of its issued and outstanding common shares. Following the Reverse Splits, holders of the Company's common shares received 0.0025 of a common share for every one common share held. All share amounts have been retroactively restated for all periods presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **Share transactions during the six months ended April 30, 2026:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) During November 2025, the Promissory Notes were converted into 10,791 Common Shares. (See Note 6).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On November 13, 2025, the Company entered into a securities purchase agreement with investors for the purchase and sale of (i) 2,396 common shares, and (ii) pre-funded warrants to purchase up to 7,460 common shares, in a registered direct offering, (the "First November 2025 Offering") at a purchase price of $80.00 per common share and $79.96 per pre-funded warrant. The pre-funded warrants are immediately exercisable at an exercise price of $0.04 per common share, subject to adjustment as set forth therein, and will not expire until exercised in full. The November 2025 Offering closed November 13, 2025. The aggregate gross proceeds to the Company were approximately $0.788 million.

On November 17, 2025, the Company entered into a securities purchase agreement with investors for the purchase and sale of (i) 9,979 common shares, and (ii) pre-funded warrants to purchase up to 3,795 common shares, in a registered direct offering, (the "Second November 2025 Offering") at a purchase price of $100.00 per common share and $99.96 per pre-funded warrant. The pre-funded warrants are immediately exercisable at an exercise price of $0.04 per common share, subject to adjustment as set forth therein, and will not expire until exercised in full. The Second November 2025 Offering closed November 17, 2025. The aggregate gross proceeds to the Company were approximately $1.377 million.

On November 19, 2025, the Company entered into a securities purchase agreement with investors for the purchase and sale of 27,313 common shares in a registered direct offering (the "Third November 2025 Offering") at a purchase price of $80.00 per common share. The Third November 2025 Offering closed November 20, 2025. The aggregate gross proceeds to the Company were approximately $2.185 million.

On November 26, 2025, the Company entered into a securities purchase agreement with investors for the purchase and sale of (i) 19,862 common shares, and (ii) pre-funded warrants to purchase up to 7,165 common shares, in a registered direct offering(the "Fourth November 2025 Offering") at a purchase price of $48.00 per common share and $47.96 per pre-funded warrant. The pre-funded warrants are immediately exercisable at an exercise price of $0.04 per common share, subject to adjustment as set forth therein, and will not expire until exercised in full. The Fourth November 2025 Offering closed November 26, 2025. The aggregate gross proceeds to the Company were approximately $1.294 million.

 

On December 3, 2025, the Company entered into a securities purchase agreement with investors for the purchase and sale of 40,000 common shares, in a registered direct offering (the "December 2025 Offering") at a purchase price of $40.00 per common share. The December 2025 Offering closed December 4, 2025. The aggregate gross proceeds to the Company were approximately $1.6 million.

&nbsp;&nbsp;&nbsp;&nbsp;(iii) On November 14, 2025, April 2023 Warrants and January 2024 Warrants were exercised into 5,228 shares, resulting in gross proceeds of $183,122.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) On November 24, 2025, the Company issued 188 common shares in respect of restricted share units ("RSUs") that had been fully vested. The RSUs had an aggregate fair value of $60,000 at the time of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;(v) On February 2, 2026, the Company issued 60,000 pre-funded
warrants to purchase 60,000 shares of the Company to two third party consultants in respect of services provided during the three months
ended January 31, 2026 and during March 2026, 60,000 pre-funded warrants were converted to 60,000 shares.

&nbsp;&nbsp;&nbsp;&nbsp;(vi) On April 20, 2026, 200 common shares were issued in respect
of RSU's that had been fully vested. The RSU's had a fair value of $4,340 at the time of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;(vii) On April 20, 2026, 18,230 common shares with a fair value
of $131,252 were issued to consultants in respect of services.

&nbsp;&nbsp;&nbsp;&nbsp;(viii) On April 21, 2026, January 2024 Warrants were exercised into
22,785 shares, resulting in gross proceeds of $45,420.

&nbsp;&nbsp;&nbsp;&nbsp;(ix) During February and April 2026, the CLA Investors converted
Promissory Notes in the aggregate amount of $4,318,745 and received 767,835 common shares. (See Note 6).

**CLEARMIND MEDICINE INC.** 

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in United States Dollars)

(Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Warrants** 

&nbsp;&nbsp;&nbsp;&nbsp;a. The following table summarizes the changes in the Company's
warrants:

---

| | |
|:---|:---|
|  | **Number of <br> warrants** |
| Balance, October 31, 2024 | 4429547 |
| &nbsp;&nbsp;&nbsp;Exercise of warrants | (547921) |
| &nbsp;&nbsp;&nbsp;Expiration of warrants | (75) |
| Balance, October 31, 2025 | 3881551 |
| Number of shares to be issued from the exercise of these warrants, October 31, 2025 | 91741 |
| Balance, October 31, 2025 | 3881551 |
| &nbsp;&nbsp;&nbsp;Exercise of warrants | (521030) |
| Balance, April 30, 2026 (\*) | 3360521 |
| Number of shares to be issued from the exercise of these warrants | 370038 |

---

(\*) See note 15(b) for details of further price changes post period end.

&nbsp;&nbsp;&nbsp;&nbsp;b. As of April 30, 2026, the following warrants were outstanding:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number of <br> warrants outstanding** | **Number of shares <br> to be issued <br> from the exercise <br> of warrants <br> (warrant shares)** | **Exercise price per <br> warrant shares** | **Exercise price per <br> warrant shares (USD)** | **Expiry date** |
| 1923 | 5 | 132834.00 | $97500.00 | November 17, 2027 |
| 602039 | 77293 | $6.00 | $6.00 | April 5, 2028 |
| 2024739 | 104764 | $6.00 | $6.00 | September 17, 2028 |
| 731820 | 187976 | $6.00 | $6.00 | January 15, 2029 |
| 3360521 | 370038 |  |  |  |

---

**CLEARMIND MEDICINE INC.** 

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in United States Dollars)

(Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Stock Options** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. On January 6, 2025, the shareholders of the Company approved the Company's Omnibus Equity Incentive Plan, (the "Omnibus Plan"). Pursuant to the Omnibus Plan, the Company is authorized to grant options or RSUs to officers, directors, employees and consultants enabling them to acquire, together with" Options", "Awards" or "Stock Options" as defined, up to 20% of the Company's issued and outstanding Common Shares (after taking into account existing awards from the Company's 2021 stock option plan). The Awards can be granted for a maximum of 10 years and vest as determined by the Board.

The maximum number of common shares reserved for issuance in any 12-month period to a related party consultant may not exceed 5% of the issued and outstanding common shares at the date of the grant (and may not exceed 15% in total, to all related parties). The maximum number of common shares reserved for issuance in any 12-month period to any investor relations service provider may not exceed 2% of the issued and common shares outstanding at the date of the grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. As of April 30, 2026, there are 14 options outstanding with a weighted
average exercise price of C$252,385.71 ($185,250.82) per stock option (October 31, 2025 – C$240,212.50 ($171,360.00)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The portion of the total fair value of stock options expensed during
the six months ended April 30, 2026, was $ Nil (three and six months ended April 30, 2025 $ nil and $3,264, respectively), which was recorded
in share-based compensation expense. The options are fully vested and the expiration dates are between May 26, 2026 and July 6, 2033.

**CLEARMIND MEDICINE INC.** 

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in United States Dollars)

(Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Restricted Share Units** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Company is able to grant RSUs pursuant to the Omnibus Plan to its directors, officers, employees, and consultants. Each RSU is equivalent in value to a common share and upon vesting results in the holder thereof being issued, at the discretion of the Board, either (i) a common share, or (ii) an amount of cash equal to the fair market value of a common share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The following table summarizes the continuity of RSUs:

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of <br> RSUs** | **Weighted<br> average<br> issue price<br> (C$)** | **Weighted<br> average<br> issue price (USD$)** |
| Balance, October 31, 2024 | 661 | $1020.00 | $720.00 |
| Granted | 1757 | 647.50 | 456.80 |
| Exercised | (2227) | 692.40 | 493.20 |
| Balance, October 31, 2025 | 191 | $1208.60 | $1016.80 |
| Granted (i) | 200 | 29.40 | 21.70 |
| Exercised | (388) | 226.20 | 166.00 |
| Balance, April 30, 2026 | 3 | $8560.00 | $6283.04 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i) During the six months ended April 30, 2026, the Company issued 200
RSUs to consultants, directors and officers. The RSUs vested with a fair value of $4,340 (2025 - $609,196). The RSUs are all fully vested
and exercisable.

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Financial Instruments and Risk Management** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Assets and liabilities measured at fair value on a recurring basis were presented in the Company's statement of financial position as of April 30, 2026, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value Measurements Using** | **Fair Value Measurements Using** | **Fair Value Measurements Using** | |
|  | **Quoted prices <br> in active markets<br> for identical<br> instruments <br> (Level 1)** | **Significant <br> other<br> observable<br> inputs <br> (Level 2)** | **Significant<br> unobservable<br> inputs <br> (Level 3)** |<br>**Balance <br> April 30, <br> 2026** |
| Short-term investment- Polyrizon shares | $2306 | $– | $– | $2306 |
| Short-term investment- Taurus shares | 289146 | – | – | 289146 |
| Short-term investment- Taurus Warrants | – | – | 67464 | 67464 |
| Short-term investment- QXL Shares | 1155144 | – | – | 1155144 |
| Short-term investment- QXL Warrants | – | – | 663400 | 663400 |
| Derivative warrant liabilities | – | – | (2135753) | (2135753) |

---

**CLEARMIND MEDICINE INC.** 

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in United States Dollars)

(Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Financial Instruments and Risk Management** (continued)

Assets and liabilities measured at fair value on a recurring basis were presented in the Company's statement of financial position as of October 31, 2025, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value Measurements Using** | **Fair Value Measurements Using** | **Fair Value Measurements Using** | |
|  | **Quoted prices <br> in active markets<br> for identical<br> instruments <br> (Level 1)** | **Significant <br> other<br> observable<br> inputs <br> (Level 2)** | **Significant<br> unobservable<br> inputs <br> (Level 3)** |<br>**Balance <br> October 31, <br> 2025** |
| Short-term investment- Polyrizon shares | $886 | $– | $– | $886 |
| Short-term investment- Taurus shares | 1030402 | – | – | 1030402 |
| Short-term investment- Taurus Warrants | – | – | 631119 | 631119 |
| Convertible loans | – | (1760066) | – | (1760066) |
| Derivative warrant liabilities | – | – | (2369195) | (2369195) |

---

The fair value of other assets and liabilities, which include cash, amounts receivable, accounts payable and accrued liabilities, and amounts due to related parties, approximate their carrying values due to the relatively short-term maturity of these instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Credit Risk

Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents. The Company limits its exposure to credit loss by placing its cash with high credit quality financial institutions. The carrying amount of financial assets represents the maximum credit exposure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Foreign Exchange Rate Risk

Foreign currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate due to changes in foreign exchange rates. The Company is exposed to foreign currency risk to the extent that monetary assets and liabilities are denominated in a foreign currency. The Company's Israeli subsidiary operates in Israel and has certain monetary financial instruments denominated in New Israeli Shekel and Canadian Dollars. The Company has not entered into foreign exchange rate contracts to mitigate this risk.

The following table indicates the impact of foreign currency exchange risk on net working capital as of April 30, 2026. The table below also provides a sensitivity analysis of a 10% strengthening of the foreign currency against functional currencies identified which would have increased (decreased) the Company's net loss by the amounts shown in the table below. A 10% weakening of the foreign currency against the functional currencies would have had the equal but opposite effect as of April 30, 2026.

---

| | |
|:---|:---|
| Cash and cash equivalents | $229398 |
| Other receivables | 142560 |
| Accounts payable and accrued liabilities | (132648) |
| Due to related parties | (69801) |
| Total foreign currency financial assets and liabilities | $169509 |
| Impact of a 10% strengthening or weakening of foreign exchange rate | $16951 |

---

**CLEARMIND MEDICINE INC.** 

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in United States Dollars)

(Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Financial Instruments and Risk Management** (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Interest Rate Risk

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The fair value of the derivative warrant liabilities can fluctuate depending on the fluctuation in the risk-free interest rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Liquidity Risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company's objective to managing liquidity risk is to ensure that it has sufficient liquidity available to meet its liabilities when due. The Company relies on raising debt or equity financing in a timely manner.

The following amounts are the contractual maturities of financial liabilities as of April 30, 2026 and October 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **April 30, 2026** | **Total** | **Within <br> 1 year** | **Within <br> 2-5 years** |
| Accounts payable and accrued liabilities | $713629 | $713629 | $– |
| Due to related parties | 97801 | 97801 | – |
| Lease liability | 85588 | 41241 | 44347 |
|  | $897018 | $852671 | $44347 |

---

---

| | | | |
|:---|:---|:---|:---|
| **October 31, 2025** | **Total** | **Within <br> 1 year** | **Within <br> 2-5 years** |
| Accounts payable and accrued liabilities | $682163 | $682163 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| Due to related parties | 60232 | 60232 | – |
| Lease liability | 18800 | 18800 | – |
| Convertible loans | 1760066 | 1760066 |  |
|  | $2521261 | $2521261 | $– |

---

&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Capital Management** 

The Company manages its capital to maintain its ability to continue as a going concern and to provide returns to shareholders and benefits to other stakeholders. The capital structure of the Company consists of cash and equity comprised of issued share capital and share premium, warrants and share-based payment reserve.

The Company manages its capital structure and makes adjustments to it in light of economic conditions. The Company, upon approval from its Board, will balance its overall capital structure through new share issuances or by undertaking other activities as deemed appropriate under the specific circumstances.

The Company is not subject to externally imposed capital requirements and the Company's overall strategy with respect to capital risk management remains unchanged from the six months ended April 30, 2026.

**CLEARMIND MEDICINE INC.** 

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in United States Dollars)

(Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Segmented Information** 

As of April 30, 2026, the Company has one operating segment, being the research and development of novel psychedelic medicine, which takes place primarily in Israel.

&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Commitments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. On December 19, 2022, the Company entered into a license agreement with Yissum Research Development Company of the Hebrew University of Jerusalem, which provides the Company with an exclusive, perpetual, worldwide and sublicensable license to use the joint patents that the Company have with Yissum to further develop, manufacture and commercialize products for innovative treatment in the relevant fields such as metabolic syndrome and anti-obesity (the "Yissum Metabolic Syndrome License Agreement"). According to the Yissum Metabolic Syndrome License Agreement, the Company shall pay Yissum royalties at the rate of 1.5% of net sales, as well as certain fees in the case of sublicenses or an "exit" event, all subject to the terms as described in the Yissum Metabolic Syndrome License Agreement. The Company will also pay Yissum different payments when reaching several milestones. In April 2025, the Yissum Metabolic Syndrome License Agreement was amended to add additional joint patents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. On January 15, 2024, the Company entered into a license agreement with BIRAD, the research and development company of Bar-Ilan University, which provides the Company with an exclusive, perpetual, worldwide and sublicensable license to use the joint patent that the Company has with BIRAD, to further develop, manufacture and commercialize products for innovative treatment of cocaine addiction ("the BIRAD License Agreement"). According to the BIRAD License Agreement, the Company shall pay BIRAD royalties at the rate of 1.5% of the Company's net sales, as well as certain fees in the case of sublicenses or an "exit" event, all subject to the terms as described in the BIRAD License Agreement. The Company will also pay BIRAD different payments upon reaching certain milestones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. On March 19, 2024, the Company entered into a second license agreement with Yissum Research Development Company of the Hebrew University of Jerusalem, which provides to the Company with an exclusive, perpetual, worldwide and sublicensable license to use the Yissum's patent titled "Psychedelic compounds, methods of their preparation and uses thereof" to further develop, manufacture, and commercialize innovative compounds targeted at treating post-traumatic stress disorder and other health conditions (the "Yissum PTSD License Agreement"). According to the Yissum PTSD License Agreement, the Company is required to pay Yissum annual maintenance fees ranging from $25,000 to $50,000 beginning on the fifth anniversary of the effective date of the Yissum PSTD License Agreement, and royalties at the rate of 3.0% of net sales, as well as certain fees in the case of sublicensing or an exit event, all subject to the terms as described in the Yissum PTSD License Agreement. The Company will also pay Yissum different payments when reaching certain milestones. All right, title and interest in the patent (the Licensed Patent as defined in the Yissum PTSD License Agreement) vest solely in Yissum, and the Company shall hold and make use of the license granted. Subject to such Yissum's ownership rights, all rights in results of the Company's development shall be solely owned by the Company.

**CLEARMIND MEDICINE INC.** 

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in United States Dollars)

(Unaudited)

**14.** **Commitments** (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. On March 31, 2024, the Company entered into a third license agreement with Yissum Research Development Company of the Hebrew University of Jerusalem, which provides to the Company with an exclusive, perpetual, worldwide and sublicensable license to use Yissum's patent "Psychoactive compounds, methods of their preparation and uses thereof in the treatment of mental disorders" to further develop, manufacture, and commercialize innovative compounds targeted at Generation 3.0 psychedelic compounds for the treatment of mental disorders (the "Yissum Psychedelic License Agreement"). According to the Yissum Psychedelic License Agreement, the Company is required to pay Yissum annual maintenance fees ranging from $25,000 to $50,000 beginning of the fifth anniversary of the effective date of the Yissum Psychedelic License Agreement, and the Company shall pay Yissum royalties at the rate of 3.0% of net sales, as well as certain fees in the case of sublicenses or an exit event, all subject to the terms as described in the Yissum Psychedelic License Agreement. The Company will also pay Yissum different payments when reaching certain milestones. All right, title and interest in the patent (the Licensed Patent as defined in the Yissum Psychedelic License Agreement) vest solely in Yissum, and the Company shall hold and make use of the license granted. Subject to such Yissum's ownership rights, all rights in results of the Company's development shall be solely owned by the Company.

e. On June 13, 2024, the Company entered into an agreement with a third party for the lease of office space in Tel Aviv, Israel, having a total area of approximately 386 square meters. The Company occupies approximately 40 square meters of the space for its offices. The rental period is from April 1, 2024 to March 31, 2026. The Company's base rent was ILS 12,500 per month (approximately $3,400) during the term of the lease. On February 10, 2026, the agreement was renewed through to March 31, 2028.

&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Subsequent Events** 

&nbsp;&nbsp;&nbsp;&nbsp;a. On May 1, 2026, the CLA Investors purchased additional Promissory
Notes in the aggregate principal amount of $600,000, for a purchase price of $540,000.

&nbsp;&nbsp;&nbsp;&nbsp;b. On May 21, 2026, the Company effected a reverse share split of the Company's common shares at the ratio of 1-for-10 reverse split of its issued and outstanding common shares. The reverse split has triggered an adjustment to the exercise price and the number of warrants shares issuable pursuant to the January 2024 Warrants. The new exercise price of the January 2024 Warrants is $2.2338 per Common Share and entitles the warrant holders to a total of 437,752 common shares.

&nbsp;&nbsp;&nbsp;&nbsp;c. On June 1, 2026, the CLA Investors purchased additional Promissory Notes in the aggregate
principal amount of $1,500,000, for a purchase price of $1,350,000.

## Exhibit 99.2

**Exhibit 99.2**

**CLEARMIND MEDICINE INC.**

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

For the Three and Six Months Ended April 30, 2026

(Expressed in United States Dollars)

**CLEARMIND MEDICINE INC.**

Management's Discussion and Analysis

For the Three and Six Months Ended April 30, 2026

This Management's Discussion and Analysis ("MD&A") of Clearmind Medicine Inc. ("Clearmind" or the "Company"), prepared as of June 15, 2026, should be read in conjunction with the unaudited condensed interim consolidated financial statements and the notes thereto for the three and six months ended April 30, 2026, which were prepared in accordance with International Financial Reporting Standards ("IFRS"). All amounts are expressed in United States dollars unless otherwise indicated.

Additional information about the Company is available on SEDAR at www.sedar.com.

**Cautionary Statement Regarding Forward-Looking Information**

This MD&A may contain "forward-looking statements" which reflect the Company's current expectations regarding future results of operations, performance and achievements of the Company. The Company has tried, wherever possible, to identify these forward-looking statements by, among other things, using words such as "anticipate," "believe," "estimate," "expect" and similar expressions. The statements reflect the current beliefs of the management of the Company and are based on currently available information. Accordingly, these statements are subject to known and unknown risks, uncertainties and other factors, which could cause the actual results, performance, or achievements of the Company to differ materially from those expressed in, or implied by, these statements.

The Company undertakes no obligation to publicly update or review the forward-looking statements whether as a result of new information, future events or otherwise.

Historical results of operations and trends that may be inferred from the following discussions and analysis may not necessarily indicate future results from operations.

**Description of Business and Company Overview**

***Corporate Information***

 ****

The Company was incorporated in the province of British Columbia on July 18, 2017. The Company is a clinical stage pharmaceutical company currently engaged in phase I/IIa clinical trials of novel psychedelic medicines that have been developed to solve widespread, yet under-served, health problems. The Company's head office is located at Suite 101 -1220 West 6th Avenue, Vancouver, BC, V6H 1A5. The Company's wholly-owned Israeli subsidiary (Clearmindmed Ltd.) functions as the research and development arm of the Company. and The Company's wholly-owned Canadian subsidiary, Clearmind Labs Corp., holds part of the groups IP, and the Company's wholly-owned Canadian subsidiary, Clearmind Buzz Inc., which was incorporated in Ontario, Canada on March 18, 2026, and currently inactive.

On November 14, 2022, the Company completed a listing on the Nasdaq Capital Market ("Nasdaq")and trades under the symbol "CMND". The Company was listed on the Canadian Securities Exchange ("CSE") in Toronto until March 14, 2024. Following approval for a voluntary delisting, the Company no longer trades on the CSE but remains a reporting issuer in Canada.

On May 21, 2026, the Company effected a 1-for-10 reverse split of its issued and outstanding common shares. Following the reverse split, holders of the Company's common shares received 0.025 of a common share for every one common share held. All share amounts have been retroactively restated for all periods presented.

***Company Overview***

The Company is a clinical stage neuroplastogens pharmaceutical biotech company focused on the discovery and development of non-hallucinogenic, second generation, neuroplastogen-derived therapeutics to solve widespread and underserved health problems, which is currently engaged in phase I/IIa clinical trials . The Company's goal is to develop and provide a new type of treatment for mental health disorders, including Alcohol Use Disorder ("AUD"), binge drinking and eating disorders, where there is significant unmet need and lack of innovation. The Company sees psychedelic therapies, which previously may have been overlooked or underused, as the future of treatment for a variety of indications. The Company believes that its solution for AUD can help solve one of the world's biggest health problems, which costs the United States alone roughly $250 billion each year.

The Company's flagship treatment and initial focus is on AUD, which is incredibly common. It varies from mild to excessive and describes a person's inability to restrict their alcohol consumption, despite negative social, occupational, or health consequences. Alcohol consumption contributes to 3 million deaths each year globally and is the third most common preventable cause of death in the United States. In January 2025, the U.S. Surgeon General released a new Surgeon General's Advisory on Alcohol and Cancer Risk, outlining the direct link between alcohol consumption and increased cancer risk, which is in addition to other common risks associated with excessive alcohol consumption. Apart from potentially changing people's lives, the Company believes that its treatment could potentially reduce the amount currently being spent on the consequences of AUD in the United States, Europe, India, China and other countries around the world. The Company also believes that its treatment may address binge drinking. 178,000 people die every year in the United States alone due to excessive alcohol use.

The Company has also advanced its proprietary 5-Methoxy-2-aminoindane ("MEAI")-based alcohol substitute beverage program by completing most of the pre-clinical studies required for a novel-food application submission according to novel foods and food additives legislation and regulations accepted in many jurisdictions worldwide and entering into a strategic agreement to source global manufacturers and distributors for its MEAI-based alcohol substitute beverages.

**CLEARMIND MEDICINE INC.**

Management's Discussion and Analysis

For the Three and Six Months Ended April 30, 2026

The Company has completed a series of pre-clinical, investigational new drug-enabling studies in the United States and China that are required before it can study its 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. The Company has conducted several metabolism studies designed to better understand the way MEAI is digested in several species. In addition, the Company has 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 February 2024 and in July 2024, the Company announced that it wase granted approval by the Israeli Ministry of Health and by the U.S. Food and Drug Administration, respectively to initiate its first-in-human Phase I/IIa clinical trial with CMND-100 in patients suffering from AUD. Subsequently, in May 2023, the Company 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 October 2024 and December, the Company announced that it received IRB approvals from Johns Hopkins University and Yale University, respectively, its clinical sites for part A of its Phase I/IIa clinical trial in the United States for treating patients suffering from AUD. In July 2025, the Company announced site initiation at Tel Aviv Sourasky Medical Center (TASMC) in Israel and in August 2025, the Company receipt of TASMC IRB approval. In addition, the Company announced in August 2025 IRB approval at Hadassah Medical Center in Israel and in November 2025, the Company announced initiation of this site.

<u>Significant developments during the period</u>

In November 2025, the Company's independent Data and Safety Monitoring Board ("DMSB") unanimously approved the continuation of the Phase I/IIa clinical trial for CMND-100 following a positive interim safety review that found that there were no serious adverse events reported, there was general good tolerability across all participants and there was strong treatment observance, with high adherence to the dosing regimen and study protocol. The DSMB, which is comprised of independent experts, including specialists in psychiatry, a biostatistician and a neuropsychopharmacologist, conducted a thorough review of unblinded safety data from the initial dosing cohort.

In March 2026, the company's independent DSMB has completed the second scheduled interim review of the Company's ongoing FDA-approved Phase I/IIa clinical trial for CMND-100, and that based on the encouraging additional top-line data from the second cohort, which demonstrated a favorable safety profile, the DSMB recommended that the clinical trial continue.

In April 2026 the company's independent DSMB has completed its third review and issued again a positive recommendation to continue the ongoing FDA-approved Phase I/IIa clinical trial of CMND-100 for the treatment of Alcohol Use Disorder ("AUD").

As a result, the Company will now proceed to the fourth cohort of the trial and will increase the tested dose of its proprietary drug candidate CMND-100 to 160mg.

The Phase I part of the Phase I/IIa clinical study is an open label, randomized study to evaluate the safety and pharmacokinetics of single ascending doses of MEAI oral capsules. In the study we are utilizing a hybrid model where we study the effects of MEAI in healthy volunteers and AUD patients. Single ascending doses will be distributed in 4 cohorts, with 6 subjects per dose. As the study moves forward, we will determine the distribution of the cohorts based, among other things, on the rate in which we can enroll patients at each site.

The Phase IIa part of the Phase I/IIa clinical study is a double-blind, randomized, placebo-controlled study to assess the safety of multiple doses of MEAI in healthy volunteers and AUD subjects and as a secondary endpoint, the potential effect of MEAI on drinking patterns and cravings in individuals with AUD in accordance with DSM-V criteria. Two cohorts of 18 subjects per cohort will be given the highest tolerated doses and placebo (2:1 ratio). Oral capsules will be given once daily, for five consecutive days. The patients will complete diaries and questionnaires to report on their drinking patterns and craving for alcohol during the clinical trial period.

The Company uses a Pharmacokinetics ("PK") assessment in both phases of the Phase I/IIa study. PK is defined by the American Society of Health-System Pharmacists as the study of the time course of a drug absorption, distribution, metabolism, and excretion in animals and human. Typical PK assessments include blood and organs collections at standard time intervals in order to test the drug level in the various tissues as function of time. The pharmacokinetic information as studied in animals has application to the safe and effective therapeutic management of drugs in an individual patient. In our study, our PK assessment will consist of collecting blood from all subjects enrolled in the study at the following timepoints:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Phase
 1 - before dosing and at multiple time points (at 0.25, 0.5, 1.0, 2.0, 4.0, 6.0, 8.0, 12.0,
 18.0 and 24-hour post drug administration.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Phase
 2 - before the first dosing and at multiple time points (at 0.25, 0.5, 1.0, 2.0, 4.0, 6.0,
 8.0, 12.0, 18.0 and, 24-hour post drug administration and before the last dosing and at multiple
 time points (at 0.25, 0.5, 1.0, 2.0, 4.0, 6.0, 8.0, 12.0, 18.0 and, 24-hour post last drug
 administration.

**CLEARMIND MEDICINE INC.**

Management's Discussion and Analysis

For the Three and Six Months Ended April 30, 2026

**Prior Use of Proceeds Disclosure**

The table below describes the difference between the Company's anticipated use of proceeds from public offerings completed since November 2022, as disclosed in previous news releases. The table shows the amounts actually spent for the period from November 1, 2022, through to April 30, 2026. The variances noted below do not have a material impact on the Company's ability to achieve its business objectives and milestones. The table below does not include proceeds received from the exercise of warrants.

---

| | | |
|:---|:---|:---|
| **Use of Available Funds** | **Disclosure <br> Regarding <br> Use of <br> Proceeds <br> (USD)** | **Spent <br> through to <br> April 30,<br> 2026<br> (USD)** |
| **<u>November 2022 public offering:</u>** |  |  |
| To advance the formulation and clinical development efforts in our MEAI patented compounds (completed); | 1.5 million | 1.5 million |
| To complete the pre-IND enabling studies and IND submission (completed) | 1.0 million | 1.0 million |
| To complete planned Phase I/IIa studies | 3.5 million | 3.0 million |
| The remainder for working capital and general corporate purposes and possible in-licensing of intellectual property for new product candidates | 0.4 million | 0.4 million |
| **<u>April 2023 Public Offering</u>** |  |  |
| General corporate purposes, which may include operating expenses, research and development, including clinical and pre-clinical testing of our product candidates, working capital, future acquisitions and general capital expenditures | 2.9 million | 2.9 million |
| **<u>September 2023 Public Offering</u>** |  |  |
| For general corporate purposes, which may include operating expenses, research and development, including clinical and pre-clinical testing of its product candidates, working capital, future acquisitions and general capital expenditures. | 2.25 million | 2.25 million |
| **<u>January 2024 Public Offering and Concurrent Private Placement</u>** |  |  |
| For general corporate purposes and working capital. | 2.4 million | 2.4 million |
| **<u>September and October 2025 Convertible Notes Securities Purchase Agreement</u>** |  |  |
| Working capital and general corporate purposes, as well as for potential acquisitions to support its exploration of strategic opportunities | 2.25 million | 1.5 million |
| **<u>November and December 2025 Public Offering</u>** |  |  |
| Working capital and general corporate purposes, as well as for potential acquisitions to support its exploration of strategic opportunities | 7.2 million | 1.5 million |
| **<u>March and April 2026 Convertible Notes Securities Purchase Agreement</u>** |  |  |
| Working capital and general corporate purposes, as well as for potential acquisitions to support its exploration of strategic opportunities | 4.545 million |  |

---

**CLEARMIND MEDICINE INC.**

Management's Discussion and Analysis

For the Three and Six Months Ended April 30, 2026

 ****

***Selected Financial Information***

The following financial data prepared in accordance with IFRS in United States dollars is presented for the three and six months ended April 30, 2026 and 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Six months ended** | **Six months ended** |
|  | **April 30,** | **April 30,** | **April 30,** | **April 30,** |
|  | **2026** | **2025** | **2026** | **2025** |
| Operating expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative | $924502 | $855124 | $3943923 | $1889860 |
| &nbsp;&nbsp;&nbsp;Research and development, net | 646707 | 451857 | 1287201 | 913295 |
| Total operating expenses | 1571209 | 1306981 | 5231124 | 2803155 |
| Finance income (expenses) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Changes in fair value of derivative warrant liabilities | (452435) | 664768 | (86509) | 1179518 |
| &nbsp;&nbsp;&nbsp;Changes in fair value of short-term investments | 438021 | (157083) | (134948) | (228788) |
| &nbsp;&nbsp;&nbsp;Foreign exchange gain | 8489 | 2246 | 14751 | (2204) |
| &nbsp;&nbsp;&nbsp;Other finance expenses | (4233) | (7868) | (8340) | (16583) |
| &nbsp;&nbsp;&nbsp;Interest income on deposits | 42025 | 41648 | 106674 | 75656 |
| &nbsp;&nbsp;&nbsp;Changes in fair value of convertible loans | (505000) | - | (555469) | - |
| Total finance income | (473133) | 543711 | (663841) | 1007599 |
| Loss before taxes | (2044342) | (763270) | (5894965) | (1795556) |
| &nbsp;&nbsp;&nbsp;Tax expenses | (3311) | (20658) | (7271) | (59993) |
| Net Loss and Comprehensive loss | $(2047653) | $(783928) | $(5902236) | $(1855549) |
| Loss per share, basic and diluted | $(6.78) | $(62.27) | $(28.43) | $(156.01) |
| Weighted average number of shares outstanding for the purposes of basic and diluted loss per share | 301964 | 12589 | 207586 | 11894 |

---

**<u>Three-month period ended April 30, 2026, compared to the three-month period ended April 30, 2025</u>**

<u>General and Administrative Expenses</u>

For the three-month period ended April 30, 2026, general and administrative expenses amounted to $924,502 as compared to $855,124 for the three-month period ended April 30, 2025. The increase in 2026 relates primarily to an increase in professional fees.

<u>Research Costs</u>

Research costs are comprised primarily of (i) pre-clinical trials and (ii), professional regulatory and other expenses.

For the three-month period ended April 30, 2026, research costs amounted to $646,707 as compared to $451,857 for the three-month period ended April 30, 2025.

During the mentioned period, most of our R&D activity revolved around our clinical trial as discussed herein.

**CLEARMIND MEDICINE INC.**

Management's Discussion and Analysis

For the Three and Six Months Ended April 30, 2026

<u>Finance income (expenses)</u>

For the three-month period ended April 30, 2026, financial expenses amounted to $(473,133) as compared to financial income of $543,711 for the three-month period ended April 30, 2025. The financial expenses during the three-month period ended April 30, 2026, consists of change in warrant liability of $(452,435), changes in fair value of short-term investments of $438,021, foreign exchange gain of $8,489, other finance expenses of $(4,233), interest income on deposits of $42,025 and changes in fair value of convertible loans of ($505,000).

<u>Loss for the period</u>

The Company reported a loss for the three-month period ended April 30, 2026, of $2,047,653 as compared to a loss of $783,928 for the three-month period ended April 30, 2025.

**<u>Six-month period ended April 30, 2026, compared to the six-month period ended April 30, 2025</u>**

<u>General and Administrative Expenses</u>

For the six-month period ended April 30, 2026, general and administrative expenses amounted to $3,943,923 as compared to $1,889,860 for the six-month period ended April 30, 2025. The increase in 2026 relates primarily to an increase in professional fees, investor relations and share-based compensation.

<u>Research Costs</u>

Research costs are comprised primarily of (i) pre-clinical trials and (ii), professional regulatory and other expenses.

For the six-month period ended April 30, 2026, research costs amounted to $1,287,201 as compared to $913,295 for the six -month period ended April 30, 2025.

During the mentioned period, most of our R&D activity revolved around our clinical trial.

<u>Finance income (expenses)</u>

For the six-month period ended April 30, 2026, financial expenses amounted to $(663,841) as compared to financial income of $1,007,599 for the six-month period ended April 30, 2025. The financial expenses during the six-month period ended April 30, 2026, consists of change in warrant liability of $(86,509), changes in fair value of short-term investments of $(134,948), foreign exchange gain of $14,751, changes in fair value of convertible loans of $(555,469), other finance expenses of $(8,340) and interest income on deposit of $106,674.

<u>Loss for the period</u>

The Company reported a loss for the six-month period ended April 30, 2026, of $5,902,236 as compared to a loss of $1,855,549 for the six-month period ended April 30, 2025.

***Financial Summary of Quarterly Results***

 ****

The following is a summary of the Company's financial results for the eight most recently completed quarters.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **April 30, <br> 2026** | **January 31, <br> 2026** | **October 31, <br> 2025** | **July 31, <br> 2025** |
| Total revenues | $– | $– | $– | $– |
| Net loss | (2047653) | (3854583) | (687842) | (1313592) |
| Net loss per share, basic and diluted | (6.78) | (22.65) | (47.35) | (98.36) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **April 30, <br> 2025** | **January 31, <br> 2025** | **October 31, <br> 2024** | **July 31, <br> 2024** |
| Total revenues | $– | $– | $– | $– |
| Net loss | (783928) | (1071621) | (884744) | (2093917) |
| Net loss per share, basic and diluted | (62.27) | (93.74) | (29.50) | (235.28) |

---

The loss per quarter and related net loss per share is a function of the level of research and development activity that took place during that quarter.

**CLEARMIND MEDICINE INC.**

Management's Discussion and Analysis

For the Three and Six Months Ended April 30, 2026

***Liquidity and Capital Resources***

 ****

As of April 30, 2026, the Company had cash on hand of $11,415,719 and working capital of $11,334,370, compared to $3,923,058 and working capital of $1,057,262 as of October 31, 2025, respectively. During the six-month period ended April 30, 2026, the Company's overall position of cash increased by $7,492,661 from the year ended October 31, 2025. This increase in cash can be attributed to the following:

● The Company's net cash used in operating activities during the six-month period ended April 30, 2026, was $3,853,029 as compared to $2,363,833 for the six-month period ended April 30, 2025. This increase is mostly due to an increase in the net loss for the period.

● Net cash used in investing activities was $650,001 for the six -month period ended April 30, 2026, as compared to $130,538 for the six-month period ended April 30, 2025. cash used in investing activities in 2026 was from acquisition of short-term investment.

● Net cash provided from financing activities for the six-month period ended April 30, 2026, was $11,995,163 as compared to $394,514 for the six-month period ended April 30, 2025. Cash provided in 2026 was from exercise of warrants and proceeds received from issuance of shares and proceeds received from convertible loans.

The Company anticipates that its cash and cash equivalents will provide sufficient liquidity for at least twelve months, however, the Company may have capital requirements in excess of its currently available resources in order to advance all of its programs. The actual amount of cash that the Company will need to operate is subject to many factors, including, but not limited to, the timing, design and conduct of clinical trials. The Company is dependent upon significant future financing to provide the cash necessary to execute its current operations, including the possible future commercialization of any of its drug candidates, subject to regulatory approval.

In the event the Company's plans change, its assumptions change or prove inaccurate, or its capital resources in addition to projected cash flow, if any, prove to be insufficient to fund operations, the Company may be required to seek additional financing. There can be no assurance that the Company will have sufficient financing to meet its future capital requirements or that additional financing will be available on terms acceptable to the Company in the future.

***Capital Management***

 ****

The Company manages its capital to maintain its ability to continue as a going concern and to provide returns to shareholders and benefits to other stakeholders. The capital structure of the Company consists of cash and equity comprised of issued capital, shares issuable, warrants reserve and share-based payment reserve.

The Company manages its capital structure and makes adjustments to it in light of economic conditions. The Company, upon approval from its Board of Directors, will balance its overall capital structure through new share issuances or by undertaking other activities as deemed appropriate under the specific circumstances.

The Company is not subject to externally imposed capital requirements and the Company's overall strategy with respect to capital risk management remains unchanged from the year ended October 31, 2025.

***Off Balance Sheet Arrangements***

 ****

There are no off-balance sheet arrangements to which the Company is committed.

**CLEARMIND MEDICINE INC.**

Management's Discussion and Analysis

For the Three and Six Months Ended April 30, 2026

***Transactions With Related Parties***

&nbsp;&nbsp;&nbsp;&nbsp;a. Compensation
 to key management personnel

&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 compensation to key management personnel for services they provide to the Company is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months<br> ended**<br>**April 30,**<br>**2026** | **Three months ended**<br>**April 30,**<br>**2025** | **Six months<br> ended**<br>**April 30,**<br>**2026** | **Six months<br> ended**<br>**April 30,**<br>**2025** |
| **Officers:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Consulting fees | $133465 | $84557 | $304593 | $168557 |
| &nbsp;&nbsp;&nbsp;Share based compensation | - | 43973 | - | 117902 |
|  | $133465 | $128530 | $304593 | $286459 |
| **Directors:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Directors' fees | $148462 | $58127 | $330492 | $116333 |
| &nbsp;&nbsp;&nbsp;Share based compensation | - | 69226 | - | 186821 |
|  | $148462 | $127353 | $330492 | $303154 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Balances
 with related parties

---

| | | |
|:---|:---|:---|
|  | **April,**<br>**2026** | **October 31,**<br>**2025** |
| Amounts owed to officers | $46708 | $29761 |
| Amounts owed to directors | 51093 | 30471 |
|  | $97801 | $60232 |

---

&nbsp;&nbsp;&nbsp;&nbsp;b. On
 March 7, 2022, the Company signed an agreement with SciSparc Ltd ("SciSparc"),
 pursuant to which the Company and SciSparc agreed to cooperate in conducting a feasibility
 study using certain molecules developed by each party (the "Cooperation Agreement").
 Certain of the Company's officers and directors currently operate, manage or are engaged
 as officers and/or directors of SciSparc.

In June 2023, the Company entered into a research agreement with the Hebrew University of Jerusalem to evaluate it's and SciSparc's combination treatment for obesity and metabolic syndrome.

To date, the collaboration has resulted in the filing of nine patent applications. To the extent the parties determine to proceed to a commercial cooperation, they will enter into a joint venture where the parties share the economics and rights on a 50%-50% basis. To date, no determination has been made to pursue the joint venture and the development of the molecule remains in a very early stage.

For the three and six months ended April 30, 2026, the Company incurred research and development expenses conducted within the framework of the Cooperation Agreement in the amount of $88,847 and $121,815, respectively (three and six months ended April 30, 2025- $33,763 and $46,509 respectively). As of April 30, 2026, $405,315 is owed to the Company by SciSparc (October 31, 2025 - $286,488).

**CLEARMIND MEDICINE INC.**

Management's Discussion and Analysis

For the Three and Six Months Ended April 30, 2026

 **

***Financial Instruments and Risk Management***

 **

&nbsp;&nbsp;&nbsp;&nbsp;(a) Fair
 Values

Assets and liabilities measured at fair value on a recurring basis were presented on the Company's statement of financial position as of April 30, 2026, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value Measurements Using** | **Fair Value Measurements Using** | **Fair Value Measurements Using** | |
|  | **Quoted prices <br> in active markets<br> for identical<br> instruments <br> (Level 1)** | **Significant <br> other<br> observable<br> inputs <br> (Level 2)** | **Significant<br> unobservable<br> inputs <br> (Level 3)** |<br>**Balance <br> April 30, <br> 2026** |
| Short-term investment- Polyrizon shares | $2306 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $– | $2306 |
| Short-term investment- Taurus shares | 289146 |  |  | 289146 |
| Short-term investment- Taurus Warrants |  |  | 67464 | 67464 |
| Short-term investment- QXL Shares | 1155144 |  |  | 1155144 |
| Short-term investment- QXL Warrants |  |  | 663400 | 663400 |
| Derivative warrant liabilities | – | – | (2135753) | (2135753) |

---

Assets and liabilities measured at fair value on a recurring basis were presented on the Company's statement of financial position as of October 31, 2025, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value<br> Measurements Using** | **Fair Value<br> Measurements Using** | | |
|  | **Quoted prices <br> in active markets<br> for identical<br> instruments <br> (Level 1)** | **Significant <br> other<br> observable<br> inputs <br> (Level 2)** |<br>**Significant<br> unobservable<br> inputs <br> (Level 3)** |<br>**Balance <br> October 31, <br> 2025** |
| Short-term investment- Polyrizon shares | $886 | $– | $– | $886 |
| Short-term investment- Taurus shares | 1030402 |  |  | 1030402 |
| Short-term investment- Taurus warrants |  |  | 631119 | 631119 |
| Convertible loans |  | (1760066) |  | (1760066) |
| Derivative warrant liabilities | – | – | (2369195) | (2369195) |

---

The fair values financial instruments, which include cash, amounts receivable, accounts payable and accrued liabilities, and amounts due to related parties, approximate their carrying values due to the relatively short-term maturity of these instruments.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Credit
 Risk

Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash. The Company limits its exposure to credit loss by placing its cash with high credit quality financial institutions. The carrying amount of financial assets represents the maximum credit exposure.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Foreign
 Exchange Rate Risk

Foreign currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate due to changes in foreign exchange rates. The Company is exposed to foreign currency risk to the extent that monetary assets and liabilities are denominated in a foreign currency. The Company's subsidiary operates in Israel and has certain monetary financial instruments denominated in New Israeli Shekel and CAD. The Company has not entered into foreign exchange rate contracts to mitigate this risk.

**CLEARMIND MEDICINE INC.**

Management's Discussion and Analysis

For the Three and Six Months Ended April 30, 2026

The following table indicates the impact of foreign currency exchange risk on net working capital as at April 30, 2026. The table below also provides a sensitivity analysis of a 10% strengthening of the foreign currency against functional currencies identified which would have increased (decreased) the Company's net loss by the amounts shown in the table below. A 10% weakening of the foreign currency against the functional currencies would have had the equal but opposite effect as of April 30, 2026.

---

| | |
|:---|:---|
| Cash and cash equivalents | $229398 |
| Other receivables | 142560 |
| Accounts payable and accrued liabilities | (132648) |
| Due to related parties | (69801) |
| Total foreign currency financial assets and liabilities | $169509 |
| Impact of a 10% strengthening or weakening of foreign exchange rate | $16951 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Interest Rate Risk

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is not exposed to significant interest rate risk as it does not have any liabilities with variable rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Liquidity Risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company's objective to managing liquidity risk is to ensure that it has sufficient liquidity available to meet its liabilities when due. The Company relies on raising debt or equity financing in a timely manner.

The following amounts are the contractual maturities of financial liabilities as of April 30, 2026, and October 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **April 30, 2026** | **Total** | **Within <br> 1 year** | **Within <br> 2-5 years** |
| Accounts payable and accrued liabilities | $713629 | $713629 | $– |
| Due to related parties | 97801 | 97801 |  |
| Lease liability | 85588 | 41241 | 44347 |
|  | $897018 | $852671 | $44347 |

---

---

| | | | |
|:---|:---|:---|:---|
| **October 31, 2025** | **Total** | **Within <br> 1 year** | **Within <br> 2-5 years** |
| Accounts payable and accrued liabilities | $682163 | $682163 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| Due to related parties | 60232 | 60232 |  |
| Lease liability | 18800 | 18800 |  |
| Convertible loans | 1760066 | 1760066 |  |
|  | $2521261 | $2521261 | $– |

---

***Accounting Standards Issued But Not Yet Effective***

 ****

A number of new standards, and amendments to standards and interpretations, are not yet effective for the six months ended April 30, 2026, and have not been early adopted in preparing these condensed interim consolidated financial statements. These new standards, and amendments to standards and interpretations are either not applicable or are not expected to have a significant impact on the Company's condensed interim consolidated financial statements.

***Change in Accounting Policies***

 ****

There have been no changes in accounting policies during the six months ended April 30, 2026.

 ****

**CLEARMIND MEDICINE INC.**

Management's Discussion and Analysis

For the Three and Six Months Ended April 30, 2026

***Significant Accounting Estimates and Judgments***

 ****

The preparation of condensed interim consolidated financial statements in accordance with IFRS requires management to make judgments, estimates, and assumptions that affect the application of policies and reported amounts of assets, liabilities, income, and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

<u>Significant Estimates</u>

*Derivative Warrant Liabilities and Assets*

 

The Company analyses warrants issued to determine whether they meet the classification as liabilities or equity. Derivative warrant liabilities and assets are adjusted to reflect their fair value at each reporting period, with any increase or decrease in the fair value recorded in the results of operations. The Company uses a fair valuation specialist to estimate the value of these instruments using the Black and Scholes and binomial pricing model.

The key assumptions used in the models are the expected future volatility in the price of the Company's shares, the expected life of the warrants, the risk-free interest rate and the probability of any future adjustment event.

<u>Significant Judgments</u>

The critical judgments that the Company's management has made in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognized in the Company's consolidated financial statements are as follows:

*Going Concern*

 

The application of the going concern assumption which requires management to take into account all available information about the future, which is at least but not limited to 12 months from the year end of the reporting period. The Company is aware that material uncertainties related to events or conditions may cast significant doubt upon the Company's ability to continue as a going concern.

**Disclosure of Outstanding Share Data**

Authorized share capital consists of an unlimited number of common shares without par value.

As of April 30, 2026, and June 15, 2026, the Company had 1,019,110 and 1,485,551 common shares issued and outstanding, respectively.

As of April 30, 2026, and June 15, 2026, the Company had 14 and 9 stock options outstanding, respectively.

As of April 30, 2026, and June 15, 2026, the Company had 370,038 and 541,471 warrants outstanding, respectively.

As of April 30, 2026, and June 15, 2026, the Company had 3 RSUs outstanding.

**Risks and Uncertainties**

The Company business, and investing in the Company's securities, are subject to numerous risks, as more fully described in the section entitled "Risk Factors" and other risk factors contained in the Company's Annual Information Form filed in SEDAR+ on January 20, 2026 and in the Company's Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on January 20, 2026. If any of these risks actually occur, the Company's business, financial condition or results of operations would likely be materially adversely affected. In each case, the trading price of the Company's securities would likely decline, and investors may lose all or part of their investment.