Clearmind Medicine (CMND) Q1 2026 earnings summary

Executive summary

• Engaged in phase I/IIa clinical trials for novel psychedelic medicines targeting Alcohol Use Disorder (AUD) and related conditions, with a focus on unmet mental health needs.

• Advanced MEAI-based alcohol substitute beverage program, completing most pre-clinical studies and entering strategic manufacturing agreements.

• Clinical trials initiated in Israel and the U.S., with approvals from regulatory bodies and IRBs at major institutions.

Financial highlights

• Net loss for the three months ended January 31, 2026: $3,854,583, compared to $1,071,621 for the same period in 2025.

• General and administrative expenses rose to $3,019,421 from $1,034,736 year-over-year, mainly due to higher professional fees, investor relations, and share-based compensation.

• Research and development expenses increased to $640,494 from $461,438 year-over-year, primarily related to clinical trial activities.

• Finance loss of $190,708 in Q1 2026, compared to finance income of $463,888 in Q1 2025, driven by changes in fair value of investments and warrant liabilities.

• Loss per share (basic and diluted) was $3.32, compared to $9.55 in the prior year period, reflecting a reverse share split.

Outlook and guidance

• Cash and cash equivalents of $9,257,766 and working capital of $8,115,655 as of January 31, 2026, expected to provide liquidity for at least twelve months.

• Ongoing need for significant future financing to support clinical programs and potential commercialization.