Clearmind Medicine (CMND) Q2 2024 earnings summary

Executive summary

• Engaged in phase I/IIa clinical trials for novel psychedelic medicines targeting mental health and addiction, with a focus on alcohol use disorder (AUD) and cocaine addiction.

• Completed a $2.4M registered direct and private placement in January 2024; delisted from the CSE in March 2024, maintaining NASDAQ listing.

• Advanced IP portfolio with new patents and licensing agreements, including exclusive rights for treatments targeting cocaine addiction, PTSD, and other mental health disorders.

Financial highlights

• Net loss for the three months ended April 30, 2024 was $908,217, down from $2,076,382 for the same quarter last year.

• Net loss for the six months ended April 30, 2024 was $2,276,017, compared to $3,975,851 for the same period last year.

• Operating expenses for the six months ended April 30, 2024 were $2,687,496, down from $3,489,075 year-over-year.

• Finance income for the six months ended April 30, 2024 was $649,735, compared to finance expenses of $490,681 in the prior year, mainly due to gains on warrant revaluation.

• Cash and cash equivalents as of April 30, 2024 were $8,305,927, up from $5,427,739 as of October 31, 2023.

Outlook and guidance

• Cash position expected to provide sufficient liquidity for at least twelve months, but future capital requirements may exceed current resources depending on clinical trial progress.

• Company remains dependent on future financing to advance programs and commercialize drug candidates.