Clearmind Medicine (CMND) Q2 2025 earnings summary

Executive summary

• Focused on clinical development of psychedelic medicines, with ongoing phase I/IIa trials and R&D based in Israel.

• No revenue generated for the six months ended April 30, 2025; operations funded by equity and warrant exercises.

• Delisted from the Canadian Securities Exchange in March 2024 but remains listed on Nasdaq and Frankfurt.

Financial highlights

• Net loss of $1,855,549 for the six months ended April 30, 2025, compared to $2,276,017 for the same period in 2024.

• Operating expenses totaled $2,803,155 for the six months, up from $2,687,496 year-over-year.

• Cash and cash equivalents at April 30, 2025, were $4,472,520, down from $6,573,813 at October 31, 2024.

• Weighted average shares outstanding increased to 4,757,547 for the six months, up from 2,375,825 year-over-year.

Outlook and guidance

• Management believes sufficient working capital will be obtained from external financing, but substantial doubt exists regarding the ability to continue as a going concern.

• No material adverse impact from the ongoing war in Israel as of the reporting date, but future disruptions remain possible.