Clearmind Medicine (CMND) Q2 2026 earnings summary

Executive summary

• Engaged in phase I/IIa clinical trials for novel psychedelic medicines, with R&D primarily in Israel.

• No revenue generated for the six months ended April 30, 2026; operations funded by equity and convertible loans.

• Significant share structure changes due to two reverse splits during the period.

Financial highlights

• Net loss for six months ended April 30, 2026 was $5,902,236, compared to $1,855,549 for the same period in 2025.

• Operating expenses rose to $5,231,124 from $2,803,155 year-over-year, driven by higher G&A and R&D costs.

• Cash and cash equivalents increased to $11,415,719 as of April 30, 2026, up from $3,923,058 at October 31, 2025.

• Financing activities provided $11,995,163 in cash, mainly from share issuances and convertible loans.

Outlook and guidance

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

• Ongoing regional conflicts in Israel present operational uncertainties for clinical trials and business continuity.