Clearmind Medicine (CMND) Q3 2025 earnings summary

Executive summary

• Engaged in Phase I/IIa clinical trials for novel psychedelic medicines targeting Alcohol Use Disorder (AUD) and other mental health conditions, with clinical sites in Israel and the US, including Yale and Johns Hopkins.

• Advanced intellectual property portfolio with 31 granted patents across 18 families, including new patents in Macau and the US for binge behavior regulation.

• Initiated collaborations, such as with Dr. Glitter Pty Ltd, to develop MEAI-based alcohol alternatives using innovative delivery technologies.

Financial highlights

• Net loss for the nine months ended July 31, 2025, was $3,169,141, an improvement from $4,369,934 for the same period in 2024.

• Operating expenses for the nine months were $4,210,919, down from $4,158,744 year-over-year.

• Finance income for the nine months was $1,110,029, up from $69,656 in the prior year, mainly due to gains on warrant liabilities.

• Cash and cash equivalents as of July 31, 2025, were $3,495,338, down from $6,573,813 as of October 31, 2024.

Outlook and guidance

• Sufficient liquidity is expected for at least twelve months, but future capital requirements may exceed current resources, necessitating additional financing.

• Continued focus on advancing clinical trials and expanding the intellectual property portfolio.