Clearmind Medicine (CMND) Q4 2025 earnings summary

Executive summary

• Clinical-stage pharmaceutical company focused on novel psychedelic medicines, primarily MEAI for alcohol use disorder (AUD), obesity, and metabolic disorders.

• No product revenue to date; operations funded by equity and debt offerings, with significant R&D investment and ongoing clinical trials.

• Net loss for FY2025 was $3.86M, a 26.6% improvement over FY2024, driven by increased fair value of investments and reduced G&A expenses.

• Accumulated deficit reached $27.88M as of October 31, 2025; going concern risk highlighted by auditors.

Financial highlights

• FY2025 revenue: $0; net loss: $3.86M (FY2024: $5.25M; FY2023: $8.62M).

• R&D expenses increased 48.7% to $2.06M, reflecting clinical trial progression.

• G&A expenses decreased 17.2% to $3.61M, mainly due to lower share-based compensation and professional fees.

• Cash and cash equivalents at year-end: $3.92M (down from $6.57M in FY2024).

• Working capital: $1.06M; convertible loans outstanding: $1.76M.

Outlook and guidance

• Company expects continued net losses and negative cash flow as R&D and clinical activities expand.

• Additional capital will be required to fund operations and advance clinical programs; future financing may be dilutive or on unfavorable terms.

• Focus remains on advancing MEAI through clinical trials for AUD and obesity/metabolic disorders, with potential expansion into other mental health indications.