Clearmind Medicine (CMND) Registration Filing summary

Company overview and business model

• Clinical-stage pharmaceutical company developing novel psychedelic medicines, primarily focused on alcohol use disorder (AUD), binge drinking, eating disorders, and metabolic disorders.

• Lead candidate MEAI is a non-hallucinogenic neuroplastogen targeting AUD, obesity, and as an alcohol substitute.

• Ongoing multinational Phase I/IIa clinical trials for CMND-100 (MEAI) in the US and Israel, with additional research in obesity, metabolic syndrome, and addiction.

• Pipeline includes preclinical programs for depression, anxiety, PTSD, and cocaine addiction.

• Business model includes both pharmaceutical development and consumer products.

Financial performance and metrics

• No revenue generated to date; company has incurred operating losses each year since inception.

• Operating losses: $5.7M (2024), $6.3M (2023), $6.3M (2022); accumulated deficit of $27.2M as of July 31, 2025.

• Cash and cash equivalents: $3.5M as of July 31, 2025.

• Negative cash flow from operations: $4.9M (2024), $3.4M (nine months ended July 31, 2025).

• Recent financings include multiple registered direct offerings and warrant exercises, raising over $7M in late 2025.

Use of proceeds and capital allocation

• No proceeds from the resale of shares by selling shareholders; company may receive up to $1.16M if all warrants are exercised for cash.

• Any proceeds from warrant exercises will be used for general corporate purposes, including R&D, clinical and preclinical testing, working capital, acquisitions, and capital expenditures.