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1. An early-stage biotech company, like a very small Genentech, but focused on developing therapeutic psychedelics for mental health conditions.

2. Think of it as a nascent pharmaceutical company, similar to a pioneering Eli Lilly in its early days, but dedicated to creating new mental health treatments from psychedelic compounds.

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• CMND-100 for Alcohol Use Disorder (AUD): A proprietary MEAI-based compound undergoing development as a potential treatment for alcohol addiction.
• MEAI-based Drug Candidates for Obesity and Metabolic Disorders: A pipeline of MEAI analogs being developed to address obesity, binge eating disorder, and related metabolic conditions.
• MEAI-based Drug Candidates for Eating Disorders: Research and development programs exploring the potential of MEAI compounds for treating severe eating disorders like anorexia nervosa.

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Clearmind Medicine (symbol: CMND) is a clinical-stage biotechnology company focused on the discovery and development of psychedelic-based therapeutics for various mental health disorders and addiction. Given its current stage of development, the company does not have "major customers" in the traditional sense of companies or individuals purchasing its products or services.

As an early-stage research and development (R&D) company, Clearmind Medicine is primarily engaged in advancing its drug candidates through pre-clinical and clinical trials. Its business model involves:

• Developing intellectual property (patents for drug candidates).
• Conducting scientific research and clinical studies.
• Securing funding through investments to support its R&D activities.

The ultimate goal for such a company is to commercialize its successful drug candidates. This typically occurs through:

• Licensing Agreements: Partnering with larger pharmaceutical or biotech companies that would then handle further development, regulatory approval, manufacturing, and distribution. In this scenario, these partner companies would effectively be the "customers" for the intellectual property or commercial rights to the drug.
• Acquisition: Being acquired by a larger pharmaceutical company interested in its pipeline.
• Direct Commercialization: Building its own commercial infrastructure to market and sell approved drugs, which is less common for companies at CMND's current stage.

Therefore, Clearmind Medicine does not currently sell products to other companies or directly to individuals. The ultimate beneficiaries of their potential future therapies, if successful and approved, would be individuals (patients) suffering from conditions such as alcohol dependence, depression, eating disorders, and obesity, but these are not its direct customers at its current stage.

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Dr. Adi Zuloff-Shani, Chief Executive Officer

Dr. Adi Zuloff-Shani is a biomedical research and development executive with over 20 years of strategic and operational leadership in the healthcare industry, including clinical trials. She possesses a deep understanding of therapeutics development in heavily regulated environments. Dr. Zuloff-Shani was appointed CEO in July 2021. Her entrepreneurial achievements are recognized at the intersection of medicine, commerce, and science.

Alan Rootenberg, Chief Financial Officer

Alan Rootenberg was appointed Chief Financial Officer of Clearmind Medicine in June 2022.

Mary-Elizabeth Gifford, Chief of Global Impact

Mary-Elizabeth Gifford was appointed Chief of Global Impact in October 2025. In this role, she leads efforts to strengthen US partnerships, governmental and regulatory advocacy, and strategic alliances in Washington, D.C. and New York. Prior to joining Clearmind, she served as Chief of Global Impact at Psyence BioMed, a Nasdaq-listed biopharmaceutical company, and previously led public policy at the Center for Mind-Body Medicine, a Washington, D.C.-based non-profit. She chairs the non-profit Global Wellness Institute's Psychedelics & Healing Initiative and was named a "Psychedelic Titan" by Microdose. Gifford is a graduate of Brown University, completed post-graduate studies in the History of Mind-Body Medicine at Harvard, and was selected for Harvard Law School's psychedelic policy and law immersion program in July 2025.

Professor Mark Haden, VP Business Development

Professor Mark Haden serves as the Vice President of Business Development for Clearmind Medicine.

Gadi Levin, VP Finance

Gadi Levin holds the title of VP Finance at Clearmind Medicine. He is a Qualified Chartered Accountant with over 25 years of experience in senior financial positions. Prior to Alan Rootenberg's appointment, Gadi Levin had served as CFO of several North American publicly listed companies and as Vice President of Finance and CFO for two Israeli investment houses focused on private equity, hedge funds, and real estate.

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The key risks to Clearmind Medicine (CMND) are:

1. Financial Health and Lack of Revenue/Profitability: Clearmind Medicine currently reports zero revenue and significant ongoing losses, with a trailing twelve months EPS of -0.76 or -30.4. The company is in a developmental stage and is not generating positive returns on shareholder equity. Its financial health and market position are considered substantial risks, and its financial metrics indicate significant challenges, with a Piotroski F-Score of 2 suggesting weak business operations. Cash flow challenges also remain a clear hurdle.
2. Regulatory Challenges and Uncertainties of Drug Development: As a clinical-stage biotechnology company focused on psychedelic-derived therapeutics, Clearmind Medicine faces inherent sector-specific risks, including complex regulatory challenges and the uncertainties of drug development. There is no assurance that management's expectations, beliefs, and projections regarding drug candidates like CMND-100 will be achieved, and actual results may differ materially from forward-looking statements.
3. Stock Volatility and Nasdaq Compliance/Delisting Risks: Clearmind Medicine's stock is subject to significant price swings, with a high volatility of 83.25 and a beta of 1.18, indicating it is more volatile than the market. The company recently received a Nasdaq non-compliance notice for failing to maintain the minimum stockholders' equity requirement and underwent a 1-for-40 reverse stock split to regain compliance. This reverse split was interpreted by the market as a "signal of desperation," leading to a significant stock drop and amplifying concerns about further dilution and potential delisting.

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The primary clear emerging threat to Clearmind Medicine (CMND) is the rapidly intensifying competitive landscape within the psychedelic-derived therapeutics industry. Numerous well-funded companies, including larger players like Atai Life Sciences and MindMed, are actively developing a broad range of psychedelic and psychedelic-inspired compounds for mental health conditions, including alcohol use disorder – a key indication for Clearmind's lead candidate, CMND-100. Many of these competitors possess larger pipelines, greater financial resources, and in some cases, more advanced clinical programs. This creates a significant risk that a competitor could bring a similar or superior product to market faster, capture significant market share, or secure more favorable intellectual property, thereby diminishing Clearmind's future commercial prospects, especially given Clearmind's relatively early stage of clinical development.

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Clearmind Medicine's main product, CMND-100, is an MEAI-based oral drug candidate being developed for the treatment of Alcohol Use Disorder (AUD).

The addressable market for alcohol-dependency treatments is substantial. The global market for alcohol-dependency treatment was valued at approximately $13.2 billion in 2024 and is projected to reach about $20 billion by 2032. Another source indicates an estimated $35 billion global market opportunity in AUD treatments.

In the United States, the broader substance use disorder treatment market, which includes AUD treatments, was valued at $35.1 billion in 2021 and is projected to grow to $60.2 billion by 2029.

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Clearmind Medicine (CMND) is anticipated to drive future revenue growth over the next 2-3 years through the following key initiatives:

1. Advancement and Commercialization of CMND-100 for Alcohol Use Disorder (AUD): Clearmind Medicine is progressing its proprietary MEAI-based oral drug candidate, CMND-100, through Phase I/IIa clinical trials for the treatment of Alcohol Use Disorder. The company has expanded its clinical trial sites to include prestigious institutions such as Hadassah-University Medical Center in Jerusalem, Yale School of Medicine, Johns Hopkins University School of Medicine, and Tel Aviv Sourasky Medical Center, aiming to accelerate patient recruitment and data collection. The global AUD market represents a significant multi-billion-dollar opportunity, and successful development and commercialization of CMND-100 could be a major revenue driver.
2. Clinical Development and Commercialization of MEAI for Depression: The company is actively pursuing the development of MEAI as a novel treatment for depression, having recently filed a patent application in South Korea to expand its intellectual property protection for this indication. Clearmind Medicine is preparing for the next stages of clinical development and commercialization to bring this non-hallucinogenic neuroplastogen therapy to patients worldwide. The global market for depression and anxiety treatment was valued at $17.77 billion in 2020 and is projected to grow to approximately $19.5 billion by 2030, indicating a substantial market for new therapies.
3. Expansion of Intellectual Property Portfolio and Global Footprint: Clearmind Medicine is continuously expanding its intellectual property, with a portfolio comprising nineteen patent families and 31 granted patents, and it plans to seek additional patents as warranted. This robust IP strategy is crucial for protecting its drug candidates and securing future market exclusivity. Furthermore, the company is focused on broadening its global footprint and establishing strategic alliances, including efforts to advance US partnerships and governmental engagement through the appointment of a Chief of Global Impact. These efforts are aimed at facilitating market entry and broader commercialization of its therapeutics.
4. Development of MEAI for Obesity and Metabolic Syndrome: Beyond AUD and depression, Clearmind Medicine is also researching MEAI for potential applications in obesity and metabolic syndrome. The global obesity market is estimated at $29.5 billion and is expected to grow to $31.7 billion by 2030, while the metabolic syndrome market, valued at $62 billion in 2021, is projected to reach up to $110.5 billion by 2029. Progress in these areas could open up additional, significant revenue streams.

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Share Issuance

• In January 2024, Clearmind Medicine completed a registered direct offering and private placement, generating approximately $2.4 million in gross proceeds from the sale of common shares and pre-funded warrants.
• The company announced the pricing of a public offering in April 2023, anticipating gross proceeds of approximately US$3.5 million through the sale of common shares and pre-funded warrants.
• Clearmind Medicine raised $9 million in its Initial Public Offering (IPO) in November 2022, issuing 1,300,000 shares.

Inbound Investments

• In September 2025, Clearmind Medicine secured a securities purchase agreement with institutional investors for up to $10 million in convertible promissory notes, with an initial closing of $500,000 and another $1.75 million to be issued following SEC registration.
• Medigus invested approximately $1.25 million in Clearmind Medicine in February 2022, through a combination of cash and Medigus' American Depository Shares.
• The registered direct offering and private placement in January 2024 and the public offering in April 2023, raising $2.4 million and $3.5 million respectively, involved institutional investors.

Outbound Investments

• Proceeds from the $10 million convertible note financing secured in September 2025 are intended, in part, for potential acquisitions to explore strategic opportunities.

Capital Expenditures

• Clearmind Medicine, as a clinical-stage biotech company, generally does not report significant capital expenditures in its financial statements, with a focus on research and development.
• The company has stated that net proceeds from offerings, such as the April 2023 public offering, may be allocated to general capital expenditures, among other corporate purposes and R&D.