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Clearmind Medicine Inc.

For the period ended Oct 31, 2025. Filed Jan 20, 2026.

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About this filing

The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.

FY2025 · Filed Jan 20, 2026

CMND$5.58-4.6%Stored close · as of Nov 6, 2026
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**UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 20-F

☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended October 31,2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report ____________

For the transition period from ____________ to ____________

Commission File No.:001-41557

Clearmind Medicine Inc.

(Exact name of registrant as specified in its charter)

Translation of registrant’s name into English: Not applicable

British Columbia101 – 1220 West 6th Avenue Vancouver, British Columbia
(Jurisdiction of incorporation or organization)(Address of principal executive offices)

Dr. Adi Zuloff-Shani

Chief Executive Officer

**101 – 1220 West 6 th Avenue

Vancouver, British Columbia V6H1A5

Tel:973.536.1016

Email: invest@clearmindmedicine.com

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common shares, no par value per shareCMNDThe Nasdaq Stock Market LLC

Securities registered or to be registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

Number of outstanding shares of each of the issuer’s classes of capital or common stock as of October 31, 2025 and January 19, 2026: 1,499,838 common shares and 158,076 common shares, respectively.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐No ☒

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act of 1934. Yes ☐No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months. Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company.

Large accelerated filer ☐Accelerated filer ☐Non-accelerated filer ☒
Emerging Growth Company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.☐

†The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing.

U.S. GAAP ☐International Financial Reporting Standards as issued by the International Accounting Standards Board ☒Other ☐

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. ☐ Item 17 ☐ Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company. Yes ☐ No☒

TABLE OF CONTENTS

Page
INTRODUCTIONiii
EMERGING GROWTH COMPANY STATUSiii
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTSiv
MARKET, INDUSTRY, AND OTHER DATAv
PART I1
ITEM 1.IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS1
ITEM 2.OFFER STATISTICS AND EXPECTED TIMETABLE1
ITEM 3.KEY INFORMATION1
A.[Reserved]1
B.Capitalization and Indebtedness1
C.Reasons for the Offer and Use of Proceeds1
D.Risk Factors1
ITEM 4.INFORMATION ON THE COMPANY66
A.History and Development of the Company66
B.Business Overview67
C.Organizational Structure103
D.Property, Plants and Equipment103
ITEM 4A.UNRESOLVED STAFF COMMENTS103
ITEM 5.OPERATING AND FINANCIAL REVIEW AND PROSPECTS103
A.Operating Results104
B.Liquidity and Capital Resources106
C.Research and Development, Patents and Licenses111
D.Trend Information111
E.Critical Accounting Estimates111
ITEM 6.DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES111
A.Directors and Senior Management111
B.Compensation115
C.Board Practices119
D.Employees125
E.Share Ownership125
F.Disclosure of Registrant’s Action to Recover Erroneously Awarded Compensation128
ITEM 7.MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS128
A.Major Shareholders128
B.Related Party Transactions130
C.Interests of Experts and Counsel131
ITEM 8.FINANCIAL INFORMATION131
A.Consolidated Statements and Other Financial Information131
B.Significant Changes131
ITEM 9.THE OFFER AND LISTING131
A.Offer and Listing Details131
B.Plan of Distribution132
C.Markets132
D.Selling Shareholders132
E.Dilution132
F.Expenses of the Issue132

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ITEM 10.ADDITIONAL INFORMATION132
A.Share Capital132
B.Articles of Association132
C.Material Contracts132
D.Exchange Controls132
E.Taxation132
F.Dividends and Paying Agents140
G.Statement by Experts140
H.Documents on Display140
I.Subsidiary Information140
ITEM 11.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK140
ITEM 12.DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES141
PART II142
ITEM 13.DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES142
ITEM 14.MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS142
ITEM 15.CONTROLS AND PROCEDURES142
ITEM 16.[RESERVED]143
ITEM 16A.AUDIT COMMITTEE FINANCIAL EXPERT143
ITEM 16B.CODE OF ETHICS143
ITEM 16C.PRINCIPAL ACCOUNTANT FEES AND SERVICES143
ITEM 16D.EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES144
ITEM 16E.PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS144
ITEM 16F.CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT144
ITEM 16G.CORPORATE GOVERNANCE144
ITEM 16H.MINE SAFETY DISCLOSURE146
ITEM 16IDISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS146
ITEM 16JINSIDER TRADING POLICIES146
ITEM 16KCYBERSECURITY146
PART III148
ITEM 17.FINANCIAL STATEMENTS148
ITEM 18.FINANCIAL STATEMENTS148
ITEM 19.EXHIBITS148
SIGNATURES151

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.