Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

under the Securities Exchange Act of 1934

For the month of June 2024

Commission file number: 001-41557

Clearmind Medicine Inc.

(Translation of registrant’s name into English)

101 – 1220 West 6th Avenue

Vancouver, British Columbia
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

CONTENTS

On June [_], 2024, the registrant filed in Canada its unaudited condensed interim consolidated financial statements and Management’s Discussion and Analysis for the three and six months ended April 30, 2024, with the Canadian Securities Administration and each of the Ontario Securities Commission, British Columbia Securities Commission and Alberta Securities Commission.

This Report on Form 6-K is incorporated by reference into the Registrant’s Registration Statements on Form F-3 (File No. 333-275991, 333-270859, 333-273293), filed with the Securities and Exchange Commission, to be a part thereof from the date on which this report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished.

EXHIBIT INDEX

Exhibit No.
99.1		Condensed Interim Consolidated Financial Statements for the three and six months ended April 30, 2024.
99.2		Management’s Discussion and Analysis for the for the three and six months ended April 30, 2024.
101.INS		Inline XBRL Instance Document.
101.SCH		Inline XBRL Taxonomy Extension Schema Document.
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Clearmind Medicine Inc.

Date: June 13, 2024	By:	/s/ Adi Zuloff-Shani
		Name:	Adi Zuloff-Shani
		Title:	Chief Executive Officer

Exhibit 99.1

CLEARMIND MEDICINE INC.

Condensed Interim Consolidated Financial Statements

For The Three and Six Months Ended April 30, 2024

(Expressed in United States Dollars)

(Unaudited)

CLEARMIND MEDICINE INC.

Condensed Interim Consolidated Statements of Financial Position

(Expressed in United States Dollars)

(Unaudited)

	April 30,			October 31,
	2024			2023
Assets
Current assets
Cash and cash equivalents	$	8,305,927		$	5,427,739
Other receivables		69,506			104,320
Short-term investment (Note 3)		–			86,112
Prepaid expenses		210,609			40,403
Related parties (Note 4b)		105,022			136,002
Total current assets		8,691,064			5,794,576

Non-current assets
Property and equipment		624			1,727
Intangible assets		113,848			119,310
Restricted cash		40,182			37,675
Total non-current assets		154,654			158,712

Total assets	$	8,845,718		$	5,953,288

Liabilities
Current liabilities
Accounts payable and accrued liabilities	$	421,156		$	617,004
Due to related parties (Note 4a)		47,009			42,433
Derivative warrant liabilities (Note 5)		3,731,799			4,310,379
Total current liabilities		4,199,964			4,969,816

Total liabilities	$	4,199,964		$	4,969,816

Shareholders’ equity

Share capital and share premium (Note 6)		22,757,547			17,131,223
Warrants (Note 7)		459,341			459,341
Share-based payment reserve (Notes 8,9)		2,494,196			2,182,221
Accumulated other comprehensive loss		(21,250	)		(21,250	)
Accumulated deficit		(21,044,080	)		(18,768,063	)
Total shareholders’ equity		4,645,754			983,472

Total liabilities and shareholders’ equity	$	8,845,718		$	5,953,288

Approved and authorized for issuance on behalf of the Board of Directors on June 13, 2024:

/s/ Alan Rootenberg		/s/ Adi Zuloff-Shani
Alan Rootenberg, CFO		Adi Zuloff-Shani, CEO

(The accompanying notes are an integral part of these condensed interim consolidated financial statements)

CLEARMIND MEDICINE INC.

Condensed Interim Consolidated Statements of Operations and Comprehensive Loss

(Expressed in United States Dollars)

(Unaudited)

	Three months ended						Six months ended
	April 30,						April 30,
	2024			2023			2024			2023

Operating expenses
General and administrative	$	980,549		$	1,338,445		$	2,137,062		$	2,583,873
Research and development, net		322,956			317,572			550,434			905,202
Total operating expenses		1,303,505			1,656,017			2,687,496			3,489,075

Finance income (expenses)

Changes in fair value of derivative warrant liabilities (Note 5)		405,002			(360,557	)		560,145			(360,557	)
Unrealized gain (loss) on short-term investment (Note 3)		415,270			4,445			415,826			(58,749	)
Realized loss on short-term investment (Note 3)		(423,438	)		–			(423,438	)		–
Foreign exchange gain (loss)		1,255			(60,952	)		2,671			(95,356	)
Other finance income, net		33,955			5,966			94,531			23,981
Total finance income (expenses)		432,044			(411,098	)		649,735			(490,681	)

Other income
Dividend received		–			–			–			16,555
Total other income		–			–			–			16,555

Loss before taxes		(871,461	)		(2,067,115	)		(2,037,761	)		(3,963,201	)
Tax expenses		(36,756	)		(9,267	)		(238,256	)		(12,650	)
Net Loss and Comprehensive loss	$	(908,217	)	$	(2,076,382	)	$	(2,276,017	)	$	(3,975,851	)
Loss per share, basic and diluted	$	(0.28	)	$	(16.62	)	$	(0.96	)	$	(39.62	)
Weighted average number of shares (*) for the purposes of basic and diluted loss per share		3,253,267			124,911			2,375,825			100,351

(*)

On November 28, 2023, the Company effected a 1-for-30 reverse split of its issued and outstanding common shares, pursuant to which holders of the Company’s common shares received 0.0333 of a common share for every one common share then held. All share data prior to the date of the reverse share split has been retrospectively adjusted.

(The accompanying notes are an integral part of these condensed interim consolidated financial statements)

CLEARMIND MEDICINE INC.

Condensed Interim Statements of Changes in Shareholders’ Equity (Deficit)

(Expressed in United States Dollars)

(Unaudited)

	Share capital and share premium						Share-based			Accumulated other						Total shareholders’
	Number of shares (*)		Amount		Warrants		payment reserve			comprehensive income			Accumulated deficit			equity (deficit)
Balance, October 31, 2023		607,337	$	17,131,223	$	459,341	$	2,182,221		$	(21,250	)	$	(18,768,063	)	$	983,472
Net loss for the period		–		–		–		–			–			(2,276,017	)		(2,276,017	)
Issuance of common shares, pre-funded warrants and warrants (Note 6c(iii))		1,500,000		1,459,815		–		–			–			–			1,459,815
Exercise of warrants (Notes 6c(ii, v))		1,194,102		4,154,389		–		–			–			–			4,154,389
Issuance of common shares upon vesting of restricted stock units (Note 6c(vi))		9,000		11,935		–		(11,935	)		–			–			–
Share-based compensation (Notes 6c (i, iv), 8, 9)		89		185		–		323,910			–			–			324,095
Balance, April 30, 2024		3,310,528	$	22,757,547	$	459,341	$	2,494,196		$	(21,250	)	$	(21,044,080	)	$	4,645,754

Balance, October 31, 2022		43,992	$	6,706,644	$	459,110	$	1,896,724		$	(21,250	)	$	(10,147,226	)	$	(1,105,998	)
Net loss for the period		–		–		–		–			–			(3,975,851	)		(3,975,851	)
Issuance of common shares		38,462		6,026,327		–		337,579			–			–			6,363,906
Common shares and warrants issued to XYLO TECHNOLOGIES LTD. (formerly Medigus Ltd.)		–		296,845		231		–			–			–			297,076
Issuance of common shares, pre-funded warrants and warrants		150,191		1,455,832		–		–			–			–			1,455,832
Issuance of common shares upon vesting of restricted stock units		561		150,071		–		(150,071	)		–			–			–
Common shares for services		–		–		–		40,372			–			–			40,372
Share-based compensation		–		–		–		199,567			–			–			199,567
Balance, April 30, 2023		233,206	$	14,635,719	$	459,341	$	2,324,171		$	(21,250	)	$	(14,123,077	)	$	3,274,904

(*)

All share amounts have been retroactively adjusted for all periods presented.

(The accompanying notes are an integral part of these condensed interim consolidated financial statements)

CLEARMIND MEDICINE INC.

Condensed Interim Consolidated Statements of Cash Flows

(Expressed in United States Dollars)

(Unaudited)

	Six months ended April 30,
	2024			2023
Operating activities
Net loss	$	(2,276,017	)	$	(3,975,851	)

Adjustments for:
Amortization of intangible assets		5,462			4,975
Amortization of right-of-use asset		17,804			26,789
Interest on lease liability		1,629			2,682
Exchange rate differences		(8,980	)		(77	)
Share issuance costs allocated to derivate warrant liability		115,046			–
Depreciation of property and equipment		1,103			3,813
Changes in fair value of derivative warrant liability		(560,145	)		360,557
Share-based compensation		324,095			246,446
Unrealized (gain) loss on short-term investment		(415,826	)		58,749
Realized loss on short-term investment		423,438			–
Tax expenses		71,237			12,650

Changes in working capital:
Decrease (increase) in other receivables		72,078			(100,197	)
Increase in prepaid expenses		(170,422	)		(249,028	)
Decrease in accounts payable and accrued liabilities		(260,480	)		(405,984	)
Increase (decrease) in due to / from related parties		5,205			(158,173	)
Net cash used in operating activities		(2,654,773	)		(4,172,649	)

Investing activities
Proceeds from sale of short-term investment		78,500			–
Net cash generated in investing activities		78,500			–

Financing activities
Proceeds from issuance of common shares and warrants, net of issuance costs (Note 6c (iii))		1,824,773			9,321,796
Proceeds received from exercise of warrants (Notes 6c (ii,v))		3,655,950			–
Repayment of lease liabilities		(19,087	)		(30,984	)
Net cash provided by financing activities		5,461,636			9,290,812
Effect of foreign exchange rate changes on cash and cash equivalents		(7,175	)		(1,233	)
Net increase in cash and cash equivalents		2,878,188			5,116,930
Cash and cash equivalents at beginning of period		5,427,739			128,777
Cash and cash equivalents at end of period	$	8,305,927		$	5,245,707

Supplementary disclosure of cash flow information:
Cash received for interest	$	120,612		$	26,663
Cash paid for taxes		192,825			–
Non-cash financing and investing activities
Derivative liability converted to equity	$	–		$	290,569
Right of use assets obtained in exchange for lease liabilities		107,827			–
Early termination of office lease (Note 4c)		(88,562	)		–

CLEARMIND MEDICINE INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in United States Dollars)

(Unaudited)

1.	Nature of Operations and Going Concern

Clearmind Medicine Inc. (the “Company”) was incorporated in the province of British Columbia on July 18, 2017. The Company is a clinical pharmaceutical company currently engaged in phase I/IIa clinical trials of novel psychedelic medicines that have been developed to solve widespread, yet under-served, health problems. The Company’s head office is located at Suite 101 -1220 West 6^thAvenue, Vancouver, BC, V6H 1A5. The Company’s wholly owned Israeli subsidiary (Clearmindmed Ltd.) functions as the research and development arm of the Company.

On November 14, 2022, the Company completed a listing on the Nasdaq Capital Market (“Nasdaq”). The Company trades under the symbol “CMND” on the Nasdaq and on the Frankfurt Stock Exchange, (FSE), under the symbol “CWY”. The Company was listed on the Canadian Securities Exchange (“CSE”) in Toronto until March 14, 2024. Following approval for a voluntary delisting, the Company no longer trades on the CSE but remains a reporting issuer in Canada.

On January 16, 2024, the Company completed a registered direct and private placement for aggregate gross proceeds of $2.40 million. See note 6(c)(iii).

Going concern

These condensed interim consolidated financial statements have been prepared on the going concern basis, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business. For the six months ended April 30, 2024, the Company has not generated any revenues and has negative cash flows from operations of $2,654,773. As of April 30, 2024, the Company has an accumulated deficit of $21,044,080. The continued operations of the Company are dependent on its ability to generate future cash flows or obtain additional financing through debt or equity. Management is of the opinion that sufficient working capital will be obtained from external financing to meet the Company’s liabilities and commitments as they become due, although there is a risk that additional financing will not be available on a timely basis or on terms acceptable to the Company. These factors raise substantial doubt on the Company’s ability to continue as a going concern. These condensed interim consolidated financial statements do not reflect any adjustments that may be necessary if the Company is unable to continue as a going concern.

Reverse share split

On November 28, 2023, the Company’s Board of Directors (the “Board”) approved a 1-for-30 reverse split of its issued and outstanding common shares, effective as of November 28, 2023, pursuant to which holders of the Company’s common shares received 0.0333 of a common share for every one common share then held.

All issued and outstanding common shares or instruments convertible into common shares contained in these financial statements have been retroactively adjusted to reflect the reverse share split for all periods presented, unless explicitly stated otherwise.

CLEARMIND MEDICINE INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in United States Dollars)

(Unaudited)

2.	Material Accounting Policy Information

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”) on a going concern basis.

These condensed interim consolidated financial statements include the accounts of the Company and its 100% owned subsidiaries, Clearmindmed Ltd. and Clearmind Labs Corp. (inactive). All inter-company balances and transactions have been eliminated on consolidation.

These condensed interim consolidated financial statements have been prepared on a historical cost basis, except for financial assets and liabilities (including derivatives) which are presented at fair value through profit or loss (“FVTPL”), and are presented in United States dollars, which is the Company’s functional currency.

Unaudited Interim Financial Information

Certain information and footnote disclosures normally included in financial statements prepared in accordance with IFRS have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these condensed interim consolidated financial statements should be read in conjunction with the audited financial statements as of and for the year ended October 31, 2023 and the notes thereto (the “2023 Annual Report”).

The condensed interim consolidated financial statements have been prepared on the same basis as the 2023 Annual Report. In the opinion of the Company’s management, these condensed interim consolidated financial statements contain all adjustments that are necessary to present fairly the Company’s financial position and results of operations for the interim periods presented. The results for the six months ended April 30, 2024 are not necessarily indicative of the results for the year ending October 31, 2024, or for any future period.

As of April 30, 2024, there have been no material changes in the Company’s significant accounting policies from those that were disclosed in the 2023 Annual Report except for the following:

Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements—Disclosure of Accounting Policies

The Company has adopted the amendments to IAS 1 for the first time in the current year. The amendments change the requirements in IAS 1 with regard to disclosure of accounting policies. The amendments replace all instances of the term ‘significant accounting policies’ with ‘material accounting policy information’. Accounting policy information is material if, when considered together with other information included in an entity’s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements.

The supporting paragraphs in IAS 1 are also amended to clarify that accounting policy information that relates to immaterial transactions, other events or conditions is immaterial and need not be disclosed. Accounting policy information may be material because of the nature of the related transactions, other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material transactions, other events or conditions is itself material.

CLEARMIND MEDICINE INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in United States Dollars)

(Unaudited)

2.	Material Accounting Policy Information (continued)

Significant Accounting Estimates and Judgments

The preparation of consolidated financial statements in accordance with IFRS requires management to make judgments, estimates, and assumptions that affect the application of policies and reported amounts of assets, liabilities, income, and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

Significant Estimates

Share-based Compensation

Fair values are determined using the Black-Scholes option pricing model. Estimating fair value requires determining the most appropriate valuation model for a grant of equity instruments, which is dependent on the terms and conditions of the grant. Option-pricing models require the use of highly subjective estimates and assumptions including the expected stock price volatility. Changes in the underlying assumptions can materially affect the fair value estimates and, therefore, existing models do not necessarily provide reliable measurement of the fair value of the Company’s stock options.

Warrant Liability

The Company analyses warrants issued to determine whether they meet the classification as liabilities or equity. Derivative warrant liabilities are adjusted to reflect fair value at each reporting period, with any increase or decrease in the fair value recorded in the results of operations. The Company uses a fair valuation specialist to estimate the value of these instruments using the binomial pricing model.

The key assumptions used in the models are the expected future volatility in the price of the Company’s shares, the expected life of the warrants and the probability of any future adjustment event.

Significant Judgments

The critical judgments that the Company’s management has made in the process of applying the Company’s accounting policies that have the most significant effect on the amounts recognized in the Company’s consolidated financial statements are as follows:

Going Concern

The application of the going concern assumption requires management to take into account all available information about the future, which is at least but not limited to, 12 months from the end of the reporting period. The Company is aware that material uncertainties related to events or conditions raise substantial doubt upon the Company’s ability to continue as a going concern.

CLEARMIND MEDICINE INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in United States Dollars)

(Unaudited)

3.	Short-term Investment

Pursuant to the Share Exchange Agreement with XYLO TECHNOLOGIES LTD. (formerly Medigus Ltd.) (“XYLO”), on February 14, 2022, the Company received 27,778 ordinary shares of XYLO, the investment cost was $501,938.

During the six months ended April 30, 2024, the Company sold all the shares of XYLO, for total proceeds of $78,500 and recorded a net realized loss of $7,612.

	October 31, 2023		Disposals		Net realized loss			April 30, 2024

XYLO – Shares	$	86,112	$	78,500	$	(7,612	)	$	–

	October 31, 2022		Additions		Unrealized loss			October 31, 2023

XYLO – Shares	$	193,750	$	–	$	(107,638	)	$	86,112

4.	Related Party Transactions

Compensation to key management personnel

(i)

The compensation to key management personnel for services they provide to the Company is as follows:

	Three months ended		Three months ended		Six months ended		Six months ended
	April 30,		April 30,		April 30,		April 30,
	2024		2023		2024		2023

Officers:
Consulting fees	$	78,586	$	87,471	$	248,274	$	220,501
Share based compensation		25,854		30,188		41,555		75,380
	$	113,440	$	117,659	$	289,829	$	295,881
Directors:
Directors’ fees	$	50,902	$	41,834	$	125,525	$	80,976
Share based compensation		68,669		34,029		85,890		78,124
	$	119,571	$	75,863	$	211,415	$	159,100

(ii)

Balances with related parties

	April 30,		October 31,
	2024		2023
Amounts owed to officers	$	30,136	$	29,666
Amounts owed to directors		16,873		12,767
	$	47,009	$	42,433

CLEARMIND MEDICINE INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in United States Dollars)

(Unaudited)

4.	Related Party Transactions (continued)

On March 7, 2022, the Company signed an agreement with SciSparc Ltd (“SciSparc”), pursuant to which the Company and SciSparc agreed to cooperate in conducting a feasibility study using certain molecules developed by each party (the “Cooperation Agreement”). Certain of the Company’s officers and directors currently operate, manage or are engaged as officers and/or directors of SciSparc.

In June 2023, the Company entered into a research agreement with the Hebrew University of Jerusalem to evaluate SciSparc’s and the Company’s combination treatment for obesity and metabolic syndrome.

To date, the collaboration has resulted in the filing of nine patent applications. To the extent the parties determine to proceed to a commercial cooperation, they may enter into a joint venture by the parties share the economics and rights on a 50%-50% basis. To date, no determination has been made to pursue the joint venture as the development of the project remains at a very early stage.

For the three and six months ended April 30, 2024, the Company incurred research and development expenses conducted within the framework of the Cooperation Agreement in the amount of $22,306 and $22,808, respectively (three and six months ended April 30, 2023- $30,863 and $88,493 respectively). As of April 30, 2024, $105,022 is owed to the Company by SciSparc (October 31, 2023- $136,002).

On December 25, 2023, the Company entered into an agreement with SciSparc for the lease of office space in Tel Aviv, Israel, having a total area of approximately 240 square meters. The Company occupies approximately 120 square meters of the space for its offices. The Company’s base rent was ILS 23,300 per month ($6,500) during the term of the lease. The lease liability was discounted using the Company’s estimated incremental borrowing rate of 10%.

On March 31, 2024, the Company and SciSparc decided to terminate the lease agreement prior to the initial term of the lease. As a result, the Company paid early termination fees of approximately $15,000 and paid approximately $3,600 to a broker. The loss upon early termination related to this transaction was recorded as general and administrative expenses within the Condensed Interim Consolidated Statements of Operations and Comprehensive Loss.

As of April 30, 2024, the Company and SciSparc were in the process of negotiating the terms of a new lease contract.

CLEARMIND MEDICINE INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in United States Dollars)

(Unaudited)

5.	Derivative warrant liabilities

On April 6, 2023, the Company issued 150,191 warrants in connection with its April 2023 Public Offering (“April 2023 Warrants”). The warrant includes a cashless exercise provision and repricing adjustments for offerings at a price lower than the existing exercise price of the warrants, stock splits, reclassifications, subdivisions, and other similar transactions (“April 2023 Warrant Adjustments”) and therefore, these warrants were recorded at their fair value as a derivative liability and the time of the grant and are revalued at the end of each reporting period.

On January 21, 2024, following the January 2024 Public Offering, which included the offering of common shares at a price lower than the exercise price of the April 2023 Warrants, the exercise price of the April 2023 Warrants was reduced to $1.077, and each April 2023 Warrant became exercisable into 9.124 common shares of the Company.

During the period between November 29, 2023 and December 5, 2023, 71,520 April 2023 Warrants were exercised into 652,521 common shares.

During the period between March 8, 2024 and March 22, 2024, 2,219 April 2023 Warrants were exercised into 20,245 common shares.

On September 18, 2023, the Company issued 250,000 warrants in connection with its September 2023 Public Offering (“September 2023 Warrants”). The warrant includes a cashless exercise provision and repricing adjustments for offerings at a price lower than the existing exercise price of the warrants, stock splits, reclassifications, subdivisions, and other similar transactions (“September 2023 Warrant Adjustments”) and therefore, these warrants were recorded at their fair value as a derivative liability and the time of the grant and are revalued at the end of each reporting period.

On January 21, 2024, following the January 2024 Public Offering, which included the offering of common shares at a price lower than the exercise price of the September 2023 Warrants, the exercise price of the September 2023 Warrants was reduced to $1.077, and each September 2023 Warrant became exercisable into 4.988 common shares of the Company.

During the period between November 29, 2023 and December 5, 2023, 82,138 September 2023 Warrants were exercised into 409,667 common shares.

During the period between February 23, 2024 and March 22, 2024, 16,334 September 2023 Warrants were exercised into 81,469 common shares.

On January 16, 2024, the Company issued 1,500,000 warrants with an exercise price of $1.60 per warrant in connection with its January 2024 Public Offering (“January 2024 Warrants”). Each warrant includes a cashless exercise provision and repricing adjustments for offerings at a price lower than the existing exercise price of the warrants, stock splits, reclassifications, subdivisions, and other similar transactions (“January 2024 Warrant Adjustments”) and therefore, these warrants were recorded at their fair value as a derivative liability at the time of the grant and are revalued at the end of each reporting period.

On February 23, 2024, 30,200 January 2024 Warrants were exercised into 30,200 common shares.

During the three and six months ended April 30, 2024, the Company recorded a gain on the revaluation of the total derivative warrant liabilities of $405,002 and $560,145, respectively, in the Condensed Interim Consolidated Statements of Operations and Comprehensive Loss.

CLEARMIND MEDICINE INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in United States Dollars)

(Unaudited)

5.	Derivative warrant liabilities (continued)

The binomial model was used to measure the derivative warrant liability with the following assumptions:

	April 30, 2024
Share Price		$1.19
Exercise Price		$1.077-$1.60
Expected life		3.93-4.71 years
Risk-free interest rate		4.74-4.80	%
Dividend yield		0.00	%
Expected volatility		158.07-158.93	%

The following table presents the changes in the derivative warrant liability during the period:

Balance as of November 1, 2022	$	-
Issuance of April 2023 Warrants		1,771,208
Issuance of September 2023 Warrants		923,225
Exercise of warrants		(574,040	)
Changes in fair value of warrants		2,189,986
Balance as of October 31, 2023	$	4,310,379
Issuance of January 2024 Warrants		480,004
Exercise of warrants		(498,439	)
Changes in fair value of warrants		(560,145	)
Balance as of April 30, 2024	$	3,731,799

CLEARMIND MEDICINE INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in United States Dollars)

(Unaudited)

6.	Share Capital

The Company’s authorized share capital is unlimited common shares without par value share. As of April 30, 2024, the number of common shares issued and outstanding was 3,310,528 (October 31, 2023 – 607,337).

On November 28, 2023, the Company effected a 1-for-30 share consolidation. All share amounts and instruments convertible into common shares prior to the date of the reverse share split have been retroactively restated for all periods presented.

Share transactions during the six months ended April 30, 2024:

(i)

On November 6, 2023, 45 common shares with a fair value of $117 were issued to providers of investor services in payment of services.

(ii)

Between November 29, 2023 and December 5, 2023, April 2023 Warrants and September 2023 Warrants were exercised into 1,062,188 shares, resulting in gross proceeds of $3,498,032.

(iii)

On January 16, 2024, the Company completed a registered direct offering and concurrent private placement of (i) 1,468,000 Common Shares, (ii) 32,000 pre-funded warrants to purchase 32,000 Common Shares and (iii) 1,500,000 unregistered common warrants to purchase 1,500,000 Common Shares. The pre-funded warrants are immediately exercisable at an exercise price of $0.0001 per Common Share and will not expire until exercised in full. The unregistered common warrants have an exercise price of $1.60 per Common Share (after giving effect to adjustments and subject to further adjustments as set forth therein), are immediately exercisable, and expire five years from the date of issuance. These warrants include a cashless exercise provision and repricing provisions, under certain circumstances (“the January 2024 Offering”). The gross proceeds from the January 2024 Offering were approximately $2.4 million before deducting estimated offering expenses. Net proceeds from the offering were $1,824,773. On January 17, 2024, the pre-funded warrants were exercised.

(iv)

On February 19, 2024, 44 common shares with a fair value of $68 were issued to providers of investor services in payment of services.

(v)

During the period between February 23, 2024 and March 2, 2024, April 2023 Warrants, September 2023 Warrants and January 2024 Warrants were exercised into 131,914 shares, for gross proceeds of $157,918.

(vi)

On April 3, 2024, 9,000 common shares were issued in respect of RSU’s that had been fully vested. The RSU’s had a fair value of $11,935 at the time of issuance.

Share transactions during the six months ended April 30, 2023:

(i)

On November 14, 2022, the Company completed an underwritten public offering of 38,462 common shares at a price to the public of $195.00 per share, for aggregate gross proceeds of $7.5 million, prior to deducting underwriting discounts and offering expenses. The offering closed on November 17, 2022. Net proceeds from the offering were $6,363,906.

In addition, the Company granted Aegis Capital Corp. (“Aegis”), who acted as the underwriters for the deal, a 45-day option to purchase up to 5,769 additional common shares, equal to 15% of the number of common shares sold in the offering solely to cover over-allotments, if any (“Over-Allotment”). The public purchase price per additional common share would have been $195.00 per share. The Over-Allotment was not exercised.

CLEARMIND MEDICINE INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in United States Dollars)

(Unaudited)

6.	Share Capital (continued)

Aegis received 1,923 underwriter warrants, (the “Underwriter Warrants”) each such Underwriter Warrant entitling the agents to receive one common share upon payment of $243.75 per share, exercisable six months after the commencement of sales of this offering and expiring on a date which is no more than five years after the commencement of sales of the offering. The fair value of the Underwriter Warrants of $337,579 were accounted for as an issuance cost within the share-based payment reserve. The fair value of the Underwriter Warrants was estimated using the Black-Scholes option pricing model assuming no expected dividends or forfeitures and the following weighted average assumptions:

Risk-free interest rate	1.43	%
Expected life (in years)	5
Expected volatility	150	%

In connection with the offering, the Company’s common shares were approved for listing on the Nasdaq and began trading on the Nasdaq (in addition to the CSE) under the symbol “CMND” on November 15, 2022.

Following the public offering and pursuant to the XYLO SPA, XYLO was entitled to receive 1,494 common shares and 75 warrants pursuant to an anti-dilution clause included in the agreement signed between the Company and XYLO on June 29, 2022. The anti-dilution feature was recorded as a derivative liability as of October 31, 2022.

(ii)

On January 16, 2023, 161 common shares were issued in respect of RSU’s that had been fully vested. The RSU’s had a fair value of $39,975 at the time of issuance.

On February 22, 2023, 400 common shares were issued in respect of fully vested RSU’s that had been fully vested. The RSU’s had a fair value of $110,096 at the time of issuance.

(iii)

On April 6, 2023, the Company completed an underwritten public offering of 103,249 common shares at a price to the public of $23.40 per share and pre-funded warrants to purchase 46,942 common shares at a price to the public of $23.37 per pre-funded warrant (“Pre-Funded Warrants”), for aggregate gross proceeds of $3.5 million (the “April 2023 Public Offering”). The Pre-Funded Warrants were exercisable at $0.03 into one common share, and all the Pre-Funded Warrants were exercised by April 30, 2023. In addition, each April 2023 Public Offering shareholder and each Pre-Funded Warrant holder received a common warrant, which was immediately exercisable, will expire five years from the date of issuance and have an exercise price of $23.40 per common share (“April 2023 Public Offering Warrant”). The April 2023 Public Offering warrants include a cashless exercise provision and repricing provisions under certain circumstances, that also includes a potential change in the number of shares to be issued for each warrant depending on the change in the exercise price of the warrant. On September 24, 2023, as a result of the September 2023 Public Offering, which included the offering of common shares at a price lower than the exercise price of the April 2023 Warrants, the exercise price of these warrants was reduced to $5.124, and each April 2023 Warrant is convertible into 4.6 common shares of the Company.

Net proceeds from the offering were $2,936,079.

CLEARMIND MEDICINE INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in United States Dollars)

(Unaudited)

7.	Warrants

The following table summarizes the changes in the Company’s warrants:

	Number of warrants			Weighted average exercise price

Balance, October 31, 2022		19,763			576.66

Issuance of underwriter warrants		1,923			243.75
Issuance of April 2023 warrants (*)		150,191			5.124
Issuance of September 2023 warrants (**)		250,000			9.00
Issuance of XYLO warrants		75			1,297.67
Expiration of warrants		(11,430	)		922.98
Exercise of warrants		(26,153	)		5.124

Balance, October 31, 2023		384,369		$	7.90
Number of shares to be issued from the exercise of warrants		826,781

Balance, October 31, 2023		384,369		$	7.90
Issuance of January 2024 warrants (Note 5c)		1,500,000			1.60
Exercise of warrants		(202,411	)		3.04
Expiration of warrants		(8,333	)		98.43
Balance, April 30, 2024		1,673,625		$	1.53

Number of shares to be issued from the exercise of warrants		2,925,075

(*)

These warrants convert into 697,520 shares.

(**)

These warrants convert into 755,757 shares.

As of April 30, 2024, the following warrants were outstanding:

Number of warrants outstanding		Number of shares to be issued from the exercise of warrants		Exercise price		Exercise price (USD)		Expiry date

	1,923		1,923	C$	335.06	$	243.75	November 17, 2027
	50,299		697,520	$	1.077	$	1.077	April 5, 2028
	75		75	C$	1,800	$	1,309.47	November 23, 2024
	151,528		755,757	$	1.077	$	1.077	September 17, 2028
	1,469,800		1,469,800	$	1.60	$	1.60	January 15, 2025
	1,673,625		2,925,075

CLEARMIND MEDICINE INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in United States Dollars)

(Unaudited)

8.	Stock Options

(a)

On November 14, 2023, the shareholders of the Company approved the Omnibus Equity Incentive Plan, or the Omnibus Plan. Pursuant to the Omnibus Plan, the Company is authorized to grant options or restricted share units (“RSUs) to officers, directors, employees and consultants enabling them to acquire, together with” Options”, “Awards” or “Stock Options” as defined, up to 20% of our issued and outstanding Common Shares (after taking into account existing awards from the Company’s 2021 stock option plan). The Awards can be granted for a maximum of 10 years and vest as determined by the Board.

The maximum number of common shares reserved for issuance in any 12-month period to a related party consultant may not exceed 5% of the issued and outstanding common shares at the date of the grant (and may not exceed 15% in total, to all related parties). The maximum number of common shares reserved for issuance in any 12-month period to any investor relations service provider may not exceed 2% of the issued and outstanding common shares at the date of the grant.

(b)

The following table summarizes the changes in the Company’s stock options for the periods ended April 30, 2024 and October 31, 2023:

	Number of options			Weighted average exercise price (C$)		Weighted average exercise price (USD$)

Outstanding, October 31, 2022		5,254		C$	613.5	$	450.64

Granted		334			442.22		318.81

Outstanding, October 31, 2023		5,588		C$	603.12	$	434.81

Expired		(67	)		720.00		533.14

Outstanding, April 30, 2024		5,521		C$	601.70	$	437.73

Exercisable, April 30, 2024		4,803		C$	604.01	$	439.41

CLEARMIND MEDICINE INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in United States Dollars)

(Unaudited)

8.	Stock Options (continued)

(c)

Additional information regarding stock options outstanding as of April 30, 2024, is as follows:

Outstanding								Exercisable
Number of stock options		Weighted average remaining contractual life (years)		Weighted average exercise price (C$)		Weighted average exercise price (USD$)		Number of stock options		Weighted average exercise price (C$)		Weighted average exercise price (USD$)

	533		2.07	C$	166.50	$	121.13		489	C$	166.50	$	121.13
	978		7.76		504.00		366.65		795		504.00		366.65
	1,166		2.07		675.00		491.05		1,110		675.00		491.05
	200		5.00		702.00		510.69		174		702.00		510.69
	133		2.39		747.00		543.43		133		747.00		543.43
	422		7.61		612.00		445.22		422		612.00		445.22
	1,044		7.76		720.00		523.79		783		720.00		523.79
	667		2.17		756.00		549.98		611		756.00		549.98
	111		7.61		900.00		654.74		93		900.00		654.74
	61		9.07		315.00		229.16		46		315.00		229.16
	156		9.16		504.00		366.65		130		504.00		366.65
	50		9.19		32.17		23.40		17		32.17		23.40
	5,521		5.16	C$	601.70	$	437.73		4,803	C$	604.01	$	439.41

The fair value for stock options previously granted to certain consultants for ongoing services measured during the period have been estimated using the Black-Scholes option pricing model assuming no expected dividends or forfeitures and the following weighted average assumptions:

	six months ended April 30, 2024			six months ended April 30, 2023

Risk-free interest rate		3.89	%		3.89	%
Expected life (in years)		5.11			5.13
Expected volatility		150.79%-161.87	%		113%-118	%

The portion of the total fair value of stock options expensed during the three and six months ended April 30, 2024, were $23,292 and $56,870, respectively (2023 - $22,804 and $121,935, respectively) which was recorded as share-based compensation expense.

CLEARMIND MEDICINE INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in United States Dollars)

(Unaudited)

9.	Restricted Share Units

The following table summarizes the continuity of RSUs:

	Number of RSUs			Weighted average issue price (C$)		Weighted average issue price (USD$)

Balance, October 31, 2022		–		$	–	$	–

Granted		2,200			55.97		41.46
Vested		(2,200	)		55.97		41.46

Balance, October 31, 2023		–		$	–	$	–

Granted (i)		437,765			1.78		1.29
Vested		(200,784	)		1.80		1.33

Balance, April 30, 2024		236,981		$	1.76	$	1.28

(i)	During the six months ended April 30, 2024, the Company issued 437,765 RSU’s to consultants, directors and officers. 200,784 RSU’s vested with a fair value of $267,346 (2023-$77,632).

CLEARMIND MEDICINE INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in United States Dollars)

(Unaudited)

10.

Financial Instruments and Risk Management

Assets and liabilities measured at fair value on a recurring basis were presented in the Company’s statement of financial position as of April 30, 2024, as follows:

	Fair Value Measurements Using
	Quoted prices in active markets for identical instruments (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Balance April 30, 2024
Derivative warrants liability	$	–	$	–	$	3,731,799	$	3,731,799

Assets and liabilities measured at fair value on a recurring basis were presented in the Company’s statement of financial position as of October 31, 2023, as follows:

	Fair Value Measurements Using
	Quoted prices in active markets for identical instruments (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Balance October 31, 2023
Short-term investment	$	86,112	$	–	$	–	$	86,112
Derivative warrants liability		–		–		4,310,379		4,310,379

The fair value of other assets and liabilities, which include cash, amounts receivable, accounts payable and accrued liabilities, and amounts due to related parties, approximate their carrying values due to the relatively short-term maturity of these instruments.

Credit Risk

Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash. The Company limits its exposure to credit loss by placing its cash with high credit quality financial institutions. The carrying amount of financial assets represents the maximum credit exposure.

Foreign Exchange Rate Risk

Foreign currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate due to changes in foreign exchange rates. The Company is exposed to foreign currency risk to the extent that monetary assets and liabilities are denominated in a foreign currency. The Company’s subsidiary operates in Israel and has certain monetary financial instruments denominated in New Israeli Shekel and CAD. The Company has not entered into foreign exchange rate contracts to mitigate this risk.

CLEARMIND MEDICINE INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in United States Dollars)

(Unaudited)

10.

Financial Instruments and Risk Management (continued)

Foreign Exchange Rate Risk (continued)

The following table indicates the impact of foreign currency exchange risk on net working capital as of April 30, 2024. The table below also provides a sensitivity analysis of a 10% strengthening of the foreign currency against functional currencies identified which would have increased (decreased) the Company’s net loss by the amounts shown in the table below. A 10% weakening of the foreign currency against the functional currencies would have had the equal but opposite effect as of April 30, 2024.

Cash and cash equivalents	$	238,379
Other receivables		49,369
Accounts payable and accrued liabilities		(129,877	)
Due to related parties		(37,009	)
Total foreign currency financial assets and liabilities	$	120,862

Impact of a 10% strengthening or weakening of foreign exchange rate	$	12,086

Interest Rate Risk

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is not exposed to significant interest rate risk as it does not have any liabilities with variable rates.

Liquidity Risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company’s objective to managing liquidity risk is to ensure that it has sufficient liquidity available to meet its liabilities when due. The Company relies on raising debt or equity financing in a timely manner.

The following amounts are the contractual maturities of financial liabilities as of April 30, 2024 and October 31, 2023:

April 30, 2024	Total		Within 1 year		Within 2-5 years

Accounts payable and accrued liabilities	$	421,156	$	421,156	$	–
Due to related parties		47,009		47,009		–
	$	468,165	$	468,165	$	–

October 31, 2023	Total		Within 1 year		Within 2-5 years

Accounts payable and accrued liabilities	$	617,004	$	617,004	$	–
Due to related parties		42,433		42,433		–
	$	659,437	$	659,437	$	–

CLEARMIND MEDICINE INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in United States Dollars)

(Unaudited)

11.

Capital Management

The Company manages its capital to maintain its ability to continue as a going concern and to provide returns to shareholders and benefits to other stakeholders. The capital structure of the Company consists of cash and equity comprised of issued share capital, RSU reserve, warrants reserve, and options reserve.

The Company manages its capital structure and makes adjustments to it in light of economic conditions. The Company, upon approval from its Board, will balance its overall capital structure through new share issuances or by undertaking other activities as deemed appropriate under the specific circumstances.

The Company is not subject to externally imposed capital requirements and the Company’s overall strategy with respect to capital risk management remains unchanged from the six months ended April 30, 2024.

12.

Segmented Information

As of April 30, 2024, the Company has one operating segment, being the research and development of novel psychedelic medicine, which takes place primarily in Israel.

13.

Commitments

On January 15, 2024, the Company signed a long-term licensing agreement with the research & development company of Bar-Ilan University (“BIRAD”), a leading Israeli research center. The licensing agreement refers to the Company’s dedicated treatment for cocaine addiction which previously indicated a significant decrease in cocaine craving. Under this agreement, the Company received a worldwide exclusive license and will pay BIRAD certain milestone payments upon commerciality of the product and royalties of 2.5% for a period of 15 years following the first commercial sale.

On March 19, 2024, the Company signed an exclusive patent licensing agreement with Yissum research development company of the Hebrew University of Jerusalem. This agreement provides Clearmind with exclusive global rights to further develop, manufacture, and commercialize innovative compounds invented by Professors Rami Yaka, Ahmed Masaewa and Avi Priel from the Hebrew University. The Company will pay Yissum, royalties of 3% on sales. In addition, the Company will pay an annual license fee of $25,000 for seven years, after which the license fee will increase to $35,000 for three years, and $50,000 for every year thereafter. Finally, the Company will pay Yissum $400,000 upon the first patient enrolled in a Phase III Clinical Trial and $600,000 upon first commercial sale in the US or EU.

On Marh 30, 2024, the Company signed an exclusive licensing agreement with Yissum. Under the terms of the agreement, Clearmind receives exclusive worldwide rights to develop, research, manufacture, market, and commercialize products derived from a patent-pending synthesis of psychedelic compounds, enriching the company’s innovative portfolio in addiction and mental health treatments. The Company will pay Yissum royalties of 3% on sales. In addition, the Company will pay an annual license fee of $25,000 for seven years, after which the license fee will increase to $35,000 for three years, and $50,000 for every year thereafter. Finally, the Company will pay Yissum $400,000 upon the first patient enrolled in a Phase III Clinical Trial and $600,000 upon first commercial sale in the US or EU.

Respect to the Company's lease commitment, refer to Note 4c.

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Exhibit 99.2

CLEARMIND MEDICINE INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS

For the Three and Six Months Ended April 30, 2024

(Expressed in United States Dollars)

CLEARMIND MEDICINE INC.

Management’s Discussion and Analysis

For the Three and Six Months Ended April 30, 2024

This Management’s Discussion and Analysis (“MD&A”) of Clearmind Medicine Inc. (“Clearmind” or the “Company”), prepared as of June 13, 2024, should be read in conjunction with the unaudited condensed interim consolidated financial statements and the notes thereto for the three and six months ended April 30, 2024, which were prepared in accordance with International Financial Reporting Standards (“IFRS”). All amounts are expressed in United States dollars unless otherwise indicated.

Additional information about the Company is available on SEDAR at www.sedar.com.

Cautionary Statement Regarding Forward-Looking Information

This MD&A may contain “forward-looking statements” which reflect the Company’s current expectations regarding future results of operations, performance and achievements of the Company. The Company has tried, wherever possible, to identify these forward-looking statements by, among other things, using words such as “anticipate,” “believe,” “estimate,” “expect” and similar expressions. The statements reflect the current beliefs of the management of the Company, and are based on currently available information. Accordingly, these statements are subject to known and unknown risks, uncertainties and other factors, which could cause the actual results, performance, or achievements of the Company to differ materially from those expressed in, or implied by, these statements.

The Company undertakes no obligation to publicly update or review the forward-looking statements whether as a result of new information, future events or otherwise.

Historical results of operations and trends that may be inferred from the following discussions and analysis may not necessarily indicate future results from operations.

Description of Business and Company Overview

Corporate Information

The Company was incorporated on July 18, 2017, pursuant to the provisions of the Business Corporations Act (British Columbia). The Company’s principal executive offices are located at 101 – 1220 W. 6th Ave, Vancouver, BC V6H1A5 and its operational offices are located at 20 Rahul Wallenberg, Tel Aviv, Israel.

On November 14, 2022, the Company completed a listing on the Nasdaq Capital Market (“Nasdaq”). The Company trades under the symbol “CMND” on the Nasdaq and on the Frankfurt Stock Exchange, or FSE, under the symbol “CWY”. The Company was listed on the Canadian Securities Exchange (“CSE”) in Toronto until March 14, 2024. Following approval for a voluntary delisting, the Company no longer trades on the CSE but remains a reporting issuer in Canada.

On November 28, 2023, the Company’s Board approved a 1-for-30 reverse split of its issued and outstanding common shares, effective as of November 28, 2023, such that each thirty of the Company’s common shares, no par value, were consolidated into one common share, no par value.

On January 16, 2024, the Company completed a registered direct and private placement for aggregate gross proceeds of $2.40 million.

Company Overview

The Company is a clinical pharmaceutical company currently engaged in phase I/IIa clinical trials of novel psychedelic medicines to solve widespread, yet under-served, health problems. The Company’s goal is to develop and provide a new type of treatment for mental health disorders, including AUD, binge drinking and eating disorders, where there is significant unmet need and lack of innovation. The Company sees psychedelic therapies, which previously may have been overlooked or underused, as the future of treatment for a variety of indications. The Company believes that its solution for AUD can help solve one of the world’s biggest health problems, which costs the United States alone roughly $250 billion each year.

The Company’s flagship treatment and focus for the short term is on AUD, which is incredibly common. It varies from mild to excessive and describes a person’s inability to restrict their alcohol consumption, despite negative social, occupational, or health consequences. Alcohol consumption contributes to 3 million deaths each year globally and is the third most common preventable cause of death in the United States. Apart from potentially changing people’s lives, the Company believes that the Company’s treatment could potentially reduce the amount currently being spent on the consequences of AUD in the United States, Europe, India, China and other countries around the world. The Company also believes that its treatment may address binge drinking. 95,000 people die every year in the United States alone due to binge drinking.

CLEARMIND MEDICINE INC.

Management’s Discussion and Analysis

For the Three and Six Months Ended April 30, 2024

Significant developments during the period

On January 10, 2024, the Company announced that it completed a Type A meeting with the U.S. Food and Drug Administration (FDA) to discuss the Company’s clinical trial of its proprietary MEAI-based, CMND-100 compound, for the treatment of Alcohol Use Disorder treatment (AUD) using its novel psychedelic- based therapy. The active ingredient in CMND-100 is MEAI (5-methoxy-2-aminoindane), a novel psychoactive molecule that has been reported to reduce the desire to consume alcoholic beverages while exerting a euphoric alcohol-like experience. MEAI was found to interact with the serotonergic receptors 5-HT1a, 5-HT2a and 5-HT2b. The serotonergic system is considered to play a key role in the regulation of alcohol intake, reward, preference, and dependence. MEAI was also found to interact with the alpha-2-adrenergic receptors α2A, α2B and α2C and the plasma membrane monoamine transporters for dopamine (DAT), norepinephrine (NET) and serotonin (SERT); these are believed to participate in mediating alcohol drinking behavior, and therefore could constitute important molecular targets for interventions that target drugs of abuse such as alcohol.

On January 16, 2024, the Company completed the closing of the sale of Common Shares and Pre-Funded Warrants in a registered direct offering. In a concurrent private placement, the Company also agreed to sell to the same investors, Common Warrants. Aggregate gross proceeds to the Company from both transactions were approximately $2.4 million. The transactions consisted of the sale of an aggregate of 1,500,000 Common Units (or Pre-Funded Units), each consisting of one Common Share or Pre-Funded Warrant and one Common Warrant to purchase one Common Share per warrant at an exercise price of $1.60. The public offering price per Common Unit was $1.60 (or $1.5999 for each Pre-Funded Unit, which is equal to the public offering price per Common Unit sold in the offering minus an exercise price of $0.0001 per Pre-Funded Warrant). The Pre-Funded Warrants were immediately exercisable and may be exercised at any time until exercised in full. For each Pre-Funded Unit sold in the offering, the number of Common Units in the offering decreased on a one-for-one basis. The Common Warrants will be exercisable immediately after registration and expire 60 months after the initial issuance date.

On February 1, 2024, the Company announced the signature of a long-term licensing agreement with BIRAD, the research and development company of Bar-Ilan University, a leading Israeli research center. The licensing agreement refers to the Company’s dedicated treatment for cocaine addiction which previously indicated a significant decrease in cocaine craving. Clearmind previously reported positive pre-clinical results for the treatment of cocaine addiction using MEAI, its novel psychedelic molecule. The pre-clinical trial was led by Professor Gal Yadid and his team from the Gonda Multidisciplinary Brain Research Center located at Bar-Ilan University (Ramat Gan, Israel), one of the most respected researchers and research institutions in the field of addiction. The trial was designed according to the self-administration paradigm, which is the gold-standard model for examining drug addiction and is based on operant conditioning. Animals previously conditioned with cocaine, received either cocaine (at 15mg/kg) or MEAI at doses of 2.5, 5, 10 and 20 mg/kg. Animals treated with MEAI spent less time in the compartment associated with cocaine. The results suggested a potential role for MEAI in abolishing cocaine-induced conditioned place-preference and eliminating heightened craving, as well as establishing that the compound was not addictive. The 5 mg/kg dose was found to be the most effective dose and was selected for further study.

In an additional trial, animals were catheterized and trained to self-administer cocaine. After the establishment of the addiction model, animals underwent an extinction phase where no cocaine was administered and MEAI was given to the test group. Finally, a relapse phase was carried out where the addicted animals were reminded of the drug with a single administration and then the animals were returned to the self-administration habitat without receiving the drug. The assumption was that the more an animal yearns to receive the drug, the more it would press on the active pedal. The results identified a sub-group within the study, which dramatically responded to the treatment, significantly decreasing the craving for cocaine, as compared to the non-treated control group. This sub-group, representing 60% of animals, showed very high response, both within the sub-group and across the animals tested. This pattern of results aligns with a previous Clearmind study that tested the conditioned place-preference paradigm, where a similar sub-population group was identified in the context of cocaine preference. This research also demonstrated MEAI’s unique ability to treat cocaine addiction and its potential to become, if approved by regulatory agencies, the first dedicated cocaine addiction treatment.

CLEARMIND MEDICINE INC.

Management’s Discussion and Analysis

For the Three and Six Months Ended April 30, 2024

On February 5, 2024, the Company announced that it has received patent approval for its psychedelic based treatment of binge behaviors in China by the China National Intellectual Property Administration. The granting of this latest patent establishes both the Company’s patent protection around its flagship molecule as well as its extensive IP protection in the psychedelic space.

‍On February 20, 2024, the Company announced that it has submitted three patent applications under the international Patent Cooperation Treaty (“PCT”), as part of its ongoing collaboration with SciSparc Ltd. (Nasdaq: SPRC) (“SciSparc”), a specialty clinical-stage pharmaceutical company focusing on the development of therapies to treat disorders of the central nervous system. The three patent applications refer to novel proprietary combinations of lysergic acid diethylamide (LSD), psilocybin and N,N-dimethyltryptamine (DMT) and SciSparc’s Palmitoylethanolamide (PEA), the active ingredient of SciSparc’ proprietary CannAmide™. These applications were previously filed as provisional patent applications with the United States Patent and Trademark Office (USPTO). The latest patent applications build upon Clearmind’s broad IP protection in the psychedelic space, which now includes 27 granted patents and 24 pending patent applications across 15 patent families, nine of which have been granted in major jurisdictions such as the US, Europe, China, and India.

On February 23, 2024, the Company announced that it has received approval from the Ministry of Health of Israel to commence its phase I/IIa clinical trial for alcohol use disorder (AUD) patients using the Company’s proprietary MEAI-based (5-methoxy-2-aminoindane) CMND-100 oral capsule. The clinical trial is a multinational, multi-center, single and multiple dose tolerability, safety and pharmacokinetic study of CMND-100 in healthy volunteers and AUD subjects. The Israeli study will be led by Prof. Mark Weiser, M.D., head of the Psychiatric Division at the Sheba Medical Center in the Tel Aviv suburb of Ramat Gan.

The active ingredient in CMND-100 is MEAI, an innovative, psychoactive and non-hallucinogenic molecule that has been reported to reduce the desire to consume alcoholic beverages, while exerting a slight euphoric alcohol-like experience. MEAI was found to interact with the serotonergic receptors 5-HT1a and 5-HT2a. The serotonergic system is considered to play a key role in the regulation of alcohol intake, reward, preference, and dependence. MEAI was also found to interact with the alpha-2-adrenergic receptors α2A, α2B and α2C, as well as the plasma membrane monoamine transporters for dopamine (DAT), norepinephrine (NET) and serotonin (SERT). These receptors and transporters are believed to participate in mediating alcohol drinking behavior and could constitute important molecular targets for interventions that target drugs subject to abuse, such as alcohol.

On February 27, 2024, the Company announced that it has submitted three patent applications under the international Patent Cooperation Treaty (“PCT”), as part of its ongoing collaboration with SciSparc Ltd. (Nasdaq: SPRC) (“SciSparc”), a specialty clinical-stage pharmaceutical company focusing on the development of therapies to treat disorders of the central nervous system. The three patent applications refer to novel proprietary combinations of 3,4-Methylenedioxymethamphetamine (MDMA), Ibogaine, and Ketamine and SciSparc’s Palmitoylethanolamide (PEA), the active ingredient of SciSparc’ proprietary CannAmide™. These applications were previously filed as provisional patent applications with the United States Patent and Trademark Office (USPTO). The latest patent applications build upon Clearmind’s broad IP protection in the psychedelic space, which now includes 27 granted patents and 24 pending patent applications across 15 patent families, nine of which have been granted in major jurisdictions such as the US, Europe, China, and India.

On March 13, 2024, the Company announced that it has received approval for a voluntary delisting of its common shares from the Canadian Securities Exchange (“CSE”). The delisting from the CSE does not affect the Company’s listing on the NASDAQ Capital Market (the “NASDAQ”). The common shares will continue to trade on the NASDAQ under the symbol CMND. The Company believes that the trading volume of its shares on the CSE no longer justified the expenses and administrative efforts required to maintain a dual listing. The Company also believes that the delisting from the CSE will create a central marketplace for its common shares on the NASDAQ, and ultimately benefit the long-term liquidity and shareholder value of the Company. Following delisting from the CSE, Clearmind’s shareholders can trade their common shares through their brokers on NASDAQ. As most brokers in Canada, including many discount and online brokers, have the ability to buy and sell securities listed on NASDAQ, Clearmind’s NASDAQ listing will continue to provide shareholders with the same accessibility to trade the Company’s common shares. Shareholders holding shares in Canadian brokerage accounts should contact their brokers to confirm how to trade Clearmind’s shares on the NASDAQ.

CLEARMIND MEDICINE INC.

Management’s Discussion and Analysis

For the Three and Six Months Ended April 30, 2024

On March 27, 2024, the Company announced that it has submitted its tenth patent application under the international Patent Cooperation Treaty (“PCT”), as part of its ongoing collaboration with SciSparc Ltd. (Nasdaq: SPRC) (“SciSparc”), a specialty clinical-stage pharmaceutical company focusing on the development of therapies to treat disorders of the central nervous system. The patent applications refer to the novel proprietary composition of Clearmind’s MEAI compound (5-methoxy-2-aminoindane) with Palmitoylethanolamide (“PEA”), the active ingredient of SciSparc’s proprietary CannAmide™, for preventing and/or treating depression. This application was previously filed as provisional patent application with the United States Patent and Trademark Office (“USPTO”). According to the ResearchAndMarkets.com, the global depression and anxiety disorders treatment market size was estimated to be USD 21.56 billion in 2023 and is expected to reach at USD 41.83 billion by 2034 with a CAGR of 6.21% during the forecast period 2024-2034.

Overall, as part of this collaboration, nine other patent applications have been filed by Clearmind with the USPTO for various compositions, including the composition of SciSparc’s PEA with Clearmind’s MEAI compound for the treatments of alcohol use disorder, cocaine addiction and obesity and its related metabolic disorders.

On April 10, 2024, the Company announced that it has filed a patent application with United States Patent and Trademark Office (USPTO) for the use of 3-methylmethcathinone (with the chemical name 2-(methylamino)-1-(3-methylphenyl)-1-propanon) (“3-MMC”), to prevent and/or treat eating disorders either alone or in conjunction with Palmitoylethanolamide (“PEA”). A report by the World Obesity Federation, predicts that half the world will be overweight or obese by 2035. The report authors say this increase could put a strain on healthcare systems and cause $4 trillion in economic damage.

On April 17, 2024, the Company has announced that it has signed an exclusive licensing agreement with Yissum Research Development Company of the Hebrew University of Jerusalem. This partnership marks a significant step in harnessing generation 3.0 psychedelic compounds, methods of their preparation, and uses thereof in the treatment of addiction and mental disorders. Under the terms of the agreement, Clearmind receives exclusive worldwide rights to develop, research, manufacture, market, and commercialize products derived from a patent-pending synthesis of psychedelic compounds, enriching the Company’s innovative portfolio in addiction and mental health treatments.

‍On May 7, 2024, the Company has announced that it has signed an exclusive patent licensing agreement with Yissum Research Development Company of the Hebrew University of Jerusalem. This agreement provides Clearmind with exclusive global rights to further develop, manufacture, and commercialize innovative compounds invented by Professors Rami Yaka, Ahmed Masaewa and Avi Priel from the Hebrew University. These novel compounds are targeted at treating post-traumatic stress disorder (PTSD) and other mental health conditions. The global market for PTSD treatment, valued at $16.8 billion in 2023, is expected to reach $27.37 billion by 2033, according to Future Market Insights. Existing treatment options like SSRIs and SNRIs offer limited efficacy and are often accompanied by side effects including nausea, weight gain, sexual dysfunction, insomnia and increased anxiety. Under the terms of the agreement, Clearmind receives exclusive rights to develop, manufacture, and commercialize novel compounds for treating PTSD and other mental health disorders. Clearmind is responsible for the ongoing development and potential commercialization in line with regulatory guidelines. The agreement includes future milestone payments, royalties on future sales, and commitments to safeguard intellectual property rights.

On May 10, 2024, the Company announced that it has advanced in its proprietary MEAI- based alcohol substitute beverage program. The Company has completed most of the pre-clinical studies required for a novel-food application submission according to novel foods and food additives legislation and regulations accepted in many jurisdictions worldwide. Clearmind’s alcohol substitute was granted patents in the U.S., India and Europe. This project is being led by former Red Bull Canada and Juul Labs Canada executive, Nicholas Kadysh, serving as an Executive Special Advisor to the Company. According to a report by IWSR, the leader in global beverage alcohol data and insights, no- and low-alcohol consumption across the world’s leading 10 no/low markets, which account for approximately 70% of global no/low-alcohol volumes, grew by +5% in volume in 2023, and the market is now worth over $13 billion. The no/low alcohol category is forecast to grow at a volume CAGR of +6% between 2023 and 2027, led by no-alcohol at +7%, with low-alcohol expanding by +3% over the same timescale.

CLEARMIND MEDICINE INC.

Management’s Discussion and Analysis

For the Three and Six Months Ended April 30, 2024

Prior Use of Proceeds Disclosure

The table below describes the difference between the Company’s anticipated use of proceeds from public offerings completed since November 2022, as disclosed in previous news releases. The table shows the amounts actually spent for the period from November 1, 2022, through to April 30, 2024. The variances noted below do not have a material impact on the Company’s ability to achieve its business objectives and milestones. The table below does not include proceeds received from the exercise of warrants.

Use of Available Funds	Disclosure Regarding Use of Proceeds (USD)	Spent through to April 30, 2024 (USD)
November 2022 public offering:
To advance the formulation and clinical development efforts in our MEAI patented compounds (completed);	1.5 million	1.46 million
To complete the pre-IND enabling studies and IND submission (completed)	1.0 million	1.0 million
To complete planned Phase I/IIa studies	3.5 million	0.44 million
The remainder for working capital and general corporate purposes and possible in-licensing of intellectual property for new product candidates	0.4 million	0.4 million
April 2023 Public Offering
General corporate purposes, which may include operating expenses, research and development, including clinical and pre-clinical testing of our product candidates, working capital, future acquisitions and general capital expenditures	2.9 million	2.9 million
September 2023 Public Offering
For general corporate purposes, which may include operating expenses, research and development, including clinical and pre-clinical testing of its product candidates, working capital, future acquisitions and general capital expenditures.	2.25 million	0.45 million
January 2024 Public Offering
For general corporate purposes and working capital.	2.4 million	0.6 million

CLEARMIND MEDICINE INC.

Management’s Discussion and Analysis

For the Three and Six Months Ended April 30, 2024

Selected Financial Information

The following financial data prepared in accordance with IFRS in United States dollars is presented for the three- and six-month period ended April 30, 2024 and 2023.

	Three months ended						Six months ended
	April 30,						April 30,
	2024			2023			2024			2023

Operating expenses
General and administrative	$	980,549		$	1,338,445		$	2,137,062		$	2,583,873
Research and development, net		322,956			317,572			550,434			905,202
Total operating expenses		1,303,505			1,656,017			2,687,496			3,489,075

Finance income (expenses)

Changes in fair value of derivative warrant liabilities		405,002			(360,557	)		560,145			(360,557	)
Unrealized gain (loss) on short-term investment		415,270			4,445			415,826			(58,749	)
Realized loss on short-term investment		(423,438	)		–			(423,438	)		–
Foreign exchange gain (loss)		1,255			(60,952	)		2,671			(95,356	)
Other finance income, net		33,955			5,966			94,531			23,981
Total finance income (expenses)		432,044			(411,098	)		649,735			(490,681	)

Other income
Dividend received		–			–			–			16,555
Total other income		–			–			–			16,555

Loss before taxes		(871,461	)		(2,067,115	)		(2,037,761	)		(3,963,201	)
Tax expenses		(36,756	)		(9,267	)		(238,256	)		(12,650	)
Net Loss and Comprehensive loss	$	(908,217	)	$	(2,076,382	)	$	(2,276,017	)	$	(3,975,851	)
Loss per share, basic and diluted	$	(0.28	)	$	(16.62	)	$	(0.96	)	$	(39.62	)
Weighted average number of shares for the purposes of basic and diluted loss per share		3,253,267			124,911			2,375,825			100,351

Three-month period ended April 30, 2024, compared to the three-month period ended April 30, 2023

Research Costs

Research costs are comprised primarily of (i) pre-clinical trials and (ii), regulatory professional and other expenses.

For the three-month period ended April 30, 2024, research costs amounted to $322,956 as compared to $317,572 for the three-month period ended April 30, 2023.

During the mentioned period, most of our R&D activity revolved around our upcoming clinical trial.

General and Administrative Expenses

For the three-month period ended April 30, 2024, general and administrative expenses amounted to $980,549 as compared to $1,338,445 for the three-month period ended April 30, 2023.

Finance incomes (expenses)

For the three-month period ended April 30, 2024, financial incomes amounted to $432,044 as compared to financial expenses of ($411,098) for the three-month period ended April 30, 2023. The financial incomes during the three-month period ended April 30, 2024, consist of change in warrant liability of $405,002, foreign exchange gain of $1,255, unrealized gain on short-term investment of $415,270, realized loss on short-term investment of $423,438 and finance income, net of $33,955.

Loss for the period

The Company reported a loss for the three-month period ended April 30, 2024, of $908,217 as compared to a loss of $2,076,382 for the three-month period ended April 30, 2023.

CLEARMIND MEDICINE INC.

Management’s Discussion and Analysis

For the Three and Six Months Ended April 30, 2024

Six-month period ended April 30, 2024, compared to the six-month period ended April 30, 2023

Research Costs

Research costs are comprised primarily of (i) pre-clinical trials and (ii), regulatory professional and other expenses.

For the six-month period ended April 30, 2024, research costs amounted to $550,434 as compared to $905,202 for the six-month period ended April 30, 2023.

During the mentioned period, most of our R&D activity revolved around our upcoming clinical trial. The decrease in activities compare to the prior period results from the large expenses incurred to complete our pre-clinical program.

General and Administrative Expenses

For the six-month period ended April 30, 2024, general and administrative expenses amounted to $2,137,062 as compared to $2,583,873 for the six-month period ended April 30, 2023.

Finance incomes (expenses)

For the six-month period ended April 30, 2024, financial incomes amounted to $649,735 as compared to financial expenses of ($490,681) for the six-month period ended April 30, 2023. The financial incomes during the six-month period ended April 30, 2024, consist of change in warrant liability of $560,145, foreign exchange gain of $2,671, unrealized gain on short-term investment of $415,826, realized loss on short-term investment of 423,438 and finance income, net of $94,531.

Loss for the period

The Company reported a loss for the six-month period ended April 30, 2024, of $2,276,017 as compared to a loss of $3,975,851 for the six-month period ended April 30, 2023.

Financial Summary of Quarterly Results

The following is a summary of the Company’s financial results for the eight most recently completed quarters.

	April 30, 2024			January 31, 2024			October 31, 2023			July 31, 2023

Total revenues	$	–		$	–		$	–		$	–
Net loss		(908,217	)		(1,367,800	)		(4,069,799	)		(575,187	)
Net loss per share, basic and diluted		(0.28	)		(0.90	)		(1.24	)		(2.40	)

	April 30, 2023			January 31, 2023			October 31, 2022			July 31, 2022

Total revenues	$	–		$	–		$	–		$	–
Net loss		(2,076,382	)		(1,899,469	)		(1,554,178	)		(1,483,012	)
Net loss per share, basic and diluted		(16.62	)		(24.80	)		(35.51	)		(33.60	)

Factors causing significant variations in quarterly results are as follows:

●

The decrease in loss for the quarter ended July 31, 2022, was primarily due to a decrease in research and development expenditures.

●

The increase in loss for the quarter ended October 31, 2022, was primarily due to an increase in research and development expenditures.

●

The increase in loss for the quarter ended January 31, 2023, was primarily due to an increase in general and administrative costs.

●

The increase in loss for the quarter ended April 30, 2023, was primarily due to an increase in financial expenses relating to the change in fair value of the warrant liability of $360,557.

●

The decrease in loss for the quarter ended July 31, 2023, was primarily due to a gain on the revaluation of the total warrant liability of $482,331.

CLEARMIND MEDICINE INC.

Management’s Discussion and Analysis

For the Three and Six Months Ended April 30, 2024

●

The increase in loss for the quarter ended October 31, 2023, was primarily due to a loss on the revaluation of the total warrant liability of $2,189,986.

●

The decrease in loss for the quarter ended January 31, 2024, was primarily due to a gain on the revaluation of the total warrant liability of $155,143.

●

The decrease in loss for the quarter ended April 30, 2024, was primarily due to a gain on the revaluation of the total warrant liability of $405,002.

Liquidity and Capital Resources

As of April 30, 2024, the Company had cash on hand of $8,305,927 and working capital of $4,491,100, compared to $5,427,739 and working capital of $824,760 as of October 31, 2023, respectively. During the six-month period ended April 30, 2024, the Company’s overall position of cash increased by $2,878,188 from the year ended October 31, 2023. This increase in cash can be attributed to the following:

●

The Company’s net cash used in operating activities during the six-month period ended April 30, 2024, was $2,654,773 as compared to $4,172,649 for the six-month period ended April 30, 2023. This decrease is mostly due to a decrease in expenditures on operating activities after adjusting for non-cash items, and changes in prepaid expenses, receivables, accounts payable and accrued liabilities and amounts due to/from related parties.

●

Net cash generated from investing activities - being proceeds from the sale of a short-term investment- for the six -month period ended April 30, 2024, was $78,500 as compared to $nil for the six-month period ended April 30, 2023.

●

Net cash provided from financing activities for the six -month period ended April 30, 2024, was $5,461,636 as compared to $9,290,812 for the six-month period ended April 30, 2023. Cash provided in 2024 was from the January 2024 Public Offering and from exercise of warrants. In 2023 the cash was provided from the November 2022 Public Offering and the April 2023 Public Offering.

The Company anticipates that its cash and cash equivalents will provide sufficient liquidity for at least twelve months, however, the Company may have capital requirements in excess of its currently available resources in order to advance all it its programs. The actual amount of cash that the Company will need to operate is subject to many factors, including, but not limited to, the timing, design and conduct of clinical trials. The Company is dependent upon significant future financing to provide the cash necessary to execute its current operations, including the commercialization of any of its drug candidates.

In the event the Company’s plans change, its assumptions change or prove inaccurate, or its capital resources in addition to projected cash flow, if any, prove to be insufficient to fund operations, the Company may be required to seek additional financing. There can be no assurance that the Company will have sufficient financing to meet its future capital requirements or that additional financing will be available on terms acceptable to the Company in the future.

Capital Management

The Company manages its capital to maintain its ability to continue as a going concern and to provide returns to shareholders and benefits to other stakeholders. The capital structure of the Company consists of cash and equity comprised of issued capital, shares issuable, warrants reserve and share-based payment reserve.

The Company manages its capital structure and makes adjustments to it in light of economic conditions. The Company, upon approval from its Board of Directors, will balance its overall capital structure through new share issuances or by undertaking other activities as deemed appropriate under the specific circumstances.

The Company is not subject to externally imposed capital requirements and the Company’s overall strategy with respect to capital risk management remains unchanged from the year ended October 31, 2023.

Off Balance Sheet Arrangements

There are no off-balance sheet arrangements to which the Company is committed.

CLEARMIND MEDICINE INC.

Management’s Discussion and Analysis

For the Three and Six Months Ended April 30, 2024

Transactions With Related Parties

Compensation to key management personnel

(i)

The compensation to key management personnel for services they provide to the Company is as follows:

	Three months ended		Three months ended		Six months ended		Six months ended
	April 30,		April 30,		April 30,		April 30,
	2024		2023		2024		2023

Officers:
Consulting fees	$	78,586	$	87,471	$	248,274	$	220,501
Share based compensation		25,854		30,188		41,555		75,380
	$	113,440	$	117,659	$	289,829	$	295,881
Directors:
Directors’ fees	$	50,902	$	41,834	$	125,525	$	80,976
Share based compensation		68,669		34,029		85,890		78,124
	$	119,571	$	75,863	$	211,415	$	159,100

(ii)

Balances with related parties

	April 30,		October 31,
	2024		2023
Amounts owed to officers	$	30,136	$	29,666
Amounts owed to directors		16,873		12,767
	$	47,009	$	42,433

On March 7, 2022, the Company signed an agreement with SciSparc Ltd. (“SciSparc”), pursuant to which the Company and SciSparc agreed to cooperate in conducting a feasibility study using certain molecules developed by each party (the “Cooperation Agreement”). Certain of the Company’s officers and directors currently operate, manage or are engaged as officers and/or directors of SciSparc.

In June 2023, the Company entered into a research agreement with the Hebrew University of Jerusalem to evaluate SciSparc and the Company’s combination treatment for obesity and metabolic syndrome.

For the three and six months ended April 30, 2024, the Company incurred research and development expenses conducted within the framework of the Cooperation Agreement in the amount of $22,306 and $22,808, respectively (three and six months ended April 30, 2023, $30,863 and $88,493 respectively). As of April 30, 2024, $105,022 is owed to the Company by SciSparc (October 31, 2023- $136,002).

As of April 30, 2024, the Company and SciSparc were in the process of negotiating the terms of a new lease contract.

CLEARMIND MEDICINE INC.

Management’s Discussion and Analysis

For the Three and Six Months Ended April 30, 2024

Financial Instruments and Risk Management

(a)	Fair Values

Assets and liabilities measured at fair value on a recurring basis were presented on the Company’s statement of financial position as of April 30, 2024, as follows:

	Fair Value Measurements Using
	Quoted prices in active markets for identical instruments (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Balance April 30, 2024
Derivative warrants liability	$	–	$	–	$	3,731,799	$	3,731,799

Assets and liabilities measured at fair value on a recurring basis were presented on the Company’s statement of financial position as of October 31, 2023, as follows:

	Fair Value Measurements Using
	Quoted prices in active markets for identical instruments (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Balance October 31, 2023
Short-term investment	$	86,112	$	–	$	–	$	86,112
Derivative warrants liability		–		–		4,310,379		4,310,379

The fair values financial instruments, which include cash, amounts receivable, accounts payable and accrued liabilities, and amounts due to related parties, approximate their carrying values due to the relatively short-term maturity of these instruments.

(b)	Credit Risk

(c)	Foreign Exchange Rate Risk

The following table indicates the impact of foreign currency exchange risk on net working capital as at April 30, 2024. The table below also provides a sensitivity analysis of a 10% strengthening of the foreign currency against functional currencies identified which would have increased (decreased) the Company’s net loss by the amounts shown in the table below. A 10% weakening of the foreign currency against the functional currencies would have had the equal but opposite effect as of April 30, 2024.

Cash and cash equivalents	$	238,379
Other receivables		49,369
Accounts payable and accrued liabilities		(129,877	)
Due to related parties		(37,009	)
Total foreign currency financial assets and liabilities	$	120,862

Impact of a 10% strengthening or weakening of foreign exchange rate	$	12,086

CLEARMIND MEDICINE INC.

Management’s Discussion and Analysis

For the Three and Six Months Ended April 30, 2024

(d)	Interest Rate Risk

(e)	Liquidity Risk

The following amounts are the contractual maturities of financial liabilities as of April 30, 2024, and October 31, 2023:

April 30, 2024	Total		Within 1 year		Within 2-5 years

Accounts payable and accrued liabilities	$	421,156	$	421,156	$	–
Due to related parties		47,009		47,009		–
	$	468,165	$	468,165	$	–

October 31, 2023	Total		Within 1 year		Within 2-5 years

Accounts payable and accrued liabilities	$	617,004	$	617,004	$	–
Due to related parties		42,433		42,433		–
	$	659,437	$	659,437	$	–

Accounting Standards Issued But Not Yet Effective

A number of new standards, and amendments to standards and interpretations, are not yet effective for the six months ended April 30, 2024, and have not been early adopted in preparing these condensed interim consolidated financial statements. These new standards, and amendments to standards and interpretations are either not applicable or are not expected to have a significant impact on the Company’s condensed interim consolidated financial statements.

Significant Accounting Estimates and Judgments

The preparation of condensed interim consolidated financial statements in accordance with IFRS requires management to make judgments, estimates, and assumptions that affect the application of policies and reported amounts of assets, liabilities, income, and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

CLEARMIND MEDICINE INC.

Management’s Discussion and Analysis

For the Three and Six Months Ended April 30, 2024

Significant Estimates

Share-based Compensation

Warrant Liability

The key assumptions used in the models are the expected future volatility in the price of the Company’s shares, the expected life of the warrants and the probability of any future adjustment event.

Significant Judgments

Going Concern

The application of the going concern assumption which requires management to take into account all available information about the future, which is at least but not limited to, 12 months from the year end of the reporting period. The Company is aware that material uncertainties related to events or conditions may cast significant doubt upon the Company’s ability to continue as a going concern.

Disclosure of Outstanding Share Data

Authorized share capital consists of unlimited number of common shares without par value.

As of April 30, 2024, and June 13, 2024, the Company had 3,310,528 and 3,310,616 common shares issued and outstanding, respectively.

As of April 30, 2024, and June 13, 2024, the Company had 5,521 stock options outstanding.

As of April 30, 2024, and June 13, 2024, the Company had 2,925,075 warrants outstanding.

As of April 30, 2024, and June 13, 2024, the Company had 430,984 RSU’s outstanding.

CLEARMIND MEDICINE INC.

Management’s Discussion and Analysis

For the Three and Six Months Ended April 30, 2024

Risks and Uncertainties

The Company business, and investing in the Company’s securities, are subject to numerous risks, as more fully described in the section entitled “Risk Factors” beginning on page 9 and other risk factors contained in the Company’s Annual Information Form filed in SEDAR on December 1, 2022. If any of these risks actually occur, the Company’s business, financial condition or results of operations would likely be materially adversely affected. In each case, the trading price of the Company’s securities would likely decline, and investors may lose all or part of their investment. The following is a summary of some of the principal risks the Company faces:

●

The Company has incurred losses since its inception. The Company anticipated that it will incur significant losses for the foreseeable future, and the Company may never achieve or maintain profitability.

●

The Company’s financial statements contain an explanatory paragraph regarding substantial doubt about the Company’s ability to continue as a going concern.

●

If the Company is unable to establish sales and marketing capabilities or enter into agreements to sell and market any product candidates, the Company may not be successful in commercializing those product candidates.

●

If the Company is unable to maintain effective proprietary rights for the Company’s product candidates or any future product candidates, the Company may not be able to compete effectively in its markets.

Document And Entity Information	6 Months Ended
Document And Entity Information	Apr. 30, 2024
Document Information Line Items
Entity Registrant Name	Clearmind Medicine Inc.
Document Type	6-K
Current Fiscal Year End Date	--10-31
Amendment Flag	false
Entity Central Index Key	0001892500
Document Period End Date	Apr. 30, 2024
Entity File Number	001-41557

Condensed Interim Consolidated Statements of Financial Position (Unaudited) - USD ($)	Apr. 30, 2024	Oct. 31, 2023
Current assets
Cash and cash equivalents	$ 8,305,927	$ 5,427,739
Other receivables	69,506	104,320
Short-term investment (Note 3)		86,112
Prepaid expenses	210,609	40,403
Related parties (Note 4b)	105,022	136,002
Total current assets	8,691,064	5,794,576
Non-current assets
Property and equipment	624	1,727
Intangible assets	113,848	119,310
Restricted cash	40,182	37,675
Total non-current assets	154,654	158,712
Total assets	8,845,718	5,953,288
Current liabilities
Accounts payable and accrued liabilities	421,156	617,004
Due to related parties (Note 4a)	47,009	42,433
Derivative warrant liabilities (Note 5)	3,731,799	4,310,379
Total current liabilities	4,199,964	4,969,816
Total liabilities	4,199,964	4,969,816
Shareholders’ equity
Share capital and share premium (Note 6)	22,757,547	17,131,223
Warrants (Note 7)	459,341	459,341
Share-based payment reserve (Notes 8,9)	2,494,196	2,182,221
Accumulated other comprehensive loss	(21,250)	(21,250)
Accumulated deficit	(21,044,080)	(18,768,063)
Total shareholders’ equity	4,645,754	983,472
Total liabilities and shareholders’ equity	$ 8,845,718	$ 5,953,288

Condensed Interim Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)

3 Months Ended

6 Months Ended

Apr. 30, 2024

Apr. 30, 2023

Apr. 30, 2024

Apr. 30, 2023

Operating expenses

General and administrative

$ 980,549

$ 1,338,445

$ 2,137,062

$ 2,583,873

Research and development, net

322,956

317,572

550,434

905,202

Total operating expenses

1,303,505

1,656,017

2,687,496

3,489,075

Finance income (expenses)

Changes in fair value of derivative warrant liabilities (Note 5)

405,002

(360,557)

560,145

(360,557)

Unrealized gain (loss) on short-term investment (Note 3)

415,270

4,445

415,826

(58,749)

Realized loss on short-term investment (Note 3)

(423,438)

Foreign exchange gain (loss)

1,255

(60,952)

2,671

(95,356)

Other finance income, net

33,955

5,966

94,531

23,981

Total finance income (expenses)

432,044

(411,098)

649,735

(490,681)

Other income

Dividend received

16,555

Total other income

16,555

Loss before taxes

(871,461)

(2,067,115)

(2,037,761)

(3,963,201)

Tax expenses

(36,756)

(9,267)

(238,256)

(12,650)

Net Loss and Comprehensive loss

$ (908,217)

$ (2,076,382)

$ (2,276,017)

$ (3,975,851)

Loss per share, basic (in Dollars per share)

$ (0.28)

$ (16.62)

$ (0.96)

$ (39.62)

Weighted average number of shares for the purposes of basic loss per share (in Shares)

^[1]

3,253,267

124,911

2,375,825

100,351

[1]

Condensed Interim Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parentheticals) - $ / shares

3 Months Ended

6 Months Ended

Apr. 30, 2024

Apr. 30, 2023

Apr. 30, 2024

Apr. 30, 2023

Profit or loss [abstract]

Loss per share , diluted

$ (0.28)

$ (16.62)

$ (0.96)

$ (39.62)

Weighted average number of shares for the purposes of diluted loss per share

^[1]

3,253,267

124,911

2,375,825

100,351

[1]

Condensed Interim Statements of Changes in Shareholders’ Equity (Deficit) (Unaudited) - USD ($)

Share capital and share premium

Warrants

Share-based payment reserve

Accumulated other comprehensive income

Accumulated deficit

Total

Balance at Oct. 31, 2022

$ 6,706,644

$ 459,110

$ 1,896,724

$ (21,250)

$ (10,147,226)

$ (1,105,998)

Balance (in Shares) at Oct. 31, 2022

^[1]

43,992

Net loss for the period

(3,975,851)

Issuance of common shares

$ 6,026,327

337,579

6,363,906

Issuance of common shares (in Shares)

^[1]

38,462

Common shares and warrants issued to XYLO TECHNOLOGIES LTD. (formerly Medigus Ltd.)

$ 296,845

231

297,076

Issuance of common shares, pre-funded warrants and warrants

$ 1,455,832

1,455,832

Issuance of common shares, pre-funded warrants and warrants (in Shares)

^[1]

150,191

Issuance of common shares upon vesting of restricted stock units

$ 150,071

(150,071)

Issuance of common shares upon vesting of restricted stock units (in Shares)

^[1]

561

Common shares for services

40,372

Share-based compensation

199,567

Balance at Apr. 30, 2023

$ 14,635,719

459,341

2,324,171

(21,250)

(14,123,077)

3,274,904

Balance (in Shares) at Apr. 30, 2023

^[1]

233,206

Balance at Oct. 31, 2023

$ 17,131,223

459,341

2,182,221

(21,250)

(18,768,063)

983,472

Balance (in Shares) at Oct. 31, 2023

^[1]

607,337

Net loss for the period

(2,276,017)

Issuance of common shares, pre-funded warrants and warrants

$ 1,459,815

1,459,815

Issuance of common shares, pre-funded warrants and warrants (in Shares)

^[1]

1,500,000

Exercise of warrants

$ 4,154,389

4,154,389

Exercise of warrants (in Shares)

^[1]

1,194,102

Issuance of common shares upon vesting of restricted stock units

$ 11,935

(11,935)

Issuance of common shares upon vesting of restricted stock units (in Shares)

^[1]

9,000

Share-based compensation

$ 185

323,910

324,095

Share-based compensation (in Shares)

Balance at Apr. 30, 2024

$ 22,757,547

$ 459,341

$ 2,494,196

$ (21,250)

$ (21,044,080)

$ 4,645,754

Balance (in Shares) at Apr. 30, 2024

^[1]

3,310,528

[1]

All share amounts have been retroactively adjusted for all periods presented.

Condensed Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Operating activities
Net loss	$ (2,276,017)	$ (3,975,851)
Adjustments for:
Amortization of intangible assets	5,462	4,975
Amortization of right-of-use asset	17,804	26,789
Interest on lease liability	1,629	2,682
Exchange rate differences	(8,980)	(77)
Share issuance costs allocated to derivate warrant liability	115,046
Depreciation of property and equipment	1,103	3,813
Changes in fair value of derivative warrant liability	(560,145)	360,557
Share-based compensation	324,095	246,446
Unrealized (gain) loss on short-term investment	(415,826)	58,749
Realized loss on short-term investment	423,438
Tax expenses	71,237	12,650
Changes in working capital:
Decrease (increase) in other receivables	72,078	(100,197)
Increase in prepaid expenses	(170,422)	(249,028)
Decrease in accounts payable and accrued liabilities	(260,480)	(405,984)
Increase (decrease) in due to / from related parties	5,205	(158,173)
Net cash used in operating activities	(2,654,773)	(4,172,649)
Investing activities
Proceeds from sale of short-term investment	78,500
Net cash generated in investing activities	78,500
Financing activities
Proceeds from issuance of common shares and warrants, net of issuance costs (Note 6c (iii))	1,824,773	9,321,796
Proceeds received from exercise of warrants (Notes 6c (ii,v))	3,655,950
Repayment of lease liabilities	(19,087)	(30,984)
Net cash provided by financing activities	5,461,636	9,290,812
Effect of foreign exchange rate changes on cash and cash equivalents	(7,175)	(1,233)
Net increase in cash and cash equivalents	2,878,188	5,116,930
Cash and cash equivalents at beginning of period	5,427,739	128,777
Cash and cash equivalents at end of period	8,305,927	5,245,707
Supplementary disclosure of cash flow information:
Cash received for interest	120,612	26,663
Cash paid for taxes	192,825
Non-cash financing and investing activities
Derivative liability converted to equity		290,569
Right of use assets obtained in exchange for lease liabilities	107,827
Early termination of office lease (Note 4c)	$ (88,562)

Nature of Operations and Going Concern

6 Months Ended

Apr. 30, 2024

Nature of Operations and Going Concern [Abstract]

Nature of Operations and Going Concern

1.	Nature of Operations and Going Concern

On January 16, 2024, the Company completed a registered direct and private placement for aggregate gross proceeds of $2.40 million. See note 6(c)(iii).

Going concern

Reverse share split

Material Accounting Policy Information

6 Months Ended

Apr. 30, 2024

Material Accounting Policy Information [Abstract]

Material Accounting Policy Information

2.	Material Accounting Policy Information

Basis of Presentation

Unaudited Interim Financial Information

As of April 30, 2024, there have been no material changes in the Company’s significant accounting policies from those that were disclosed in the 2023 Annual Report except for the following:

Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements—Disclosure of Accounting Policies

Significant Accounting Estimates and Judgments

Significant Estimates

Share-based Compensation

Warrant Liability

The key assumptions used in the models are the expected future volatility in the price of the Company’s shares, the expected life of the warrants and the probability of any future adjustment event.

Significant Judgments

Going Concern

Short-term Investment

6 Months Ended

Apr. 30, 2024

Short-term Investment [Abstract]

Short-term Investment

3.	Short-term Investment

During the six months ended April 30, 2024, the Company sold all the shares of XYLO, for total proceeds of $78,500 and recorded a net realized loss of $7,612.

	October 31, 2023		Disposals		Net realized loss			April 30, 2024

XYLO – Shares	$	86,112	$	78,500	$	(7,612	)	$	–

	October 31, 2022		Additions		Unrealized loss			October 31, 2023

XYLO – Shares	$	193,750	$	–	$	(107,638	)	$	86,112

Related Party Transactions

6 Months Ended

Apr. 30, 2024

Related Party Transactions

4.	Related Party Transactions

Compensation to key management personnel

(i)

The compensation to key management personnel for services they provide to the Company is as follows:

	Three months ended		Three months ended		Six months ended		Six months ended
	April 30,		April 30,		April 30,		April 30,
	2024		2023		2024		2023

Officers:
Consulting fees	$	78,586	$	87,471	$	248,274	$	220,501
Share based compensation		25,854		30,188		41,555		75,380
	$	113,440	$	117,659	$	289,829	$	295,881
Directors:
Directors’ fees	$	50,902	$	41,834	$	125,525	$	80,976
Share based compensation		68,669		34,029		85,890		78,124
	$	119,571	$	75,863	$	211,415	$	159,100

(ii)

Balances with related parties

	April 30,		October 31,
	2024		2023
Amounts owed to officers	$	30,136	$	29,666
Amounts owed to directors		16,873		12,767
	$	47,009	$	42,433

As of April 30, 2024, the Company and SciSparc were in the process of negotiating the terms of a new lease contract.

Derivative Warrant Liabilities

6 Months Ended

Apr. 30, 2024

Derivative Warrant Liabilities [Abstract]

Derivative warrant liabilities

5.	Derivative warrant liabilities

During the period between November 29, 2023 and December 5, 2023, 71,520 April 2023 Warrants were exercised into 652,521 common shares.

During the period between March 8, 2024 and March 22, 2024, 2,219 April 2023 Warrants were exercised into 20,245 common shares.

During the period between November 29, 2023 and December 5, 2023, 82,138 September 2023 Warrants were exercised into 409,667 common shares.

During the period between February 23, 2024 and March 22, 2024, 16,334 September 2023 Warrants were exercised into 81,469 common shares.

On February 23, 2024, 30,200 January 2024 Warrants were exercised into 30,200 common shares.

The binomial model was used to measure the derivative warrant liability with the following assumptions:

	April 30, 2024
Share Price		$1.19
Exercise Price		$1.077-$1.60
Expected life		3.93-4.71 years
Risk-free interest rate		4.74-4.80	%
Dividend yield		0.00	%
Expected volatility		158.07-158.93	%

The following table presents the changes in the derivative warrant liability during the period:

Balance as of November 1, 2022	$	-
Issuance of April 2023 Warrants		1,771,208
Issuance of September 2023 Warrants		923,225
Exercise of warrants		(574,040	)
Changes in fair value of warrants		2,189,986
Balance as of October 31, 2023	$	4,310,379
Issuance of January 2024 Warrants		480,004
Exercise of warrants		(498,439	)
Changes in fair value of warrants		(560,145	)
Balance as of April 30, 2024	$	3,731,799

Share Capital

6 Months Ended

Apr. 30, 2024

Share Capital [Abstract]

Share Capital

6.	Share Capital

Share transactions during the six months ended April 30, 2024:

(i)

On November 6, 2023, 45 common shares with a fair value of $117 were issued to providers of investor services in payment of services.

(ii)

Between November 29, 2023 and December 5, 2023, April 2023 Warrants and September 2023 Warrants were exercised into 1,062,188 shares, resulting in gross proceeds of $3,498,032.

(iii)

(iv)

On February 19, 2024, 44 common shares with a fair value of $68 were issued to providers of investor services in payment of services.

(v)

(vi)

On April 3, 2024, 9,000 common shares were issued in respect of RSU’s that had been fully vested. The RSU’s had a fair value of $11,935 at the time of issuance.

Share transactions during the six months ended April 30, 2023:

(i)

Risk-free interest rate	1.43	%
Expected life (in years)	5
Expected volatility	150	%

(ii)

On January 16, 2023, 161 common shares were issued in respect of RSU’s that had been fully vested. The RSU’s had a fair value of $39,975 at the time of issuance.

On February 22, 2023, 400 common shares were issued in respect of fully vested RSU’s that had been fully vested. The RSU’s had a fair value of $110,096 at the time of issuance.

(iii)

Net proceeds from the offering were $2,936,079.

Warrants

6 Months Ended

Apr. 30, 2024

Warrants [Abstract]

Warrants

7.	Warrants

The following table summarizes the changes in the Company’s warrants:

	Number of warrants			Weighted average exercise price

Balance, October 31, 2022		19,763			576.66

Issuance of underwriter warrants		1,923			243.75
Issuance of April 2023 warrants (*)		150,191			5.124
Issuance of September 2023 warrants (**)		250,000			9.00
Issuance of XYLO warrants		75			1,297.67
Expiration of warrants		(11,430	)		922.98
Exercise of warrants		(26,153	)		5.124

Balance, October 31, 2023		384,369		$	7.90
Number of shares to be issued from the exercise of warrants		826,781

Balance, October 31, 2023		384,369		$	7.90
Issuance of January 2024 warrants (Note 5c)		1,500,000			1.60
Exercise of warrants		(202,411	)		3.04
Expiration of warrants		(8,333	)		98.43
Balance, April 30, 2024		1,673,625		$	1.53

Number of shares to be issued from the exercise of warrants		2,925,075

(*)

These warrants convert into 697,520 shares.

(**)

These warrants convert into 755,757 shares.

As of April 30, 2024, the following warrants were outstanding:

Number of warrants outstanding		Number of shares to be issued from the exercise of warrants		Exercise price		Exercise price (USD)		Expiry date

	1,923		1,923	C$	335.06	$	243.75	November 17, 2027
	50,299		697,520	$	1.077	$	1.077	April 5, 2028
	75		75	C$	1,800	$	1,309.47	November 23, 2024
	151,528		755,757	$	1.077	$	1.077	September 17, 2028
	1,469,800		1,469,800	$	1.60	$	1.60	January 15, 2025
	1,673,625		2,925,075

Stock Options

6 Months Ended

Apr. 30, 2024

Stock Options [Abstract]

Stock Options

8.	Stock Options

(a)

(b)

The following table summarizes the changes in the Company’s stock options for the periods ended April 30, 2024 and October 31, 2023:

	Number of options			Weighted average exercise price (C$)		Weighted average exercise price (USD$)

Outstanding, October 31, 2022		5,254		C$	613.5	$	450.64

Granted		334			442.22		318.81

Outstanding, October 31, 2023		5,588		C$	603.12	$	434.81

Expired		(67	)		720.00		533.14

Outstanding, April 30, 2024		5,521		C$	601.70	$	437.73

Exercisable, April 30, 2024		4,803		C$	604.01	$	439.41

(c)

Additional information regarding stock options outstanding as of April 30, 2024, is as follows:

Outstanding								Exercisable
Number of stock options		Weighted average remaining contractual life (years)		Weighted average exercise price (C$)		Weighted average exercise price (USD$)		Number of stock options		Weighted average exercise price (C$)		Weighted average exercise price (USD$)

	533		2.07	C$	166.50	$	121.13		489	C$	166.50	$	121.13
	978		7.76		504.00		366.65		795		504.00		366.65
	1,166		2.07		675.00		491.05		1,110		675.00		491.05
	200		5.00		702.00		510.69		174		702.00		510.69
	133		2.39		747.00		543.43		133		747.00		543.43
	422		7.61		612.00		445.22		422		612.00		445.22
	1,044		7.76		720.00		523.79		783		720.00		523.79
	667		2.17		756.00		549.98		611		756.00		549.98
	111		7.61		900.00		654.74		93		900.00		654.74
	61		9.07		315.00		229.16		46		315.00		229.16
	156		9.16		504.00		366.65		130		504.00		366.65
	50		9.19		32.17		23.40		17		32.17		23.40
	5,521		5.16	C$	601.70	$	437.73		4,803	C$	604.01	$	439.41

	six months ended April 30, 2024			six months ended April 30, 2023

Risk-free interest rate		3.89	%		3.89	%
Expected life (in years)		5.11			5.13
Expected volatility		150.79%-161.87	%		113%-118	%

Restricted Share Units

6 Months Ended

Apr. 30, 2024

Restricted Share Units [Abstract]

Restricted Share Units

9.	Restricted Share Units

The following table summarizes the continuity of RSUs:

	Number of RSUs			Weighted average issue price (C$)		Weighted average issue price (USD$)

Balance, October 31, 2022		–		$	–	$	–

Granted		2,200			55.97		41.46
Vested		(2,200	)		55.97		41.46

Balance, October 31, 2023		–		$	–	$	–

Granted (i)		437,765			1.78		1.29
Vested		(200,784	)		1.80		1.33

Balance, April 30, 2024		236,981		$	1.76	$	1.28

(i)	During the six months ended April 30, 2024, the Company issued 437,765 RSU’s to consultants, directors and officers. 200,784 RSU’s vested with a fair value of $267,346 (2023-$77,632).

Financial Instruments and Risk Management

6 Months Ended

Apr. 30, 2024

Financial Instruments and Risk Management [Abstract]

Financial Instruments and Risk Management

10.

Financial Instruments and Risk Management

Assets and liabilities measured at fair value on a recurring basis were presented in the Company’s statement of financial position as of April 30, 2024, as follows:

	Fair Value Measurements Using
	Quoted prices in active markets for identical instruments (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Balance April 30, 2024
Derivative warrants liability	$	–	$	–	$	3,731,799	$	3,731,799

Assets and liabilities measured at fair value on a recurring basis were presented in the Company’s statement of financial position as of October 31, 2023, as follows:

	Fair Value Measurements Using
	Quoted prices in active markets for identical instruments (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Balance October 31, 2023
Short-term investment	$	86,112	$	–	$	–	$	86,112
Derivative warrants liability		–		–		4,310,379		4,310,379

Credit Risk

Foreign Exchange Rate Risk

Cash and cash equivalents	$	238,379
Other receivables		49,369
Accounts payable and accrued liabilities		(129,877	)
Due to related parties		(37,009	)
Total foreign currency financial assets and liabilities	$	120,862

Impact of a 10% strengthening or weakening of foreign exchange rate	$	12,086

Interest Rate Risk

Liquidity Risk

The following amounts are the contractual maturities of financial liabilities as of April 30, 2024 and October 31, 2023:

April 30, 2024	Total		Within 1 year		Within 2-5 years

Accounts payable and accrued liabilities	$	421,156	$	421,156	$	–
Due to related parties		47,009		47,009		–
	$	468,165	$	468,165	$	–

October 31, 2023	Total		Within 1 year		Within 2-5 years

Accounts payable and accrued liabilities	$	617,004	$	617,004	$	–
Due to related parties		42,433		42,433		–
	$	659,437	$	659,437	$	–

Capital Management

6 Months Ended

Apr. 30, 2024

Capital Management [Abstract]

Capital Management

11.

Capital Management

Segmented Information

6 Months Ended

Apr. 30, 2024

Segmented Information [Abstract]

Segmented Information

12.

Segmented Information

As of April 30, 2024, the Company has one operating segment, being the research and development of novel psychedelic medicine, which takes place primarily in Israel.

Commitments

6 Months Ended

Apr. 30, 2024

Commitments [Abstract]

Commitments

13.

Commitments

Respect to the Company's lease commitment, refer to Note 4c.

Accounting Policies, by Policy (Policies)

6 Months Ended

Apr. 30, 2024

Accounting Policies [Abstract]

Basis of Presentation

Unaudited Interim Financial Information

As of April 30, 2024, there have been no material changes in the Company’s significant accounting policies from those that were disclosed in the 2023 Annual Report except for the following:

Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements—Disclosure of Accounting Policies

Significant Accounting Estimates and Judgments

Significant Estimates

Share-based Compensation

Warrant Liability

The key assumptions used in the models are the expected future volatility in the price of the Company’s shares, the expected life of the warrants and the probability of any future adjustment event.

Significant Judgments

Going Concern

Short-term Investment (Tables)

6 Months Ended

Apr. 30, 2024

Short-term Investment [Abstract]

Schedule of Ordinary Shares of Medigus

During the six months ended April 30, 2024, the Company sold all the shares of XYLO, for total proceeds of $78,500 and recorded a net realized loss of $7,612.

	October 31, 2023		Disposals		Net realized loss			April 30, 2024

XYLO – Shares	$	86,112	$	78,500	$	(7,612	)	$	–

	October 31, 2022		Additions		Unrealized loss			October 31, 2023

XYLO – Shares	$	193,750	$	–	$	(107,638	)	$	86,112

Related Party Transactions (Tables)

6 Months Ended

Apr. 30, 2024

Schedule of Key Management Personnel for Employment Services

The compensation to key management personnel for services they provide to the Company is as follows:

	Three months ended		Three months ended		Six months ended		Six months ended
	April 30,		April 30,		April 30,		April 30,
	2024		2023		2024		2023

Officers:
Consulting fees	$	78,586	$	87,471	$	248,274	$	220,501
Share based compensation		25,854		30,188		41,555		75,380
	$	113,440	$	117,659	$	289,829	$	295,881
Directors:
Directors’ fees	$	50,902	$	41,834	$	125,525	$	80,976
Share based compensation		68,669		34,029		85,890		78,124
	$	119,571	$	75,863	$	211,415	$	159,100

Schedule of Balances with Related Parties

Balances with related parties

	April 30,		October 31,
	2024		2023
Amounts owed to officers	$	30,136	$	29,666
Amounts owed to directors		16,873		12,767
	$	47,009	$	42,433

Derivative Warrant Liabilities (Tables)

6 Months Ended

Apr. 30, 2024

Derivative Warrant Liabilities [Abstract]

Schedule of Binomial Model was used to Measure the Derivative Warrant Liability

The binomial model was used to measure the derivative warrant liability with the following assumptions:

	April 30, 2024
Share Price		$1.19
Exercise Price		$1.077-$1.60
Expected life		3.93-4.71 years
Risk-free interest rate		4.74-4.80	%
Dividend yield		0.00	%
Expected volatility		158.07-158.93	%

Schedule of Changes in the Warrants Liability

The following table presents the changes in the derivative warrant liability during the period:

Balance as of November 1, 2022	$	-
Issuance of April 2023 Warrants		1,771,208
Issuance of September 2023 Warrants		923,225
Exercise of warrants		(574,040	)
Changes in fair value of warrants		2,189,986
Balance as of October 31, 2023	$	4,310,379
Issuance of January 2024 Warrants		480,004
Exercise of warrants		(498,439	)
Changes in fair value of warrants		(560,145	)
Balance as of April 30, 2024	$	3,731,799

Share Capital (Tables)

6 Months Ended

Apr. 30, 2024

Share Capital [Abstract]

Schedule of the Fair Value of Underwriters Warrants

The fair value of the Underwriter Warrants was estimated using the Black-Scholes option pricing model assuming no expected dividends or forfeitures and the following weighted average assumptions:

Risk-free interest rate	1.43	%
Expected life (in years)	5
Expected volatility	150	%

Warrants (Tables)

6 Months Ended

Apr. 30, 2024

Warrants [Abstract]

Schedule of Warrants

The following table summarizes the changes in the Company’s warrants:

	Number of warrants			Weighted average exercise price

Balance, October 31, 2022		19,763			576.66

Issuance of underwriter warrants		1,923			243.75
Issuance of April 2023 warrants (*)		150,191			5.124
Issuance of September 2023 warrants (**)		250,000			9.00
Issuance of XYLO warrants		75			1,297.67
Expiration of warrants		(11,430	)		922.98
Exercise of warrants		(26,153	)		5.124

Balance, October 31, 2023		384,369		$	7.90
Number of shares to be issued from the exercise of warrants		826,781

Balance, October 31, 2023		384,369		$	7.90
Issuance of January 2024 warrants (Note 5c)		1,500,000			1.60
Exercise of warrants		(202,411	)		3.04
Expiration of warrants		(8,333	)		98.43
Balance, April 30, 2024		1,673,625		$	1.53

Number of shares to be issued from the exercise of warrants		2,925,075

(*)

These warrants convert into 697,520 shares.

(**)

These warrants convert into 755,757 shares.

Schedule of Warrants Outstanding

As of April 30, 2024, the following warrants were outstanding:

Number of warrants outstanding		Number of shares to be issued from the exercise of warrants		Exercise price		Exercise price (USD)		Expiry date

	1,923		1,923	C$	335.06	$	243.75	November 17, 2027
	50,299		697,520	$	1.077	$	1.077	April 5, 2028
	75		75	C$	1,800	$	1,309.47	November 23, 2024
	151,528		755,757	$	1.077	$	1.077	September 17, 2028
	1,469,800		1,469,800	$	1.60	$	1.60	January 15, 2025
	1,673,625		2,925,075

Stock Options (Tables)

6 Months Ended

Apr. 30, 2024

Stock Options [Abstract]

Schedule of Changes in Stock Options

The following table summarizes the changes in the Company’s stock options for the periods ended April 30, 2024 and October 31, 2023:

	Number of options			Weighted average exercise price (C$)		Weighted average exercise price (USD$)

Outstanding, October 31, 2022		5,254		C$	613.5	$	450.64

Granted		334			442.22		318.81

Outstanding, October 31, 2023		5,588		C$	603.12	$	434.81

Expired		(67	)		720.00		533.14

Outstanding, April 30, 2024		5,521		C$	601.70	$	437.73

Exercisable, April 30, 2024		4,803		C$	604.01	$	439.41

Schedule of Additional Information Regarding Stock Options Outstanding

Additional information regarding stock options outstanding as of April 30, 2024, is as follows

Outstanding								Exercisable
Number of stock options		Weighted average remaining contractual life (years)		Weighted average exercise price (C$)		Weighted average exercise price (USD$)		Number of stock options		Weighted average exercise price (C$)		Weighted average exercise price (USD$)

	533		2.07	C$	166.50	$	121.13		489	C$	166.50	$	121.13
	978		7.76		504.00		366.65		795		504.00		366.65
	1,166		2.07		675.00		491.05		1,110		675.00		491.05
	200		5.00		702.00		510.69		174		702.00		510.69
	133		2.39		747.00		543.43		133		747.00		543.43
	422		7.61		612.00		445.22		422		612.00		445.22
	1,044		7.76		720.00		523.79		783		720.00		523.79
	667		2.17		756.00		549.98		611		756.00		549.98
	111		7.61		900.00		654.74		93		900.00		654.74
	61		9.07		315.00		229.16		46		315.00		229.16
	156		9.16		504.00		366.65		130		504.00		366.65
	50		9.19		32.17		23.40		17		32.17		23.40
	5,521		5.16	C$	601.70	$	437.73		4,803	C$	604.01	$	439.41

Schedule of Fair Value of Stock Options

	six months ended April 30, 2024			six months ended April 30, 2023

Risk-free interest rate		3.89	%		3.89	%
Expected life (in years)		5.11			5.13
Expected volatility		150.79%-161.87	%		113%-118	%

Restricted Share Units (Tables)

6 Months Ended

Apr. 30, 2024

Restricted Share Units [Abstract]

Schedule of Changes in RSUs

The following table summarizes the continuity of RSUs:

	Number of RSUs			Weighted average issue price (C$)		Weighted average issue price (USD$)

Balance, October 31, 2022		–		$	–	$	–

Granted		2,200			55.97		41.46
Vested		(2,200	)		55.97		41.46

Balance, October 31, 2023		–		$	–	$	–

Granted (i)		437,765			1.78		1.29
Vested		(200,784	)		1.80		1.33

Balance, April 30, 2024		236,981		$	1.76	$	1.28

(i)	During the six months ended April 30, 2024, the Company issued 437,765 RSU’s to consultants, directors and officers. 200,784 RSU’s vested with a fair value of $267,346 (2023-$77,632).

Financial Instruments and Risk Management (Tables)

6 Months Ended

Apr. 30, 2024

Financial Instruments and Risk Management [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value

Assets and liabilities measured at fair value on a recurring basis were presented in the Company’s statement of financial position as of April 30, 2024, as follows:

	Fair Value Measurements Using
	Quoted prices in active markets for identical instruments (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Balance April 30, 2024
Derivative warrants liability	$	–	$	–	$	3,731,799	$	3,731,799

	Fair Value Measurements Using
	Quoted prices in active markets for identical instruments (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Balance October 31, 2023
Short-term investment	$	86,112	$	–	$	–	$	86,112
Derivative warrants liability		–		–		4,310,379		4,310,379

Schedule of Foreign Currency Exchange Risk on Net Working Capital

A 10% weakening of the foreign currency against the functional currencies would have had the equal but opposite effect as of April 30, 2024.

Cash and cash equivalents	$	238,379
Other receivables		49,369
Accounts payable and accrued liabilities		(129,877	)
Due to related parties		(37,009	)
Total foreign currency financial assets and liabilities	$	120,862

Impact of a 10% strengthening or weakening of foreign exchange rate	$	12,086

Schedule of Contractual Maturities of Financial Liabilities

The following amounts are the contractual maturities of financial liabilities as of April 30, 2024 and October 31, 2023:

April 30, 2024	Total		Within 1 year		Within 2-5 years

Accounts payable and accrued liabilities	$	421,156	$	421,156	$	–
Due to related parties		47,009		47,009		–
	$	468,165	$	468,165	$	–

October 31, 2023	Total		Within 1 year		Within 2-5 years

Accounts payable and accrued liabilities	$	617,004	$	617,004	$	–
Due to related parties		42,433		42,433		–
	$	659,437	$	659,437	$	–

Nature of Operations and Going Concern (Details) - USD ($)					6 Months Ended
	Jan. 16, 2024	Nov. 28, 2023	Apr. 06, 2023	Nov. 14, 2022	Apr. 30, 2024	Apr. 30, 2023	Oct. 31, 2023
Nature of Operations and Going Concern [Line Items]
Incorporation date					Jul. 18, 2017
Aggregate gross proceeds	$ 2,400,000		$ 3,500,000	$ 7,500,000
Cash flow from operations					$ (2,654,773)	$ (4,172,649)
Accumulated deficit					(21,044,080)		$ (18,768,063)
Price per share (in Dollars per share)		$ 0.0333
Reverse stock split, description		1-for-30 reverse split
Going Concern [Member]
Nature of Operations and Going Concern [Line Items]
Cash flow from operations					2,654,773
Accumulated deficit					$ 21,044,080

Material Accounting Policy Information (Details)	6 Months Ended
Material Accounting Policy Information (Details)	Apr. 30, 2024
Material Accounting Policy Information [Abstract]
Ownership percentage	100.00%

Short-term Investment (Details) - USD ($)		6 Months Ended
Short-term Investment (Details) - USD ($)	Feb. 14, 2022	Apr. 30, 2024	Apr. 03, 2024	Nov. 06, 2023	Feb. 22, 2023	Feb. 19, 2023	Jan. 16, 2023
Short-term Investment [Line Items]
Number of shares issued (in Shares)			9,000	45	400	44	161
Total proceeds		$ 78,500
Net realized loss		$ (7,612)
Medigus Ltd [Member]
Short-term Investment [Line Items]
Investment cost	$ 501,938
Ordinary shares [member] \| Medigus Ltd [Member]
Short-term Investment [Line Items]
Number of shares issued (in Shares)	27,778

Short-term Investment (Details) - Schedule of Ordinary Shares of Medigus - Medigus Ltd [Member] - USD ($)	6 Months Ended	12 Months Ended
	Apr. 30, 2024	Oct. 31, 2023
Schedule of Fair Value of Common Shares [Line Items]
Beginning shares	$ 86,112	$ 193,750
Additions / Disposals	78,500
Unrealized gain	(7,612)	(107,638)
Ending shares		$ 86,112

Related Party Transactions (Details)			3 Months Ended		6 Months Ended
Related Party Transactions (Details)	Dec. 25, 2023 USD ($)	Dec. 25, 2023 ILS (₪)	Apr. 30, 2024 USD ($)	Apr. 30, 2023 USD ($)	Apr. 30, 2024 USD ($)	Apr. 30, 2023 USD ($)	Oct. 31, 2023 USD ($)
Related Party Transactions [Line Items]
Research and development expenses			$ 322,956	$ 317,572	$ 550,434	$ 905,202
Owed to the company			105,022		105,022		$ 136,002
Rent expense	$ 6,500	₪ 23,300
Borrowing rate	10.00%	10.00%
Termination fees					15,000
Fees to broker					3,600
SciSparc Ltd [Member]
Related Party Transactions [Line Items]
Research and development expenses			22,306	$ 30,863	22,808	$ 88,493
Owed to the company			$ 105,022		$ 105,022		$ 136,002

Related Party Transactions (Details) - Schedule of Key Management Personnel for Employment Services - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Officers [Member]
Schedule of Key Management Personnel for Employment Services [Line Items]
Consulting and Directors’ fees	$ 78,586	$ 87,471	$ 248,274	$ 220,501
Share based compensation	25,854	30,188	41,555	75,380
key management personnel compensation	113,440	117,659	289,829	295,881
Directors [Member]
Schedule of Key Management Personnel for Employment Services [Line Items]
Consulting and Directors’ fees	50,902	41,834	125,525	80,976
Share based compensation	68,669	34,029	85,890	78,124
key management personnel compensation	$ 119,571	$ 75,863	$ 211,415	$ 159,100

Related Party Transactions (Details) - Schedule of Balances with Related Parties - USD ($)	Apr. 30, 2024	Oct. 31, 2023
Schedule of Balances with Related Parties [Line Items]
Balances with related parties	$ 47,009	$ 42,433
Amounts Owed to Officers [Member]
Schedule of Balances with Related Parties [Line Items]
Balances with related parties	30,136	29,666
Amounts Owed to Directors [Member]
Schedule of Balances with Related Parties [Line Items]
Balances with related parties	$ 16,873	$ 12,767

Derivative Warrant Liabilities (Details) - USD ($)								1 Months Ended	2 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended	15 Months Ended
Derivative Warrant Liabilities (Details) - USD ($)	Mar. 22, 2024	Feb. 23, 2024	Jan. 21, 2024	Jan. 16, 2024	Dec. 05, 2023	Nov. 29, 2023	Sep. 24, 2023	Mar. 22, 2024	Dec. 05, 2023	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023	Oct. 31, 2023	Apr. 30, 2024	Apr. 03, 2024	Nov. 06, 2023	Sep. 18, 2023	Apr. 06, 2023	Feb. 22, 2023	Feb. 19, 2023	Jan. 16, 2023
Derivative Warrant Liabilities [Line Items]
Warrants issued																9,000	45			400	44	161
Convertible common shares							4.6
Gain on revaluation total derivative warrants liabilities (in Dollars)										$ 405,002	$ (360,557)	$ 560,145	$ (360,557)	$ 2,189,986	$ 405,002
April 2023 Warrants [Member]
Derivative Warrant Liabilities [Line Items]
Warrants issued																			150,191
Warrant price per share (in Dollars per share)			$ 1.077
Convertible common shares	20,245		9.124		652,521
Number of warrants shares	2,219				71,520
September 2023 Warrants [Member]
Derivative Warrant Liabilities [Line Items]
Warrants issued																		250,000
Warrant price per share (in Dollars per share)			$ 1.077
Convertible common shares			4.988
Number of warrants shares						82,138		16,334
Warrants exercised common share								81,469	409,667
January 2024 Warrants [Member]
Derivative Warrant Liabilities [Line Items]
Warrants issued				1,500,000
Warrant price per share (in Dollars per share)				$ 1.6
Number of warrants shares		30,200
Warrants exercised common share		30,200
Gain on revaluation total derivative warrants liabilities (in Dollars)												$ (560,145)

Derivative Warrant Liabilities (Details) - Schedule of Binomial Model was used to Measure the Derivative Warrant Liability	6 Months Ended
	Apr. 30, 2024 Duration $ / shares
Schedule of Binomial Model was Used to Measure the Derivative Warrant Liability [Line Items]
Share Price (in Dollars per share)	$ 1.19
Dividend yield	0.00%
Bottom of Range [Member]
Schedule of Binomial Model was Used to Measure the Derivative Warrant Liability [Line Items]
Exercise Price (in Dollars per share)	$ 1.077
Expected life (in Duration) \| Duration	3.93
Risk-free interest rate	4.74%
Expected volatility	158.07%
Top of Range [Member]
Schedule of Binomial Model was Used to Measure the Derivative Warrant Liability [Line Items]
Exercise Price (in Dollars per share)	$ 1.6
Expected life (in Duration) \| Duration	4.71
Risk-free interest rate	4.80%
Expected volatility	158.93%

Derivative Warrant Liabilities (Details) - Schedule of Changes in the Warrants Liability - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended	15 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023	Oct. 31, 2023	Apr. 30, 2024
Schedule of Changes in the Warrants Liability [Line Items]
Balance at beginning			$ 4,310,379
Exercise of warrants					(574,040)
Changes in fair value of warrants	$ 405,002	$ (360,557)	560,145	$ (360,557)	2,189,986	$ 405,002
Balance at ending	3,731,799		3,731,799		4,310,379	3,731,799
April 2023 Warrants [Member]
Schedule of Changes in the Warrants Liability [Line Items]
Issuance of Warrants					1,771,208
September 2023 Warrants [Member]
Schedule of Changes in the Warrants Liability [Line Items]
Issuance of Warrants					$ 923,225
January 2024 Warrants [Member]
Schedule of Changes in the Warrants Liability [Line Items]
Issuance of Warrants			480,004
Exercise of warrants			(498,439)
Changes in fair value of warrants			(560,145)
Balance at ending	$ 3,731,799		$ 3,731,799			$ 3,731,799

Share Capital (Details)											6 Months Ended
Share Capital (Details)	Apr. 03, 2024 USD ($) shares	Jan. 16, 2024 USD ($) $ / shares shares	Dec. 05, 2023 USD ($)	Nov. 06, 2023 USD ($) shares	Sep. 24, 2023 $ / shares shares	Apr. 06, 2023 USD ($) $ / shares shares	Feb. 22, 2023 USD ($) shares	Feb. 19, 2023 USD ($) shares	Jan. 16, 2023 USD ($) shares	Nov. 14, 2022 USD ($) $ / shares shares	Apr. 30, 2024 USD ($) $ / shares shares	Jun. 29, 2024 shares	Oct. 31, 2023 shares
Share Capital [Line Items]
Number of shares issued	9,000			45			400	44	161
Description of reverse share split											On November 28, 2023, the Company effected a 1-for-30 share consolidation. All share amounts and instruments convertible into common shares prior to the date of the reverse share split have been retroactively restated for all periods presented. c. Share transactions during the six months ended April 30, 2024: (i)On November 6, 2023, 45 common shares with a fair value of $117 were issued to providers of investor services in payment of services. (ii) Between November 29, 2023 and December 5, 2023, April 2023 Warrants and September 2023 Warrants were exercised into 1,062,188 shares, resulting in gross proceeds of $3,498,032. (iii) On January 16, 2024, the Company completed a registered direct offering and concurrent private placement of (i) 1,468,000 Common Shares, (ii) 32,000 pre-funded warrants to purchase 32,000 Common Shares and (iii) 1,500,000 unregistered common warrants to purchase 1,500,000 Common Shares. The pre-funded warrants are immediately exercisable at an exercise price of $0.0001 per Common Share and will not expire until exercised in full. The unregistered common warrants have an exercise price of $1.60 per Common Share (after giving effect to adjustments and subject to further adjustments as set forth therein), are immediately exercisable, and expire five years from the date of issuance. These warrants include a cashless exercise provision and repricing provisions, under certain circumstances (“the January 2024 Offering”). The gross proceeds from the January 2024 Offering were approximately $2.4 million before deducting estimated offering expenses. Net proceeds from the offering were $1,824,773. On January 17, 2024, the pre-funded warrants were exercised. (iv)On February 19, 2024, 44 common shares with a fair value of $68 were issued to providers of investor services in payment of services. (v)During the period between February 23, 2024 and March 2, 2024, April 2023 Warrants, September 2023 Warrants and January 2024 Warrants were exercised into 131,914 shares, for gross proceeds of $157,918. (vi)On April 3, 2024, 9,000 common shares were issued in respect of RSU’s that had been fully vested. The RSU’s had a fair value of $11,935 at the time of issuance. d. Share transactions during the six months ended April 30, 2023: (i) On November 14, 2022, the Company completed an underwritten public offering of 38,462 common shares at a price to the public of $195.00 per share, for aggregate gross proceeds of $7.5 million, prior to deducting underwriting discounts and offering expenses. The offering closed on November 17, 2022. Net proceeds from the offering were $6,363,906. In addition, the Company granted Aegis Capital Corp. (“Aegis”), who acted as the underwriters for the deal, a 45-day option to purchase up to 5,769 additional common shares, equal to 15% of the number of common shares sold in the offering solely to cover over-allotments, if any (“Over-Allotment”). The public purchase price per additional common share would have been $195.00 per share. The Over-Allotment was not exercised. Aegis received 1,923 underwriter warrants, (the “Underwriter Warrants”) each such Underwriter Warrant entitling the agents to receive one common share upon payment of $243.75 per share, exercisable six months after the commencement of sales of this offering and expiring on a date which is no more than five years after the commencement of sales of the offering. The fair value of the Underwriter Warrants of $337,579 were accounted for as an issuance cost within the share-based payment reserve. The fair value of the Underwriter Warrants was estimated using the Black-Scholes option pricing model assuming no expected dividends or forfeitures and the following weighted average assumptions: Risk-free interest rate 1.43% Expected life (in years) 5 Expected volatility 150% In connection with the offering, the Company’s common shares were approved for listing on the Nasdaq and began trading on the Nasdaq (in addition to the CSE) under the symbol “CMND” on November 15, 2022.
Common shares fair value (in Dollars) \| $				$ 117				$ 68
Exercised shares			1,062,188								131,914
Gross proceeds (in Dollars) \| $		$ 2,400,000	$ 3,498,032								$ 157,918
Underwritten public offering		1,468,000				103,249
Warrants purchase						46,942
Purchase common shares		1,500,000
Unregistered common warrants		1,500,000
Expire term		5 years
Net proceeds from the offering (in Dollars) \| $		$ 1,824,773									$ 2,936,079
Fair value of RSU (in Dollars) \| $	$ 11,935						$ 110,096		$ 39,975
Issuance of common share										38,462
Purchase price per share (in Dollars per share) \| $ / shares											$ 195
Aggregate gross proceeds (in Dollars) \| $		$ 2,400,000				$ 3,500,000				$ 7,500,000
Additional common shares											5,769
Common shares percentage											15.00%
Received underwriter warrants											1,923
Fair value of underwriter warrants (in Dollars) \| $											$ 337,579
Public per share (in Dollars per share) \| $ / shares						$ 23.4
Pre-funded warrants purchased (in Dollars per share) \| $ / shares						23.37
Pre-funded warrants were exercisable (in Dollars per share) \| $ / shares						0.03
Exercise price per common share (in Dollars per share) \| $ / shares						$ 23.4
Exercise price of these warrants was reduced (in Dollars per share) \| $ / shares					$ 5.124
Convertible warrant into common shares					4.6
Common Shares [Member]
Share Capital [Line Items]
Number of shares outstanding											3,310,528		607,337
Number of shares issued											3,310,528		607,337
Purchase common shares		32,000
Purchase price per share (in Dollars per share) \| $ / shares										$ 195
Net proceeds from offering post (in Dollars) \| $										$ 6,363,906
Payment per share (in Dollars per share) \| $ / shares											$ 243.75
Medigus SPA [Member]
Share Capital [Line Items]
Number of shares issued												1,494
Warrants [Member]
Share Capital [Line Items]
Exercise price (in Dollars per share) \| $ / shares		$ 1.6
Pre-Funded Warrants [Member]
Share Capital [Line Items]
Warrants purchase		32,000
Exercise price (in Dollars per share) \| $ / shares		$ 0.0001
April 2023 Public Offering Warrant [Member]
Share Capital [Line Items]
Expire term						5 years
Warrants [Member]
Share Capital [Line Items]
Number of shares issued												75

Share Capital (Details) - Schedule of the Fair Value of Underwriters Warrants - Option pricing model [member]	6 Months Ended
	Apr. 30, 2024
Schedule of the Fair Value of Underwriters Warrants [Line Items]
Risk-free interest rate	1.43%
Expected life (in years)	5 years
Expected volatility	150.00%

Warrants (Details)	6 Months Ended
Warrants (Details)	Apr. 30, 2024 shares
April 2023 Warrants [Member]
Share Purchase Warrants [Line Items]
Warrants converted into share	697,520
September 2023 Warrant [Member]
Share Purchase Warrants [Line Items]
Warrants converted into share	755,757

Warrants (Details) - Schedule of Warrants

6 Months Ended

12 Months Ended

Apr. 30, 2024

$ / shares

Oct. 31, 2023

$ / shares

Schedule of Warrants [Line Items]

Number of warrants, Balance beginning

384,369

19,763

Weighted average exercise price, Balance beginning (in Dollars per share) | $ / shares

$ 7.9

$ 576.66

Number of warrants, Issuance of underwriter warrants

1,923

Weighted average exercise price, Issuance of underwriter warrants

243.75

Number of warrants, Issuance of warrants

1,500,000

150,191

^[1]

Weighted average exercise price,Issuance of warrants (in Dollars per share) | $ / shares

$ 1.6

$ 5.124

^[1]

Number of warrants, Issuance of warrants

^[2]

250,000

Weighted average exercise price, Issuance of warrants (in Dollars per share) | $ / shares

^[2]

$ 9

Number of warrants,Issuance of XYLO warrants

Weighted average exercise price, Issuance of XYLO warrants

1,297.67

Number of warrants, Expiration of warrants

(8,333)

(11,430)

Weighted average exercise price, Expiration of warrants

98.43

922.98

Number of warrants, Exercise of warrants

(202,411)

(26,153)

Weighted average exercise price, Exercise of warrants (in Dollars per share) | $ / shares

$ 3.04

$ 5.124

Number of warrants, Balance ending

1,673,625

384,369

Weighted average exercise price, Balance ending (in Dollars per share) | $ / shares

$ 1.53

$ 7.9

Number of warrants, Number of shares to be issued from the exercise of warrants

2,925,075

Weighted average exercise price, Number of shares to be issued from the exercise of warrants (in Dollars per share) | $ / shares

Number of warrants, Number of shares to be issued from the exercise of warrants

826,781

[1]	These warrants convert into 697,520 shares.
[2]	These warrants convert into 755,757 shares.

Warrants (Details) - Schedule of Warrants Outstanding	Apr. 30, 2024 $ / shares shares	Apr. 30, 2024 $ / shares shares
Schedule of Warrants Were Outstanding [Line Items]
Number of warrants outstanding	1,673,625	1,673,625
Number of shares to be issued from the exercise of warrants	2,925,075	2,925,075
Expiry date November 17, 2027 [Member]
Schedule of Warrants Were Outstanding [Line Items]
Number of warrants outstanding	1,923	1,923
Number of shares to be issued from the exercise of warrants	1,923	1,923
Exercise price (in Dollars per share and Dollars per share) \| $ / shares	$ 243.75
Expiry date	Nov. 17, 2027
Expiry date November 17, 2027 [Member] \| Canada, Dollars
Schedule of Warrants Were Outstanding [Line Items]
Exercise price (in Dollars per share and Dollars per share) \| $ / shares		$ 335.06
Expiry date April 5, 2028 [Member]
Schedule of Warrants Were Outstanding [Line Items]
Number of warrants outstanding	50,299	50,299
Number of shares to be issued from the exercise of warrants	697,520	697,520
Exercise price (in Dollars per share and Dollars per share) \| $ / shares	$ 1.077
Expiry date	Apr. 05, 2028
Expiry date April 5, 2028 [Member] \| Canada, Dollars
Schedule of Warrants Were Outstanding [Line Items]
Exercise price (in Dollars per share and Dollars per share) \| $ / shares		$ 1.077
Expiry date November 23, 2024 [Member]
Schedule of Warrants Were Outstanding [Line Items]
Number of warrants outstanding	75	75
Number of shares to be issued from the exercise of warrants	75	75
Exercise price (in Dollars per share and Dollars per share) \| $ / shares	$ 1,309.47
Expiry date	Nov. 23, 2024
Expiry date November 23, 2024 [Member] \| Canada, Dollars
Schedule of Warrants Were Outstanding [Line Items]
Exercise price (in Dollars per share and Dollars per share) \| $ / shares		$ 1,800
Expiry date September 17, 2028 [Member]
Schedule of Warrants Were Outstanding [Line Items]
Number of warrants outstanding	151,528	151,528
Number of shares to be issued from the exercise of warrants	755,757	755,757
Exercise price (in Dollars per share and Dollars per share) \| $ / shares	$ 1.077
Expiry date	Sep. 17, 2028
Expiry date September 17, 2028 [Member] \| Canada, Dollars
Schedule of Warrants Were Outstanding [Line Items]
Exercise price (in Dollars per share and Dollars per share) \| $ / shares		$ 1.077
Expiry date January 15, 2025 [Member]
Schedule of Warrants Were Outstanding [Line Items]
Number of warrants outstanding	1,469,800	1,469,800
Number of shares to be issued from the exercise of warrants	1,469,800	1,469,800
Exercise price (in Dollars per share and Dollars per share) \| $ / shares	$ 1.6
Expiry date	Jan. 15, 2025
Expiry date January 15, 2025 [Member] \| Canada, Dollars
Schedule of Warrants Were Outstanding [Line Items]
Exercise price (in Dollars per share and Dollars per share) \| $ / shares		$ 1.6

Stock Options (Details) - USD ($)		3 Months Ended		6 Months Ended
Stock Options (Details) - USD ($)	Nov. 14, 2023	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Stock Options [Line Items]
Issued and outstanding common shares	20.00%			2.00%
Options vest expiration	10 years
Share-based compensation expense.		$ 23,292	$ 22,804	$ 56,870	$ 121,935
Bottom of Range [Member]
Stock Options [Line Items]
Issued and outstanding common shares				5.00%
Top of range [member]
Stock Options [Line Items]
Issued and outstanding common shares				15.00%

Stock Options (Details) - Schedule of Changes in Stock Options	6 Months Ended		12 Months Ended
	Apr. 30, 2024 $ / shares shares	Apr. 30, 2024 $ / shares $ / shares shares	Oct. 31, 2023 $ / shares shares	Oct. 31, 2023 $ / shares shares	Apr. 30, 2024 $ / shares
Schedule of Changes in Stock Options [Abstract]
Number of options Outstanding, Beginning balance (in Shares)	5,588	5,588	5,254	5,254
Weighted average exercise price Outstanding, Beginning balance \| (per share)	$ 434.81	$ 603.12	$ 450.64	$ 613.5
Number of options, Granted (in Shares)			334	334
Weighted average exercise price, Granted \| (per share)			$ 318.81	$ 442.22
Number of options Outstanding, Ending balance (in Shares)	5,521	5,521	5,588	5,588
Weighted average exercise price Outstanding, Ending balance \| (per share)	$ 437.73	$ 601.7	$ 434.81	$ 603.12
Number of options Outstanding, Exercisable (in Shares)	4,803	4,803
Weighted average exercise price Outstanding, Exercisable \| (per share)	$ 439.41	$ 439.41			$ 604.01
Number of options, Expired (in Shares)	(67)	(67)
Weighted average exercise price, Expired \| (per share)	$ 533.14	$ 720

Stock Options (Details) - Schedule of Additional Information Regarding Stock Options Outstanding	6 Months Ended
	Apr. 30, 2024 $ / shares	Apr. 30, 2024 $ / shares
Stock Outstanding [Member]
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items]
Number of stock options, Outstanding	5,521	5,521
Weighted average remaining contractual life (years) Outstanding	5 years 1 month 28 days
Weighted average exercise price Outstanding \| (per share)	$ 437.73	$ 601.7
Stock Outstanding [Member] \| 533 [Member]
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items]
Number of stock options, Outstanding	533	533
Weighted average remaining contractual life (years) Outstanding	2 years 25 days
Weighted average exercise price Outstanding \| (per share)	$ 121.13	$ 166.5
Stock Outstanding [Member] \| 978 [Member]
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items]
Number of stock options, Outstanding	978	978
Weighted average remaining contractual life (years) Outstanding	7 years 9 months 3 days
Weighted average exercise price Outstanding \| (per share)	$ 366.65	$ 504
Stock Outstanding [Member] \| 1,166 [Member]
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items]
Number of stock options, Outstanding	1,166	1,166
Weighted average remaining contractual life (years) Outstanding	2 years 25 days
Weighted average exercise price Outstanding \| (per share)	$ 491.05	$ 675
Stock Outstanding [Member] \| 200 [Member]
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items]
Number of stock options, Outstanding	200	200
Weighted average remaining contractual life (years) Outstanding	5 years
Weighted average exercise price Outstanding \| (per share)	$ 510.69	$ 702
Stock Outstanding [Member] \| 133 [Member]
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items]
Number of stock options, Outstanding	133	133
Weighted average remaining contractual life (years) Outstanding	2 years 4 months 20 days
Weighted average exercise price Outstanding \| (per share)	$ 543.43	$ 747
Stock Outstanding [Member] \| 422 [Member]
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items]
Number of stock options, Outstanding	422	422
Weighted average remaining contractual life (years) Outstanding	7 years 7 months 9 days
Weighted average exercise price Outstanding \| (per share)	$ 445.22	$ 612
Stock Outstanding [Member] \| 1,044 [Member]
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items]
Number of stock options, Outstanding	1,044	1,044
Weighted average remaining contractual life (years) Outstanding	7 years 9 months 3 days
Weighted average exercise price Outstanding \| (per share)	$ 523.79	$ 720
Stock Outstanding [Member] \| 667 [Member]
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items]
Number of stock options, Outstanding	667	667
Weighted average remaining contractual life (years) Outstanding	2 years 2 months 1 day
Weighted average exercise price Outstanding \| (per share)	$ 549.98	$ 756
Stock Outstanding [Member] \| 111 [Member]
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items]
Number of stock options, Outstanding	111	111
Weighted average remaining contractual life (years) Outstanding	7 years 7 months 9 days
Weighted average exercise price Outstanding \| (per share)	$ 654.74	$ 900
Stock Outstanding [Member] \| 61 [Member]
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items]
Number of stock options, Outstanding	61	61
Weighted average remaining contractual life (years) Outstanding	9 years 25 days
Weighted average exercise price Outstanding \| (per share)	$ 229.16	$ 315
Stock Outstanding [Member] \| 156 [Member]
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items]
Number of stock options, Outstanding	156	156
Weighted average remaining contractual life (years) Outstanding	9 years 1 month 28 days
Weighted average exercise price Outstanding \| (per share)	$ 366.65	$ 504
Stock Outstanding [Member] \| 50 [Member]
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items]
Number of stock options, Outstanding	50	50
Weighted average remaining contractual life (years) Outstanding	9 years 2 months 8 days
Weighted average exercise price Outstanding \| (per share)	$ 23.4	$ 32.17
Stock Exercisable [Member]
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items]
Number of stock options, Exercisable	4,803	4,803
Weighted average exercise price, Exercisable \| (per share)	$ 439.41	$ 604.01
Stock Exercisable [Member] \| 533 [Member]
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items]
Number of stock options, Exercisable	489	489
Weighted average exercise price, Exercisable \| (per share)	$ 121.13	$ 166.5
Stock Exercisable [Member] \| 978 [Member]
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items]
Number of stock options, Exercisable	795	795
Weighted average exercise price, Exercisable \| (per share)	$ 366.65	$ 504
Stock Exercisable [Member] \| 1,166 [Member]
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items]
Number of stock options, Exercisable	1,110	1,110
Weighted average exercise price, Exercisable \| (per share)	$ 491.05	$ 675
Stock Exercisable [Member] \| 200 [Member]
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items]
Number of stock options, Exercisable	174	174
Weighted average exercise price, Exercisable \| (per share)	$ 510.69	$ 702
Stock Exercisable [Member] \| 133 [Member]
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items]
Number of stock options, Exercisable	133	133
Weighted average exercise price, Exercisable \| (per share)	$ 543.43	$ 747
Stock Exercisable [Member] \| 422 [Member]
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items]
Number of stock options, Exercisable	422	422
Weighted average exercise price, Exercisable \| (per share)	$ 445.22	$ 612
Stock Exercisable [Member] \| 1,044 [Member]
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items]
Number of stock options, Exercisable	783	783
Weighted average exercise price, Exercisable \| (per share)	$ 523.79	$ 720
Stock Exercisable [Member] \| 667 [Member]
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items]
Number of stock options, Exercisable	611	611
Weighted average exercise price, Exercisable \| (per share)	$ 549.98	$ 756
Stock Exercisable [Member] \| 111 [Member]
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items]
Number of stock options, Exercisable	93	93
Weighted average exercise price, Exercisable \| (per share)	$ 654.74	$ 900
Stock Exercisable [Member] \| 61 [Member]
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items]
Number of stock options, Exercisable	46	46
Weighted average exercise price, Exercisable \| (per share)	$ 229.16	$ 315
Stock Exercisable [Member] \| 156 [Member]
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items]
Number of stock options, Exercisable	130	130
Weighted average exercise price, Exercisable \| (per share)	$ 366.65	$ 504
Stock Exercisable [Member] \| 50 [Member]
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items]
Number of stock options, Exercisable	17	17
Weighted average exercise price, Exercisable \| (per share)	$ 23.4	$ 32.17

Stock Options (Details) - Schedule of Fair Value of Stock Options - Black-Schole option pricing model [Member]	6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Schedule of Fair Value of Stock Options [Line Items]
Risk-free interest rate	3.89%	3.89%
Expected life (in years)	5 years 1 month 9 days	5 years 1 month 17 days
Bottom of Range [Member]
Schedule of Fair Value of Stock Options [Line Items]
Expected volatility	150.79%	113.00%
Top of Range [Member]
Schedule of Fair Value of Stock Options [Line Items]
Expected volatility	161.87%	118.00%

Restricted Share Units (Details) - USD ($)	6 Months Ended
Restricted Share Units (Details) - USD ($)	Apr. 30, 2024	Apr. 30, 2023	Apr. 03, 2024	Nov. 06, 2023	Feb. 22, 2023	Feb. 19, 2023	Jan. 16, 2023
Restricted Share Units [Line Items]
Restricted shares units, issued			9,000	45	400	44	161
Fair value consultants	$ 267,346	$ 77,632
RSU's [Member]
Restricted Share Units [Line Items]
Restricted shares units, issued	200,784
Consultants, Directors and Officers [Member] \| RSU's [Member]
Restricted Share Units [Line Items]
Restricted shares units, issued	437,765

Restricted Share Units (Details) - Schedule of Changes in RSUs - Restricted Stock Units [Member]

6 Months Ended

12 Months Ended

Apr. 30, 2024

$ / shares

Apr. 30, 2024

$ / shares

Oct. 31, 2023

$ / shares

Oct. 31, 2023

$ / shares

Schedule of Changes in RSUs [Line Items]

Number of RSUs, Beginning balance

Weighted average issue price, Beginning balance | (per share)

Number of RSUs, Granted

437,765

^[1]

437,765

^[1]

2,200

Granted, Weighted average issue price, Granted | (per share)

$ 1.29

^[1]

$ 1.78

^[1]

$ 41.46

$ 55.97

Number of RSUs, Vested

(200,784)

(2,200)

Vested, Weighted average issue price, Vested | (per share)

$ 1.33

$ 1.8

$ 41.46

$ 55.97

Number of RSUs, Ending Balance

236,981

Weighted average issue price, Ending Balance | (per share)

$ 1.28

$ 1.76

[1]	During the six months ended April 30, 2024, the Company issued 437,765 RSU’s to consultants, directors and officers. 200,784 RSU’s vested with a fair value of $267,346 (2023-$77,632).

Financial Instruments and Risk Management (Details)	6 Months Ended
Financial Instruments and Risk Management (Details)	Apr. 30, 2024
Financial Instruments and Risk Management [Line Items]
Foreign currency, percentage	10.00%
Foreign Exchange Rate Risk [Member]
Financial Instruments and Risk Management [Line Items]
Foreign currency, percentage	10.00%

Financial Instruments and Risk Management (Details) - Schedule of Assets and Liabilities Measured at Fair Value - Recurring fair value measurement [member] - USD ($)	Apr. 30, 2024	Oct. 31, 2023
Financial Instruments and Risk Management [Line Items]
Derivative warrants liability	$ 3,731,799	$ 4,310,379
Short-term investment		86,112
Quoted prices in active markets for identical instruments (Level 1) [Member]
Financial Instruments and Risk Management [Line Items]
Derivative warrants liability
Short-term investment		86,112
Significant other observable inputs (Level 2) [Member]
Financial Instruments and Risk Management [Line Items]
Derivative warrants liability
Short-term investment
Significant unobservable inputs (Level 3) [Member]
Financial Instruments and Risk Management [Line Items]
Derivative warrants liability	$ 3,731,799	4,310,379
Short-term investment

Financial Instruments and Risk Management (Details) - Schedule of Foreign Currency Exchange Risk on Net Working Capital - Foreign Exchange Rate Risk [Member]	6 Months Ended
	Apr. 30, 2024 USD ($)
Financial Instruments And Risk Management [Line Items]
Cash and cash equivalents	$ 238,379
Other receivables	49,369
Accounts payable and accrued liabilities	(129,877)
Due to related parties	(37,009)
Total foreign currency financial assets and liabilities	120,862
Impact of a 10% strengthening or weakening of foreign exchange rate	$ 12,086

Financial Instruments and Risk Management (Details) - Schedule of Foreign Currency Exchange Risk on Net Working Capital (Parentheticals)	6 Months Ended
	Apr. 30, 2024
Foreign Exchange Rate Risk [Member]
Financial Instruments And Risk Management [Line Items]
Impact of a strengthening or weakening of foreign exchange rate	10.00%

Financial Instruments and Risk Management (Details) - Schedule of Contractual Maturities of Financial Liabilities - USD ($)	Apr. 30, 2024	Oct. 31, 2023
Financial Instruments and Risk Management [Line Items]
Accounts payable and accrued liabilities	$ 421,156	$ 617,004
Due to related parties	47,009	42,433
Total	468,165	659,437
Within 1 year [Member]
Financial Instruments and Risk Management [Line Items]
Accounts payable and accrued liabilities	421,156	617,004
Due to related parties	47,009	42,433
Total	468,165	659,437
Within 2-5 years [Member]
Financial Instruments and Risk Management [Line Items]
Accounts payable and accrued liabilities
Due to related parties
Total

Commitments (Details) - USD ($)	Mar. 30, 2024	Mar. 19, 2024	Jan. 15, 2024
Commitments [Line Items]
Percentage of royalties	3.00%	3.00%	2.50%
Annual license fee	$ 25,000	$ 25,000
Payment from company	600,000	600,000
Bottom of range [member]
Commitments [Line Items]
Annual license fee	35,000	35,000
Top of range [member]
Commitments [Line Items]
Annual license fee	50,000	50,000
Yissum Research Development Company [Member]
Commitments [Line Items]
Payment from company	$ 400,000	$ 400,000

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