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 2025

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 12, 2025, Clearmind Medicine Inc. 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, 2025, 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) and Form S-8 (File No. 333-283695), 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and Exchange Commission, to be a part thereof from the date on which this report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished.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, 2025.
99.2		Management’s Discussion and Analysis for the for the three and six months ended April 30, 2025.
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 12, 2025	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, 2025

(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,
	2025			2024
Assets
Current assets
Cash and cash equivalents	$	4,472,520		$	6,573,813
Other receivables		44,279			49,038
Short-term investments (Note 3)		177,640			289,388
Prepaid expenses		191,256			44,161
Related parties (Note 4b)		137,042			131,839
Total current assets		5,022,737			7,088,239

Non-current assets
Intangible assets		102,894			108,326
Restricted cash		20,688			7,186
Right-of-use asset (Note 4c)		34,137			51,663
Total non-current assets		157,719			167,175

Total assets	$	5,180,456		$	7,255,414

Liabilities
Current liabilities
Accounts payable and accrued liabilities	$	475,490		$	526,056
Due to related parties (Note 4a)		49,251			48,962
Derivative warrant liabilities (Note 5)		2,318,263			3,519,702
Short-term portion of lease liabilities (Note 4c)		35,982			36,726
Total current liabilities		2,878,986			4,131,446

Non- current liabilities
Long-term lease liabilities (Note 4c)		-			16,416
Total non- current liabilities		-			16,416

Total liabilities	$	2,878,986		$	4,147,862

Shareholders’ equity
Share capital and share premium (Note 6)		25,338,377			24,168,256
Warrants (Note 7)		459,341			459,341
Share-based payment reserve (Notes 8, 9)		2,403,292			2,523,946
Accumulated other comprehensive loss		(21,250	)		(21,250	)
Accumulated deficit		(25,878,290	)		(24,022,741	)
Total shareholders’ equity		2,301,470			3,107,552

Total liabilities and shareholders’ equity	$	5,180,456		$	7,255,414

Approved and authorized for issuance on behalf of the Board of Directors on June 12, 2025:

/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

For the three and six months ended April 30, 2025 and 2024

(Expressed in United States Dollars)

(Unaudited)

	Three months ended						Six months ended
	April 30,						April 30,
	2025			2024			2025			2024

Operating expenses
General and administrative	$	855,124		$	980,549		$	1,889,860		$	2,137,062
Research and development, net		451,857			322,956			913,295			550,434
Total operating expenses		1,306,981			1,303,505			2,803,155			2,687,496

Finance income

Changes in fair value of derivative warrant liabilities (Note 5)		664,768			405,002			1,179,518			560,145
Changes in fair value of short-term investments (Note 3)		(157,083	)		(8,168	)		(228,788	)		(7,612	)
Foreign exchange gain (loss)		2,246			1,255			(2,204	)		2,671
Other finance income (expenses)		(7,868	)		33,955			(16,583	)		31,029
Interest income on deposits		41,648			-			75,656			63,502
Total finance income		543,711			432,044			1,007,599			649,735


Loss before taxes		(763,270	)		(871,461	)		(1,795,556	)		(2,037,761	)
Tax expenses		(20,658	)		(36,756	)		(59,993	)		(238,256	)
Net Loss and Comprehensive loss	$	(783,928	)	$	(908,217	)	$	(1,855,549	)	$	(2,276,017	)
Loss per share, basic and diluted	$	(0.16	)	$	(0.28	)	$	(0.39	)	$	(0.96	)
Weighted average number of shares for the purposes of basic and diluted loss per share		5,035,648			3,253,267			4,757,547			2,375,825

(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

For the three and six months ended April 30, 2025 and 2024

(Expressed in United States Dollars)

(Unaudited)

	Share capital and share premium						Share-based			Accumulated other						Total
	Number of shares		Amount		Warrants		payment reserve			comprehensive income			Accumulated deficit			shareholders’ equity
Balance, October 31, 2024		4,265,186	$	24,168,256	$	459,341	$	2,523,946		$	(21,250	)	$	(24,022,741	)	$	3,107,552
Net loss for the period		–		–		–		–			–			(1,855,549	)		(1,855,549	)
Exercise of warrants (Note 6c(ii))		310,388		437,007		–		–			–			–			437,007
Issuance of common shares upon vesting of restricted share units (Note 6c(i))		559,212		733,114		–		(733,114	)		–			–			–
Share-based compensation (Notes 8, 9)		–		–		–		612,460			–			–			612,460
Balance, April 30, 2025		5,134,786	$	25,338,377	$	459,341	$	2,403,292		$	(21,250	)	$	(25,878,290	)	$	2,301,470

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		1,500,000		1,459,815		–		-			–			–			1,459,815
Exercise of warrants		1,194,102		4,154,389		-		–			–			–			4,154,389
Common shares for services		9,000		11,935		–		(11,935	)		–			–			–
Share-based compensation		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

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

CLEARMIND MEDICINE INC.

Condensed Interim Consolidated Statements of Cash Flows

For the three and six months ended April 30, 2025 and 2024

(Expressed in United States Dollars)

(Unaudited)

	Six months ended April 30,
	2025			2024
Operating activities
Net loss for the period	$	(1,855,549	)	$	(2,276,017	)

Adjustments for:
Amortization of intangible assets		5,432			5,462
Amortization of right-of-use asset		18,576			17,804
Interest on lease liability		2,332			1,629
Exchange rate differences		1,960			(8,980	)
Issuance costs allocated to derivative warrant liabilities		–			115,046
Depreciation of property and equipment		–			1,103
Changes in fair value of derivative warrant liabilities		(1,179,518	)		(560,145	)
Share-based compensation		612,460			324,095
Changes in fair value of short-term investments		228,788			7,612
Tax expenses		59,993			71,237

Changes in working capital:
Decrease in other receivables		6,017			72,078
Increase in prepaid expenses		(147,132	)		(170,422	)
Decrease in accounts payable and accrued liabilities		(111,962	)		(260,480	)
Increase (decrease) in amounts due to / from related parties		(5,230	)		5,205
Net cash used in operating activities		(2,363,833	)		(2,654,773	)

Investing activities
Proceeds from sale of short-term investment (Note 3)		82,960			78,500
Acquisition of short-term investment (Note 3)		(200,000	)		–
Changes in restricted cash		(13,498	)		–
Net cash provided by (used in) investing activities		(130,538	)		78,500

Financing activities
Proceeds from issuance of common shares and warrants, net of issuance costs		–			1,824,773
Proceeds received from exercise of warrants (Note 6c (ii))		415,086			3,655,950
Repayment of lease liabilities		(20,572	)		(19,087	)
Net cash provided by financing activities		394,514			5,461,636
Effect of foreign exchange rate changes on cash and cash equivalents		(1,436	)		(7,175	)
Net increase (decrease) in cash and cash equivalents		(2,101,293	)		2,878,188
Cash and cash equivalents at beginning of period		6,573,813			5,427,739
Cash and cash equivalents at end of period	$	4,472,520		$	8,305,927

Supplementary disclosure of cash flow information:
Cash received as interest	$	75,896		$	120,612
Cash paid for taxes		16,408			192,825
Interest on lease liability		2,332			1,629
Non-cash financing and investing activities
Right of use assets obtained in exchange for lease liabilities	$	–		$	107,827
Early termination of office lease		–			(88,562	)

CLEARMIND MEDICINE INC.

Notes to the Condensed Interim Consolidated Financial Statements

For the three and six months ended April 30, 2025 and 2024

(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.

The Company trades under the symbol “CMND” on the Nasdaq Capital Market and on the Frankfurt Stock Exchange 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.

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, 2025, the Company has not generated any revenues and has negative cash flows from operations of $2,363,833. As of April 30, 2025, the Company has an accumulated deficit of $25,878,290. 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 sources 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.

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.

In October 2023, Israel was attacked by the Hamas terrorist organization and entered a state of war. In addition, there have been continued hostilities along Israel’s northern border with Lebanon (with the Hezbollah terror organization) and on other fronts from various extremist groups in the region, such as the Houthis in Yemen and various rebel militia groups in Syria and Iraq. Israel has carried out a number of targeted strikes on sites belonging to these terror organizations. In October 2024, Israel began limited ground operations against Hezbollah in Lebanon, and in November 2024, a ceasefire was brokered between Israel and Hezbollah. In addition, Iran has launched direct attacks on Israel involving hundreds of drones and missiles, has threatened to continue to attack Israel and is widely believed to be developing nuclear weapons. Iran is also believed to have a strong influence among extremist groups in the region, such as Hamas in Gaza, Hezbollah in Lebanon, the Houthi movement in Yemen and various rebel militia groups in Syria and Iraq. As of the date of these condensed interim consolidated financial statements, the war in Israel is ongoing and continues to evolve. Since the war broke out on October 7, 2023, the Company’s operations have not been adversely affected by this situation, and the Company not experienced disruptions to its clinical studies, facilities or the manufacturing or supply of its drug candidates. If the ceasefires declared collapse or a new war commences or hostilities expand to other fronts, the Company’s operations may be adversely affected.

The Company’s clinical trials, the laboratory that supports such clinical trials and the Contract Research Organization (CRO) are based in Israel. The extent to which the War may impact the Company’s financial condition, results of operations, or liquidity is uncertain, and as of the date of issuance of these condensed interim consolidated financial statements, the Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or an adjustment to the carrying value of the Company’s assets or liabilities as of April 30, 2025.

CLEARMIND MEDICINE INC.

Notes to the Condensed Interim Consolidated Financial Statements

For the three and six months ended April 30, 2025 and 2024

(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 wholly-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, 2024 and the notes thereto (the “2024 Annual Report”).

The condensed interim consolidated financial statements have been prepared on the same basis as the 2024 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, 2025 are not necessarily indicative of the results for the year ending October 31, 2025, or for any future period.

As of April 30, 2025, there have been no material changes in the Company’s significant accounting policies from those that were disclosed in the 2024 Annual Report.

CLEARMIND MEDICINE INC.

Notes to the Condensed Interim Consolidated Financial Statements

For the three and six months ended April 30, 2025 and 2024

(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.

Derivative Warrant Liabilities and Assets

The Company analyses warrants issued to determine whether they meet the classification as liabilities or equity. Derivative warrant liabilities and assets 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 Black and Scholes and 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, the risk-free interest rate 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

For the three and six months ended April 30, 2025 and 2024

(Expressed in United States Dollars)

(Unaudited)

3.	Short-term Investments

	October 31, 2024		Additions		Disposals			Changes in fair value			April 30, 2025
Polyrizon Ltd. (1)	$	289,388	$	200,000	$	(82,960	)	$	(228,788	)	$	177,640
	$	289,388	$	200,000	$	(82,960	)	$	(228,788	)	$	177,640

	October 31, 2023		Additions		Disposals			Changes in fair value			October 31, 2024
Polyrizon Ltd. – shares and warrants (1)	$	-	$	350,400	$	-		$	(61,012	)	$	289,388
Xylo Technologies Ltd. – shares		86,112		-		(78,500	)		(7,612	)		-
	$	86,112	$	350,400	$	(78,500	)	$	(68,624	)	$	289,388

(1)

On October 30, 2024, the Company subscribed for 320 shares and 960 warrants (“October 2024 Polyrizon Warrants”) of Polyrizon Ltd. (“Polyrizon”) in Polyrizon’s initial public offering on the Nasdaq at a cost of $350,400. Each October 2024 Polyrizon Warrant can be exercised into one ordinary share of Polyrizon at an exercise price of $1,095.00 per share, subject to certain adjustments, include a cashless exercise mechanism. The Polyrizon Warrants expire on October 29, 2029.

During November 2024, the Company sold all the shares of Polyrizon, for total proceeds of $82,960.

On March 31, 2025, the Company subscribed for 866 shares of Polyrizon, 800 pre funded warrants to purchase shares of Polyrizon (“Polyrizon Pre-Funded Warrants”) and 1,666 warrants to purchase shares of Polyrizon (“March 2025 Polyrizon Warrants”) at an aggregate cost of $200,000 in a private placement (the “Polyrizon Private Placement”). In connection with the Polyrizon Private Placement, the Company exchanged the October 2024 Polyrizon Warrants for new warrants (the “Exchange Warrants”), which were substantially in the same form as the March 2025 Polyrizon Warrants. Each Polyrizon Pre-Funded Warrant can be exercised into one ordinary share of Polyrizon at an exercise price of $0.00001, subject to certain adjustments, including a cashless exercise mechanism, and each March 2025 Polyrizon Warrant and Exchange Warrant can be exercised into one ordinary share of Polyrizon at an exercise price of $300.00 per share subject to certain adjustments, including a cashless exercise mechanism. The March 2025 Polyrizon Warrants and Exchange Warrants have certain anti-dilution protection and expire on September 30, 2027.

The aggregate fair value of the March 2025 Polyrizon Warrants and the Exchange Warrants as of April 30, 2025, was $48,472 based on the Block-Scholes option pricing model, using the following assumptions: risk-free rate of 3.62%-3.75%, share price of $77.50, exercise price of $300.00-$1,095.00, expected life of 2.42-4.51 years and volatility of 92%.

Subsequent to the reporting period, on May 13, 2025, the Company exercised the Polyrizon Pre-Funded Warrants and received 800 Polyrizon shares.

On May 27, 2025, Polyrizon effected a reverse share split of the its ordinary shares at the ratio of 1-for-250, such that each two hundred and fifty (250) ordinary shares, no par value, shall be consolidated into one (1) ordinary share, no par value. All the Polyrizon Shares and price per Polyrizon shares have been retroactively adjusted in these financial statements.

CLEARMIND MEDICINE INC.

Notes to the Condensed Interim Consolidated Financial Statements

For the three and six months ended April 30, 2025 and 2024

(Expressed in United States Dollars)

(Unaudited)

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,
	2025		2024		2025		2024

Officers:
Consulting fees	$	84,557	$	87,586	$	168,557	$	248,274
Share based compensation		43,973		25,854		117,902		41,555
	$	128,530	$	113,440	$	286,459	$	289,829
Directors:
Directors’ fees	$	58,127	$	50,902	$	116,333	$	125,525
Share based compensation		69,226		68,669		186,821		85,890
	$	127,353	$	119,571	$	303,154	$	211,415

(ii)

Balances with related parties

	April 30,		October 31,
	2025		2024
Amounts owed to officers	$	29,781	$	29,498
Amounts owed to directors		19,470		19,464
	$	49,251	$	48,962

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, 2025, the Company incurred research and development expenses conducted within the framework of the Cooperation Agreement in the amount of $33,763 and $46,509, respectively (three and six months ended April 30, 2024- $22,306 and $22,808 respectively). As of April 30, 2025, $137,042 is owed to the Company by SciSparc (October 31, 2024 - $131,839 owed to the Company).

On June 13, 2024, the Company entered into an agreement with SciSparc for the lease of office space in Tel Aviv, Israel, having a total area of approximately 386 square meters. The Company occupies approximately 193 square meters of the space for its offices. The rental period is from April 1, 2024 to March 31, 2026. The Company’s base rent was ILS 12,500 per month (approximately $3,400) during the term of the lease. The lease liability was discounted using the Company’s estimated incremental annual borrowing rate of 10%.

CLEARMIND MEDICINE INC.

Notes to the Condensed Interim Consolidated Financial Statements

For the three and six months ended April 30, 2025 and 2024

(Expressed in United States Dollars)

(Unaudited)

5.	Derivative warrant liabilities

On April 6, 2023, the Company issued 4,505,718 warrants in connection with its April 2023 Public Offering (“April 2023 Warrants”). The April 2023 Warrants include a cashless exercise provision and repricing adjustments for offerings at a price lower than the existing exercise price of the April 2023 Warrants, as well as repricing adjustments for stock splits, reclassifications, subdivisions, and other similar transactions (“April 2023 Warrant Adjustments”). As a result, these April 2023 Warrants were recorded at their fair value as a derivative liability at the time of their grant and are revalued at the end of each reporting period. The number of April 2023 Warrants does not change, however, the number of warrant shares issued may change, subject to the adjustment noted above.

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 0.724 common shares of the Company. For further details of the ratio of warrant shares issuable and outstanding in relation to the April 2023 Warrants, see detailed table in note 7.

On December 16, 2024, 15,156 April 2023 Warrants were exercised into 10,969 common shares, resulting in gross proceeds of $11,821.

On September 18, 2023, the Company issued 7,500,000 warrants in connection with its September 2023 Public Offering (“September 2023 Warrants”). The September 2023 Warrants include a cashless exercise provision and repricing adjustments for offerings at a price lower than the existing exercise price of the September 2023 Warrants, as well as repricing adjustments for stock splits, reclassifications, subdivisions, and other similar transactions (“September 2023 Warrant Adjustments”) and therefore, these September 2023 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. The number of September 2023 Warrants does not change, however, the number of warrant shares issued may change, subject to the adjustment noted above.

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 0.288 common shares of the Company. For further details of the ratio of warrant shares issuable and outstanding in relation to the September 2023 Warrants, see detailed table in note 7.

On December 27, 2024, 327,765 September 2023 Warrants were exercised into 94,419 common shares, resulting in gross proceeds of $101,755.

CLEARMIND MEDICINE INC.

Notes to the Condensed Interim Consolidated Financial Statements

For the three and six months ended April 30, 2025 and 2024

(Expressed in United States Dollars)

(Unaudited)

5.	Derivative warrant liabilities (continued)

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”). The January 2024 Warrants include a cashless exercise provision and repricing adjustments for offerings at a price lower than the existing exercise price of the The January 2024 Warrants, as well as repricing adjustments for 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 December 27, 2024, 205,000 January 2024 Warrants were exercised into 205,000 common shares, resulting in gross proceeds of $328,000.

During the three and six months ended April 30, 2025, the Company recorded a gain on the revaluation of the total derivative warrant liabilities of $664,768 and $1,179,518, respectively, in the Condensed Interim Consolidated Statements of Operations and Comprehensive Loss.

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

		April 30, 2025
Share Price		$1.01
Exercise Price		$1.077 – $1.60
Expected life		2.93 – 3.71 years
Risk-free interest rate		3.58 – 3.63%
Dividend yield		0.00%
Expected volatility		137.39 – 138.49%

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

Balance as of October 31, 2023	$	4,310,379
Issuance of January 2024 Warrants		480,004
Exercise of warrants		(562,879	)
Changes in fair value of warrants		(707,802	)
Balance as of October 31, 2024	$	3,519,702
Exercise of warrants		(21,921	)
Change in fair value of warrants		(1,179,518	)
Balance as of April 30, 2025	$	2,318,263

CLEARMIND MEDICINE INC.

Notes to the Condensed Interim Consolidated Financial Statements

For the three and six months ended April 30, 2025 and 2024

(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, 2025, 5,134,786 (October 31, 2024 - 4,265,186) common shares were issued and outstanding.

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

Share transactions during the six months ended April 30, 2025:

(i)

During the six months ended April 30, 2025, the Company issued 559,212 common shares in respect of restricted share units (“RSUs”) that had been fully vested. The RSUs had an aggregate fair value of $733,114 at the time of issuance.

(ii)

Between December 16, 2024, and December 27, 2024, April 2023 Warrants, September 2023 Warrants and January 2024 Warrants were exercised into 310,388 shares, resulting in gross proceeds of $441,577.

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)

During the three months ended January 31, 2024, April 2023 Warrants and September 2023 Warrants were exercised for 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 (“January 2024 Warrants”) and (iii) 1,500,000 unregistered common warrants (“Warrants”) to purchase 1,500,000 Common Shares. The January 2024 Warrants are immediately exercisable at an exercise price of $0.0001 per Common Share and will not expire until exercised in full. The 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 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 three months ended April 30, 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.

CLEARMIND MEDICINE INC.

Notes to the Condensed Interim Consolidated Financial Statements

For the three and six months ended April 30, 2025 and 2024

(Expressed in United States Dollars)

(Unaudited)

7.	Warrants

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

	Number of warrants			Historic weighted average exercise price per warrant shares
Balance, October 31, 2023		11,231,465		$	7.90
Issuance of January 2024 warrants (*)		1,500,000			1.60
Exercise of warrants		(8,293,585	)		2.62
Expiration of warrants		(8,333	)		98.43

Balance, October 31, 2024		4,429,547		$	1.57
Number of shares to be issued from the exercise of these warrants, October 31, 2024		2,549,311

Balance, October 31, 2024		4,429,547		$	1.57
Exercise of warrants		(547,921	)		1.27
Expiration of warrants		(75	)		1,287.55
Balance, April 30, 2025		3,881,551		$	1.55
Number of shares to be issued from the exercise of these warrants		2,238,848

(*)

These 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. See table below for number of shares to be issued from the exercise of warrants.

As of April 30, 2025, the following warrants were outstanding:

Number of warrants outstanding		Number of shares to be issued from the exercise of warrants (warrant shares)		Exercise price per warrant shares		Exercise price per warrant shares (USD)		Expiry date
	1,923		1,923	C$	336.67	$	243.75	November 17, 2027
	728,409		527,181	$	1.077	$	1.077	April 5, 2028
	2,024,739		583,264	$	1.077	$	1.077	September 17, 2028
	1,126,480		1,126,480	$	1.60	$	1.60	January 15, 2029
	3,881,441		2,238,848

CLEARMIND MEDICINE INC.

Notes to the Condensed Interim Consolidated Financial Statements

For the three and six months ended April 30, 2025 and 2024

(Expressed in United States Dollars)

(Unaudited)

8.	Stock Options

On January 6, 2025, the shareholders of the Company approved the Omnibus Equity Incentive Plan, the “Omnibus Plan”. Pursuant to the Omnibus Plan, the Company is authorized to grant options or RSUs to officers, directors, employees and consultants enabling them to acquire, together with” Options”, “Awards” or “Stock Options” as defined, up to 20% of the Company’s 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.

The following table summarizes the changes in the Company’s stock options for the periods ended April 30, 2025 and October 31, 2024:

	Number of options			Weighted average exercise price (C$)		Weighted average exercise price (USD$)
Outstanding, October 31, 2023		5,588		C$	603.12	$	434.82

Expired		(67	)		720.00		533.14

Outstanding, October 31, 2024		5,521		C$	601.71	$	432.38

Outstanding, April 30, 2025		5,521		C$	601.70	$	435.64

Exercisable, April 30, 2025		5,504		C$	603.46	$	436.91

CLEARMIND MEDICINE INC.

Notes to the Condensed Interim Consolidated Financial Statements

For the three and six months ended April 30, 2025 and 2024

(Expressed in United States Dollars)

(Unaudited)

8.	Stock Options (continued)

Additional information regarding stock options outstanding as of April 30, 2025, 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		1.07	C$	166.50	$	120.55		533	C$	166.50	$	120.55
	978		6.76		504.00		364.90		978		504.00		364.90
	1,166		1.07		675.00		488.71		1,166		675.00		488.71
	200		4.00		702.00		508.25		200		702.00		508.25
	133		1.39		747.00		540.83		133		747.00		540.83
	422		6.61		612.00		443.09		422		612.00		443.09
	1,044		6.76		720.00		521.29		1,044		720.00		521.29
	667		1.17		756.00		547.35		667		756.00		547.35
	111		6.61		900.00		651.61		111		900.00		651.61
	61		8.07		315.00		228.06		61		315.00		228.06
	156		8.16		504.00		364.90		156		504.00		364.90
	50		8.19		32.32		23.40		33		32.32		23.40
	5,521		4.16	C$	601.70	$	435.64		5,504	C$	603.46	$	436.91

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, 2025			Six months ended April 30, 2024
Risk-free interest rate		4.46	%		3.89	%
Expected life (in years)		4.16			5.11
Expected volatility		112.20%-134.44	%		150.79%-161.87	%

Expected volatility was determined by calculating the historical volatility of the comparison companies’ share price over the previous 8.4 years. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of no transferability, exercise restrictions, and behavioral considerations.

The portion of the total fair value of stock options expensed during the three and six months ended April 30, 2025, was $Nil and $3,264, respectively (2024 - $23,292 and $56,870, respectively) which was recorded in share-based compensation expense.

CLEARMIND MEDICINE INC.

Notes to the Condensed Interim Consolidated Financial Statements

For the three and six months ended April 30, 2025 and 2024

(Expressed in United States Dollars)

(Unaudited)

9.	Restricted Share Units

The Company is able to grant RSUs pursuant to the Omnibus Plan to its directors, officers, employees, and consultants. Each RSU is equivalent in value to a common share and upon vesting, results in the holder thereof being issued, at the discretion of the Board, either (i) a common share, or (ii) an amount of cash equal to the fair market value of a common share.

The following table summarizes the continuity of RSUs:

	Number of RSUs			Weighted average issue price (C$)		Weighted average issue price (USD$)
Balance, October 31, 2023		2,216		$	138.55	$	96.06

Granted		591,460			1.86		1.36
Exercised		(329,338	)		2.22		1.65

Balance, October 31, 2024		264,338		$	2.55	$	1.80

Granted (i)		540,777			1.60		1.13
Exercised		(559,212	)		1.85		1.31

Balance, April 30, 2025 (*)		245,903		$	2.06	$	1.43

(i)	During the six months ended April 30, 2025, the Company issued 540,777 RSUs to consultants, directors and officers. The RSUs vested with a fair value of $609,196 (2024 - $267,346).

(*)	See note 14 regarding the exercise of RSUs.

CLEARMIND MEDICINE INC.

Notes to the Condensed Interim Consolidated Financial Statements

For the three and six months ended April 30, 2025 and 2024

(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, 2025, 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, 2025
Short-term investment- common shares	$	67,167	$	–	$	–	$	67,167
Short-term investment- Polyrizon Warrants						110,473		110,473
Derivative warrant liabilities		–		–		2,318,263		2,318,263

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, 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 October 31, 2024
Short-term investment- common shares	$	110,400	$	–	$	–	$	110,400
Short-term investment- Polyrizon Warrants		–		–		178,988		178,988
Derivative warrant liabilities		–		–		3,519,702		3,519,702

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 and cash equivalents. 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

For the three and six months ended April 30, 2025 and 2024

(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, 2025. 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, 2025.

Cash and cash equivalents	$	271,939
Other receivables		33,499
Accounts payable and accrued liabilities		(154,420	)
Due to related parties		(39,251	)
Total foreign currency financial assets and liabilities	$	111,767

Impact of a 10% strengthening or weakening of foreign exchange rate	$	11,177

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 fair value of the derivative warrant liabilities can fluctuate depending on the fluctuation in the risk-free interest rate.

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, 2025 and October 31, 2024:

April 30, 2025	Total		Within 1 year		Within 2-5 years
Accounts payable and accrued liabilities	$	475,490	$	475,490	$	–
Due to related parties		49,251		49,251		–
Lease liability		35,982		35,982		–
	$	560,723	$	560,723	$	–

October 31, 2024	Total		Within 1 year		Within 2-5 years
Accounts payable and accrued liabilities	$	526,056	$	526,056	$	–
Due to related parties		48,962		48,962		–
Lease liability		53,142		36,726		16,416
	$	628,160	$	611,744	$	16,416

CLEARMIND MEDICINE INC.

Notes to the Condensed Interim Consolidated Financial Statements

For the three and six months ended April 30, 2025 and 2024

(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 and share premium, warrants 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, 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, 2025.

12.

Segmented Information

As of April 30, 2025, 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 entered into a license agreement with BIRAD, the research and development company of Bar-Ilan University, which provides the Company with an exclusive, perpetual, worldwide and sublicensable license to use the joint patent that the Company has with BIRAD, to further develop, manufacture and commercialize products for innovative treatment of cocaine addiction (“the BIRAD License Agreement”). According to the BIRAD License Agreement, the Company shall pay BIRAD royalties at the rate of 1.5% of the Company’s net sales , as well as certain fees in the case of sublicenses or an “exit” event, all subject to the terms as described in the BIRAD License Agreement. The Company will also pay BIRAD different payments upon reaching certain milestones.

On March 19, 2024, the Company entered into a License Agreement with Yissum Research Development Company of the Hebrew University of Jerusalem, which provides to the Company with an exclusive, perpetual, worldwide and sublicensable license to use the Yissum’s patent titled “Psychedelic compounds, methods of their preparation and uses thereof” to further develop, manufacture, and commercialize innovative compounds targeted at treating post-traumatic stress disorder and other health conditions (the “Yissum PTSD License Agreement”). According to the Yissum PTSD License Agreement, the Company is required to pay Yissum annual maintenance fees ranging from $25,000 to $50,000 beginning on the fifth anniversary of the effective date of the Yissum PSTD License Agreement, and royalties at the rate of 3.0% of net sales, as well as certain fees in the case of sublicensing or an exit event, all subject to the terms as described in the Yissum PTSD License Agreement. The Company will also pay Yissum different payments when reaching certain milestones. All right, title and interest in the patent (the Licensed Patent as defined in the Yissum PSTD License Agreement) vest solely in Yissum, and the Company shall hold and make use of the license granted. Subject to such Yissum’s ownership rights, all rights in results of the Company’s development shall be solely owned by the Company.

On March 31, 2024, the Company entered into a License Agreement with Yissum Research Development Company of the Hebrew University of Jerusalem, which provides to the Company with an exclusive, perpetual, worldwide and sublicensable license to use Yissum’s patent “Psychoactive compounds, methods of their preparation and uses thereof in the treatment of mental disorders” to further develop, manufacture, and commercialize innovative compounds targeted at Generation 3.0 psychedelic compounds for the treatment of mental disorders (the “Yissum Psychedelic License Agreement). According to the Yissum Psychedelic License Agreement, the Company is required to pay Yissum annual maintenance fees ranging from $25,000 to $50,000 beginning of the fifth anniversary of the effective date of the Yissum Psychedelic License Agreement, and the Company shall pay Yissum royalties at the rate of 3.0% of net sales, as well as certain fees in the case of sublicenses or an exit event, all subject to the terms as described in the Yissum Psychedelic License Agreement. The Company will also pay Yissum different payments when reaching certain milestones. All right, title and interest in the patent (the Licensed Patent as defined in the Yissum Psychedelic License Agreement) vest solely in Yissum, and the Company shall hold and make use of the license granted. Subject to such Yissum’s ownership rights, all rights in results of the Company’s development shall be solely owned by the Company.

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

14.

Subsequent Events

On May 14, 2025, the Company issued 244,655 common shares in respect of RSUs that had been fully vested. The RSUs had a fair value of $231,722 at the time of issuance.

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Exhibit 99.2

CLEARMIND MEDICINE INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS

For the Three and Six Months Ended April 30, 2025

(Expressed in United States Dollars)

CLEARMIND MEDICINE INC.

Management’s Discussion and Analysis

For the Three and Six Months Ended April 30, 2025

This Management’s Discussion and Analysis (“MD&A”) of Clearmind Medicine Inc. (“Clearmind” or the “Company”), prepared as of June 12, 2025, 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, 2025, 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 registered offices are located at 101 – 1220 W. 6th Ave, Vancouver, BC V6H 1A5 and its operational offices are located at 20 Rahul Wallenberg, Tel Aviv, Israel.

Company Overview

The Company is a clinical stage 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 Alcohol Use Disorder (“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. In January 2025, the U.S. Surgeon General released a new Surgeon General’s Advisory on Alcohol and Cancer Risk, outlining the direct link between alcohol consumption and increased cancer risk, which is in addition to other common risks associated with excessive alcohol consumption. Apart from potentially changing people’s lives, the Company believes that its 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. 178,000 people die every year in the United States alone due to binge drinking.

The Company currently focusing its research programs on the uses of 5-Methoxy-2-aminoindane (“MEAI”) for the treatment of AUD, weight loss and metabolic disorders and as an alcohol substitute consumer products. On the consumer side, it is developing an alcohol substitute which may offer a solution that adults can enjoy without the extensive damage that comes with alcohol, such as higher risk to get cancer and other wide range of adverse effects on almost every part of the body, including the brain, liver, pancreas and the immune system. The Company has completed a series of pre-clinical, investigational new drug—, or IND—, enabling studies in the United States and China that are required before it can study our compound for the first time in humans. These studies include pharmacokinetic and toxicological studies in rats and dogs in order to assess the safety profile of our compound and characterization of the drug metabolism. The Company has conducted several metabolism studies designed to better understand the way MEAI is digested in several species. In addition, it has conducted a pre-clinical animal model of AUD to characterize the effect of MEAI on alcohol consumption. This study involved testing the effect of MEAI’s ability to curb alcohol cravings after exposing mice to prolonged alcohol consumption over a short period, mimicking binge alcohol consumption in humans.

CLEARMIND MEDICINE INC.

Management’s Discussion and Analysis

For the Three and Six Months Ended April 30, 2025

In February 2024 and in July 2024, the Company announced that it was granted approval by the Israeli Ministry of Health and by the FDA, respectively to initiate its first-in-human Phase I/IIa clinical trial with CMND-100 in patients suffering from AUD. Subsequently, the Company initiated the CM-CMND-001 clinical trial in both Israel and the United States, including at the Yale School of Medicine’s Department of Psychiatry and Johns Hopkins University School of Medicine. In October 2024 and December, the Company announced that it received IRB approvals from Johns Hopkins University and Yale University, respectively, its clinical sites, for part A of its Phase I/IIa clinical trial in the United States for treating patients suffering from AUD. In March 2025, the Company initiated its Phase I/IIa clinical trial at IMCA in Israel, and in April 2025, it initiated its Phase I/IIa clinical trial at the Johns Hopkins University School of Medicine and Yale School of Medicine’s Department of Psychiatry.

The CM-CMND-001 clinical trial is designed to be a multinational, multi-center, double blind, Phase I/IIa single- and multiple-dose tolerability, safety and pharmacokinetic study in healthy volunteers and AUD subjects. Upon completion of the Phase I/IIa studies, if successful, the Company will be required to conduct additional clinical trials subject to securing additional financing.

Significant developments during the period

On December 16, 2025, the Company announced that it has signed a non-binding term sheet with Dr. Glitter Pty Ltd, a health technology company that has developed ActivCrystal™ technology, a world-first oral delivery format that encapsulates active ingredients in crystals that are tasteless, odorless, made from natural ingredients, and designed to be sprinkled on meals. The two companies plan to collaborate on the development and commercialization of Clearmind’s proprietary MEAI-based alcohol substitute and Dr Glitter Pty Ltd’s proprietary ActivCrystal™ technology. The term sheet outlines preliminary terms that, upon the mutual agreement of the parties, will be memorialized in a definitive agreement that sets forth a framework for advancing Clearmind and Dr Glitter Pty Ltd’s groundbreaking innovations.

Under the terms of the term sheet, upon the execution of the definitive agreement, the parties will work together to develop MEAI-based alcohol alternative aimed to naturally replicate the known sensations from drinking alcohol without the associated health risks or hangover. In ActivCrystal™ format, Clearmind’s MEAI-based alcohol alternative may be sprinkled into users’ choice of beverage or food, and dosage may be varied by users individually. This collaboration has the potential to mark an important milestone in Clearmind’s strategy to bring MEAI to global markets, addressing the urgent need for innovative solutions to combat alcohol misuse - a major contributor to countless annual deaths worldwide.

On December 24, 2024, the Company announced it has received Yale's Institutional Review Board (IRB) approval for its Phase I/IIa clinical trial of CMND-100, targeting alcohol use disorder (AUD). The trial will be led at Yale School of Medicine’s Department of Psychiatry by Dr. Anahita Bassir Nia, MD, an expert in psychiatry and addiction medicine. This milestone marks a significant step forward in Clearmind’s FDA-regulated clinical program, further expanding the multi-site trial to evaluate the safety, tolerability and efficacy of its proprietary investigational drug, CMND-100. In addition to Yale, the trial received IRBs approval from Johns Hopkins University, Maryland, USA, and IMCA Center in Ramat Gan, Israel. The Company has already secured FDA approval for its Investigational New Drug (IND).

On January 2, 2025, the Company announced advancement in its proprietary MEAI- based binge behavior regulator program through the granting of patent approval from the Macau International Intellectual Property Office. The allowed patent is directed, among others to be used as primary amine aminoindan compound to regulate binge behavior. This includes primary amine aminoindan compounds beyond 5-methoxy-2-aminoindan (MEAI), the Company's innovative psychedelic molecule. This latest granted patent in Macau, a special administrative region of China, further strengthens Clearmind’s global intellectual property portfolio, which now includes 31 granted patents across 18 patent families, with patents granted in major jurisdictions such as the US, Europe, China, India, Hong Kong and now Macau.

On January 6, 2025, the Company announced the publication of a European patent application with the European Patent office for its innovative combination therapy of MEAI and N-Acylethanolamines, addressing binge behavior, including alcohol consumption, eating, tobacco consumption, shopping and sexual conduct. The patent application refers to Clearmind’s successful collaboration with SciSparc Ltd. (Nasdaq: SPRC) (“SciSparc”), a clinical-stage specialty pharmaceutical company focused on treatments for central nervous system disorders. Together, the two companies are researching innovative combination therapies that integrate psychedelic compounds with the N-Acylethanolamines family, including Palmitoylethanolamide (PEA).

On February 4, 2025, the Company announced a patent publication by the Instituto Mexicano de la Propriedad Industrial (IMPI), the National Mexico Patent Office. The patent refers to the Company’s innovative combination therapy of MEAI and N-Acylethanolamines, addressing binge behavior, including alcohol consumption, eating, tobacco consumption, shopping and sexual conduct. The patent is part of Clearmind’s successful collaboration with SciSparc.

On March 10, 2025, the Company announced a patent publication by the Korean Intellectual Property Office (KIPO), South Korea’s official patent and intellectual property authority. The patent covers the Company’s innovative combination therapy of MEAI and N-Acylethanolamines for the treatment of cocaine addiction. The patent is part of Clearmind’s successful collaboration with SciSparc.

On March 13, 2025, the Registrant filed Post-Effective Amendment No. 5 to update and supplement information contained in the Registration Statement, and also to include updated financial information. Post-Effective Amendment No. 5 was declared effective by the Securities and Exchange Commission on March 17, 2025.

CLEARMIND MEDICINE INC.

Management’s Discussion and Analysis

For the Three and Six Months Ended April 30, 2025

On April 17, 2025, the Company announced that the United States Patent Office has issued a Notice of Allowance for a patent relating to its MEAI treatment for binge behavior. This new US patent provides additional intellectual property protection for the Company’s novel MEAI- based treatment in this indication and further strengthens Clearmind’s intellectual property portfolio.

On April 23, 2025, the Company announced the initiation of its U.S. clinical trial site at the Yale School of Medicine’s Department of Psychiatry. With this initiation, the Company has now activated all planned sites for its clinical trial for its Phase I/IIa clinical trial in Alcohol Use Disorder (“AUD”) and can begin patient enrollment.

On April 25, 2025, the Company announced the filing of a new international patent application for a proprietary treatment targeting anorexia, bulimia and other eating disorders. The patent application covers the use of 3-Methylmethcathinone (3-MMC) in combination with Palmitoylethanolamide (PEA). This innovative combination aims to address the complex neurobiological and psychological factors associated with eating disorders, offering a potential new avenue for treatment.

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, 2025. 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, 2025 (USD)
November 2022 public offering:
To advance the formulation and clinical development efforts in our MEAI patented compounds (completed);	1.5 million	1.5 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	1.1 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	1.75 million
January 2024 Public Offering
For general corporate purposes and working capital.	2.4 million	1.44 million

CLEARMIND MEDICINE INC.

Management’s Discussion and Analysis

For the Three and Six Months Ended April 30, 2025

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, 2025 and 2024.

	Three months ended						Six months ended
	April 30,						April 30,
	2025			2024			2025			2024

Operating expenses
General and administrative	$	855,124		$	980,549		$	1,889,860		$	2,137,062
Research and development, net		451,857			322,956			913,295			550,434
Total operating expenses		1,306,981			1,303,505			2,803,155			2,687,496

Finance income

Changes in fair value of derivative warrant liabilities		664,768			405,002			1,179,518			560,145
Changes in fair value of short-term investments		(157,083	)		(8,168	)		(228,788	)		(7,612	)
Foreign exchange gain (loss)		2,246			1,255			(2,204	)		2,671
Other finance income (expenses)		(7,868	)		33,955			(16,583	)		31,029
Interest income on deposits		41,648			-			75,656			63,502
Total finance income		543,711			432,044			1,007,599			649,735

Loss before taxes		(763,270	)		(871,461	)		(1,795,556	)		(2,037,761	)
Tax expenses		(20,658	)		(36,756	)		(59,993	)		(238,256	)
Net Loss and Comprehensive loss	$	(783,928	)	$	(908,217	)	$	(1,855,549	)	$	(2,276,017	)
Loss per share, basic and diluted	$	(0.16	)	$	(0.28	)	$	(0.39	)	$	(0.96	)
Weighted average number of shares for the purposes of basic and diluted loss per share		5,035,648			3,253,267			4,757,547			2,375,825

Three-month period ended April 30, 2025, compared to the three-month period ended April 30, 2024

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, 2025, research costs amounted to $451,857 as compared to $322,956 for the three-month period ended April 30, 2024.

During the mentioned period, most of our R&D activity revolved around our upcoming clinical trial. The increase is due to the initiation of its Alcohol Use Disorder Phase I/IIa clinical trial at all current clinical sites

General and Administrative Expenses

For the three-month period ended April 30, 2025, general and administrative expenses amounted to $855,124 as compared to $980,549 for the three-month period ended April 30, 2024.

Finance income

For the three-month period ended April 30, 2025, financial income amounted to $543,711 as compared to financial income of $432,044 for the three-month period ended April 30, 2024. The financial income during the three-month period ended April 30, 2025, consists of a gain in warrant liability of $664,768, negative changes in fair value of short-term investments of $157,083 foreign exchange gain of $2,246, other finance expenses of $7,868 and interest income on deposit of $41,648.

Loss for the period

The Company reported a loss for the three-month period ended April 30, 2025, of $783,928 as compared to a loss of $908,217 for the three-month period ended April 30, 2024.

CLEARMIND MEDICINE INC.

Management’s Discussion and Analysis

For the Three and Six Months Ended April 30, 2025

Six-month period ended April 30, 2025, compared to the six-month period ended April 30, 2024

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, 2025, research costs amounted to $913,295 as compared to $550,434 for the six -month period ended April 30, 2024.

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

General and Administrative Expenses

For the six -month period ended April 30, 2025, general and administrative expenses amounted to $1,889,860 as compared to $2,137,062 for the six -month period ended April 30, 2024.

Finance income

For the six -month period ended April 30, 2025, financial income amounted to $1,007,599 as compared to financial income of $649,735 for the six -month period ended April 30, 2024. The financial income during the six-month period ended April 30, 2025, consists of change in warrant liability of $1,179,518, negative changes in fair value of short-term investments of $228,788 foreign exchange loss of $2,204, other finance expenses of $16,583 and interest income on deposit of $75,656.

Loss for the period

The Company reported a loss for the six -month period ended April 30, 2025, of $1,855,549 as compared to a loss of $2,276,017 for the six -month period ended April 30, 2024.

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, 2025			January 31, 2025			October 31, 2024			July 31, 2024
Total revenues	$	–		$	–		$	–		$	–
Net loss		(783,928	)		(1,071,621	)		(884,744	)		(2,093,917	)
Net loss per share, basic and diluted		(0.16	)		(0.24	)		(0.07	)		(0.59	)

	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 profit (loss) per share, basic and diluted		(0.28	)		(0.90	)		1.27			(2.43	)

The loss per quarter and related net loss per share is a function of the level of research and development activity that took place during that quarter.

CLEARMIND MEDICINE INC.

Management’s Discussion and Analysis

For the Three and Six Months Ended April 30, 2025

Liquidity and Capital Resources

As of April 30, 2025, the Company had cash on hand of $4,472,520 and working capital of $2,143,751, compared to $6,573,813 and working capital of $2,956,793 as of October 31, 2024, respectively. During the six-month period ended April 30, 2025, the Company’s overall position of cash decreased by $2,101,293 from the year ended October 31, 2024. This decrease 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, 2025, was $2,363,833 as compared to $2,654,773 for the six-month period ended April 30, 2024. This decrease is mostly due to a decrease in the net loss for the period.

●

Net cash used in investing activities during the six -month period ended April 30, 2025, was $130,538 as compared to net cash provided by investing activities of $78,500 for the six-month period ended April 30, 2024. Cash used during the six-months period ended April 30, 2025 was from an acquisition of a short-term investment of $200,000, and in restricted cash of $13,498, off-set by proceeds from sale of a short-term investment of $82,960. During the six-months period ended April 30, 2024, the net cash provided by investments activities was from the sale proceeds of a short-term investment.

●

Net cash provided from financing activities for the six -month period ended April 30, 2025, was $394,514 as compared to $5,461,536 for the six-month period ended April 30, 2024. Cash provided during the six-months period ended April 30, 2025 was from exercise of warrants. During the six-months period ended April 30, 2024, the cash was provided from January 2024 Public Offering and from exercise of warrants.

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 of 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 possible future commercialization of any of its drug candidates, subject to regulatory approval.

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, 2024.

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, 2025

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,
	2025		2024		2025		2024

Officers:
Consulting fees	$	84,557	$	87,586	$	168,557	$	248,274
Share based compensation		43,973		25,854		117,902		41,555
	$	128,530	$	113,440	$	286,459	$	289,829
Directors:
Directors’ fees	$	58,127	$	50,902	$	116,333	$	125,525
Share based compensation		69,226		68,669		186,821		85,890
	$	127,353	$	119,571	$	303,154	$	211,415

(ii)

Balances with related parties

	April 30,		October 31,
	2025		2024
Amounts owed to officers	$	29,781	$	29,498
Amounts owed to directors		19,470		19,464
	$	49,251	$	48,962

CLEARMIND MEDICINE INC.

Management’s Discussion and Analysis

For the Three and Six Months Ended April 30, 2025

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, 2025, 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, 2025
Short-term investment- common shares	$	67,167	$	–	$	–	$	67,167
Short-term investment- Polyrizon Warrants						110,473		110,473
Derivative warrant liabilities		–		–		2,318,263		2,318,263

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, 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 October 31, 2024
Short-term investment- common shares	$	110,400	$	–	$	–	$	110,400
Short-term investment- Polyrizon Warrants		–		–		178,988		178,988
Derivative warrant liabilities		–		–		3,519,702		3,519,702

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

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.

(c)

Foreign Exchange Rate Risk

The following table indicates the impact of foreign currency exchange risk on net working capital as at April 30, 2025. 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, 2025.

Cash and cash equivalents	$	271,939
Other receivables		33,499
Accounts payable and accrued liabilities		(154,420	)
Due to related parties		(39,251	)
Total foreign currency financial assets and liabilities	$	111,767

Impact of a 10% strengthening or weakening of foreign exchange rate	$	11,177

CLEARMIND MEDICINE INC.

Management’s Discussion and Analysis

For the Three and Six Months Ended April 30, 2025

(d)

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.

(e)

Liquidity Risk

The following amounts are the contractual maturities of financial liabilities as of April 30, 2025, and October 31, 2024:

April 30, 2025	Total		Within 1 year		Within 2-5 years
Accounts payable and accrued liabilities	$	475,490	$	475,490	$	–
Due to related parties		49,251		49,251		–
Lease liability		35,982		35,982		–
	$	560,723	$	560,723	$	–

October 31, 2024	Total		Within 1 year		Within 2-5 years
Accounts payable and accrued liabilities	$	526,056	$	526,056	$	–
Due to related parties		48,962		48,962		–
Lease liability		53,142		36,726		16,416
	$	628,160	$	611,744	$	16,416

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, 2025, 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.

Change in Accounting Policies

There have been no changes in accounting policies during the six months ended April 30, 2025.

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, 2025

Significant Estimates

Share-based Compensation

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.

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, 2025, and June 13, 2025, the Company had 5,134,786 and 5,379,441 common shares issued and outstanding, respectively.

As of April 30, 2025, and June 13, 2025, the Company had 5,521 stock options outstanding.

As of April 30, 2025, and June 13, 2025, the Company had 2,238,848 warrants outstanding

As of April 30, 2025, and June 13, 2025, the Company had 245,903 and 1,251 RSUs outstanding.

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” and other risk factors contained in the Company’s Annual Information Form filed in SEDAR on January 22, 2025 and in the Company’s Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on January 22, 2025. 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.

Document And Entity Information	6 Months Ended
Document And Entity Information	Apr. 30, 2025
Document Information Line Items
Entity Central Index Key	0001892500
Document Type	6-K
Document Fiscal Year Focus	2025
Entity File Number	001-41557
Entity Registrant Name	Clearmind Medicine Inc.
Amendment Flag	false
Document Period End Date	Apr. 30, 2025
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--10-31

Condensed Interim Consolidated Statements of Financial Position (Unaudited) - USD ($)	Apr. 30, 2025	Oct. 31, 2024
Current assets
Cash and cash equivalents	$ 4,472,520	$ 6,573,813
Other receivables	44,279	49,038
Short-term investments (Note 3)	177,640	289,388
Prepaid expenses	191,256	44,161
Related parties (Note 4b)	137,042	131,839
Total current assets	5,022,737	7,088,239
Non-current assets
Intangible assets	102,894	108,326
Restricted cash	20,688	7,186
Right-of-use asset (Note 4c)	34,137	51,663
Total non-current assets	157,719	167,175
Total assets	5,180,456	7,255,414
Current liabilities
Accounts payable and accrued liabilities	475,490	526,056
Due to related parties (Note 4a)	49,251	48,962
Derivative warrant liabilities (Note 5)	2,318,263	3,519,702
Short-term portion of lease liabilities (Note 4c)	35,982	36,726
Total current liabilities	2,878,986	4,131,446
Non- current liabilities
Long-term lease liabilities (Note 4c)		16,416
Total non- current liabilities		16,416
Total liabilities	2,878,986	4,147,862
Shareholders’ equity
Share capital and share premium (Note 6)	25,338,377	24,168,256
Warrants (Note 7)	459,341	459,341
Share-based payment reserve (Notes 8, 9)	2,403,292	2,523,946
Accumulated other comprehensive loss	(21,250)	(21,250)
Accumulated deficit	(25,878,290)	(24,022,741)
Total shareholders’ equity	2,301,470	3,107,552
Total liabilities and shareholders’ equity	$ 5,180,456	$ 7,255,414

Condensed Interim Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2025	Apr. 30, 2024
Operating expenses
General and administrative	$ 855,124	$ 980,549	$ 1,889,860	$ 2,137,062
Research and development, net	451,857	322,956	913,295	550,434
Total operating expenses	1,306,981	1,303,505	2,803,155	2,687,496
Finance income
Changes in fair value of derivative warrant liabilities (Note 5)	664,768	405,002	1,179,518	560,145
Changes in fair value of short-term investments (Note 3)	(157,083)	(8,168)	(228,788)	(7,612)
Foreign exchange gain (loss)	2,246	1,255	(2,204)	2,671
Other finance income (expenses)	(7,868)	33,955	(16,583)	31,029
Interest income on deposits	41,648		75,656	63,502
Total finance income	543,711	432,044	1,007,599	649,735
Loss before taxes	(763,270)	(871,461)	(1,795,556)	(2,037,761)
Tax expenses	(20,658)	(36,756)	(59,993)	(238,256)
Net Loss and Comprehensive loss	$ (783,928)	$ (908,217)	$ (1,855,549)	$ (2,276,017)
Loss per share, basic (in Dollars per share)	$ (0.16)	$ (0.28)	$ (0.39)	$ (0.96)
Loss per share, diluted (in Dollars per share)	$ (0.16)	$ (0.28)	$ (0.39)	$ (0.96)
Weighted average number of shares for the purposes of basic loss per share (in Shares)	5,035,648	3,253,267	4,757,547	2,375,825
Weighted average number of shares for the purposes of diluted loss per share (in Shares)	5,035,648	3,253,267	4,757,547	2,375,825

Condensed Interim Statements of Changes in Shareholders’ Equity (Unaudited) - USD ($)	Share capital and share premium	Warrants	Share-based payment reserve	Accumulated other comprehensive income	Accumulated deficit	Total
Balance Beginning at Oct. 31, 2023	$ 17,131,223	$ 459,341	$ 2,182,221	$ (21,250)	$ (18,768,063)	$ 983,472
Balance Beginning (in Shares) at Oct. 31, 2023	607,337
Net loss for the period					(2,276,017)	(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)	1,500,000
Exercise of warrants (Note 6c(ii))	$ 4,154,389					4,154,389
Exercise of warrants (Note 6c(ii)) (in Shares)	1,194,102
Common shares for services	$ 11,935		(11,935)
Common shares for services (in Shares)	9,000
Share-based compensation (Notes 8, 9)	$ 185		323,910			324,095
Share-based compensation (Notes 8, 9) (in Shares)	89
Balance Ending at Apr. 30, 2024	$ 22,757,547	459,341	2,494,196	(21,250)	(21,044,080)	4,645,754
Balance Ending (in Shares) at Apr. 30, 2024	3,310,528
Balance Beginning at Oct. 31, 2024	$ 24,168,256	459,341	2,523,946	(21,250)	(24,022,741)	3,107,552
Balance Beginning (in Shares) at Oct. 31, 2024	4,265,186
Net loss for the period					(1,855,549)	(1,855,549)
Exercise of warrants (Note 6c(ii))	$ 437,007					437,007
Exercise of warrants (Note 6c(ii)) (in Shares)	310,388
Issuance of common shares upon vesting of restricted share units (Note 6c(i))	$ 733,114		(733,114)
Issuance of common shares upon vesting of restricted share units (Note 6c(i)) (in Shares)	559,212
Share-based compensation (Notes 8, 9)			612,460			612,460
Share-based compensation (Notes 8, 9) (in Shares)
Balance Ending at Apr. 30, 2025	$ 25,338,377	$ 459,341	$ 2,403,292	$ (21,250)	$ (25,878,290)	$ 2,301,470
Balance Ending (in Shares) at Apr. 30, 2025	5,134,786

Condensed Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Apr. 30, 2025	Apr. 30, 2024
Operating activities
Net loss for the period	$ (1,855,549)	$ (2,276,017)
Adjustments for:
Amortization of intangible assets	5,432	5,462
Amortization of right-of-use asset	18,576	17,804
Interest on lease liability	2,332	1,629
Exchange rate differences	1,960	(8,980)
Issuance costs allocated to derivative warrant liabilities		115,046
Depreciation of property and equipment		1,103
Changes in fair value of derivative warrant liabilities	(1,179,518)	(560,145)
Share-based compensation	612,460	324,095
Changes in fair value of short-term investments	228,788	7,612
Tax expenses	59,993	71,237
Changes in working capital:
Decrease in other receivables	6,017	72,078
Increase in prepaid expenses	(147,132)	(170,422)
Decrease in accounts payable and accrued liabilities	(111,962)	(260,480)
Increase (decrease) in amounts due to / from related parties	(5,230)	5,205
Net cash used in operating activities	(2,363,833)	(2,654,773)
Investing activities
Proceeds from sale of short-term investment (Note 3)	82,960	78,500
Acquisition of short-term investment (Note 3)	(200,000)
Changes in restricted cash	(13,498)
Net cash provided by (used in) investing activities	(130,538)	78,500
Financing activities
Proceeds from issuance of common shares and warrants, net of issuance costs		1,824,773
Proceeds received from exercise of warrants (Note 6c (ii))	415,086	3,655,950
Repayment of lease liabilities	(20,572)	(19,087)
Net cash provided by financing activities	394,514	5,461,636
Effect of foreign exchange rate changes on cash and cash equivalents	(1,436)	(7,175)
Net increase (decrease) in cash and cash equivalents	(2,101,293)	2,878,188
Cash and cash equivalents at beginning of period	6,573,813	5,427,739
Cash and cash equivalents at end of period	4,472,520	8,305,927
Supplementary disclosure of cash flow information:
Cash received as interest	75,896	120,612
Cash paid for taxes	16,408	192,825
Interest on lease liability	2,332	1,629
Non-cash financing and investing activities
Right of use assets obtained in exchange for lease liabilities		107,827
Early termination of office lease		$ (88,562)

Nature of Operations and Going Concern

6 Months Ended

Apr. 30, 2025

Nature of Operations and Going Concern [Abstract]

Nature of Operations and Going Concern

1.	Nature of Operations and Going Concern

Going concern

Reverse share split

Material Accounting Policy Information

6 Months Ended

Apr. 30, 2025

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, 2025, there have been no material changes in the Company’s significant accounting policies from those that were disclosed in the 2024 Annual Report.

Significant Accounting Estimates and Judgments

Significant Estimates

Share-based Compensation

Derivative Warrant Liabilities and Assets

Significant Judgments

Going Concern

Short-Term Investments

6 Months Ended

Apr. 30, 2025

Short-term Investments [Abstract]

Short-term Investments

3.	Short-term Investments

	October 31, 2024		Additions		Disposals			Changes in fair value			April 30, 2025
Polyrizon Ltd. (1)	$	289,388	$	200,000	$	(82,960	)	$	(228,788	)	$	177,640
	$	289,388	$	200,000	$	(82,960	)	$	(228,788	)	$	177,640

	October 31, 2023		Additions		Disposals			Changes in fair value			October 31, 2024
Polyrizon Ltd. – shares and warrants (1)	$	-	$	350,400	$	-		$	(61,012	)	$	289,388
Xylo Technologies Ltd. – shares		86,112		-		(78,500	)		(7,612	)		-
	$	86,112	$	350,400	$	(78,500	)	$	(68,624	)	$	289,388

(1)

During November 2024, the Company sold all the shares of Polyrizon, for total proceeds of $82,960.

Subsequent to the reporting period, on May 13, 2025, the Company exercised the Polyrizon Pre-Funded Warrants and received 800 Polyrizon shares.

Related Party Transactions

6 Months Ended

Apr. 30, 2025

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,
	2025		2024		2025		2024

Officers:
Consulting fees	$	84,557	$	87,586	$	168,557	$	248,274
Share based compensation		43,973		25,854		117,902		41,555
	$	128,530	$	113,440	$	286,459	$	289,829
Directors:
Directors’ fees	$	58,127	$	50,902	$	116,333	$	125,525
Share based compensation		69,226		68,669		186,821		85,890
	$	127,353	$	119,571	$	303,154	$	211,415

(ii)

Balances with related parties

	April 30,		October 31,
	2025		2024
Amounts owed to officers	$	29,781	$	29,498
Amounts owed to directors		19,470		19,464
	$	49,251	$	48,962

Derivative Warrant Liabilities

6 Months Ended

Apr. 30, 2025

Derivative Warrant Liabilities [Abstract]

Derivative warrant liabilities

5.	Derivative warrant liabilities

On December 16, 2024, 15,156 April 2023 Warrants were exercised into 10,969 common shares, resulting in gross proceeds of $11,821.

On December 27, 2024, 327,765 September 2023 Warrants were exercised into 94,419 common shares, resulting in gross proceeds of $101,755.

On December 27, 2024, 205,000 January 2024 Warrants were exercised into 205,000 common shares, resulting in gross proceeds of $328,000.

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

		April 30, 2025
Share Price		$1.01
Exercise Price		$1.077 – $1.60
Expected life		2.93 – 3.71 years
Risk-free interest rate		3.58 – 3.63%
Dividend yield		0.00%
Expected volatility		137.39 – 138.49%

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

Balance as of October 31, 2023	$	4,310,379
Issuance of January 2024 Warrants		480,004
Exercise of warrants		(562,879	)
Changes in fair value of warrants		(707,802	)
Balance as of October 31, 2024	$	3,519,702
Exercise of warrants		(21,921	)
Change in fair value of warrants		(1,179,518	)
Balance as of April 30, 2025	$	2,318,263

Share Capital

6 Months Ended

Apr. 30, 2025

Share Capital [Abstract]

Share Capital

6.	Share Capital

The Company’s authorized share capital is unlimited common shares without par value share. As of April 30, 2025, 5,134,786 (October 31, 2024 - 4,265,186) common shares were issued and outstanding.

Share transactions during the six months ended April 30, 2025:

(i)

(ii)

Between December 16, 2024, and December 27, 2024, April 2023 Warrants, September 2023 Warrants and January 2024 Warrants were exercised into 310,388 shares, resulting in gross proceeds of $441,577.

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)

During the three months ended January 31, 2024, April 2023 Warrants and September 2023 Warrants were exercised for 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 (“January 2024 Warrants”) and (iii) 1,500,000 unregistered common warrants (“Warrants”) to purchase 1,500,000 Common Shares. The January 2024 Warrants are immediately exercisable at an exercise price of $0.0001 per Common Share and will not expire until exercised in full. The 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 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 three months ended April 30, 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.

Warrants

6 Months Ended

Apr. 30, 2025

Warrants [Abstract]

Warrants

7.	Warrants

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

	Number of warrants			Historic weighted average exercise price per warrant shares
Balance, October 31, 2023		11,231,465		$	7.90
Issuance of January 2024 warrants (*)		1,500,000			1.60
Exercise of warrants		(8,293,585	)		2.62
Expiration of warrants		(8,333	)		98.43

Balance, October 31, 2024		4,429,547		$	1.57
Number of shares to be issued from the exercise of these warrants, October 31, 2024		2,549,311

Balance, October 31, 2024		4,429,547		$	1.57
Exercise of warrants		(547,921	)		1.27
Expiration of warrants		(75	)		1,287.55
Balance, April 30, 2025		3,881,551		$	1.55
Number of shares to be issued from the exercise of these warrants		2,238,848

(*)

As of April 30, 2025, the following warrants were outstanding:

Number of warrants outstanding		Number of shares to be issued from the exercise of warrants (warrant shares)		Exercise price per warrant shares		Exercise price per warrant shares (USD)		Expiry date
	1,923		1,923	C$	336.67	$	243.75	November 17, 2027
	728,409		527,181	$	1.077	$	1.077	April 5, 2028
	2,024,739		583,264	$	1.077	$	1.077	September 17, 2028
	1,126,480		1,126,480	$	1.60	$	1.60	January 15, 2029
	3,881,441		2,238,848

Stock Options

6 Months Ended

Apr. 30, 2025

Stock Options [Abstract]

Stock Options

8.	Stock Options

The following table summarizes the changes in the Company’s stock options for the periods ended April 30, 2025 and October 31, 2024:

	Number of options			Weighted average exercise price (C$)		Weighted average exercise price (USD$)
Outstanding, October 31, 2023		5,588		C$	603.12	$	434.82

Expired		(67	)		720.00		533.14

Outstanding, October 31, 2024		5,521		C$	601.71	$	432.38

Outstanding, April 30, 2025		5,521		C$	601.70	$	435.64

Exercisable, April 30, 2025		5,504		C$	603.46	$	436.91

Additional information regarding stock options outstanding as of April 30, 2025, 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		1.07	C$	166.50	$	120.55		533	C$	166.50	$	120.55
	978		6.76		504.00		364.90		978		504.00		364.90
	1,166		1.07		675.00		488.71		1,166		675.00		488.71
	200		4.00		702.00		508.25		200		702.00		508.25
	133		1.39		747.00		540.83		133		747.00		540.83
	422		6.61		612.00		443.09		422		612.00		443.09
	1,044		6.76		720.00		521.29		1,044		720.00		521.29
	667		1.17		756.00		547.35		667		756.00		547.35
	111		6.61		900.00		651.61		111		900.00		651.61
	61		8.07		315.00		228.06		61		315.00		228.06
	156		8.16		504.00		364.90		156		504.00		364.90
	50		8.19		32.32		23.40		33		32.32		23.40
	5,521		4.16	C$	601.70	$	435.64		5,504	C$	603.46	$	436.91

	Six months ended April 30, 2025			Six months ended April 30, 2024
Risk-free interest rate		4.46	%		3.89	%
Expected life (in years)		4.16			5.11
Expected volatility		112.20%-134.44	%		150.79%-161.87	%

Restricted Share Units

6 Months Ended

Apr. 30, 2025

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, 2023		2,216		$	138.55	$	96.06

Granted		591,460			1.86		1.36
Exercised		(329,338	)		2.22		1.65

Balance, October 31, 2024		264,338		$	2.55	$	1.80

Granted (i)		540,777			1.60		1.13
Exercised		(559,212	)		1.85		1.31

Balance, April 30, 2025 (*)		245,903		$	2.06	$	1.43

(i)	During the six months ended April 30, 2025, the Company issued 540,777 RSUs to consultants, directors and officers. The RSUs vested with a fair value of $609,196 (2024 - $267,346).

(*)	See note 14 regarding the exercise of RSUs.

Financial Instruments and Risk Management

6 Months Ended

Apr. 30, 2025

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, 2025, 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, 2025
Short-term investment- common shares	$	67,167	$	–	$	–	$	67,167
Short-term investment- Polyrizon Warrants						110,473		110,473
Derivative warrant liabilities		–		–		2,318,263		2,318,263

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, 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 October 31, 2024
Short-term investment- common shares	$	110,400	$	–	$	–	$	110,400
Short-term investment- Polyrizon Warrants		–		–		178,988		178,988
Derivative warrant liabilities		–		–		3,519,702		3,519,702

Credit Risk

Foreign Exchange Rate Risk

Cash and cash equivalents	$	271,939
Other receivables		33,499
Accounts payable and accrued liabilities		(154,420	)
Due to related parties		(39,251	)
Total foreign currency financial assets and liabilities	$	111,767

Impact of a 10% strengthening or weakening of foreign exchange rate	$	11,177

Interest Rate Risk

Liquidity Risk

The following amounts are the contractual maturities of financial liabilities as of April 30, 2025 and October 31, 2024:

April 30, 2025	Total		Within 1 year		Within 2-5 years
Accounts payable and accrued liabilities	$	475,490	$	475,490	$	–
Due to related parties		49,251		49,251		–
Lease liability		35,982		35,982		–
	$	560,723	$	560,723	$	–

October 31, 2024	Total		Within 1 year		Within 2-5 years
Accounts payable and accrued liabilities	$	526,056	$	526,056	$	–
Due to related parties		48,962		48,962		–
Lease liability		53,142		36,726		16,416
	$	628,160	$	611,744	$	16,416

Capital Management

6 Months Ended

Apr. 30, 2025

Capital Management [Abstract]

Capital Management

11.

Capital Management

Segmented Information

6 Months Ended

Apr. 30, 2025

Segmented Information [Abstract]

Segmented Information

12.

Segmented Information

As of April 30, 2025, 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, 2025

Commitments [Abstract]

Commitments

13.

Commitments

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

Subsequent Events

6 Months Ended

Apr. 30, 2025

Subsequent Events [Abstract]

Subsequent Events

14.

Subsequent Events

On May 14, 2025, the Company issued 244,655 common shares in respect of RSUs that had been fully vested. The RSUs had a fair value of $231,722 at the time of issuance.

Accounting Policies, by Policy (Policies)

6 Months Ended

Apr. 30, 2025

Accounting Policies [Abstract]

Basis of Presentation

Unaudited Interim Financial Information

As of April 30, 2025, there have been no material changes in the Company’s significant accounting policies from those that were disclosed in the 2024 Annual Report.

Significant Accounting Estimates and Judgments

Significant Estimates

Share-based Compensation

Derivative Warrant Liabilities and Assets

Significant Judgments

Going Concern

Short-Term Investments (Tables)

6 Months Ended

Apr. 30, 2025

Short-term Investments [Abstract]

Schedule of Fair Value of Common Shares

	October 31, 2024		Additions		Disposals			Changes in fair value			April 30, 2025
Polyrizon Ltd. (1)	$	289,388	$	200,000	$	(82,960	)	$	(228,788	)	$	177,640
	$	289,388	$	200,000	$	(82,960	)	$	(228,788	)	$	177,640

	October 31, 2023		Additions		Disposals			Changes in fair value			October 31, 2024
Polyrizon Ltd. – shares and warrants (1)	$	-	$	350,400	$	-		$	(61,012	)	$	289,388
Xylo Technologies Ltd. – shares		86,112		-		(78,500	)		(7,612	)		-
	$	86,112	$	350,400	$	(78,500	)	$	(68,624	)	$	289,388

(1)

During November 2024, the Company sold all the shares of Polyrizon, for total proceeds of $82,960.

Subsequent to the reporting period, on May 13, 2025, the Company exercised the Polyrizon Pre-Funded Warrants and received 800 Polyrizon shares.

Related Party Transactions (Tables)

6 Months Ended

Apr. 30, 2025

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,
	2025		2024		2025		2024

Officers:
Consulting fees	$	84,557	$	87,586	$	168,557	$	248,274
Share based compensation		43,973		25,854		117,902		41,555
	$	128,530	$	113,440	$	286,459	$	289,829
Directors:
Directors’ fees	$	58,127	$	50,902	$	116,333	$	125,525
Share based compensation		69,226		68,669		186,821		85,890
	$	127,353	$	119,571	$	303,154	$	211,415

Schedule of Balances with Related Parties

Balances with related parties

	April 30,		October 31,
	2025		2024
Amounts owed to officers	$	29,781	$	29,498
Amounts owed to directors		19,470		19,464
	$	49,251	$	48,962

Derivative Warrant Liabilities (Tables)

6 Months Ended

Apr. 30, 2025

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, 2025
Share Price		$1.01
Exercise Price		$1.077 – $1.60
Expected life		2.93 – 3.71 years
Risk-free interest rate		3.58 – 3.63%
Dividend yield		0.00%
Expected volatility		137.39 – 138.49%

Schedule of Changes in the Warrant Liability

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

Balance as of October 31, 2023	$	4,310,379
Issuance of January 2024 Warrants		480,004
Exercise of warrants		(562,879	)
Changes in fair value of warrants		(707,802	)
Balance as of October 31, 2024	$	3,519,702
Exercise of warrants		(21,921	)
Change in fair value of warrants		(1,179,518	)
Balance as of April 30, 2025	$	2,318,263

Warrants (Tables)

6 Months Ended

Apr. 30, 2025

Warrants [Abstract]

Schedule of Changes in Warrants

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

	Number of warrants			Historic weighted average exercise price per warrant shares
Balance, October 31, 2023		11,231,465		$	7.90
Issuance of January 2024 warrants (*)		1,500,000			1.60
Exercise of warrants		(8,293,585	)		2.62
Expiration of warrants		(8,333	)		98.43

Balance, October 31, 2024		4,429,547		$	1.57
Number of shares to be issued from the exercise of these warrants, October 31, 2024		2,549,311

Balance, October 31, 2024		4,429,547		$	1.57
Exercise of warrants		(547,921	)		1.27
Expiration of warrants		(75	)		1,287.55
Balance, April 30, 2025		3,881,551		$	1.55
Number of shares to be issued from the exercise of these warrants		2,238,848

(*)

Schedule of Warrants Outstanding

As of April 30, 2025, the following warrants were outstanding:

Number of warrants outstanding		Number of shares to be issued from the exercise of warrants (warrant shares)		Exercise price per warrant shares		Exercise price per warrant shares (USD)		Expiry date
	1,923		1,923	C$	336.67	$	243.75	November 17, 2027
	728,409		527,181	$	1.077	$	1.077	April 5, 2028
	2,024,739		583,264	$	1.077	$	1.077	September 17, 2028
	1,126,480		1,126,480	$	1.60	$	1.60	January 15, 2029
	3,881,441		2,238,848

Stock Options (Tables)

6 Months Ended

Apr. 30, 2025

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, 2025 and October 31, 2024:

	Number of options			Weighted average exercise price (C$)		Weighted average exercise price (USD$)
Outstanding, October 31, 2023		5,588		C$	603.12	$	434.82

Expired		(67	)		720.00		533.14

Outstanding, October 31, 2024		5,521		C$	601.71	$	432.38

Outstanding, April 30, 2025		5,521		C$	601.70	$	435.64

Exercisable, April 30, 2025		5,504		C$	603.46	$	436.91

Schedule of Additional Information Regarding Stock Options Outstanding

Additional information regarding stock options outstanding as of April 30, 2025, 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		1.07	C$	166.50	$	120.55		533	C$	166.50	$	120.55
	978		6.76		504.00		364.90		978		504.00		364.90
	1,166		1.07		675.00		488.71		1,166		675.00		488.71
	200		4.00		702.00		508.25		200		702.00		508.25
	133		1.39		747.00		540.83		133		747.00		540.83
	422		6.61		612.00		443.09		422		612.00		443.09
	1,044		6.76		720.00		521.29		1,044		720.00		521.29
	667		1.17		756.00		547.35		667		756.00		547.35
	111		6.61		900.00		651.61		111		900.00		651.61
	61		8.07		315.00		228.06		61		315.00		228.06
	156		8.16		504.00		364.90		156		504.00		364.90
	50		8.19		32.32		23.40		33		32.32		23.40
	5,521		4.16	C$	601.70	$	435.64		5,504	C$	603.46	$	436.91

Schedule of Fair Value of Stock Options

	Six months ended April 30, 2025			Six months ended April 30, 2024
Risk-free interest rate		4.46	%		3.89	%
Expected life (in years)		4.16			5.11
Expected volatility		112.20%-134.44	%		150.79%-161.87	%

Restricted Share Units (Tables)

6 Months Ended

Apr. 30, 2025

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, 2023		2,216		$	138.55	$	96.06

Granted		591,460			1.86		1.36
Exercised		(329,338	)		2.22		1.65

Balance, October 31, 2024		264,338		$	2.55	$	1.80

Granted (i)		540,777			1.60		1.13
Exercised		(559,212	)		1.85		1.31

Balance, April 30, 2025 (*)		245,903		$	2.06	$	1.43

(i)	During the six months ended April 30, 2025, the Company issued 540,777 RSUs to consultants, directors and officers. The RSUs vested with a fair value of $609,196 (2024 - $267,346).

(*)	See note 14 regarding the exercise of RSUs.

Financial Instruments and Risk Management (Tables)

6 Months Ended

Apr. 30, 2025

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, 2025, 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, 2025
Short-term investment- common shares	$	67,167	$	–	$	–	$	67,167
Short-term investment- Polyrizon Warrants						110,473		110,473
Derivative warrant liabilities		–		–		2,318,263		2,318,263

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, 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 October 31, 2024
Short-term investment- common shares	$	110,400	$	–	$	–	$	110,400
Short-term investment- Polyrizon Warrants		–		–		178,988		178,988
Derivative warrant liabilities		–		–		3,519,702		3,519,702

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, 2025.

Cash and cash equivalents	$	271,939
Other receivables		33,499
Accounts payable and accrued liabilities		(154,420	)
Due to related parties		(39,251	)
Total foreign currency financial assets and liabilities	$	111,767

Impact of a 10% strengthening or weakening of foreign exchange rate	$	11,177

Schedule of Contractual Maturities of Financial Liabilities

The following amounts are the contractual maturities of financial liabilities as of April 30, 2025 and October 31, 2024:

April 30, 2025	Total		Within 1 year		Within 2-5 years
Accounts payable and accrued liabilities	$	475,490	$	475,490	$	–
Due to related parties		49,251		49,251		–
Lease liability		35,982		35,982		–
	$	560,723	$	560,723	$	–

October 31, 2024	Total		Within 1 year		Within 2-5 years
Accounts payable and accrued liabilities	$	526,056	$	526,056	$	–
Due to related parties		48,962		48,962		–
Lease liability		53,142		36,726		16,416
	$	628,160	$	611,744	$	16,416

Nature of Operations and Going Concern (Details) - USD ($)		6 Months Ended
	Nov. 28, 2023	Apr. 30, 2025	Apr. 30, 2024	Oct. 31, 2024
Nature of Operations and Going Concern [Line Items]
Incorporated date		Jul. 18, 2017
Cash flow from operations		$ (2,363,833)	$ (2,654,773)
Accumulated deficit		$ (25,878,290)		$ (24,022,741)
Reverse stock split, description	1-for-30 reverse split
Common shares	1
Ordinary Shares [Member]
Nature of Operations and Going Concern [Line Items]
Common shares received per share	$ 0.0333

Short-Term Investments (Details) - USD ($)					6 Months Ended
Short-Term Investments (Details) - USD ($)	May 27, 2025	Mar. 31, 2025	Nov. 30, 2024	Oct. 30, 2024	Apr. 30, 2025	May 13, 2025
Short-Term Investments [Line Items]
Shares issued		866
Initial public offering cost (in Dollars)		$ 200,000
Warrants exercised		1		1
Total proceeds (in Dollars)			$ 82,960
Share price (in Dollars per share)					$ 77.5
Volatility percentage					92.00%
Subsequent Events [Member]
Short-Term Investments [Line Items]
Shares issued	250
Stockholders' equity, reverse stock split	1-for-250
Par value (in Dollars per share)
Bottom of Range [Member]
Short-Term Investments [Line Items]
Exercise price (in Dollars per share)					$ 300
Risk-free rate percentage					3.62%
Excepted life					2.42
Top of range [member]
Short-Term Investments [Line Items]
Exercise price (in Dollars per share)					$ 1,095
Risk-free rate percentage					3.75%
Excepted life					4.51
Polyrizon Ltd [Member]
Short-Term Investments [Line Items]
Shares issued				320
Polyrizon Ltd [Member] \| Subsequent Events [Member]
Short-Term Investments [Line Items]
Shares issued	1
Par value (in Dollars per share)
Pre-Funded Warrants [Member]
Short-Term Investments [Line Items]
Shares issued		800				800
Warrants [member]
Short-Term Investments [Line Items]
Shares issued		1,666
Exercise price (in Dollars per share)		$ 0.00001
Polyrizon warrants [Member]
Short-Term Investments [Line Items]
Shares issued				960
Exercise price (in Dollars per share)				$ 1,095
Warrants expire		Sep. 30, 2027		Oct. 29, 2029
Amount of aggregate fair value of warrants (in Dollars)					$ 48,472
Polyrizon warrants [Member] \| Warrants [member]
Short-Term Investments [Line Items]
Exercise price (in Dollars per share)		$ 300
Public Offering [Member]
Short-Term Investments [Line Items]
Initial public offering cost (in Dollars)				$ 350,400

Short-Term Investments - Schedule of Fair Value of Common Shares (Details) - USD ($)

6 Months Ended

12 Months Ended

Apr. 30, 2025

Oct. 31, 2024

Polyrizon Ltd. – shares and warrants [Member]

Schedule of Fair Value of Common Shares [Line Items]

Beginning shares

^[1]

$ 289,388

Additions

^[1]

200,000

350,400

Disposals

^[1]

(82,960)

Changes in fair value

^[1]

(228,788)

(61,012)

Ending shares

^[1]

177,640

289,388

Short-term Investment [Member]

Schedule of Fair Value of Common Shares [Line Items]

Beginning shares

289,388

86,112

Additions

200,000

350,400

Disposals

(82,960)

(78,500)

Changes in fair value

(228,788)

(68,624)

Ending shares

177,640

289,388

Xylo Technologies Ltd. – shares [Member]

Schedule of Fair Value of Common Shares [Line Items]

Beginning shares

86,112

Additions

Disposals

(78,500)

Changes in fair value

(7,612)

Ending shares

[1]

During November 2024, the Company sold all the shares of Polyrizon, for total proceeds of $82,960.

Subsequent to the reporting period, on May 13, 2025, the Company exercised the Polyrizon Pre-Funded Warrants and received 800 Polyrizon shares.

Related Party Transactions (Details)	3 Months Ended		6 Months Ended
Related Party Transactions (Details)	Apr. 30, 2025 USD ($)	Apr. 30, 2024 USD ($)	Apr. 30, 2025 USD ($)	Apr. 30, 2025 ILS (₪)	Apr. 30, 2024 USD ($)	Oct. 31, 2024 USD ($)	Jun. 13, 2024 m²
Related Party Transactions [Line Items]
Percentage of economics and rights held in joint venture			50.00%	50.00%
Incurred research and development expenses	$ 451,857	$ 322,956	$ 913,295		$ 550,434
Owed to the Company	$ 137,042		137,042			$ 131,839
Rent amount			$ 3,400	₪ 12,500
Borrowing rate	10.00%		10.00%
Top of Range [Member]
Related Party Transactions [Line Items]
Area of square meters (in Square Meters) \| m²							386
Bottom of Range [Member]
Related Party Transactions [Line Items]
Area of square meters (in Square Meters) \| m²							193
SciSparc Ltd [Member]
Related Party Transactions [Line Items]
Percentage of economics and rights held in joint venture			50.00%	50.00%
Incurred research and development expenses	$ 33,763	$ 22,306	$ 46,509		$ 22,808

Related Party Transactions - Schedule of Key Management Personnel for Employment Services (Details) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2025	Apr. 30, 2024
Officers [Member]
Schedule of Key Management Personnel for Employment Services [Line Items]
Consulting fees	$ 84,557	$ 87,586	$ 168,557	$ 248,274
Share based compensation	43,973	25,854	117,902	41,555
key management personnel compensation	128,530	113,440	286,459	289,829
Directors [Member]
Schedule of Key Management Personnel for Employment Services [Line Items]
Share based compensation	69,226	68,669	186,821	85,890
key management personnel compensation	127,353	119,571	303,154	211,415
Directors’ fees	$ 58,127	$ 50,902	$ 116,333	$ 125,525

Related Party Transactions - Schedule of Balances with Related Parties (Details) - USD ($)	Apr. 30, 2025	Oct. 31, 2024
Schedule of Balances with Related Parties [Line Items]
Balances with related parties	$ 49,251	$ 48,962
Amounts owed to officers [Member]
Schedule of Balances with Related Parties [Line Items]
Balances with related parties	29,781	29,498
Amounts owed to directors [Member]
Schedule of Balances with Related Parties [Line Items]
Balances with related parties	$ 19,470	$ 19,464

Derivative Warrant Liabilities (Details) - USD ($)				3 Months Ended		6 Months Ended
Derivative Warrant Liabilities (Details) - USD ($)	Dec. 27, 2024	Dec. 16, 2024	Jan. 21, 2024	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2025	Apr. 30, 2024	Mar. 31, 2025	Jan. 16, 2024	Sep. 18, 2023	Apr. 06, 2023
Derivative Warrant Liabilities [Line Items]
Number of shares issued								866
Changes in fair value of derivative warrant liabilities (in Dollars)				$ 664,768	$ 405,002	$ 1,179,518	$ 560,145
April 2023 Warrants [Member]
Derivative Warrant Liabilities [Line Items]
Number of shares issued		15,156									4,505,718
Exercise price (in Dollars per share)			$ 1.077
Exercisable common shares (in Dollars per share)			0.724
Warrants exercised common share		10,969
Gross proceeds (in Dollars)		$ 11,821
September 2023 Warrants [Member]
Derivative Warrant Liabilities [Line Items]
Number of shares issued	327,765									7,500,000
Exercise price (in Dollars per share)			1.077
Exercisable common shares (in Dollars per share)			$ 0.288
Warrants exercised common share	94,419
Gross proceeds (in Dollars)	$ 101,755
January 2024 Warrants [Member]
Derivative Warrant Liabilities [Line Items]
Number of shares issued	205,000								1,500,000
Exercise price (in Dollars per share)									$ 1.6
Warrants exercised common share	205,000
Gross proceeds (in Dollars)	$ 328,000

Derivative Warrant Liabilities - Schedule of Binomial Model was Used to Measure the Derivative Warrant Liability (Details)	Apr. 30, 2025
Share price [Member]
Schedule of Binomial Model was Used to Measure the Derivative Warrant Liability [Line Items]
Derivative warrant liability measurement inputs	1.01
Exercise price [Member] \| Bottom of range [Member]
Schedule of Binomial Model was Used to Measure the Derivative Warrant Liability [Line Items]
Derivative warrant liability measurement inputs	1.077
Exercise price [Member] \| Top of range [Member]
Schedule of Binomial Model was Used to Measure the Derivative Warrant Liability [Line Items]
Derivative warrant liability measurement inputs	1.6
Expected life [Member] \| Bottom of range [Member]
Schedule of Binomial Model was Used to Measure the Derivative Warrant Liability [Line Items]
Derivative warrant liability measurement inputs	2.93
Expected life [Member] \| Top of range [Member]
Schedule of Binomial Model was Used to Measure the Derivative Warrant Liability [Line Items]
Derivative warrant liability measurement inputs	3.71
Risk-free interest rate [Member] \| Bottom of range [Member]
Schedule of Binomial Model was Used to Measure the Derivative Warrant Liability [Line Items]
Derivative warrant liability measurement inputs	3.58
Risk-free interest rate [Member] \| Top of range [Member]
Schedule of Binomial Model was Used to Measure the Derivative Warrant Liability [Line Items]
Derivative warrant liability measurement inputs	3.63
Dividend yield [Member]
Schedule of Binomial Model was Used to Measure the Derivative Warrant Liability [Line Items]
Derivative warrant liability measurement inputs	0
Expected volatility [Member] \| Bottom of range [Member]
Schedule of Binomial Model was Used to Measure the Derivative Warrant Liability [Line Items]
Derivative warrant liability measurement inputs	137.39
Expected volatility [Member] \| Top of range [Member]
Schedule of Binomial Model was Used to Measure the Derivative Warrant Liability [Line Items]
Derivative warrant liability measurement inputs	138.49

Derivative Warrant Liabilities - Schedule of Changes in the Warrant Liability (Details) - January 2024 Warrants [Member] - Warrants [Member] - USD ($)	6 Months Ended	12 Months Ended
	Apr. 30, 2025	Oct. 31, 2024
Schedule of Changes in the Warrant Liability [Line Items]
Balance at beginning	$ 3,519,702	$ 4,310,379
Exercise of warrants	(21,921)
Change in fair value of warrants	(1,179,518)
Balance at ending	$ 2,318,263	3,519,702
Issuance of January 2024 Warrants		480,004
Exercise of warrants		(562,879)
Changes in fair value of warrants		$ (707,802)

Share Capital (Details)

6 Months Ended

Dec. 27, 2024

USD ($)

Mar. 02, 2024

USD ($)

Feb. 19, 2024

USD ($)

Jan. 16, 2024

USD ($)

$ / shares

Dec. 05, 2023

USD ($)

Nov. 06, 2023

USD ($)

Apr. 30, 2025

USD ($)

Apr. 30, 2024

USD ($)

Mar. 31, 2025

Oct. 31, 2024

Apr. 03, 2024

USD ($)

Oct. 31, 2023

Share Capital [Line Items]

Number of shares issued (in Shares) | shares

866

Aggregate fair value of time of issuance

$ 733,114

Gross proceeds from warrants exercised

$ 415,086

$ 3,655,950

Concurrent private placement description

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 (“January 2024 Warrants”) and (iii) 1,500,000 unregistered common warrants (“Warrants”) to purchase 1,500,000 Common Shares.

Expire term

5 years

Gross proceeds from offering

$ 2,400,000

Net proceeds from offering

$ 1,824,773

Common shares issued of RSU’s fully vested (in Shares) | shares

9,000

Restricted stock fair value at issuance

$ 11,935

Restricted share units [member]

Share Capital [Line Items]

Number of shares issued (in Shares) | shares

245,903

^[1]

264,338

2,216

Common shares issued (in Shares) | shares

559,212

April 2023 Warrants [Member]

Share Capital [Line Items]

Exercised shares

310,388

131,914

1,062,188

Gross proceeds from warrants exercised

$ 441,577

$ 157,918

$ 3,498,032

September 2023 Warrants [Member]

Share Capital [Line Items]

Exercised shares

310,388

Gross proceeds from warrants exercised

$ 441,577

$ 157,918

$ 3,498,032

January 2024 Warrants [Member]

Share Capital [Line Items]

Exercised shares

310,388

131,914

Gross proceeds from warrants exercised

$ 441,577

$ 157,918

Pre-Funded Warrants [Member]

Share Capital [Line Items]

Exercise price (in Dollars per share) | $ / shares

$ 0.0001

Unregistered Common Warrants [Member]

Share Capital [Line Items]

Exercise price (in Dollars per share) | $ / shares

$ 1.6

Ordinary shares [member]

Share Capital [Line Items]

Number of shares issued (in Shares) | shares

5,134,786

4,265,186

Number of shares outstanding (in Shares) | shares

4,265,186

Common shares fair value

$ 68

$ 117

[1]	See note 14 regarding the exercise of RSUs.

Warrants - Schedule of Changes in Warrants (Details)

6 Months Ended

12 Months Ended

Apr. 30, 2025

$ / shares

Oct. 31, 2024

$ / shares

Warrants [Abstract]

Number of warrants, Balance beginning

4,429,547

11,231,465

Historic weighted average price, Balance beginning

$ 1.57

$ 7.9

Number of warrants, Issuance of warrants (in Shares) | shares

^[1]

1,500,000

Historic weighted average exercise price, Issuance of warrants

^[1]

$ 1.6

Number of warrants, Exercise of warrants

(547,921)

(8,293,585)

Historic weighted average exercise price, Exercise of warrants

$ 1.27

$ 2.62

Number of warrants, Expiration of warrants

(75)

(8,333)

Historic weighted average exercise price, Expiration of warrants

$ 1,287.55

$ 98.43

Number of warrants, Balance ending

3,881,551

4,429,547

Historic weighted average price, Balance ending

$ 1.55

$ 1.57

Number of warrants, Number of shares to be issued from the exercise of these warrants (in Shares) | shares

2,238,848

2,549,311

[1]

Warrants - Schedule of Warrants Outstanding (Details)	6 Months Ended
Warrants - Schedule of Warrants Outstanding (Details)	Apr. 30, 2025 $ / shares shares	Apr. 30, 2025 $ / shares shares
Schedule of Warrants Outstanding [Line Items]
Number of warrants outstanding	3,881,441	3,881,441
Number of shares to be issued from the exercise of warrants (warrant shares)	2,238,848	2,238,848
November 17, 2027 [Member]
Schedule of Warrants Outstanding [Line Items]
Number of warrants outstanding	1,923	1,923
Number of shares to be issued from the exercise of warrants (warrant shares)	1,923	1,923
Exercise price per warrant shares (in Dollars per share and Dollars per share) \| (per share)	$ 243.75	$ 336.67
Expiry date	Nov. 17, 2027
April 5, 2028 [Member]
Schedule of Warrants Outstanding [Line Items]
Number of warrants outstanding	728,409	728,409
Number of shares to be issued from the exercise of warrants (warrant shares)	527,181	527,181
Exercise price per warrant shares (in Dollars per share and Dollars per share) \| (per share)	$ 1.077	$ 1.077
Expiry date	Apr. 05, 2028
September 17, 2028 [Member]
Schedule of Warrants Outstanding [Line Items]
Number of warrants outstanding	2,024,739	2,024,739
Number of shares to be issued from the exercise of warrants (warrant shares)	583,264	583,264
Exercise price per warrant shares (in Dollars per share and Dollars per share) \| (per share)	$ 1.077	$ 1.077
Expiry date	Sep. 17, 2028
January 15, 2029 [Member]
Schedule of Warrants Outstanding [Line Items]
Number of warrants outstanding	1,126,480	1,126,480
Number of shares to be issued from the exercise of warrants (warrant shares)	1,126,480	1,126,480
Exercise price per warrant shares (in Dollars per share and Dollars per share) \| (per share)	$ 1.6	$ 1.6
Expiry date	Jan. 15, 2029

Stock Options (Details) - USD ($)		3 Months Ended		6 Months Ended
Stock Options (Details) - USD ($)	Jan. 06, 2025	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2025	Apr. 30, 2024
Stock Options [Line Items]
Percentage of issued and outstanding common shares	20.00%
Stock options award granted vest term	10 years
Common shares reserved for issuance period				12 months
Issued and outstanding common shares in total				15.00%
Expected volatility of share price				8 years 4 months 24 days
Share-based compensation expense			$ 23,292	$ 3,264	$ 56,870
Stock Options [Member]
Stock Options [Line Items]
Share-based compensation expense
Related Party Consultant [Member]
Stock Options [Line Items]
Percentage of issued and outstanding common shares				5.00%
Investors [Member]
Stock Options [Line Items]
Percentage of issued and outstanding common shares				2.00%
Common shares reserved for issuance period				12 months

Stock Options - Schedule of Changes in Stock Options (Details)	6 Months Ended		12 Months Ended
	Apr. 30, 2025 $ / shares	Apr. 30, 2025 $ / shares $ / shares	Oct. 31, 2024 $ / shares	Oct. 31, 2024 $ / shares	Apr. 30, 2025 $ / shares
Schedule of Changes in Stock Options [Abstract]
Number of options Outstanding, Beginning balance	5,521	5,521	5,588	5,588
Weighted average exercise price Outstanding, Beginning balance \| (per share)	$ 432.38	$ 601.71	$ 434.82	$ 603.12
Number of options, Expired			(67)	(67)
Weighted average exercise price, Expired \| (per share)			$ 533.14	$ 720
Number of options Outstanding, Exercisable	5,504	5,504			5,504
Weighted average exercise price Outstanding, Exercisable \| (per share)	$ 436.91	$ 436.91			$ 603.46
Number of options Outstanding, Ending balance	5,521	5,521	5,521	5,521
Weighted average exercise price Outstanding, Ending balance \| (per share)	$ 435.64	$ 601.7	$ 432.38	$ 601.71

Stock Options - Schedule of Additional Information Regarding Stock Options Outstanding (Details) - Stock outstanding [Member]	6 Months Ended
	Apr. 30, 2025 $ / shares	Apr. 30, 2025 $ / shares
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	4 years 1 month 28 days
Weighted average exercise price Outstanding \| (per share)	$ 435.64	$ 601.7
Number of stock options, Exercisable	5,504	5,504
Weighted average exercise price, Exercisable \| (per share)	$ 436.91	$ 603.46
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	1 year 25 days
Weighted average exercise price Outstanding \| (per share)	$ 120.55	$ 166.5
Number of stock options, Exercisable	533	533
Weighted average exercise price, Exercisable \| (per share)	$ 120.55	$ 166.5
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	6 years 9 months 3 days
Weighted average exercise price Outstanding \| (per share)	$ 364.9	$ 504
Number of stock options, Exercisable	978	978
Weighted average exercise price, Exercisable \| (per share)	$ 364.9	$ 504
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	1 year 25 days
Weighted average exercise price Outstanding \| (per share)	$ 488.71	$ 675
Number of stock options, Exercisable	1,166	1,166
Weighted average exercise price, Exercisable \| (per share)	$ 488.71	$ 675
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	4 years
Weighted average exercise price Outstanding \| (per share)	$ 508.25	$ 702
Number of stock options, Exercisable	200	200
Weighted average exercise price, Exercisable \| (per share)	$ 508.25	$ 702
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	1 year 4 months 20 days
Weighted average exercise price Outstanding \| (per share)	$ 540.83	$ 747
Number of stock options, Exercisable	133	133
Weighted average exercise price, Exercisable \| (per share)	$ 540.83	$ 747
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	6 years 7 months 9 days
Weighted average exercise price Outstanding \| (per share)	$ 443.09	$ 612
Number of stock options, Exercisable	422	422
Weighted average exercise price, Exercisable \| (per share)	$ 443.09	$ 612
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	6 years 9 months 3 days
Weighted average exercise price Outstanding \| (per share)	$ 521.29	$ 720
Number of stock options, Exercisable	1,044	1,044
Weighted average exercise price, Exercisable \| (per share)	$ 521.29	$ 720
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	1 year 2 months 1 day
Weighted average exercise price Outstanding \| (per share)	$ 547.35	$ 756
Number of stock options, Exercisable	667	667
Weighted average exercise price, Exercisable \| (per share)	$ 547.35	$ 756
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	6 years 7 months 9 days
Weighted average exercise price Outstanding \| (per share)	$ 651.61	$ 900
Number of stock options, Exercisable	111	111
Weighted average exercise price, Exercisable \| (per share)	$ 651.61	$ 900
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	8 years 25 days
Weighted average exercise price Outstanding \| (per share)	$ 228.06	$ 315
Number of stock options, Exercisable	61	61
Weighted average exercise price, Exercisable \| (per share)	$ 228.06	$ 315
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	8 years 1 month 28 days
Weighted average exercise price Outstanding \| (per share)	$ 364.9	$ 504
Number of stock options, Exercisable	156	156
Weighted average exercise price, Exercisable \| (per share)	$ 364.9	$ 504
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	8 years 2 months 8 days
Weighted average exercise price Outstanding \| (per share)	$ 23.4	$ 32.32
Number of stock options, Exercisable	33	33
Weighted average exercise price, Exercisable \| (per share)	$ 23.4	$ 32.32

Stock Options - Schedule of Fair Value of Stock Options (Details) - Black-Scholes Option Pricing Model [Member]	6 Months Ended
	Apr. 30, 2025	Apr. 30, 2024
Schedule of Fair Value of Stock Options [Line Items]
Risk-free interest rate	4.46%	3.89%
Expected life (in years)	4.16	5.11
Bottom of Range [Member]
Schedule of Fair Value of Stock Options [Line Items]
Expected volatility	112.20%	150.79%
Top of Range [Member]
Schedule of Fair Value of Stock Options [Line Items]
Expected volatility	134.44%	161.87%

Restricted Share Units (Details) - Restricted Share Units [Member] - USD ($)	6 Months Ended
	Apr. 30, 2025	Apr. 30, 2024
Restricted Share Units [Line Items]
Fair value	$ 609,196	$ 267,346
Consultants Directors and Officers [Member]
Restricted Share Units [Line Items]
Restricted share units issued (in Shares)	540,777

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

6 Months Ended

12 Months Ended

Apr. 30, 2025

$ / shares

Apr. 30, 2025

$ / shares

Oct. 31, 2024

$ / shares

Oct. 31, 2024

$ / shares

Disclosure of classes of share capital [line items]

Number of RSUs, Beginning balance

264,338

2,216

Weighted Average Issue Price, Beginning balance | (per share)

$ 1.8

$ 2.55

$ 96.06

$ 138.55

Number of RSUs, Granted

540,777

^[1]

540,777

^[1]

591,460

Weighted average issue price, Granted | (per share)

$ 1.13

^[1]

$ 1.6

^[1]

$ 1.36

$ 1.86

Number of RSUs, Exercised

(559,212)

(329,338)

Weighted Average Issue Price, Exercised | (per share)

$ 1.31

$ 1.85

$ 1.65

$ 2.22

Number of RSUs, Ending Balance

245,903

^[2]

245,903

^[2]

264,338

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

$ 1.43

^[2]

$ 2.06

^[2]

$ 1.8

$ 2.55

[1]	During the six months ended April 30, 2025, the Company issued 540,777 RSUs to consultants, directors and officers. The RSUs vested with a fair value of $609,196 (2024 - $267,346).
[2]	See note 14 regarding the exercise of RSUs.

Financial Instruments and Risk Management (Details)	6 Months Ended
Financial Instruments and Risk Management (Details)	Apr. 30, 2025
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 - Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($)	Apr. 30, 2025	Oct. 31, 2024
Schedule of Assets and Liabilities Measured at Fair Value [Line Items]
Short-term investment- common shares	$ 67,167	$ 110,400
Short-term investment- Polyrizon Warrants	110,473	178,988
Derivative warrant liabilities	2,318,263	3,519,702
Quoted prices in active markets for identical instruments (Level 1) [Member] \| Recurring [Member]
Schedule of Assets and Liabilities Measured at Fair Value [Line Items]
Short-term investment- common shares	67,167	110,400
Short-term investment- Polyrizon Warrants
Derivative warrant liabilities
Significant other observable inputs (Level 2) [Member] \| Recurring [Member]
Schedule of Assets and Liabilities Measured at Fair Value [Line Items]
Short-term investment- common shares
Short-term investment- Polyrizon Warrants
Derivative warrant liabilities
Significant unobservable inputs (Level 3) [Member] \| Recurring [Member]
Schedule of Assets and Liabilities Measured at Fair Value [Line Items]
Short-term investment- common shares
Short-term investment- Polyrizon Warrants	110,473	178,988
Derivative warrant liabilities	$ 2,318,263	$ 3,519,702

Financial Instruments and Risk Management - Schedule of Foreign Currency Exchange Risk on Net Working Capital (Details) - Foreign Exchange Rate Risk [Member]	6 Months Ended
	Apr. 30, 2025 USD ($)
Schedule of Foreign Currency Exchange Risk on Net Working Capital [Line Items]
Cash and cash equivalents	$ 271,939
Other receivables	33,499
Accounts payable and accrued liabilities	(154,420)
Due to related parties	(39,251)
Total foreign currency financial assets and liabilities	111,767
Impact of a 10% strengthening or weakening of foreign exchange rate	$ 11,177

Financial Instruments and Risk Management - Schedule of Foreign Currency Exchange Risk on Net Working Capital (Parentheticals) (Details)	6 Months Ended
	Apr. 30, 2025
Foreign Exchange Rate Risk [Member]
Schedule of Foreign Currency Exchange Risk on Net Working Capital [Line Items]
Impact of a strengthening or weakening of foreign exchange rate	10.00%

Financial Instruments and Risk Management - Schedule of Contractual Maturities of Financial Liabilities (Details) - USD ($)	Apr. 30, 2025	Oct. 31, 2024
Schedule of Contractual Maturities of Financial Liabilities [Line Items]
Accounts payable and accrued liabilities	$ 475,490	$ 526,056
Due to related parties	49,251	48,962
Lease liability	35,982	53,142
Total	560,723	628,160
Within 1 year [Member]
Schedule of Contractual Maturities of Financial Liabilities [Line Items]
Accounts payable and accrued liabilities	475,490	526,056
Due to related parties	49,251	48,962
Lease liability	35,982	36,726
Total	560,723	611,744
Within 2-5 years [Member]
Schedule of Contractual Maturities of Financial Liabilities [Line Items]
Accounts payable and accrued liabilities
Due to related parties
Lease liability		16,416
Total		$ 16,416

Segmented Information (Details)	6 Months Ended
Segmented Information (Details)	Apr. 30, 2025 Segment
Segmented Information [Abstract]
Number of operating segment	1

Commitments (Details) - USD ($)	Mar. 31, 2024	Mar. 19, 2024	Jan. 15, 2024
Commitments [Line Items]
Percentage of royalities	3.00%	3.00%	1.50%
Bottom of Range [Member]
Commitments [Line Items]
Annual maintenance fees	$ 25,000	$ 25,000
Top of Range [Member]
Commitments [Line Items]
Annual maintenance fees	$ 50,000	$ 50,000

Subsequent Events (Details) - Subsequent Events Member]	May 14, 2025 USD ($) shares
Subsequent Events [Line Items]
Common shares issued \| shares	244,655
Fair value time of issuance \| $	$ 231,722

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