The company remains entirely pre-revenue, with operational losses exacerbated by significant non-cash expenses, including $1.4 million in stock-based compensation recorded during 2026Q1.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 52.58K | 49.36K | 51.07K | 57.43K | 119.62K | 2.53K | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -52.58K | -49.36K | -51.07K | -57.43K | -119.62K | -2.53K | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 3.34% | 11.07% | 51.99% | -4633.52% | - | - | - | - | - |
| Operating Expenses | 8.04M | 5.62M | 5.69M | 6.24M | 8.88M | 3.61M | 230.12K | 104.15K | 259.19K | 6.53K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 5.62M | 3.57M | 4.32M | 4.71M | 4.47M | 2.98M | 230.12K | 104.15K | 259.19K | 6.53K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 2.42M | 2.05M | 1.37M | 1.53M | 4.42M | 635.4K | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -8.09M | -5.67M | -5.74M | -6.29M | -9M | -3.61M | -230.12K | -104.15K | -259.19K | -6.53K |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 1.36% | 8.74% | 30.07% | -149.14% | -1470.14% | -120.95% | 59.82% | -3869.88% | - |
| EBITDA | -8.04M | -5.62M | -5.69M | -6.24M | -8.88M | -3.61M | -230.12K | -104.15K | -198.09K | -6.53K |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -38.37% | 1.34% | 8.71% | 29.78% | -146% | -1469.05% | -120.95% | 47.43% | -2934.08% | - |
| D&A (Non-Cash Add-back) | 52.58K | 49.36K | 51.07K | 57.43K | 119.62K | 2.53K | 0 | 0 | 0 | 0 |
| EBIT | -7.4M | -3.77M | -4.84M | -8.59M | -9.86M | -3.66M | -230.12K | -104.15K | -198.09K | -6.53K |
| Net Interest Income | 146.35K | 113.36K | 235.06K | 59.09K | -20.76K | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 163.88K | 132.9K | 271.22K | 59.09K | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 17.53K | 19.54K | 36.16K | 0 | 20.76K | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 209.25K | 1.88M | 868.21K | -2.3M | -883.54K | -42.78K | 0 | 0 | 61.1K | 0 |
| Pretax Income | -7.88M | -3.79M | -4.88M | -8.59M | -9.89M | -3.66M | -230.12K | -104.15K | -198.09K | -6.53K |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 17.72K | 70.44K | 377.96K | 17.35K | 42.99K | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.22% | -1.86% | -7.75% | -0.2% | -0.43% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -7.9M | -3.86M | -5.25M | -8.61M | -9.93M | -3.66M | -230.12K | -104.15K | -198.09K | -6.53K |
| Net Margin % | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -63.42% | 26.61% | 38.96% | 13.29% | -171.57% | -1488.73% | -120.95% | 47.42% | -2934.06% | - |
| Net Income (Continuing) | -7.9M | -3.86M | -5.25M | -8.61M | -9.93M | -3.66M | -230.12K | -104.15K | -198.09K | -6.53K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -26.17 | -3.03 | -6.78 | -170.07 | -916.44 | -473.10 | -50.76 | -33.76 | -73.50 | -2.15 |
| EPS Growth % | -143.37% | 55.31% | 96.01% | 81.44% | -93.71% | -832.03% | -50.36% | 54.07% | -3318.6% | - |
| EPS (Basic) | - | -3.03 | -6.78 | -170.07 | -916.44 | -473.10 | -50.76 | -33.76 | -73.50 | -2.15 |
| Diluted Shares Outstanding | 301.96K | 1.27M | 775.03K | 50.62K | 10.83K | 7.73K | 4.53K | 3.08K | 2.69K | 3.06K |
| Basic Shares Outstanding | 301.96K | 1.27M | 775.03K | 50.62K | 10.83K | 7.73K | 4.53K | 3.08K | 2.69K | 3.06K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and dilution
As indicated by the company's financial statements, Clearmind remains a pre-revenue entity with no commercial product sales, meaning all growth metrics are currently non-existent and the firm's valuation is entirely dependent on future clinical milestones rather than current operational performance or market penetration.
The absence of revenue underscores the company's status as a pure-play research and development firm. Investors should monitor the transition from pre-clinical development to potential licensing agreements, as this remains the only viable path to generating top-line growth in the near term.
According to recent quarterly filings, the company's cost structure is dominated by R&D and SG&A expenses, which reached a combined $3.6 million in 2026Q1, highlighting the significant capital requirements necessary to sustain the firm's ongoing clinical trial preparations and patent filing strategies.
The high level of SG&A relative to R&D suggests that a substantial portion of capital is being directed toward administrative and legal overhead rather than direct drug development. This expense discipline warrants further investigation, as it may indicate an inefficient allocation of limited cash resources.
Based on the provided income statement data, the company's net losses are frequently impacted by fluctuating stock-based compensation, such as the $1.4 million recorded in 2026Q1, which complicates the assessment of true operational cash burn and masks the underlying economic reality of the business.
The volatility in net income, driven by non-cash charges and derivative adjustments, makes it difficult to gauge the company's actual operational efficiency. Analysts should focus on cash-based burn rates rather than reported net income to better understand the firm's true runway.
As reported in financial statements, the company's cash reserves of approximately $3.9 million against persistent quarterly losses suggest a precarious financial position that may necessitate further dilutive equity financing to maintain operations beyond the immediate future, posing a significant risk to existing shareholders.
The reliance on frequent equity raises to fund operations suggests that the current business model is not self-sustaining. Without a strategic partnership or a major clinical breakthrough, the company appears highly vulnerable to capital market volatility and the potential for significant shareholder dilution.
Quick answers to the most common questions about buying CMND stock.
For fiscal year 2025, Clearmind Medicine Inc. (CMND) reported total revenue of $0.0M.
Clearmind Medicine Inc. (CMND) reported a net loss of $3.9M for the fiscal year ending 2025.