MeritValue

Clearmind Medicine Inc.

CMNDdata completeness 63%5 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Clearmind Medicine Inc. earns about -362% on equity, but has diluted owners by 311% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$2.73M1−$6.89M2−$8.62M3−$5.25M3−$3.86M3
Operating cash flow−$2.08M4−$3.72M5−$6.3M6−$4.86M6−$4.73M6
Capital expenditure$16,9617$5,5638———
Free cash flow (derived)−$2.09M4−$3.73M5———
Total debt—————
Cash & equivalents$3.37M9$128,77710$5.43M10$6.57M10$3.92M10
Diluted shares30,9111.3M607,3374.3M127,093

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$93.84
your share of equity
Profit it earned you last year
−$303.48
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $93.84 of net worth that earned you −$303.48 last year.

iii. Is this a good business?
Moat signal · return on equity
-362% avg · 5y
FY21 -77%FY22 —FY23 -877%FY24 -169%FY25 -323%

It earned an average -362% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+311% shares · 5y

Share count is up 311% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F/A · period ending 2021-10-31 · accession 0001213900-24-023593 (ProfitLoss)
  2. 20-F · period ending 2022-10-31 · accession 0001213900-25-005490 (ProfitLoss)
  3. 20-F · period ending 2023-10-31 · accession 0001213900-26-005665 (ProfitLoss)
  4. 20-F/A · period ending 2021-10-31 · accession 0001213900-24-023593 (CashFlowsFromUsedInOperatingActivities)
  5. 20-F · period ending 2022-10-31 · accession 0001213900-25-005490 (CashFlowsFromUsedInOperatingActivities)
  6. 20-F · period ending 2023-10-31 · accession 0001213900-26-005665 (CashFlowsFromUsedInOperatingActivities)
  7. 20-F/A · period ending 2021-10-31 · accession 0001213900-24-023593 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  8. 20-F · period ending 2022-10-31 · accession 0001213900-25-005490 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  9. 20-F · period ending 2021-10-31 · accession 0001213900-25-005490 (CashAndCashEquivalents)
  10. 20-F · period ending 2022-10-31 · accession 0001213900-26-005665 (CashAndCashEquivalents)