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    DiaMedica Therapeutics (DMAC)

    Market Price (9/21/2026): $6.85 | Market Cap: $369.2 MilSector: Health Care | Industry: Biotechnology

    DiaMedica Therapeutics (DMAC)

    Market Price (9/21/2026): $6.85
    Market Cap: $369.2 Mil
    Sector: Health Care
    Industry: Biotechnology

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12%

    Megatrend and thematic drivers
    Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more.

    Meaningful short interest
    Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10%

    Very low revenue
    Rev LTMTotal Revenue or Sales, Last Twelve Months is 0

    Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -39 Mil

    Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -14%

    Significant short interest
    Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 47.17

    Key risks
    DMAC key risks include [1] its overwhelming dependence on the clinical trial success of its sole lead product candidate, Show more.

    0 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12%
    1 Megatrend and thematic drivers
    Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more.
    2 Meaningful short interest
    Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10%
    3 Very low revenue
    Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
    4 Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -39 Mil
    5 Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -14%
    6 Significant short interest
    Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 47.17
    7 Key risks
    DMAC key risks include [1] its overwhelming dependence on the clinical trial success of its sole lead product candidate, Show more.

    DMAC in ETFs

    Weight = DMAC's share of each fund

    IWM0.01%
    IWO0.02%
    VTWO0.01%

    Valuation & Metrics

    FYE: 12/31DMAC [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$0.0 Mil—
    FY 2026 Sales$54.0 Mil—
    FY 2027 Sales$2.2 Mil—
    FY 2026 Sales Growth——
    FY 2027 Sales Growth-95.9%12.9%
    EARNINGS
    LTM Net Income (GAAP) [3]$-37.5 Mil—
    FY 2026 Net Income (Non-GAAP)$-36.2 Mil—
    FY 2027 Net Income (Non-GAAP)$-35.1 Mil—
    FY 2027 Net Income Growth—18.1%
    FY 2026 EPS (Non-GAAP)$-0.77—
    FY 2027 EPS (Non-GAAP)$-0.75—
    FY 2027 EPS Growth——
    VALUATION
    FY 2026 P/S6.81.6
    FY 2027 P/S166.3—
    FY 2026 P/E—7.4
    FY 2027 P/E——

    [1] DMAC forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 9/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
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    AI Analysis | Feedback

    MetricValueDateSource
    Number of Employees286302025Link
    Number of Activated ReMEDy2 Trial Sites303172025Link
    Target Enrollment for ReMEDy2 Trial (Initial)approximately 3003172025Link
    Enrolled Participants in ReMEDy2 Trial (Safety Review Cohort)203172025Link
    Target Enrollment for Preeclampsia Phase 2 Trial (Preeclampsia Patients)up to 9010092024Link
    Target Enrollment for Preeclampsia Phase 2 Trial (Fetal Growth Restriction Patients)potentially 3010092024Link
    Total Patent Families258082025Link
    Number of Granted Patents128082025Link

    Price Chart

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    No Events

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 9/2/2026

    DiaMedica Therapeutics (DMAC) stock has gained about 15% since 5/31/2026 because of the following key factors:

    1. Positive Clinical Development Milestones and Data.

    DiaMedica Therapeutics reported positive topline results in fiscal Q2 2026 (ended June 30, 2026) from Part 1a of its Phase 2 late-onset preeclampsia study of DM199, demonstrating rapid, clinically meaningful, and statistically significant reductions in maternal blood pressure. Further clinical advancement within the specified period included completing enrollment for the first cohort of its Phase 2 early-onset fetal growth restriction trial and dosing the initial patients in June 2026, with top-line results anticipated in September 2026. The ReMEDy2 Phase 2/3 Acute Ischemic Stroke trial also continued to progress, surpassing 85% enrollment, with an interim analysis expected in fiscal Q1 2027.

    2. Fiscal Q2 2026 Earnings Beat and Maintained Financial Runway.

    DiaMedica Therapeutics announced fiscal Q2 2026 earnings on August 10, 2026, reporting a net loss of $0.19 per share, which exceeded analysts' consensus estimates of a $0.20 loss per share by $0.01. Despite an approximate 40% increase in Research and Development (R&D) expenses, reaching $8.153 million in fiscal Q2 2026 due to the expansion of DM199 clinical programs, the company maintained a solid financial position with $43.5 million in cash, cash equivalents, and short-term investments as of June 30, 2026, projecting an anticipated cash runway through 2027.

    Show more
    Updated on 9/2/2026

    DiaMedica Therapeutics (DMAC) stock has gained about 15% since 5/31/2026 because of the following key factors:

    1. Positive Clinical Development Milestones and Data.

    DiaMedica Therapeutics reported positive topline results in fiscal Q2 2026 (ended June 30, 2026) from Part 1a of its Phase 2 late-onset preeclampsia study of DM199, demonstrating rapid, clinically meaningful, and statistically significant reductions in maternal blood pressure. Further clinical advancement within the specified period included completing enrollment for the first cohort of its Phase 2 early-onset fetal growth restriction trial and dosing the initial patients in June 2026, with top-line results anticipated in September 2026. The ReMEDy2 Phase 2/3 Acute Ischemic Stroke trial also continued to progress, surpassing 85% enrollment, with an interim analysis expected in fiscal Q1 2027.

    2. Fiscal Q2 2026 Earnings Beat and Maintained Financial Runway.

    DiaMedica Therapeutics announced fiscal Q2 2026 earnings on August 10, 2026, reporting a net loss of $0.19 per share, which exceeded analysts' consensus estimates of a $0.20 loss per share by $0.01. Despite an approximate 40% increase in Research and Development (R&D) expenses, reaching $8.153 million in fiscal Q2 2026 due to the expansion of DM199 clinical programs, the company maintained a solid financial position with $43.5 million in cash, cash equivalents, and short-term investments as of June 30, 2026, projecting an anticipated cash runway through 2027.

    3. Significant Insider Confidence and Optimistic Analyst Outlook.

    Insider activity leading up to August 11, 2026, indicated substantial internal confidence, with approximately $13.6 million in insider purchases over the preceding 12 months and no insider sales reported. This was complemented by a positive outlook from Wall Street analysts, who maintained a median 12-month price target of $13 as of late August 2026, suggesting a potential upside of about 92.6% from a recent closing price.

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    Stock Movement Drivers

    Fundamental Drivers

    The 14.4% change in DMAC stock from 5/31/2026 to 9/20/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
    (LTM values as of)53120269202026Change
    Stock Price ($)5.996.8514.4%
    Change Contribution By: 
    Total Revenues ($ Mil)000.0%
    P/S Multiple∞∞0.0%
    Shares Outstanding (Mil)5454-0.2%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    5/31/2026 to 9/20/2026
    ReturnCorrelation
    DMAC14.4% 
    Market (SPY)0.9%27.7%
    Sector (XLV)12.7%20.8%

    Fundamental Drivers

    The -13.8% change in DMAC stock from 2/28/2026 to 9/20/2026 was primarily driven by a -7.9% change in the company's Shares Outstanding (Mil).
    (LTM values as of)22820269202026Change
    Stock Price ($)7.956.85-13.8%
    Change Contribution By: 
    Total Revenues ($ Mil)000.0%
    P/S Multiple∞∞0.0%
    Shares Outstanding (Mil)5054-7.9%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    2/28/2026 to 9/20/2026
    ReturnCorrelation
    DMAC-13.8% 
    Market (SPY)11.6%32.2%
    Sector (XLV)5.5%19.5%

    Fundamental Drivers

    The 20.0% change in DMAC stock from 8/31/2025 to 9/20/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
    (LTM values as of)83120259202026Change
    Stock Price ($)5.716.8520.0%
    Change Contribution By: 
    Total Revenues ($ Mil)000.0%
    P/S Multiple∞∞0.0%
    Shares Outstanding (Mil)4354-20.3%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2025 to 9/20/2026
    ReturnCorrelation
    DMAC20.0% 
    Market (SPY)19.4%32.6%
    Sector (XLV)24.1%19.5%

    Fundamental Drivers

    The 132.2% change in DMAC stock from 8/31/2023 to 9/20/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
    (LTM values as of)83120239202026Change
    Stock Price ($)2.956.85132.2%
    Change Contribution By: 
    Total Revenues ($ Mil)000.0%
    P/S Multiple∞∞0.0%
    Shares Outstanding (Mil)2754-49.3%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2023 to 9/20/2026
    ReturnCorrelation
    DMAC132.2% 
    Market (SPY)75.6%26.7%
    Sector (XLV)32.3%18.1%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    DMAC Return-63%-58%80%91%47%-14%-32%
    Peers Return-18%18%36%16%33%5%114%
    S&P 500 Return27%-19%24%23%16%12%103%

    Monthly Win Rates [3]
    DMAC Win Rate25%42%50%67%67%44% 
    Peers Win Rate40%43%48%45%58%47% 
    S&P 500 Win Rate75%42%67%75%67%44% 

    Max Drawdowns [4]
    DMAC Max Drawdown-70%-71%-53%-41%-49%-39% 
    Peers Max Drawdown-54%-45%-44%-46%-40%-34% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: BIIB, AMGN, TVTX, AKBA, ARDX.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 9/18/2026 (YTD)

    How Low Can It Go

    EventDMACS&P 500
    2025 US Tariff Shock
      % Loss-49.2%-18.8%
      % Gain to Breakeven96.7%23.1%
      Time to Breakeven153 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-36.7%-9.5%
      % Gain to Breakeven58.0%10.5%
      Time to Breakeven206 days24 days
    2022 Inflation Shock & Fed Tightening
      % Loss-69.8%-24.5%
      % Gain to Breakeven231.6%32.4%
      Time to Breakeven258 days427 days
    2020 COVID-19 Crash
      % Loss-58.2%-33.7%
      % Gain to Breakeven139.1%50.9%
      Time to Breakeven85 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-49.0%-19.2%
      % Gain to Breakeven96.2%23.8%
      Time to Breakeven425 days105 days
    2013 Taper Tantrum
      % Loss-14.4%-0.2%
      % Gain to Breakeven16.8%0.2%
      Time to Breakeven1784 days1 days

    Compare to BIIB, AMGN, TVTX, AKBA, ARDX

    In The Past

    DiaMedica Therapeutics's stock fell -49.2% during the 2025 US Tariff Shock. Such a loss loss requires a 96.7% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventDMACS&P 500
    2025 US Tariff Shock
      % Loss-49.2%-18.8%
      % Gain to Breakeven96.7%23.1%
      Time to Breakeven153 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-36.7%-9.5%
      % Gain to Breakeven58.0%10.5%
      Time to Breakeven206 days24 days
    2022 Inflation Shock & Fed Tightening
      % Loss-69.8%-24.5%
      % Gain to Breakeven231.6%32.4%
      Time to Breakeven258 days427 days
    2020 COVID-19 Crash
      % Loss-58.2%-33.7%
      % Gain to Breakeven139.1%50.9%
      Time to Breakeven85 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-49.0%-19.2%
      % Gain to Breakeven96.2%23.8%
      Time to Breakeven425 days105 days

    Compare to BIIB, AMGN, TVTX, AKBA, ARDX

    In The Past

    DiaMedica Therapeutics's stock fell -49.2% during the 2025 US Tariff Shock. Such a loss loss requires a 96.7% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About DiaMedica Therapeutics (DMAC)

    DiaMedica Therapeutics (DMAC) is a clinical-stage biopharmaceutical company dedicated to discovering and developing novel treatments for patients afflicted with neurological and kidney diseases. Based in Minneapolis, Minnesota, the company focuses its research and development efforts on conditions with significant unmet medical needs.

    The company's primary asset is DM199, a recombinant human tissue kallikrein-1 protein, which is currently in advanced clinical development. DM199 is being evaluated in a Phase 2 trial (REDUX) for individuals with moderate to severe chronic kidney disease stemming from Type I or Type II diabetes, addressing a critical need in nephrology. Concurrently, it's also in Phase 2/3 trials (REMEDY2) for the treatment of acute ischemic stroke, targeting a significant neurological condition. Beyond DM199, DiaMedica is also developing DM300, a preclinical-stage candidate aimed at inflammatory diseases, indicating a broader future interest in the immunology market.

    AI Analysis | Feedback

    Here are a few analogies for DiaMedica Therapeutics (DMAC):

    • It's like an early-stage Biogen, focused on developing innovative drugs for neurological and kidney diseases.
    • Think of it as a clinical-stage Vertex Pharmaceuticals, striving to bring its first breakthrough therapies for kidney and neurological conditions to market.

    AI Analysis | Feedback

    • DM199: A recombinant human tissue kallikrein-1 protein in clinical trials for chronic kidney disease and acute ischemic stroke.
    • DM300: A drug candidate in the pre-clinical stage for the treatment of inflammatory diseases.

    AI Analysis | Feedback

    As a clinical-stage biopharmaceutical company, DiaMedica Therapeutics Inc. (DMAC) is primarily focused on the research and development of drug candidates, conducting clinical trials, and seeking regulatory approvals. The company has not yet commercialized any products. Therefore, DiaMedica Therapeutics does not currently have major customers in the traditional sense of companies or individuals purchasing its products.

    AI Analysis | Feedback

    The major suppliers for DiaMedica Therapeutics are:

    • Wuxi Biologics Holdings Inc. (Symbol: 2269.HK)
    • Novotech (Australia) Pty Limited

    AI Analysis | Feedback

    Rick Pauls - President and Chief Executive Officer Mr. Pauls was appointed President and Chief Executive Officer of DiaMedica Therapeutics Inc. in 2009 and has served as a director since 2005. He also served as Chairman of the Board from 2008 to 2014. Before joining DiaMedica, Mr. Pauls co-founded and served as Managing Director of CentreStone Ventures, an early-stage life sciences venture capital fund, from 2002 to 2010. He was also an analyst for Centara Corporation, another early-stage venture capital fund, from 2000 to 2002. Scott Kellen - Chief Financial Officer and Secretary Mr. Kellen joined DiaMedica Therapeutics in January 2018 as Vice President of Finance and was appointed Chief Financial Officer and Secretary in April 2018. Prior to DiaMedica, Mr. Kellen was Vice President and Chief Financial Officer of Sun BioPharma, Inc., a publicly-traded clinical-stage drug development company, from 2015 to 2018. From 2010 to 2015, he served as Chief Financial Officer and Secretary of Kips Bay Medical, Inc., a publicly-traded medical device company, also becoming its Chief Operating Officer in 2012. Mr. Kellen has over 25 years of experience in the life sciences industry, focusing on publicly traded early-stage and growth companies. Julie Krop, M.D. - Chief Medical Officer Dr. Krop was appointed Chief Medical Officer effective August 2025. She brings over 20 years of experience as a strategic physician executive in both pre-commercial and commercial organizations across various therapeutic and orphan indications. Before DiaMedica, Dr. Krop served as CMO and Head of Development at PureTech Health. Previously, she was CMO at Freeline Therapeutics, where she contributed to a successful IPO and oversaw gene therapy programs. Dr. Krop also held the role of CMO and Executive Vice President at AMAG Pharmaceuticals, where she was involved in the approval of three drugs. Ambarish Shah, Ph.D. - Chief Technology Officer Dr. Shah was appointed Chief Technology Officer effective September 2023. He has more than 25 years of experience in advancing biopharmaceuticals from early development to commercialization. Before joining DiaMedica, Dr. Shah was Vice President and Head of Global Vaccines Development at CSL Seqirus, where he was responsible for end-to-end chemistry, manufacturing, and control (CMC) in vaccine development. Prior to that, he was Executive Director, Head of Drug Product Development at Bristol-Myers Squibb (formerly Celgene). Dominic Cundari - Chief Commercial Officer Mr. Cundari was appointed Chief Commercial Officer effective February 2022. He has over 30 years of pharmaceutical experience in various commercial roles within high-growth markets. Before joining DiaMedica, Mr. Cundari worked as an independent commercial strategy and development consultant for Genentech since 2009. From 1988 to 2009, he held various sales and marketing management positions at Genentech.

    AI Analysis | Feedback

    DiaMedica Therapeutics (DMAC), as a clinical-stage biopharmaceutical company, faces inherent and significant risks primarily centered on the successful development and commercialization of its drug candidates. The key risks to the business are:

    1. Clinical Trial Risk

    The most significant risk for DiaMedica Therapeutics is the uncertainty surrounding the outcome of its ongoing and future clinical trials for lead drug candidate DM199 (for chronic kidney disease, acute ischemic stroke, and preeclampsia) and pre-clinical stage DM300. The success of DiaMedica's business hinges entirely on these trials demonstrating efficacy and safety. There is a substantial risk of a sharp stock decline if DM199 clinical trials fail. Existing preclinical and earlier clinical data may not be predictive of the results of ongoing or later clinical trials, and unexpected adverse events or delays can significantly impact the company's prospects. For instance, the ReMEDy2 trial for acute ischemic stroke experienced a clinical hold due to transient acute hypotension, highlighting the potential for unforeseen challenges in the trial process. Safety concerns, including potential adverse events like angioedema and oral candidiasis, could also hinder patient acceptance and regulatory approval.

    2. Regulatory Approval Risk

    Following successful clinical trials, DiaMedica Therapeutics must navigate complex and uncertain regulatory approval processes with health authorities such as the FDA and Health Canada. Even if clinical data is positive, there is no guarantee that regulatory bodies will grant approval for its drug candidates. Failure to reproduce positive outcomes in larger, more diverse populations during later-stage trials could lead to delays or limitations in regulatory approvals, which would consequently cap or delay potential revenue and earnings.

    3. Financing Risk / Cash Burn

    As a company without revenue generation from approved products, DiaMedica Therapeutics relies heavily on its ability to raise sufficient capital to fund its extensive and costly research and development activities, particularly its clinical trials. The company faces continuous cash burn, necessitating future additional funding. While DiaMedica has reported cash, cash equivalents, and investments that are anticipated to provide a runway into the second half of 2027 (as of late 2025/early 2026 reports), delays in clinical timelines or the need for additional studies could require further capital, potentially leading to shareholder dilution. The cash burn rate increased by 43% in the last year, indicating that the actual cash runway could be shorter if this trend of increasing expenditure continues.

    AI Analysis | Feedback

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    AI Analysis | Feedback

    DiaMedica Therapeutics (DMAC) is developing treatments for neurological and kidney diseases with its lead drug candidate, DM199, and is also developing DM300 for inflammatory diseases.

    DM199 Addressable Markets

    • Chronic Kidney Disease Caused by Type I or Type II Diabetes (Diabetic Nephropathy): The global diabetic kidney disease market was valued at approximately USD 3.03 billion in 2024 and is projected to reach USD 4.21 billion by 2031. The U.S. diabetic nephropathy market is estimated to reach USD 1.59 billion by 2032.
    • Acute Ischemic Stroke: The global acute ischemic stroke therapeutics market size was valued at USD 9.13 billion in 2024 and is projected to grow to USD 19.35 billion by 2033.

    DM300 Addressable Markets

    • Inflammatory Diseases: The global inflammatory diseases biologics market size was approximately USD 99.06 billion in 2024 and is expected to reach USD 157.31 billion by 2033. North America holds a significant share of this market.

    AI Analysis | Feedback

    DiaMedica Therapeutics Inc. (DMAC), a clinical-stage biopharmaceutical company, anticipates its future revenue growth over the next 2-3 years to be primarily driven by the successful development and potential commercialization of its lead drug candidate, DM199. The key drivers include:

    1. Advancement and Potential Approval of DM199 for Acute Ischemic Stroke (AIS): DM199 is currently in Phase 2/3 REMEDY2 trials for the treatment of acute ischemic stroke. Analysts project significant revenue for DiaMedica Therapeutics in 2027 and 2028, with forecasts ranging up to $609 million and $2.3 billion, respectively, which is contingent on the successful commercialization of DM199 for this indication. An interim analysis for the ReMEDy2 stroke trial is anticipated in the second half of 2026.
    2. Advancement and Potential Approval of DM199 for Preeclampsia and Fetal Growth Restriction: DiaMedica Therapeutics is also progressing DM199 through Phase 2 trials for preeclampsia and fetal growth restriction. The company aims to complete the expansion cohort of its preeclampsia trial in the first half of 2026 and subsequently initiate a U.S. Phase 2 trial. Preeclampsia is identified as a critically underserved area with substantial unmet medical needs and a large commercial opportunity, positioning DM199 as a potential first-in-class treatment.
    3. Geographic Expansion and Market Penetration of DM199: The company's ReMEDy2 trial for acute ischemic stroke is undergoing global expansion, having secured regulatory clearance in the U.K. and with anticipated expansion into Europe. Broader geographical reach for DM199, following regulatory approvals, would contribute to a larger addressable market and subsequent revenue growth.
    4. Successful Achievement of Clinical Milestones and Regulatory Approvals for DM199: The realization of future revenue growth is fundamentally dependent on the successful completion of ongoing clinical trials for DM199 in both acute ischemic stroke and preeclampsia, followed by obtaining the necessary regulatory approvals. These milestones are critical precursors to any market entry and commercial sales.

    AI Analysis | Feedback

    Share Issuance

    • DiaMedica Therapeutics closed a private placement of common shares in July 2025, resulting in net proceeds of approximately $29.9 million from the sale of about 8.6 million common shares at $3.50 per share.
    • The company filed a Form S-8 registering 1,000,000 common shares for issuance under its 2021 Employment Inducement Incentive Plan, with the Board amending the plan in July 2025 to reserve an additional 1,000,000 shares for equity awards as inducement to employment.
    • DiaMedica Therapeutics reported 52 million shares outstanding in Q3 2025, an increase of 0.8% from the prior quarter, indicating ongoing share issuance.

    Inbound Investments

    • In July 2025, DiaMedica Therapeutics received approximately $29.9 million in net proceeds from a private placement of common shares to accredited investors, which included approximately $16.8 million from certain non-management related parties.
    • A significant shareholder, Jan Stahlberg, purchased 1,061,277 shares valued at $7,624,976 in DiaMedica Therapeutics in December 2025.
    • Paragon Associates & Paragon Associates II Joint Venture increased its stake in DiaMedica by 34.6% in Q3, buying 225,000 shares to hold 875,000 shares, valued at approximately $6.01 million.

    Capital Expenditures

    • DiaMedica Therapeutics reported capital expenditures of $16K in Q3 2025, primarily for funding long-term assets and infrastructure.
    • For the last 12 months, capital expenditures were reported at -$41,000.
    • Annual capital expenditures were consistently low, reported as $0.0 million in 2020, 2021, 2023, and 2024, and -$0.1 million in 2022.

    Peer Outperformance in Biotechnology

    DMAC has outperformed 86% of its 363 Biotechnology peers over 5Y. Biotechnology ranks 10th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
    Share of Biotechnology constituents that DMAC has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    50%
    of 455 industry peers · 0.4% return
    3Y
    81%
    of 402 industry peers · 128.3% return
    5Y
    86%
    of 363 industry peers · 71.7% return
    No Biotechnology peer with a comparable growth profile has beaten DMAC by more than 20pp over 5Y.
    Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is DMAC's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Health Care Distributors 6 16.2%43.2%90.1% CAH 392% · MCK 346% · COR 168%
    Managed Health Care 8 40.4%-5.3%2.3% OSCR 84% · HQY 56% · ELV 17%
    Health Care Services 20 21.1%37.6%-0.3% HIMS 239% · RDNT 173% · DGX 76%
    Health Care Facilities 24 6.0%6.5%-4.5% NHC 271% · THC 261% · ENSG 129%
    Health Care Equipment 50 -2.7%-0.2%-21.1% POCI 11050% · UFPT 341% · GKOS 222%
    Pharmaceuticals 62 -10.5%14.8%-38.6% LQDA 2472% · INDV 1099% · ETON 1051%
    Health Care Supplies 12 14.1%-8.9%-39.7% LNTH 287% · HAE 54% · MMSI 20%
    Life Sciences Tools & Services 109 4.3%-11.3%-68.4% SNWV 1757% · MEDP 231% · NTRA 199%
    Health Care Technology 21 -25.8%-52.6%-79.2% SPOK 68% · HSTM 3% · VEEV -13%
    Biotechnology ← 364 0.6%-21.7%-79.4% CELZ 1280% · DNTH 1221% · ELVN 1069%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

    Latest Trefis Analyses

    TitleDate
    0DASHBOARDS 
    1DiaMedica Therapeutics Earnings Notes12/16/2025
    Title
    0ARTICLES

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    Financials

    DMACBIIBAMGNTVTXAKBAARDXMedian
    NameDiaMedic.Biogen Amgen Travere .Akebia T.Ardelyx  
    Mkt Price6.85215.50385.6562.760.923.4234.80
    Mkt Cap0.431.8208.35.90.20.83.4
    Rev LTM010,02838,095591219451521
    Op Inc LTM-391,93511,426-40-13-35-24
    FCF LTM-322,49010,1751529-1822
    FCF 3Y Avg-261,9358,754-175-4-53-15
    CFO LTM-322,87912,4789342-1767
    CFO 3Y Avg-262,26010,312-1040-52-13

    Growth & Margins

    DMACBIIBAMGNTVTXAKBAARDXMedian
    NameDiaMedic.Biogen Amgen Travere .Akebia T.Ardelyx  
    Rev Chg LTM-0.3%9.1%77.1%7.5%16.8%9.1%
    Rev Chg 3Y Avg-0.2%12.8%70.8%3.7%84.7%12.8%
    Rev Chg Q-3.4%9.5%48.2%-21.4%23.8%9.5%
    QoQ Delta Rev Chg LTM-0.9%2.4%10.3%-5.7%5.4%2.4%
    Op Inc Chg LTM-24.7%-21.7%39.5%76.3%-1,766.4%12.2%-4.7%
    Op Inc Chg 3Y Avg-31.4%-6.0%12.3%42.9%-534.6%10.4%2.2%
    Op Mgn LTM-19.3%30.0%-6.8%-6.0%-7.9%-6.0%
    Op Mgn 3Y Avg-21.5%24.5%-90.9%-8.6%-15.5%-8.6%
    QoQ Delta Op Mgn LTM--3.9%1.6%3.8%-8.3%0.9%0.9%
    CFO/Rev LTM-28.7%32.8%15.7%19.0%-3.8%19.0%
    CFO/Rev 3Y Avg-22.8%29.3%-60.5%-1.5%-19.4%-1.5%
    FCF/Rev LTM-24.8%26.7%2.6%13.4%-4.0%13.4%
    FCF/Rev 3Y Avg-19.5%24.9%-86.5%-3.4%-19.7%-3.4%

    Valuation

    DMACBIIBAMGNTVTXAKBAARDXMedian
    NameDiaMedic.Biogen Amgen Travere .Akebia T.Ardelyx  
    Mkt Cap0.431.8208.35.90.20.83.4
    P/S-3.25.59.91.11.93.2
    P/Op Inc-9.416.518.2-145.0-18.8-23.9-14.1
    P/EBIT-9.424.616.1-101.9-23.6-31.7-16.5
    P/E-9.838.123.8-135.0-8.4-15.2-9.1
    P/CFO-11.711.116.763.36.0-49.08.5
    Total Yield-10.2%2.6%6.7%-0.7%-12.0%-6.6%-3.7%
    Dividend Yield0.0%0.0%2.5%0.0%0.0%0.0%0.0%
    FCF Yield 3Y Avg-13.8%7.4%5.2%-23.9%-3.0%-4.1%-3.5%
    D/E0.00.30.30.10.20.30.2
    Net D/E-0.10.20.20.0-0.4-0.0-0.0

    Returns

    DMACBIIBAMGNTVTXAKBAARDXMedian
    NameDiaMedic.Biogen Amgen Travere .Akebia T.Ardelyx  
    1M Rtn5.1%-0.6%-12.2%-4.5%1.0%-12.1%-2.5%
    3M Rtn17.1%9.6%14.9%13.8%-14.4%-43.5%11.7%
    6M Rtn1.3%18.8%12.4%133.8%-35.5%-35.6%6.9%
    12M Rtn0.4%51.2%38.9%152.6%-67.5%-44.9%19.7%
    3Y Rtn128.3%-16.8%56.6%721.5%-21.1%-6.6%25.0%
    1M Excs Rtn1.3%-2.0%-11.6%-4.1%4.2%-14.4%-3.0%
    3M Excs Rtn15.1%7.6%12.9%11.8%-16.4%-45.5%9.7%
    6M Excs Rtn-18.2%1.7%-4.1%110.6%-51.3%-53.6%-11.2%
    12M Excs Rtn-16.2%32.8%28.4%149.5%-83.2%-60.7%6.1%
    3Y Excs Rtn40.2%-87.0%-7.2%290.2%-96.2%-96.7%-47.1%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/10/20265/6/20263/30/202611/12/20258/12/20255/13/20253/17/202511/13/20248/7/20245/8/20243/19/202411/13/2023
    Key Financials Quarterly            
    Total Revenue000000000000
    Ebitda-10-10-9-9-8-8-8-7-6-6-6-5
    Operating Income-10-10-9-9-8-8-8-7-6-6-6-5
    Net Income-10-10-9-9-8-8-8-6-5-5-5-4
    EPS-0.19-0.19-0.17-0.17-0.18-0.18-0.18-0.15-0.13-0.14-0.14-0.12
    Key Financials TTM            
    Total Revenue TTM000000000000
    Ebitda TTM-39-37-34-34-31-29-27-24-22-21-21-19
    Operating Income TTM-39-37-34-34-31-29-27-24-22-21-21-19
    Net Income TTM-38-35-33-32-30-27-24-22-20-19-19-18
    Growth Rates Quarterly            
    Total Revenue Growth------------
    EBITDA Growth-31.0%-28.7%-9.4%-31.2%-42.2%-41.9%-44.0%-33.5%-18.9%-4.0%-47.2%-65.0%
    Operating Income Growth-31.1%-28.7%-9.4%-31.2%-42.0%-41.9%-44.0%-33.5%-18.9%-4.0%-47.2%-64.9%
    Net Income Growth-31.7%-30.3%-10.6%-37.4%-50.4%-49.6%-53.1%-40.3%-14.3%2.3%-37.6%-46.2%
    Margins Quarterly            
    EBITDA Margin------------
    Operating Income Margin------------
    Net Income Margin------------
    Cash & Debt            
    Total Cash445160553036445054475346
    Total Debt000000000000
    Net Debt / (Cash)-43-51-60-55-30-36-44-50-54-46-52-46
    Cash Flows Quarterly            
    FCF from Operations-8-9-8-7-8-7-6-4-5-7-4-5
    Cash Flows TTM            
    FCF from Operations TTM-32-31-29-28-26-23-22-19-20-20-19-18
    Returns to Shareholders Quarterly            
    Dividends000000000000
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC-22.3%-23.4%-21.8%-22.5%-21.0%-22.4%-24.6%-21.1%-18.0%-19.0%-20.5%-17.2%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM-20.9%-20.5%-20.3%-20.9%-20.6%-20.0%-19.5%-18.5%-17.8%-17.8%-18.6%-16.2%

    Segment Financials

    Revenue by Segment
    $ Mil2018
    Development of its drug product candidate DM199 for the treatment of severe ischemic disease0
    Total0


    Operating Income by Segment
    $ Mil202520242023
    Development of its drug product candidate DM199 for the treatment of severe ischemic disease-34-27-21
    Total-34-27-21


    Net Income by Segment
    $ Mil202520242023
    Development of its drug product candidate DM199 for the treatment of severe ischemic disease-33-24-19
    Total-33-24-19


    Assets by Segment
    $ Mil20232022202120202019
    Development of its drug product candidate DM199 for the treatment of severe ischemic disease543446289
    Total543446289


    Price Behavior

    Price Behavior
    Market Price$6.85 
    Market Cap ($ Bil)0.4 
    First Trading Date06/01/2009 
    Distance from 52W High-27.1% 
       50 Days200 Days
    DMA Price$6.75$7.13
    DMA Trendindeterminateup
    Distance from DMA1.5%-4.0%
     3M1YR
    Volatility48.9%55.3%
    Downside Capture14.41195.58
    Upside Capture96.58163.36
    Correlation (SPY)22.5%35.5%
    DMAC Betas & Captures as of 8/31/2026

     1M2M3M6M1Y3Y
    Beta1.131.441.041.171.561.20
    Up Beta0.241.082.051.031.651.19
    Down Beta3.001.810.660.080.670.75
    Up Capture118%72%93%118%256%330%
    Bmk +ve Days10213268138427
    Stock +ve Days8152755112350
    Down Capture194%234%73%175%153%108%
    Bmk -ve Days11213259113324
    Stock -ve Days11253570135380

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with DMAC
    DMAC-0.3%55.0%0.19-
    Sector ETF (XLV)24.4%16.1%1.1620.1%
    Equity (SPY)16.9%12.9%0.9435.4%
    Gold (GLD)19.1%29.3%0.6018.1%
    Commodities (DBC)46.3%20.6%1.73-10.0%
    Real Estate (VNQ)4.9%13.6%0.1015.5%
    Bitcoin (BTCUSD)-30.6%44.3%-0.7023.0%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with DMAC
    DMAC10.5%74.2%0.45-
    Sector ETF (XLV)6.4%15.2%0.2413.9%
    Equity (SPY)12.9%17.2%0.5720.7%
    Gold (GLD)19.1%18.8%0.836.2%
    Commodities (DBC)11.2%19.5%0.451.5%
    Real Estate (VNQ)1.1%18.8%-0.0516.2%
    Bitcoin (BTCUSD)12.5%52.5%0.4212.2%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with DMAC
    DMAC8.0%81.2%0.49-
    Sector ETF (XLV)10.6%16.7%0.5114.9%
    Equity (SPY)15.1%18.0%0.7219.8%
    Gold (GLD)12.1%16.4%0.614.0%
    Commodities (DBC)8.3%18.1%0.377.4%
    Real Estate (VNQ)4.4%20.7%0.1816.7%
    Bitcoin (BTCUSD)62.6%66.2%1.0210.5%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date8312026
    Short Interest: Shares Quantity5.4 Mil
    Short Interest: % Change Since 81520260.7%
    Average Daily Volume0.1 Mil
    Days-to-Cover Short Interest47.2 days
    Basic Shares Quantity53.9 Mil
    Short % of Basic Shares10.0%

    Earnings Returns History

    Updated 9/11/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/10/20263.3%-0.5%-0.9%
    5/6/20260.2%-4.0%-13.5%
    11/12/2025-14.1%15.7%37.4%
    8/12/202514.9%10.5%39.5%
    5/13/20250.5%3.9%-2.0%
    3/17/2025-13.0%-17.4%-41.4%
    11/13/2024-3.3%-5.6%26.3%
    8/7/20243.1%7.1%24.0%
    ...
    SUMMARY STATS   
    # Positive111212
    # Negative121111
    Median Positive3.3%8.9%22.5%
    Median Negative-5.5%-6.9%-12.1%
    Max Positive14.9%40.8%59.0%
    Max Negative-14.1%-28.4%-41.4%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/10/20263.3%-0.5%-0.9%
    5/6/20260.2%-4.0%-13.5%
    11/12/2025-14.1%15.7%37.4%
    8/12/202514.9%10.5%39.5%
    5/13/20250.5%3.9%-2.0%
    3/17/2025-13.0%-17.4%-41.4%
    11/13/2024-3.3%-5.6%26.3%
    8/7/20243.1%7.1%24.0%
    5/8/2024-6.3%-13.3%-26.2%
    3/19/2024-1.8%-3.5%-11.7%
    11/13/20236.8%3.4%13.7%
    8/14/20234.4%2.8%14.1%
    5/15/2023-10.8%40.8%59.0%
    3/28/2023-3.3%7.2%4.6%
    11/9/2022-1.6%-1.6%16.3%
    8/10/20229.8%5.8%-12.1%
    5/4/20222.8%-6.9%-4.0%
    3/14/2022-0.4%21.6%-2.2%
    11/10/20211.6%-13.9%-14.3%
    8/11/2021-5.0%15.7%21.0%
    5/5/2021-9.2%-28.4%-21.5%
    3/10/20213.5%14.5%12.5%
    11/4/2020-5.9%-7.9%24.2%
    SUMMARY STATS   
    # Positive111212
    # Negative121111
    Median Positive3.3%8.9%22.5%
    Median Negative-5.5%-6.9%-12.1%
    Max Positive14.9%40.8%59.0%
    Max Negative-14.1%-28.4%-41.4%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/10/202610-Q
    03/31/202605/06/202610-Q
    12/31/202503/30/202610-K
    09/30/202511/12/202510-Q
    06/30/202508/12/202510-Q
    03/31/202505/13/202510-Q
    12/31/202403/17/202510-K
    09/30/202411/13/202410-Q
    06/30/202408/07/202410-Q
    03/31/202405/08/202410-Q
    12/31/202303/19/202410-K
    09/30/202311/13/202310-Q
    06/30/202308/14/202310-Q
    03/31/202305/15/202310-Q
    12/31/202203/28/202310-K
    09/30/202211/09/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/10/202610-Q
    03/31/202605/06/202610-Q
    12/31/202503/30/202610-K
    09/30/202511/12/202510-Q
    06/30/202508/12/202510-Q
    03/31/202505/13/202510-Q
    12/31/202403/17/202510-K
    09/30/202411/13/202410-Q
    06/30/202408/07/202410-Q
    03/31/202405/08/202410-Q
    12/31/202303/19/202410-K
    09/30/202311/13/202310-Q
    06/30/202308/14/202310-Q
    03/31/202305/15/202310-Q
    12/31/202203/28/202310-K
    09/30/202211/09/202210-Q
    06/30/202208/11/202210-Q
    03/31/202205/04/202210-Q
    12/31/202103/14/202210-K
    09/30/202111/10/202110-Q
    06/30/202108/11/202110-Q
    03/31/202105/05/202110-Q
    12/31/202003/10/202110-K
    09/30/202011/04/202010-Q
    06/30/202008/11/202010-Q
    03/31/202005/13/202010-Q
    12/31/201903/23/202010-K
    09/30/201911/13/201910-Q

    Recent Forward Guidance

    Updated 8/11/2026

    Latest: Q2 2026 Earnings Reported 8/10/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2027 Cash RunwayReported     AffirmedGuidance: 2,027 for 2027
    2026 R&D ExpensesReported     AffirmedGuidance: 0 for 2026
    2026 G&A ExpensesReported     AffirmedGuidance: 0 for 2026


    Prior: Q1 2026 Earnings Reported 5/6/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2027 Cash RunwayReported 2,027 -0.0% LoweredGuidance: 2,028 for 2027
    2026 R&D ExpensesReported      
    2026 G&A ExpensesReported      

    Q3 2025 Earnings Reported 11/12/2025

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2027 Cash RunwayReported 2,028 0 AffirmedGuidance: 2,028 for 2027

    Insider Activity

    Updated 8/12/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Stahlberg, JanSee FootnoteBuy120820258.5773,099626,81775,679,855Form
    2Stahlberg, JanSee FootnoteBuy120820257.8940,253317,72169,085,486Form
    3Stahlberg, JanSee FootnoteBuy120820257.41208,8721,547,57464,551,840Form
    4Stahlberg, JanSee FootnoteBuy120820257.41128,426951,21362,983,007Form
    5Stahlberg, JanSee FootnoteBuy120820257.21240,3521,732,36160,364,313Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Stahlberg, JanSee FootnoteBuy120820258.5773,099626,81775,679,855Form
    2Stahlberg, JanSee FootnoteBuy120820257.8940,253317,72169,085,486Form
    3Stahlberg, JanSee FootnoteBuy120820257.41208,8721,547,57464,551,840Form
    4Stahlberg, JanSee FootnoteBuy120820257.41128,426951,21362,983,007Form
    5Stahlberg, JanSee FootnoteBuy120820257.21240,3521,732,36160,364,313Form
    6Stahlberg, JanSee FootnoteBuy120820256.75182,8821,234,61854,916,816Form
    7Stahlberg, JanSee FootnoteBuy120820256.52187,3931,221,16551,819,078Form
    8Stahlberg, JanSee FootnoteBuy90420256.0050,772304,63246,586,790Form
    9Stahlberg, JanSee FootnoteBuy90420256.0059,648357,88846,282,158Form
    10Stahlberg, JanSee FootnoteBuy90420256.00338,2652,029,25245,916,616Form
    11Stahlberg, JanSee FootnoteBuy90420255.9659,788356,57643,631,312Form
    12Stahlberg, JanSee FootnoteBuy90420255.9648,172287,02843,234,103Form
    13Stahlberg, JanSee FootnoteBuy90420255.8671,107416,49542,218,364Form
    14Stahlberg, JanSee FootnoteBuy90420256.008,23349,39842,820,278Form
    15Stahlberg, JanSee FootnoteBuy90420255.9970,414421,92142,713,852Form
    16Stahlberg, JanSee FootnoteBuy90420255.91293,6011,734,91841,706,818Form

    Investor Activity (13F)

    Updated Sep 21, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Cooperman Leon G$13.7 Mil0.4%41Hold13F
    Active Manager
    Active Manager
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Cooperman Leon G$13.7 Mil0.4%41Hold13F

    Industry Resources

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