Diamedica Therapeutics Inc Financials

DMAC

FY2025 annual

Revenue Not reported for FY2025

Net Income -$32.8M -34.0% YoY

EPS (Diluted) Not reported for FY2025

Free Cash Flow -$29.1M -31.7% YoY

Source SEC Filings (10-K/10-Q) Data as of Jun 30, 2026 Currency USD FYE December

This page shows Diamedica Therapeutics Inc (DMAC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI DMAC FY2025 2026-05-06

Expanding research spend is being financed by repeated equity raises, leaving a liquid but externally funded operating model.

Between FY2023 and FY2025, operating cash burn widened from -$18.7M to -$29.1M, so spending is scaling up rather than settling. Yet FY2025 cash still reached $15.6M because financing inflows of $43.9M more than replaced that burn, meaning liquidity is currently created outside the business, not inside it.

In FY2025, the net loss of -$32.8M sat close to operating cash flow of -$29.1M, which suggests the loss is mostly real cash consumption rather than being heavily shaped by non-cash accounting items. That makes the spending pace more important than reported earnings optics.

This remains an asset-light development model: capital spending was only $40K in FY2025 while R&D reached $24.6M, so cash use is going into program activity rather than durable infrastructure. Shares outstanding rose from 38.0M to 53.7M across FY2023-FY2025, while liabilities were only 8.6% of assets in FY2025, showing the funding burden has landed more on dilution than on balance-sheet leverage.

Financial Health Signals

Financial health score not available

Diamedica Therapeutics Inc does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

2/6

Diamedica Therapeutics Inc passes 2 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.

Earnings Quality No Cash Backing

N/A

Diamedica Therapeutics Inc reported a net loss of $32.8M while operations used $29.1M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Key Financial Metrics

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Earnings & Revenue

EBITDA

-$34.4M

YoY-28.9%

Diamedica Therapeutics Inc's EBITDA was -$34.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 28.9% from the prior year.

Net Income

-$32.8M

YoY-34.0%

Diamedica Therapeutics Inc reported -$32.8M in net income in fiscal year 2025. This represents a decrease of 34.0% from the prior year.

Revenue

Not reported for fiscal year 2025.

EPS (Diluted)

Not reported for fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow

-$29.1M

YoY-31.7%

Diamedica Therapeutics Inc recorded an outflow of $29.1M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 31.7% from the prior year.

Cash & Debt

$15.6M

YoY+417.3%

5Y CAGR+16.1%

Diamedica Therapeutics Inc held $15.6M in cash as of fiscal year 2025; long-term debt is not reported for that period.

Shares Outstanding

54M

YoY+25.5%

5Y CAGR+23.4%

Diamedica Therapeutics Inc had 54M shares outstanding in fiscal year 2025. This represents an increase of 25.5% from the prior year.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

Return on Equity

-58.4%

YoY+1.6pp

5Y CAGR-11.1pp

Diamedica Therapeutics Inc's ROE was -58.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.6 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Net Margin

Not reported for fiscal year 2025.

Capital Allocation

R&D Spending

$24.6M

YoY+29.2%

5Y CAGR+24.6%

Diamedica Therapeutics Inc invested $24.6M in research and development in fiscal year 2025. This represents an increase of 29.2% from the prior year.

Capital Expenditures

$40K

YoY+60.0%

5Y CAGR-3.2%

Diamedica Therapeutics Inc invested $40K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 60.0% from the prior year.

Share Buybacks

Not reported for fiscal year 2025.

DMAC Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

DMAC annual income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$500K	N/A
R&D Expenses	N/A	$24.6M+29.2%	$19.1M+45.4%	$13.1M+67.2%	$7.8M-10.6%	$8.8M+6.8%	$8.2M+3.9%	$7.9M+74.7%	$4.5M+41.0%	$3.2M
SG&A Expenses	N/A	$9.8M+28.3%	$7.6M-6.5%	$8.2M+32.4%	$6.2M+26.2%	$4.9M+8.6%	$4.5M+21.7%	$3.7M+34.8%	$2.7M+108.6%	$1.3M
Operating Income	N/A	-$34.4M-28.9%	-$26.7M-25.5%	-$21.3M-51.9%	-$14.0M-2.6%	-$13.6M-7.5%	-$12.7M-9.5%	-$11.6M-71.5%	-$6.8M-49.6%	-$4.5M
Income Tax	N/A	$28K-6.7%	$30K-30.2%	$43K+53.6%	$28K0.0%	$28K+3.7%	$27K-12.9%	$31K-61.3%	$80K	N/A
Net Income	N/A	-$32.8M-34.0%	-$24.4M-26.1%	-$19.4M-41.7%	-$13.7M-0.6%	-$13.6M-10.6%	-$12.3M-15.4%	-$10.6M-85.7%	-$5.7M-34.6%	-$4.3M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
R&D Expenses	$8.2M+2.1%	$8.0M	N/A	$6.4M+10.6%	$5.8M+2.9%	$5.7M	N/A	$5.0M
SG&A Expenses	$2.3M-6.0%	$2.5M	N/A	$2.6M+18.8%	$2.2M-12.2%	$2.5M	N/A	$1.9M
Operating Income	-$10.5M-0.2%	-$10.5M	N/A	-$9.0M-12.8%	-$8.0M+1.7%	-$8.1M	N/A	-$6.9M
Income Tax	$7K0.0%	$7K	N/A	$6K0.0%	$6K0.0%	$6K	N/A	$7K
Net Income	-$10.1M-1.0%	-$10.0M	N/A	-$8.6M-12.0%	-$7.7M+0.1%	-$7.7M	N/A	-$6.3M

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense, EPS (Diluted).

TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

DMAC Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

DMAC annual balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17
Total Assets	$61.4M+32.4%	$46.3M-14.4%	$54.2M+57.5%	$34.4M-24.5%	$45.6M+62.1%	$28.1M+210.3%	$9.1M-50.6%	$18.3M+917.7%	$1.8M
Current Assets	$60.6M+35.9%	$44.6M-16.9%	$53.7M+58.6%	$33.8M-25.5%	$45.4M+62.7%	$27.9M+216.0%	$8.8M-50.8%	$18.0M+1102.9%	$1.5M
Cash & Equivalents	$15.6M+417.3%	$3.0M-33.4%	$4.5M-3.9%	$4.7M+0.4%	$4.7M-36.5%	$7.4M+90.8%	$3.9M-76.9%	$16.8M+1143.4%	$1.4M
Accounts Receivable	$258K+9.3%	$236K-36.0%	$369K+350.0%	$82K-36.9%	$130K-61.8%	$340K-58.7%	$823K+5.5%	$780K+875.0%	$80K
Total Liabilities	$5.3M-6.5%	$5.6M+81.3%	$3.1M+20.8%	$2.6M+68.2%	$1.5M-26.6%	$2.1M+44.9%	$1.4M+9.3%	$1.3M+31.0%	$1.0M
Current Liabilities	$5.1M-4.8%	$5.4M+93.5%	$2.8M+28.5%	$2.2M+42.3%	$1.5M-24.9%	$2.0M+53.9%	$1.3M+1.7%	$1.3M+29.2%	$1.0M
Total Equity	$56.1M+37.8%	$40.7M-20.2%	$51.1M+60.4%	$31.8M-27.7%	$44.0M+69.2%	$26.0M+241.5%	$7.6M-55.3%	$17.0M+2030.8%	$799K
Retained Earnings	-$172.8M-23.4%	-$140.0M-21.2%	-$115.6M-20.2%	-$96.2M-16.6%	-$82.5M-19.7%	-$68.9M-21.7%	-$56.6M-23.2%	-$46.0M-14.3%	-$40.2M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$45.0M-15.2%	$53.1M-13.5%	$61.4M+7.6%	$57.0M+81.3%	$31.5M-19.0%	$38.8M-16.2%	$46.3M-11.8%	$52.5M
Current Assets	$44.3M-15.4%	$52.4M-13.6%	$60.6M+7.8%	$56.2M+80.9%	$31.1M-16.9%	$37.4M-16.1%	$44.6M-12.1%	$50.8M
Cash & Equivalents	$5.1M+5.4%	$4.9M-68.9%	$15.6M+370.4%	$3.3M-19.1%	$4.1M+58.7%	$2.6M-14.4%	$3.0M-26.8%	$4.1M
Accounts Receivable	$244K-18.9%	$301K+16.7%	$258K-0.8%	$260K+61.5%	$161K-36.4%	$253K+7.2%	$236K-18.6%	$290K
Total Liabilities	$6.7M+14.0%	$5.8M+11.1%	$5.3M-3.0%	$5.4M+26.2%	$4.3M-11.8%	$4.9M-13.3%	$5.6M+23.4%	$4.6M
Current Liabilities	$6.6M+14.7%	$5.7M+12.0%	$5.1M-2.6%	$5.3M+28.0%	$4.1M-11.8%	$4.7M-13.5%	$5.4M+25.4%	$4.3M
Total Equity	$38.3M-18.8%	$47.2M-15.8%	$56.1M+8.7%	$51.6M+90.0%	$27.2M-20.0%	$34.0M-16.6%	$40.7M-15.1%	$48.0M
Retained Earnings	-$192.9M-5.5%	-$182.8M-5.8%	-$172.8M-5.3%	-$164.0M-5.5%	-$155.4M-5.2%	-$147.7M-5.5%	-$140.0M-6.0%	-$132.1M

Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt.

DMAC Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

DMAC annual cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17
Operating Cash Flow	-$31.5M	-$29.1M-31.6%	-$22.1M-17.9%	-$18.7M-62.7%	-$11.5M+6.0%	-$12.3M-33.4%	-$9.2M-0.9%	-$9.1M-59.8%	-$5.7M-46.1%	-$3.9M
Capital Expenditures	$33K	$40K+60.0%	$25K+4.2%	$24K-70.4%	$81K+268.2%	$22K-53.2%	$47K+2250.0%	$2K-96.0%	$50K+127.3%	$22K
Free Cash Flow	-$31.5M	-$29.1M-31.7%	-$22.1M-17.9%	-$18.8M-61.8%	-$11.6M+5.6%	-$12.3M-33.0%	-$9.2M-1.4%	-$9.1M-58.4%	-$5.7M-46.5%	-$3.9M
Investing Cash Flow	-$11.6M	-$2.2M-125.6%	$8.6M+146.8%	-$18.3M-258.6%	$11.5M+156.2%	-$20.5M-27.3%	-$16.1M-312.8%	-$3.9M-7716.0%	-$50K-127.3%	-$22K
Financing Cash Flow	$44.2M	$43.9M+265.8%	$12.0M-67.4%	$36.8M+614133.3%	-$6K-100.0%	$30.1M+4.3%	$28.8M+41107.1%	$70K-99.7%	$21.2M+499.5%	$3.5M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	-$8.1M+10.7%	-$9.1M-17.0%	-$7.8M-18.5%	-$6.5M+13.8%	-$7.6M-6.3%	-$7.1M-11.1%	-$6.4M-43.9%	-$4.5M
Capital Expenditures	$3K-62.5%	$8K+33.3%	$6K-62.5%	$16K+166.7%	$6K-50.0%	$12K+71.4%	$7K-22.2%	$9K
Free Cash Flow	-$8.1M+10.7%	-$9.1M-17.0%	-$7.8M-18.4%	-$6.6M+13.7%	-$7.6M-6.2%	-$7.2M-11.2%	-$6.4M-43.8%	-$4.5M
Investing Cash Flow	$8.2M+489.9%	-$2.1M-126.4%	$8.0M+131.0%	-$25.8M-387.7%	$9.0M+35.3%	$6.6M+27.2%	$5.2M+193.2%	-$5.6M
Financing Cash Flow	$132K-68.3%	$417K-96.6%	$12.1M-61.7%	$31.5M+19485.7%	$161K+76.9%	$91K-24.2%	$120K-2.4%	$123K

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

DMAC Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

DMAC annual financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-1352.2%	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-1146.8%	N/A
Return on Equity	-58.4%+1.6pp	-60.0%-22.1pp	-38.0%+5.0pp	-43.0%-12.1pp	-30.9%+16.4pp	-47.3%+92.6pp	-139.8%-106.1pp	-33.7%+499.5pp	-533.2%
Return on Assets	-53.4%-0.7pp	-52.7%-17.0pp	-35.8%+4.0pp	-39.8%-9.9pp	-29.8%+13.9pp	-43.8%+73.9pp	-117.6%-86.4pp	-31.3%+205.1pp	-236.4%
Current Ratio	11.81+3.5x	8.28-11.0x	19.27+3.7x	15.61-14.2x	29.82+16.0x	13.77+7.1x	6.70-7.2x	13.87+12.4x	1.49
Debt-to-Equity	0.090.0x	0.14+0.1x	0.060.0x	0.080.0x	0.030.0x	0.08-0.1x	0.19+0.1x	0.08-1.2x	1.26
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-1149.2%	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Return on Equity	-26.5%-5.2pp	-21.3%	N/A	-16.7%+11.6pp	-28.3%-5.6pp	-22.7%	N/A	-13.1%
Return on Assets	-22.5%-3.6pp	-18.9%	N/A	-15.1%+9.3pp	-24.5%-4.6pp	-19.9%	N/A	-11.9%
Current Ratio	6.72-2.4x	9.11-2.7x	11.81+1.1x	10.67+3.1x	7.55-0.5x	8.02-0.3x	8.28-3.5x	11.81
Debt-to-Equity	0.17+0.1x	0.120.0x	0.090.0x	0.11-0.1x	0.160.0x	0.140.0x	0.140.0x	0.10

Not reported in any period shown, so not listed: Gross Margin.

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.

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Where Diamedica Therapeutics Inc Ranks

Frequently Asked Questions

Is Diamedica Therapeutics Inc profitable?

No, Diamedica Therapeutics Inc (DMAC) reported a net income of -$32.8M in fiscal year 2025.

What is Diamedica Therapeutics Inc's EBITDA?

Diamedica Therapeutics Inc (DMAC) had EBITDA of -$34.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Diamedica Therapeutics Inc's return on equity (ROE)?

Diamedica Therapeutics Inc (DMAC) has a return on equity of -58.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Diamedica Therapeutics Inc's free cash flow?

Diamedica Therapeutics Inc (DMAC) recorded an outflow of $29.1M in free cash flow during fiscal year 2025. This represents a -31.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Diamedica Therapeutics Inc's operating cash flow?

Diamedica Therapeutics Inc (DMAC) recorded an outflow of $29.1M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are Diamedica Therapeutics Inc's total assets?

Diamedica Therapeutics Inc (DMAC) had $61.4M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Diamedica Therapeutics Inc's capital expenditures?

Diamedica Therapeutics Inc (DMAC) invested $40K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Diamedica Therapeutics Inc spend on research and development?

Diamedica Therapeutics Inc (DMAC) invested $24.6M in research and development during fiscal year 2025.

How many shares does Diamedica Therapeutics Inc have outstanding?

Diamedica Therapeutics Inc (DMAC) had 54M shares outstanding as of fiscal year 2025.

What is Diamedica Therapeutics Inc's current ratio?

Diamedica Therapeutics Inc (DMAC) had a current ratio of 11.81 as of fiscal year 2025, which is generally considered healthy.

What is Diamedica Therapeutics Inc's debt-to-equity ratio?

Diamedica Therapeutics Inc (DMAC) had a debt-to-equity ratio of 0.09 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Diamedica Therapeutics Inc's return on assets (ROA)?

Diamedica Therapeutics Inc (DMAC) had a return on assets of -53.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Diamedica Therapeutics Inc's cash runway?

Based on fiscal year 2025 data, Diamedica Therapeutics Inc (DMAC) had $15.6M in cash against an annual operating cash burn of $29.1M. This gives an estimated cash runway of approximately 6 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Diamedica Therapeutics Inc's Piotroski F-Score?

Diamedica Therapeutics Inc (DMAC) has a Piotroski F-Score of 2 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Diamedica Therapeutics Inc's earnings high quality?

Diamedica Therapeutics Inc (DMAC) reported a net loss of $32.8M while operations used $29.1M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.