Diamedica Therapeutics Inc Financials

DMAC

Source SEC Filings (10-K/10-Q) Updated Mar 31, 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 Profile 33/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Diamedica Therapeutics Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

100

Diamedica Therapeutics Inc carries a low D/E ratio of 0.09, meaning only $0.09 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 11.81, Diamedica Therapeutics Inc holds $11.81 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Returns

Diamedica Therapeutics Inc generates a -58.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -60.0% the prior year.

Piotroski F-Score Weak

2/9

Diamedica Therapeutics Inc passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass.

Earnings Quality Low Quality

0.89x

For every $1 of reported earnings, Diamedica Therapeutics Inc generates $0.89 in operating cash flow (-$29.1M OCF vs -$32.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

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.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$29.1M

YoY-31.7%

Diamedica Therapeutics Inc generated -$29.1M in free cash flow in fiscal year 2025, representing cash available 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 against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

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.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

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.

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.

Share Buybacks

N/A

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.

DMAC Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$24.6M+29.2%	$19.1M+45.4%	$13.1M+67.2%	$7.8M-10.6%	$8.8M+6.8%	$8.2M
SG&A Expenses	$9.8M+28.3%	$7.6M-6.5%	$8.2M+32.4%	$6.2M+26.2%	$4.9M+8.6%	$4.5M
Operating Income	-$34.4M-28.9%	-$26.7M-25.5%	-$21.3M-51.9%	-$14.0M-2.6%	-$13.6M-7.5%	-$12.7M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$28K-6.7%	$30K-30.2%	$43K+53.6%	$28K0.0%	$28K+3.7%	$27K
Net Income	-$32.8M-34.0%	-$24.4M-26.1%	-$19.4M-41.7%	-$13.7M-0.6%	-$13.6M-10.6%	-$12.3M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$8.0M	N/A	$6.4M+10.6%	$5.8M+2.9%	$5.7M	N/A	$5.0M+26.9%	$3.9M
SG&A Expenses	$2.5M	N/A	$2.6M+18.8%	$2.2M-12.2%	$2.5M	N/A	$1.9M+11.1%	$1.7M
Operating Income	-$10.5M	N/A	-$9.0M-12.8%	-$8.0M+1.7%	-$8.1M	N/A	-$6.9M-22.1%	-$5.6M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$7K	N/A	$6K0.0%	$6K0.0%	$6K	N/A	$7K0.0%	$7K
Net Income	-$10.0M	N/A	-$8.6M-12.0%	-$7.7M+0.1%	-$7.7M	N/A	-$6.3M-22.6%	-$5.1M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

DMAC Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$61.4M+32.4%	$46.3M-14.4%	$54.2M+57.5%	$34.4M-24.5%	$45.6M+62.1%	$28.1M
Current Assets	$60.6M+35.9%	$44.6M-16.9%	$53.7M+58.6%	$33.8M-25.5%	$45.4M+62.7%	$27.9M
Cash & Equivalents	$15.6M+417.3%	$3.0M-33.4%	$4.5M-3.9%	$4.7M+0.4%	$4.7M-36.5%	$7.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$258K+9.3%	$236K-36.0%	$369K+350.0%	$82K-36.9%	$130K-61.8%	$340K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$5.3M-6.5%	$5.6M+81.3%	$3.1M+20.8%	$2.6M+68.2%	$1.5M-26.6%	$2.1M
Current Liabilities	$5.1M-4.8%	$5.4M+93.5%	$2.8M+28.5%	$2.2M+42.3%	$1.5M-24.9%	$2.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$56.1M+37.8%	$40.7M-20.2%	$51.1M+60.4%	$31.8M-27.7%	$44.0M+69.2%	$26.0M
Retained Earnings	-$172.8M-23.4%	-$140.0M-21.2%	-$115.6M-20.2%	-$96.2M-16.6%	-$82.5M-19.7%	-$68.9M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$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-7.5%	$56.8M
Current Assets	$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-7.7%	$55.0M
Cash & Equivalents	$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-70.6%	$14.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$301K+16.7%	$258K-0.8%	$260K+61.5%	$161K-36.4%	$253K+7.2%	$236K-18.6%	$290K-25.8%	$391K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$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+35.1%	$3.4M
Current Liabilities	$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+39.2%	$3.1M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$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-10.2%	$53.4M
Retained Earnings	-$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-5.0%	-$125.8M

DMAC Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$29.1M-31.6%	-$22.1M-17.9%	-$18.7M-62.7%	-$11.5M+6.0%	-$12.3M-33.4%	-$9.2M
Capital Expenditures	$40K+60.0%	$25K+4.2%	$24K-70.4%	$81K+268.2%	$22K-53.2%	$47K
Free Cash Flow	-$29.1M-31.7%	-$22.1M-17.9%	-$18.8M-61.8%	-$11.6M+5.6%	-$12.3M-33.0%	-$9.2M
Investing Cash Flow	-$2.2M-125.6%	$8.6M+146.8%	-$18.3M-258.6%	$11.5M+156.2%	-$20.5M-27.3%	-$16.1M
Financing Cash Flow	$43.9M+265.8%	$12.0M-67.4%	$36.8M+614133.3%	-$6K-100.0%	$30.1M+4.3%	$28.8M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$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+1.1%	-$4.5M
Capital Expenditures	$8K+33.3%	$6K-62.5%	$16K+166.7%	$6K-50.0%	$12K+71.4%	$7K-22.2%	$9K	$0
Free Cash Flow	-$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+0.9%	-$4.5M
Investing Cash Flow	-$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-217.9%	$4.7M
Financing Cash Flow	$417K-96.6%	$12.1M-61.7%	$31.5M+19485.7%	$161K+76.9%	$91K-24.2%	$120K-2.4%	$123K-99.0%	$11.8M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

DMAC Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	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%
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%
Current Ratio	11.81+3.5	8.28-11.0	19.27+3.7	15.61-14.2	29.82+16.0	13.77
Debt-to-Equity	0.09-0.0	0.14+0.1	0.06-0.0	0.08+0.0	0.03-0.0	0.08
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-21.3%	N/A	-16.7%+11.6pp	-28.3%-5.6pp	-22.7%	N/A	-13.1%-3.5pp	-9.6%
Return on Assets	-18.9%	N/A	-15.1%+9.3pp	-24.5%-4.6pp	-19.9%	N/A	-11.9%-2.9pp	-9.0%
Current Ratio	9.11-2.7	11.81+1.1	10.67+3.1	7.55-0.5	8.02-0.3	8.28-3.5	11.81-6.0	17.82
Debt-to-Equity	0.12+0.0	0.09-0.0	0.11-0.1	0.16+0.0	0.140.0	0.14+0.0	0.10+0.0	0.06
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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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) generated -$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) generated -$29.1M in operating cash flow during fiscal year 2025, representing cash generated from 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 9, indicating weak financial health. 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) has an earnings quality ratio of 0.89x, considered low quality (accrual-driven). 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.

How financially healthy is Diamedica Therapeutics Inc?

Diamedica Therapeutics Inc (DMAC) scores 33 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.