Higher R&D drives DiaMedica (NASDAQ: DMAC) wider Q1 2026 loss
Rhea-AI Filing Summary
DiaMedica Therapeutics reported first quarter 2026 results with a higher net loss as it advanced its clinical programs in preeclampsia, fetal growth restriction and acute ischemic stroke.
Net loss was $10,042 thousand compared to $7,707 thousand a year earlier, driven mainly by increased research and development spending of $7,987 thousand versus $5,656 thousand. General and administrative expenses were stable at $2,495 thousand compared to $2,488 thousand.
Basic and diluted net loss per share was $0.19 on 53,793,490 weighted average shares, compared to $0.18 on 42,843,938 shares. As of March 31, 2026, cash and cash equivalents were $4,868 thousand and marketable securities were $46,463 thousand. Net cash used in operating activities was $9,082 thousand for the quarter.
Positive
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Insights
DiaMedica’s Q1 2026 loss widened as R&D spending increased.
DiaMedica Therapeutics is a clinical-stage company, so higher operating losses are expected as it funds multiple trials. In Q1 2026, net loss rose to $10,042 thousand from $7,707 thousand, mainly due to research and development expenses increasing to $7,987 thousand.
General and administrative costs were essentially flat at $2,495 thousand, indicating spending growth is focused on the pipeline. The balance sheet showed cash and cash equivalents of $4,868 thousand and marketable securities of $46,463 thousand as of March 31, 2026, supporting ongoing studies.
Operating cash outflow was $9,082 thousand for the quarter compared with $7,149 thousand a year earlier, reflecting the stepped-up R&D activity. Future disclosures about clinical progress in preeclampsia, fetal growth restriction and acute ischemic stroke will frame how this spending translates into potential value.
8-K Event Classification
Key Figures
Key Terms
preeclampsia medical
acute ischemic stroke medical
Phase 2/3 clinical medical
DM199 medical
KLK1 protein medical
forward-looking statements regulatory
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Exhibits.
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Exhibit No.
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Description
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99.1
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Press Release dated May 6, 2026 providing a business update and announcing first quarter 2026 financial results (furnished herewith)
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104
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The cover page from this Current Report on Form 8-K, formatted in Inline XBRL
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DIAMEDICA THERAPEUTICS INC.
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By:
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/s/ Scott Kellen
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Scott Kellen
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Chief Financial Officer and Secretary
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Exhibit 99.1
DiaMedica Therapeutics Reports First Quarter 2026
Financial Results and Provides Business Highlights
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DM199 Preeclampsia Phase 2 Investigator-Sponsored Trial (IST) Part 1a Expansion Cohort Enrolling, Updated Dataset Expected 2Q 2026 |
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ReMEDy2 Phase 2/3 AIS Trial of DM199 Surpassed 70% of Required Interim Enrollment; Interim Analysis planned in 4Q 2026 |
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$51.3 million in Cash, Cash Equivalents and Investments, Anticipated Runway through 2027 |
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Conference Call and Webcast on May 7 at 8:00 AM ET / 7:00 AM CT |
Minneapolis, Minnesota – May 6, 2026 (Business Wire) – DiaMedica Therapeutics Inc. (Nasdaq: DMAC), a clinical-stage biopharmaceutical company focused on developing novel treatments for preeclampsia (PE), fetal growth restriction (FGR) and acute ischemic stroke (AIS), today provided a business update and reported financial results for the quarter ended March 31, 2026. Management will host a conference call on Thursday, May 7, 2026, at 8:00 AM Eastern Time / 7:00 AM Central Time to discuss the Company’s business update and first quarter 2026 financial results.
“We continue to focus on moving our clinical programs forward. Looking ahead, we anticipate four separate preeclampsia data readouts and a readout from our fetal growth restriction trial between now and the end of 2027. Collectively, these datasets are anticipated to inform dose selection for a potential multi-national Phase 3 program in early-onset preeclampsia. We will also weigh the risks and advantages of providing interim updates as clinically meaningful data emerges ahead of formal readouts,” stated Rick Pauls, President and Chief Executive Officer of DiaMedica Therapeutics. "In acute ischemic stroke, ReMEDy2 has surpassed 70% of the required enrollment for, and we are now focused on completing, the interim analysis in the fourth quarter of 2026, which will determine the final number of participants required to complete the study.”
Corporate Highlights
Preeclampsia - Phase 2 IST Clinical Trial:
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Part 1 Late-Onset Preeclampsia: |
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DM199 dose-escalation extension cohort: 12 participants with results anticipated in the second quarter of 2026. |
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DM199 continuous IV dosing cohort: dosing until delivery in up to 30 PE participants. |
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Part 2 Early-Onset Preeclampsia: |
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DM199 SC dosing every 3 days in PE subjects until delivery, in up to 30 participants with three dose levels identified in the dose-escalation cohort. |
Fetal Growth Restriction – Phase 2 IST Clinical Trial:
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Part 3 Early-onset fetal growth restriction: |
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DM199 Initial IV/SC loading doses followed by repeated SC dosing every 3 days in up to 30 participants with three dose levels identified in the dose-escalation cohort. |
Early-Onset Preeclampsia - Phase 2 Clinical Trial:
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Open-label, dose-range finding in participants with early-onset preeclampsia to be conducted in North America (United States & Canada) and the United Kingdom (UK) to evaluate safety, early signals of efficacy and selection of an optimal dose regimen for phase 3 trial. These participants are candidates for expected management or prolongation of pregnancy. |
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Sites have been selected in Canada after having received approval from Health Canada. First patient is anticipated to be dosed before the end of 2026. |
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Preliminary results of the rabbit study suggest that the animals developed an antibody response to DM199, a humanized recombinant protein, preventing us from completing the requested embryo-fetal development and pre- and postnatal development (ePPND) study in the rabbit model. We have proposed to the FDA performing the ePPND study in a second rodent model and are awaiting the FDA’s response. |
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A clinical trial application (CTA) to expand this Phase 2 trial to include sites in the U.K. is planned to be filed in the second quarter of 2026. |
Acute Ischemic Stroke ReMEDy2 Phase 2/3 Clinical Developments:
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Enrollment in DiaMedica’s Phase 2/3 ReMEDy2 (the ReMEDy2 trial – NCT065216) trial has surpassed 70% of the required enrollment. |
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Interim analysis remains planned for completion in the fourth quarter of 2026. |
Financial Results Highlights for the First Quarter Ended March 31, 2026
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Cash Position and Runway – Cash and short-term investments were $51.3 million as of March 31, 2026, compared to $59.9 million as of December 31, 2025.The Company anticipates its current cash and short-term investments will be sufficient to fund its planned clinical studies and support corporate operations through 2027. |
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Cash Flows – Net cash used in operating activities was $9.1 million for the three months ended March 31, 2026, compared to $7.1 million for the same period in the prior year. The increase in cash used in operating activities resulted primarily from the increased net loss in the current quarter ended March 31, 2026 as compared with the prior year period. |
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Research and Development (R&D) – R&D expenses were $8.0 million for the three months ended March 31, 2026, compared to $5.7 million for the three months ended March 31, 2025. This increase was driven primarily by the continuation of the ReMEDy2 clinical trial and its global expansion; the expansion of the clinical team; and costs related to additional reproductive toxicity testing being performed in support of the Company’s PE program in the United States. These increases were partially offset by net cost reductions in manufacturing development activity related to work performed and completed in the prior year period. DiaMedica expects that R&D expenses will moderately increase in future periods relative to recent prior periods as it continues the ReMEDy2 trial and its clinical development program in PE and FGR. |
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General and Administrative (G&A) – G&A expenses were $2.5 million for the three months ended March 31, 2026 and 2025. While small changes occurred within a number of expense categories, the differences were not material individually or in the aggregate, and the overall net changes offset each other. DiaMedica expects G&A expenses to remain relatively consistent in future periods. |
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Net Loss – Net loss was $10.0 million for the three months ended March 31, 2026, compared to $7.7 million for the three months ended March 31, 2025. |
Conference Call and Webcast Information
Management will host a conference call and webcast to discuss its business update and first quarter 2026 financial results on Thursday, May 7, 2026, at 8:00 AM Eastern Time / 7:00 AM Central Time:
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Thursday, May 7, 2026 |
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8:00 AM EDT / 7:00 AM CDT |
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Web access: |
https://app.webinar.net/nG3yPzRP7wk |
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Dial In: |
(646) 357-8766 |
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Conference ID: |
6195397 |
Interested parties may access the conference call by dialing in or listening to the simultaneous webcast. Listeners should log on to the website or dial in 15 minutes prior to the call. The webcast will remain available for play back on the Company’s website, under investor relations - events and presentations, following the earnings call and for 12 months thereafter. A telephonic replay of the conference call will be available until May 14, 2026, by dialing (800) 770-2030 (US Toll Free) and entering the replay passcode: 6195397#.
About DiaMedica Therapeutics Inc.
DiaMedica Therapeutics Inc. is a clinical stage biopharmaceutical company committed to improving the lives of people suffering from serious ischemic diseases with a focus on preeclampsia, fetal growth restriction, and acute ischemic stroke. DiaMedica’s lead candidate DM199 is the first pharmaceutically active recombinant (synthetic) form of the KLK1 protein, an established therapeutic modality in Asia for the treatment of acute ischemic stroke, preeclampsia and other vascular diseases. For more information visit the Company’s website at www.diamedica.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and forward-looking information that are based on the beliefs of management and reflect management’s current expectations. When used in this press release, the words “anticipate,” “believe,” “continue,” “could,” “expect,” “intend,” “may,” “plan,” “potential,” “should,” or “will,” the negative of these words or such variations thereon or comparable terminology and the use of future dates are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include statements regarding the timing, nature and requirements for regulatory applications and approvals, including its application for an IND for the study of DM199 as a treatment for preeclampsia and fetal growth restriction and its conducting a Phase 2 trial in these indications; continued ReMEDy2 trial enrollment and timing of the interim analysis; anticipated clinical benefits and success of DM199 for the treatment of preeclampsia, fetal growth restriction and acute ischemic stroke; future R&D and G&A expenses and the Company’s projected cash runway. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Applicable risks and uncertainties include, among others, risks and uncertainties relating to the timing and outcomes of non-clinical studies; risks and uncertainties relating to the timing of studies and trials; risks and uncertainties relating to the clinical expansion into preeclampsia and associated trials; the risk that existing preclinical and clinical data may not be predictive of the results of ongoing or later clinical trials; DiaMedica’s plans to develop, obtain regulatory approval for and commercialize its DM199 product candidate for the treatment of preeclampsia, fetal growth restriction, and acute ischemic stroke and its expectations regarding the benefits of DM199; DiaMedica’s ability to conduct successful clinical testing of DM199 and within its anticipated parameters, site activations, enrollment numbers, costs and timeframes; the perceived benefits of DM199 over existing treatment options; the potential direct or indirect impact of hospital and medical facility staffing shortages, increased tariffs and worldwide global supply chain shortages on DiaMedica’s business and clinical trials, including its ability to meet its site activation and enrollment goals; DiaMedica’s reliance on collaboration with third parties to conduct clinical trials; DiaMedica’s ability to continue to obtain funding for its operations, including funding necessary to complete current and planned clinical trials and obtain regulatory approvals for DM199 for preeclampsia, fetal growth restriction, and acute ischemic stroke; and the risks identified under the heading “Risk Factors” in DiaMedica’s annual report on Form 10-K for the fiscal year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission (SEC) and subsequent SEC reports, including our most recent quarterly report on Form 10-Q. The forward-looking information contained in this press release represents the expectations of DiaMedica as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While DiaMedica may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.
Contact:
Scott Kellen
Chief Financial Officer
Phone: (763) 496-5118
skellen@diamedica.com
For Investor Inquiries:
Mike Moyer
Managing Director, LifeSci Advisors, LLC
Phone: (617) 308-4306
mmoyer@lifesciadvisors.com
Media Contact:
Madelin Hawtin
LifeSci Communications
mhawtin@lifescicomms.com
DiaMedica Therapeutics Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except share and per share amounts)
(Unaudited)
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Three Months Ended March 31, |
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2026 |
2025 |
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Operating expenses: |
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Research and development |
$ | 7,987 | $ | 5,656 | ||||
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General and administrative |
2,495 | 2,488 | ||||||
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Operating loss |
(10,482 | ) | (8,144 | ) | ||||
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Other income, net |
447 | 443 | ||||||
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Loss before income tax expense |
(10,035 | ) | (7,701 | ) | ||||
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Income tax expense |
(7 | ) | (6 | ) | ||||
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Net loss |
(10,042 | ) | (7,707 | ) | ||||
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Other comprehensive loss |
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Unrealized loss on marketable securities |
(76 | ) | (18 | ) | ||||
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Net loss and comprehensive loss |
$ | (10,118 | ) | $ | (7,725 | ) | ||
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Basic and diluted net loss per share |
$ | (0.19 | ) | $ | (0.18 | ) | ||
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Weighted average shares outstanding – basic and diluted |
53,793,490 | 42,843,938 | ||||||
DiaMedica Therapeutics Inc.
Condensed Consolidated Balance Sheets
(In thousands, except share amounts)
(Unaudited)
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March 31, 2026 |
December 31, 2025 |
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(unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
$ | 4,868 | $ | 15,647 | ||||
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Marketable securities |
46,463 | 44,243 | ||||||
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Prepaid expenses and other assets |
731 | 481 | ||||||
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Amounts receivable |
301 | 258 | ||||||
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Total current assets |
52,363 | 60,629 | ||||||
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Non-current assets: |
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Deferred offering costs |
400 | 400 | ||||||
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Operating lease right-of-use asset, net |
175 | 197 | ||||||
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Property and equipment, net |
142 | 145 | ||||||
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Total non-current assets |
717 | 742 | ||||||
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Total assets |
$ | 53,080 | $ | 61,371 | ||||
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LIABILITIES AND EQUITY |
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Current liabilities: |
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Accounts payable |
$ | 3,293 | $ | 1,475 | ||||
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Accrued liabilities |
2,340 | 3,545 | ||||||
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Operating lease obligation |
104 | 101 | ||||||
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Finance lease obligation |
11 | 11 | ||||||
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Total current liabilities |
5,748 | 5,132 | ||||||
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Non-current liabilities: |
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Operating lease obligation |
96 | 124 | ||||||
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Finance lease obligation |
1 | 4 | ||||||
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Total non-current liabilities |
97 | 128 | ||||||
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Shareholders’ equity: |
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Common shares, no par value; unlimited authorized; 53,883,345 and 53,742,370 shares issued and outstanding, as of March 31, 2026 and December 31, 2025, respectively |
— | — | ||||||
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Paid-in capital |
230,071 | 228,829 | ||||||
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Accumulated other comprehensive income (loss) |
(26 | ) | 50 | |||||
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Accumulated deficit |
(182,810 | ) | (172,768 | ) | ||||
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Total shareholders’ equity |
47,235 | 56,111 | ||||||
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Total liabilities and shareholders’ equity |
$ | 53,080 | $ | 61,371 | ||||
DiaMedica Therapeutics Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
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Three Months Ended March 31, |
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2026 |
2025 |
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Cash flows from operating activities: |
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Net loss |
$ | (10,042 | ) | $ | (7,707 | ) | ||
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Adjustments to reconcile net loss to net cash used in operating activities: |
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Share-based compensation |
822 | 867 | ||||||
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Amortization of discounts on marketable securities |
(190 | ) | (261 | ) | ||||
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Non-cash lease expense |
22 | 20 | ||||||
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Depreciation |
11 | 11 | ||||||
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Changes in operating assets and liabilities: |
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Amounts receivable |
(43 | ) | (17 | ) | ||||
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Prepaid expenses and other assets |
(250 | ) | (422 | ) | ||||
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Deposits |
— | 1,108 | ||||||
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Accounts payable |
1,818 | 567 | ||||||
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Accrued liabilities and operating lease liabilities |
(1,230 | ) | (1,315 | ) | ||||
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Net cash used in operating activities |
(9,082 | ) | (7,149 | ) | ||||
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Cash flows from investing activities: |
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Purchase of marketable securities |
(18,896 | ) | (6,866 | ) | ||||
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Maturities of marketable securities |
16,790 | 13,500 | ||||||
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Purchase of property and equipment |
(8 | ) | (12 | ) | ||||
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Net cash provided by (used in) investing activities |
(2,114 | ) | 6,622 | |||||
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Cash flows from financing activities: |
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Proceeds from the exercise of stock options |
420 | 94 | ||||||
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Principal payments on finance lease obligations |
(3 | ) | (3 | ) | ||||
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Net cash provided by financing activities |
417 | 91 | ||||||
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Net decrease in cash and cash equivalents |
(10,779 | ) | (436 | ) | ||||
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Cash and cash equivalents at beginning of period |
15,647 | 3,025 | ||||||
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Cash and cash equivalents at end of period |
$ | 4,868 | $ | 2,589 | ||||
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Supplemental disclosure of cash flow information: |
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Cash paid for income taxes |
$ | 6 | $ | 6 | ||||