[Form 4] DiaMedica Therapeutics Inc. Insider Trading Activity

Rhea-AI Filing Summary

DiaMedica Therapeutics Inc. (DMAC) – Form 4 insider transaction: On 07/23/2025, 10% owner and director Jan Stahlberg, through his wholly-owned entity Trill AB, purchased 1,542,857 common shares of DMAC at $3.50 per share (Code “P”).

Following the buy, Stahlberg’s indirect holding via Trill AB rose to 6,764,465 shares. No derivative securities were reported. The filing signals a sizeable capital outlay of roughly $5.4 million, lifting the insider’s stake and reinforcing alignment with public shareholders.

Positive

• Significant insider purchase: 1.54 m shares (~$5.4 m) bought on the open market.
• Ownership increase: Stake rises to 6.76 m shares, strengthening insider alignment with shareholders.

Negative

• None.

Insights

Financial Analyst

TL;DR: Large insider buy by 10% owner suggests confidence; moderate positive.

Stahlberg’s $5.4 m purchase increases his position by about 30%, taking total indirect ownership to 6.8 m shares. Such sizeable open-market buying by a control insider typically reflects a constructive view on valuation and future prospects. The lack of sales or derivative hedges further underscores a long-only stance. While one trade does not guarantee performance, historical studies link large insider purchases to above-average forward returns, especially for small-cap biotech names like DMAC.

Corporate Governance Specialist

TL;DR: Increased insider ownership improves alignment; governance impact positive.

The transaction consolidates voting power within Trill AB/Jan Stahlberg, now well above the 10% threshold. Greater ‘skin in the game’ can enhance board commitment to shareholder value but also raises concentration risk. No related-party issues appear; disclosure is clear and timely. Overall, governance impact is supportive, provided minority protections remain strong.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

STAHLBERG JAN

(Last) (First) (Middle)

C/O TRILL AB

SVEAVAGEN 17, 18TH FLOOR

(Street)

STOCKHOLM V7 111 57

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
DiaMedica Therapeutics Inc. [ DMAC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/23/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares	07/23/2025		P		1,542,857	A	$3.5	6,764,465	I	See Footnote 1(1)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

STAHLBERG JAN

(Last) (First) (Middle)

C/O TRILL AB

SVEAVAGEN 17, 18TH FLOOR

(Street)

STOCKHOLM V7 111 57

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

TRILL AB

(Last) (First) (Middle)

C/O TRILL AB

SVEAVAGEN 17, 18TH FLOOR

(Street)

STOCKHOLM V7 111 57

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. These shares are owned directly by Trill AB and indirectly by Jan Stahlberg in his capacity as the board member and sole owner of Trill AB. Jan Stahlberg has the sole power to vote and dispose of these shares.

	/s/ Jan Stahlberg	07/25/2025
	/s/ Jan Stahlberg, as Board Member of Trill AB	07/25/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many DiaMedica (DMAC) shares did Jan Stahlberg buy?

1,542,857 common shares were purchased on 07/23/2025.

What price did the insider pay for DMAC shares?

The reported purchase price was $3.50 per share.

What is Jan Stahlberg’s total DMAC ownership after the purchase?

He now beneficially owns 6,764,465 shares indirectly through Trill AB.

Does the Form 4 show any DMAC stock sales or options exercises?

No. The filing lists only an open-market purchase; no sales or derivative activity were reported.

Why is an insider purchase considered positive for investors?

Large insider buying can signal management confidence in the company’s valuation and future prospects.