[Form 4] DiaMedica Therapeutics Inc. Insider Trading Activity

Rhea-AI Filing Summary

Insider purchases increased a single beneficial stake to 7,764,465 shares of DiaMedica Therapeutics (DMAC). From August 13 to August 27, 2025, a series of open-market purchases totaling multiple transactions were reported, with individual purchase sizes ranging from 8,233 to 338,265 shares at per-share prices between $5.8573 and $6.00. The shares are owned directly by Trill AB and indirectly by Jan Stahlberg, a company director and 10% owner, who "has the sole power to vote and dispose" of the shares. The Form 4 shows continued accumulation over a two-week period via multiple purchases, and the filing is signed by Jan Stahlberg and by him as Board Member of Trill AB.

Positive

• Reported open-market purchases over multiple dates indicating active accumulation of DMAC shares
• Beneficial ownership increased to 7,764,465 shares, showing a clear, quantified position
• Clear ownership disclosure: shares are owned directly by Trill AB and indirectly by Jan Stahlberg with sole voting and dispositive power

Negative

• Concentrated insider control: the reporting person "has the sole power to vote and dispose" of the shares, per the filing

Insights

Financial Analyst

TL;DR: Director and 10% owner accumulated additional DMAC shares across multiple open-market purchases, raising beneficial ownership to 7,764,465 shares.

The transactions span August 13–27, 2025, with per-share prices reported between $5.8573 and $6.00 and incremental purchases ranging from 8,233 to 338,265 shares. The trades are reported as purchases (code P) and the ownership is held directly by Trill AB and indirectly by Jan Stahlberg, who retains sole voting and dispositive power. For investors, the filing documents concentrated insider ownership and active accumulation over a short period; the filing does not disclose total position value or percentage of outstanding shares beyond the 10% ownership designation.

Corporate Governance Expert

TL;DR: A board member and sole owner of Trill AB increased the entity’s stake in DMAC and retains exclusive control over voting and disposition.

The Form 4 explicitly states that the shares are owned directly by Trill AB and indirectly by Jan Stahlberg in his capacity as board member and sole owner, with sole power to vote and dispose. The filing is properly signed by the reporting individual in both personal and representative capacities. The document provides a clear ownership and control disclosure but contains no information on any 10b5-1 plan or other trading agreements.

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).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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)
08/13/2025

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	08/13/2025		P		293,601	A	$5.9091	7,058,066	I	See Footnote(1)
Common Shares	08/14/2025		P		70,414	A	$5.992	7,128,480	I	See Footnote(1)
Common Shares	08/15/2025		P		8,233	A	$6	7,136,713	I	See Footnote(1)
Common Shares	08/20/2025		P		71,107	A	$5.8573	7,207,820	I	See Footnote(1)
Common Shares	08/21/2025		P		48,172	A	$5.9584	7,255,992	I	See Footnote(1)
Common Shares	08/22/2025		P		59,788	A	$5.964	7,315,780	I	See Footnote(1)
Common Shares	08/25/2025		P		338,265	A	$5.999	7,654,045	I	See Footnote(1)
Common Shares	08/26/2025		P		59,648	A	$6	7,713,693	I	See Footnote(1)
Common Shares	08/27/2025		P		50,772	A	$6	7,764,465	I	See Footnote(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	09/04/2025
	/s/ Jan Stahlberg, as Board Member of Trill AB	09/04/2025
	** 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

What transactions did Jan Stahlberg report for DMAC on this Form 4?

The Form 4 reports multiple purchases (code P) of DMAC common shares from 08/13/2025 to 08/27/2025, with per-share prices between $5.8573 and $6.00.

How many DMAC shares are beneficially owned after the reported transactions?

The filing shows 7,764,465 shares beneficially owned following the reported transactions.

Who legally owns the reported shares and who controls them?

The shares are owned directly by Trill AB and indirectly by Jan Stahlberg, who "has the sole power to vote and dispose" of the shares, per the Form 4.

What period do the reported transactions cover?

The purchases occurred between August 13, 2025 and August 27, 2025.

Did the filing indicate the reporting person’s relationship to DiaMedica Therapeutics (DMAC)?

Yes. The Form 4 lists the reporting person as a Director and a 10% owner of the issuer.