DiaMedica Therapeutics(DMAC) - 2025 Q4 - Annual Results

Financial Performance - DiaMedica reported a net loss of $32.8 million for the year ended December 31, 2025, compared to a net loss of $24.4 million in 2024, representing a 34.5% increase in losses year-over-year[15]. - DiaMedica's comprehensive loss for 2025 was $32.7 million, compared to a comprehensive loss of $24.4 million in 2024, indicating a 33.9% increase in overall losses[15]. - Net loss for the year ended December 31, 2025, was $32,766, compared to a net loss of $24,444 in 2024, representing a 33.5% increase in losses[19]. Expenses - Research and Development (R&D) expenses increased to $24.6 million in 2025 from $19.1 million in 2024, reflecting a 28.9% rise due to ongoing clinical trials and global expansion efforts[15]. - General and Administrative (G&A) expenses rose to $9.8 million in 2025, up from $7.6 million in 2024, marking a 29.1% increase attributed to higher personnel and investor relations costs[9]. - Share-based compensation increased to $3,846 in 2025 from $2,085 in 2024, reflecting an increase of 84.5%[19]. Cash and Liquidity - Cash and cash equivalents increased to $15.6 million as of December 31, 2025, compared to $3.0 million in 2024, indicating a significant improvement in liquidity[17]. - Cash and cash equivalents at the end of the period increased to $15,647 in 2025 from $3,025 in 2024, indicating a significant improvement in liquidity[19]. - DiaMedica has a cash runway expected to fund operations through the second half of 2027, with $60 million in cash, cash equivalents, and investments as of the reporting date[5]. Assets and Financing - Total assets grew to $61.4 million in 2025, up from $46.3 million in 2024, reflecting a 32.5% increase driven by higher cash reserves and marketable securities[17]. - Proceeds from the issuance of common shares, net of offering costs, rose to $43,282 in 2025, compared to $11,747 in 2024, marking a 267.5% increase[19]. - Net cash provided by financing activities was $43,876 in 2025, up from $11,994 in 2024, showing a substantial growth of 265.5%[19]. Operational Updates - The company anticipates completing the interim analysis for the ReMEDy2 trial in the second half of 2026, with enrollment approaching 70% of the required participants[3]. - The company received regulatory approval from Health Canada to initiate a Phase 2 study of DM199 in early-onset preeclampsia, with enrollment expected to complete in the first half of 2026[5]. Changes in Financial Position - Net cash used in operating activities increased to $29,062 in 2025 from $22,076 in 2024, reflecting a 31.7% rise[19]. - The company reported a net cash used in investing activities of $2,192 in 2025, compared to a net cash provided of $8,564 in 2024, indicating a shift in investment strategy[19]. - The company experienced a significant change in accounts payable, increasing to $535 in 2025 from $14 in 2024[19]. - The company reported a decrease in prepaid expenses and other assets by $254 in 2025, contrasting with an increase of $184 in 2024[19].