DiaMedica Therapeutics (DMAC) Q2 2026 earnings summary

Executive summary

• Significant progress in Q2 2026 across DM199 programs for early onset fetal growth restriction (FGR), preeclampsia, and acute ischemic stroke, with key clinical milestones achieved and ongoing expansion into new indications.

• DM199 is in Phase 2/3 trials for acute ischemic stroke and Phase 2 trials for preeclampsia and FGR, with global expansion ongoing and no commercial products yet approved.

• Enrollment completed in the first cohort of the phase II FGR study; preparations underway for phase II early onset preeclampsia studies in Canada and the U.K.

• ReMEDy2 phase II/III stroke trial enrollment surpassed 85% of interim analysis target; interim readout expected Q1 2027.

• Net loss for the first half of 2026 was $20.2 million, reflecting increased R&D and clinical trial activity.

Financial highlights

• Cash, cash equivalents, and short-term investments totaled $43.5 million as of June 30, 2026, down from $59.9 million at year-end 2025, with working capital of $37.7 million.

• Net loss was $10.1 million for Q2 2026 and $20.2 million for the first half of 2026, compared to $7.7 million and $15.4 million for the same periods in 2025.

• R&D expenses rose to $8.2 million for Q2 and $16.1 million for the first half, driven by clinical expansion and increased non-cash share-based compensation.

• General and administrative expenses were $2.3 million for Q2 and $4.8 million for the first half, with slight increases due to personnel and professional fees.

• Net cash used in operating activities for the first half of 2026 was $17.2 million, up from $14.7 million year-over-year.

Outlook and guidance

• Cash runway expected to fund operations and clinical milestones through 2027, with additional capital needed for future development.

• Anticipates dosing first patients in Canadian phase II preeclampsia study in Q4 2026 and expanding to the U.K. pending regulatory approval.

• U.S. IND submission for preeclampsia program expected after completion of ongoing rat pharmacology study in September/October 2026.

• R&D expenses projected to moderately increase as clinical programs expand.

• G&A expenses expected to remain steady relative to recent periods.