DiaMedica Therapeutics (DMAC) Q4 2023 earnings summary

Executive summary

• 2023 centered on advancing DM199 for acute ischemic stroke, with ReMEDy2 site activation underway and $52.9M in cash, cash equivalents and investments at year-end; stated cash runway extends to 2026.

• ReMEDy2 is an adaptive, randomized Phase 2/3 trial designed to enroll approximately 350 patients at up to 100 sites, with global expansion planned.

Financial highlights

• FY2023 operating expenses were $21.3M, up from $14.0M in FY2022; operating loss was $21.3M vs. $14.0M.

• FY2023 net loss was $19.4M, or $0.60 per basic and diluted share, vs. $13.7M and $0.52 per share in FY2022.

• Other income, net, increased to $1.9M from $0.4M, reflecting higher interest rates and larger marketable securities balances.

• R&D expense rose to $13.1M from $7.8M; G&A expense increased to $8.2M from $6.2M.

Outlook and guidance

• R&D expense is expected to increase moderately as ReMEDy2 expands globally, partly offset by completion of prior clinical trials during 2023.

• G&A costs are expected to remain steady or decline slightly compared with prior periods.

• Full enrollment of 144 patients for the interim analysis is expected in Q1 2025, based on information from current and prospective sites.