DiaMedica Therapeutics (DMAC) Q4 2025 earnings summary

Executive summary

• Achieved significant pipeline progress in 2025, with key milestones for lead candidate DM199 targeting vascular disorders including preeclampsia and acute ischemic stroke.

• DM199 demonstrated statistically significant reductions in blood pressure and uterine artery pulsatility index in phase II preeclampsia trial, with no placental transfer observed.

• Regulatory clearance received from Health Canada to initiate a global phase II trial in early onset preeclampsia; enrollment ongoing in expansion cohort, with completion expected in H1 2026.

• ReMEDy2 stroke trial reached nearly 70% of interim enrollment target, with accelerated site activations and positive DSMB safety review; interim analysis planned for H2 2026.

• Strong cash position of $59.9 million as of December 31, 2025, expected to fund operations through 2H 2027.

Financial highlights

• Cash, cash equivalents, and short-term investments totaled $59.9 million as of December 31, 2025, up from $44.1 million at year-end 2024, primarily due to proceeds from a July 2025 private placement and at-the-market offering.

• Working capital increased to $55.5 million from $39.2 million year-over-year.

• Net cash used in operating activities was $29.1 million for 2025, compared to $22.1 million in 2024.

• Research and development expenses rose to $24.6 million (from $19.1 million), and G&A expenses increased to $9.8 million (from $7.6 million) year-over-year.

• Net loss for 2025 was $32.8 million, compared to $24.4 million in 2024.

Outlook and guidance

• Completion of the Part 1a expansion cohort in preeclampsia trial expected in H1 2026; Parts 1b and 2 to initiate in Q2 2026.

• Global phase II preeclampsia trial to begin site activation in H2 2026, with dosing until delivery and primary endpoints focused on safety and pharmacokinetics.

• Interim analysis for ReMEDy2 stroke trial on track for H2 2026; enrollment acceleration expected to continue.

• Anticipates current cash and investments will fund planned clinical studies and operations through 2H 2027.

• Plans to initiate additional clinical trial parts for preeclampsia and fetal growth restriction in 2026.