DiaMedica Therapeutics Inc.
DMACHealthcare|Biotechnology|US
$9.36
+0.32 (+3.54%)
DCF Value
$0.30
Tangible Book / Share
$0.71
Cash / Share
$0.81
Financials
Financial Snapshot
Market Cap
$504.7M
Enterprise Value
$499.8M
Revenue (TTM)
$0.00
Net Income (TTM)
-$37.5M
Cash & Investments
$43.5M
Net Cash
$43.3M
Free Cash Flow (TTM)
-$31.6M
Operating CF (TTM)
-$31.6M
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$43.5M
Quarterly Burn
$7.9M
Monthly Burn
$2.6M
Est. Runway
~5.5 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $1.7M | $1.4M | $16.8M | $7.9M | $27.5M | $45.1M | $33.5M | $52.9M | $44.1M | $59.9M | $43.5M | |
| Operating Cash Flow | -$3.0M | -$3.9M | -$5.7M | -$9.1M | -$9.2M | -$12.3M | -$11.5M | -$18.7M | -$22.1M | -$29.1M | -$31.6M | |
| Free Cash Flow | -$3.0M | -$3.9M | -$5.7M | -$9.1M | -$9.2M | -$12.3M | -$11.6M | -$18.8M | -$22.1M | -$29.1M | -$31.6M | |
| Capital Expenditure | -$6.9K | -$22.0K | -$50.0K | -$2.0K | -$47.0K | -$22.0K | -$81.0K | -$24.0K | -$25.0K | -$40.0K | -$33.2K | |
| Financing Cash Flow | $4.6M | $3.5M | $21.2M | $70.0K | $28.8M | $30.1M | -$6.0K | $36.8M | $12.0M | $43.9M | $44.7M |
R&D Spending
R&D (TTM)
$29.3M
R&D Intensity
—
R&D Growth vs Prior
+18.9%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $500.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $1.8M | $3.2M | $4.5M | $7.9M | $8.2M | $8.8M | $7.8M | $13.1M | $19.1M | $24.6M | $29.3M | |
| R&D % of Revenue | — | — | 904.4% | — | — | — | — | — | — | — | — | |
| SG&A | $718.0K | $1.3M | $2.7M | $3.7M | $4.5M | $4.9M | $6.2M | $8.2M | $7.6M | $9.8M | $9.9M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $500.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $2.2K | $4.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | -$2.2K | -$4.0K | $500.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D | $1.8M | $3.2M | $4.5M | $7.9M | $8.2M | $8.8M | $7.8M | $13.1M | $19.1M | $24.6M | $29.3M | |
| SG&A | $718.0K | $1.3M | $2.7M | $3.7M | $4.5M | $4.9M | $6.2M | $8.2M | $7.6M | $9.8M | $9.9M | |
| Operating Income | -$2.5M | -$4.5M | -$6.8M | -$11.6M | -$12.7M | -$13.6M | -$14.0M | -$21.3M | -$26.7M | -$34.4M | -$38.9M | |
| Interest Expense | $48.4K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$2.2M | -$4.3M | -$5.7M | -$10.6M | -$12.3M | -$13.6M | -$13.6M | -$19.3M | -$24.4M | -$32.7M | -$37.5M | |
| Net Income | -$2.2M | -$4.3M | -$5.7M | -$10.6M | -$12.3M | -$13.6M | -$13.7M | -$19.4M | -$24.4M | -$32.8M | -$37.5M | |
| EPS (Diluted) | -0.47 | -0.72 | -0.74 | -0.89 | -0.78 | -0.65 | -0.52 | -0.60 | -0.60 | -0.70 | -0.72 | |
| EBITDA | -$2.1M | -$4.3M | -$5.6M | -$11.6M | -$12.7M | -$13.5M | -$13.6M | -$19.3M | -$24.4M | -$32.7M | -$37.5M | |
| Shares Out. (M) | 4.74 | 5.94 | 7.74 | 11.99 | 15.68 | 20.77 | 26.44 | 32.57 | 40.40 | 46.98 | 53.89 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.7M | $1.4M | $16.8M | $3.9M | $7.4M | $4.7M | $4.7M | $4.5M | $3.0M | $15.6M | $5.1M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $4.0M | $20.1M | $40.4M | $28.8M | $48.4M | $41.1M | $44.2M | $38.4M | |
| Total Current Assets | $1.9M | $1.5M | $18.0M | $8.8M | $27.9M | $45.4M | $33.8M | $53.7M | $44.6M | $60.6M | $44.3M | |
| Total Assets | $1.9M | $1.8M | $18.3M | $9.1M | $28.1M | $45.6M | $34.4M | $54.2M | $46.3M | $61.4M | $45.0M | |
| Total Current Liabilities | $627.0K | $1.0M | $1.3M | $1.3M | $2.0M | $1.5M | $2.2M | $2.8M | $5.4M | $5.1M | $6.6M | |
| Long-Term Debt | $0.00 | $0.00 | $18.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $69.0K | |
| Total Liabilities | $627.0K | $1.0M | $1.3M | $1.4M | $2.1M | $1.5M | $2.6M | $3.1M | $5.6M | $5.3M | $6.7M | |
| Stockholders' Equity | $1.2M | $799.0K | $17.0M | $7.6M | $26.0M | $44.0M | $31.8M | $51.1M | $40.7M | $56.1M | $38.3M | |
| Retained Earnings | -$46.7M | -$40.2M | -$46.0M | -$56.6M | -$68.9M | -$82.5M | -$96.2M | -$115.6M | -$140.0M | -$172.8M | -$192.9M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.0M | -$3.9M | -$5.7M | -$9.1M | -$9.2M | -$12.3M | -$11.5M | -$18.7M | -$22.1M | -$29.1M | -$31.6M | |
| Capital Expenditure | -$6.9K | -$22.0K | -$50.0K | -$2.0K | -$47.0K | -$22.0K | -$81.0K | -$24.0K | -$25.0K | -$40.0K | -$33.2K | |
| Free Cash Flow | -$3.0M | -$3.9M | -$5.7M | -$9.1M | -$9.2M | -$12.3M | -$11.6M | -$18.8M | -$22.1M | -$29.1M | -$31.6M | |
| Investing Cash Flow | -$6.9K | -$22.0K | -$50.0K | -$3.9M | -$16.1M | -$20.5M | $11.5M | -$18.3M | $8.6M | -$2.2M | -$12.1M | |
| Financing Cash Flow | $4.6M | $3.5M | $21.2M | $70.0K | $28.8M | $30.1M | -$6.0K | $36.8M | $12.0M | $43.9M | $44.7M | |
| Issuance of Stock | $4.1M | $2.9M | $20.6M | $0.00 | $28.8M | $29.8M | $0.00 | $36.8M | $11.7M | $44.3M | $44.7M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | -$5.0K | -$5.0K | -$6.0K | -$6.0K | -$6.0K | -$9.0K | -$10.0K | -$11.0K | |
| Stock Based Comp. | $263.3K | $409.0K | $620.0K | $1.2M | $1.8M | $1.6M | $1.5M | $1.7M | $2.1M | $3.8M | $3.1M | |
| Net Change in Cash | $1.6M | -$383.0K | $15.5M | -$12.9M | $3.5M | -$2.7M | $21.0K | -$185.0K | -$1.5M | $12.6M | $1.0M |
Dilution Tracker
Shares outstanding grew 199.6% over 5 years — significant dilution
Shares Outstanding
54M
5-Year Share Growth
+199.6%
Stock Issuance (TTM)
$44.7M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 4.74 | 5.94 | 7.74 | 11.99 | 15.68 | 20.77 | 26.44 | 32.57 | 40.40 | 46.98 | 53.89 | |
| Change vs Prior % | — | 25.3% | 30.5% | 54.8% | 30.8% | 32.5% | 27.3% | 23.2% | 24.1% | 16.3% | 14.7% | |
| Stock Issuance | $4.1M | $2.9M | $20.6M | $0.00 | $28.8M | $29.8M | $0.00 | $36.8M | $11.7M | $44.3M | $44.7M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $263.3K | $409.0K | $620.0K | $1.2M | $1.8M | $1.6M | $1.5M | $1.7M | $2.1M | $3.8M | $3.1M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | 100.0% | — | — | — | — | — | — | — | — | |
| Operating Margin % | — | — | -1352.2% | — | — | — | — | — | — | — | — | |
| Net Margin % | — | — | -1146.8% | — | — | — | — | — | — | — | — | |
| EBITDA Margin % | — | — | -1127.8% | — | — | — | — | — | — | — | — | |
| FCF Margin % | — | — | -1149.2% | — | — | — | — | — | — | — | — | |
| ROE % | -178.4% | -533.2% | -33.7% | -139.8% | -47.3% | -30.9% | -43.0% | -38.0% | -60.0% | -58.4% | -77.7% | |
| ROA % | -118.7% | -236.4% | -31.3% | -117.6% | -43.8% | -29.8% | -39.8% | -35.8% | -52.7% | -53.4% | -83.4% | |
| ROIC % | -199.2% | -564.4% | -39.7% | -148.7% | -48.6% | -31.0% | -43.4% | -41.3% | -65.0% | -61.0% | -100.9% | |
| R&D / Revenue % | — | — | 904.4% | — | — | — | — | — | — | — | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | -100.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Gross Profit | 50.4% | -80.9% | 12600.0% | -100.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Income | -89.5% | -82.1% | -49.6% | -71.5% | -9.5% | -7.5% | -2.6% | -51.9% | -25.5% | -28.9% | |
| Net Income | -54.1% | -91.6% | -34.6% | -85.7% | -15.4% | -10.6% | -0.6% | -41.7% | -26.1% | -34.0% | |
| EPS (Diluted) | -17.5% | -53.2% | -2.8% | -20.3% | 12.4% | 16.7% | 20.0% | -15.4% | 0.0% | -16.7% | |
| Operating Cash Flow | -121.3% | -29.0% | -46.1% | -59.8% | -0.9% | -33.4% | 6.0% | -62.7% | -17.9% | -31.6% | |
| Free Cash Flow | -121.0% | -29.4% | -46.5% | -58.4% | -1.4% | -33.0% | 5.6% | -61.8% | -17.9% | -31.7% | |
| R&D Expense | 99.0% | 81.8% | 41.0% | 74.7% | 3.9% | 6.8% | -10.6% | 67.2% | 45.4% | 29.2% | |
| SG&A Expense | 69.6% | 82.9% | 108.6% | 34.8% | 21.7% | 8.6% | 26.2% | 32.4% | -6.5% | 28.3% | |
| Total Assets | 742.1% | -3.8% | 917.7% | -50.6% | 210.3% | 62.1% | -24.5% | 57.5% | -14.4% | 32.4% | |
| Book Value / Share | 177.6% | -48.8% | 1533.4% | -71.1% | 161.1% | 27.7% | -43.2% | 30.3% | -35.7% | 18.5% | |
| Debt | -69.1% | -100.0% | 0.0% | 673.9% | -33.7% | -55.9% | 801.9% | -14.7% | -15.0% | -29.4% | |
| Diluted Shares | 30.7% | 25.3% | 30.5% | 54.8% | 30.8% | 32.5% | 27.3% | 23.2% | 24.1% | 16.3% |
Valuation
P/E (TTM)At Loss
P/S0.00
P/B13.16
10Y Low / Med / High1.31 / 6.11 / 37.15
EV/EBITDAAt Loss
EV/Revenue0.00
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$0.30
Tangible Book / Share
$0.71
Net Current Assets / Share
$0.70
Graham Net-Net
$0.68
Cash / Share
$0.81
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -4.68 | -6.94 | -3.93 | -5.45 | -13.00 | -5.74 | -3.04 | -4.73 | -9.05 | -11.37 | -13.00 | |
| P/S Ratio | 0.00 | 0.00 | 45.07 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | 8.36 | 37.15 | 1.32 | 7.63 | 6.11 | 1.76 | 1.31 | 1.81 | 5.39 | 6.66 | 13.16 | |
| EV/EBITDA | -4.14 | -6.66 | -1.02 | -4.70 | -11.97 | -5.38 | -2.75 | -4.58 | -8.89 | -10.97 | -13.34 | |
| EV/Revenue | 0.00 | 0.00 | 11.47 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
37.70
Safe
Piotroski F-Score
1
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $54.0M | $2.2M | $6.9M |
| Net Income | -$36.2M | -$35.1M | -$43.6M |
| EPS | $-0.77 | $-0.75 | $-0.93 |
| # Analysts (EPS) | 3 | 3 | 2 |