DiaMedica Therapeutics Inc (NASDAQ: DMAC) is a clinical-stage biopharmaceutical company developing DM199, a recombinant human tissue kallikrein-1 (rhKLK1) protein, as a treatment for acute ischemic stroke (AIS) and chronic kidney disease (CKD). The company generates no product revenue. Operations are funded entirely through equity issuances, including a July 2025 private placement of 8,606,425 common shares at $3.50 per share that produced $30.0 million in net proceeds, plus $13.3 million from an at-the-market offering program, for combined net financing proceeds of $43.9 million in FY2025. DiaMedica reported net losses of $32.8 million in FY2025 and $24.4 million in FY2024, with an accumulated deficit of $172.8 million as of December 31, 2025. Cash, cash equivalents, and marketable securities totaled $59.9 million as of December 31, 2025. The company is incorporated in British Columbia and had 35 full-time employees as of December 31, 2025.

Revenue model

No product revenue as of the filing date. Operations financed through public and private equity sales, warrant and stock option exercises, interest income, and government grants. The company does not expect product sales revenue for at least two to three years from the filing date.

Products and services

DM199 (rhKLK1): a recombinant human tissue kallikrein-1 biologic in clinical development for acute ischemic stroke and chronic kidney disease. DM199 is believed to increase cerebral blood flow by vasodilating penumbral arteries via release of endothelial nitric oxide, prostacyclin, and endothelium-derived hyperpolarizing factor. DiaMedica believes DM199 may qualify for 12 years of data exclusivity in the United States under the Biologics Price Competition and Innovation Act of 2009.

Customers and end markets

No commercial customers as of December 31, 2025. Target end markets upon potential approval would be patients with acute ischemic stroke and chronic kidney disease. No customer concentration data applicable given pre-revenue stage.

Value-chain role

Pre-commercial drug developer. DiaMedica conducts research, preclinical, and clinical development internally and through clinical sites. The company has no manufacturing, marketing, or distribution infrastructure in place as of the filing date.

Geographic exposure

Incorporated in British Columbia, Canada. Operates as a U.S. public reporting company. Clinical programs conducted at multiple clinical sites. No product revenue geography applicable.

Source: SEC 10-K, filed 2026-03-30

Industry: Pharmaceutical Preparations Peers: Jasper Therapeutics Inc Tectonic Therapeutic Inc SAB Biotherapeutics Inc Renovacor, Inc. Corvus Pharmaceuticals Inc Vistagen Therapeutics Inc Moleculin Biotech Inc Vicapsys Life Sciences, Inc. Spruce Biosciences, Inc