The firm maintains a vulnerable capital structure with total assets contracting to $53.1 million in 2026Q1, while accumulated losses have reached $182.8 million.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Total Current Assets | 52.36M | 60.63M | 44.61M | 53.67M | 33.84M | 45.44M | 27.92M | 8.84M | 17.97M | 1.49M | 1.85M | 208.11K | 266.03K | 2.62M | 2.46M | 2.74M | 3.14M | 694.62K | 2.54M | 3.65M | 336.54K | 318.43K | 27.61K |
| Cash & Short-Term Investments | 51.33M | 59.89M | 44.15M | 52.9M | 33.5M | 45.11M | 27.51M | 7.88M | 16.82M | 1.35M | 1.74M | 165.69K | 203.78K | 2.52M | 2.34M | 2.65M | 2.84M | 629.53K | 2.47M | 3.5M | 269.6K | 274.76K | 7.64K |
| Cash Only | 4.87M | 15.65M | 3.02M | 4.54M | 4.73M | 4.71M | 7.41M | 3.88M | 16.82M | 1.35M | 1.74M | 165.69K | 203.78K | 2.52M | 2.34M | 2.65M | 2.84M | 629.53K | 2.47M | 3.5M | 269.6K | 274.76K | 7.64K |
| Short-Term Investments | 46.46M | 44.24M | 41.12M | 48.35M | 28.77M | 40.41M | 20.1M | 4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 258K | 236K | 369K | 82K | 0 | 0 | 823K | 646K | 80K | 51.97K | 9.62K | 8.41K | 0 | 0 | 50.39K | 220.95K | 47.86K | 31.11K | 95.52K | 57.06K | 30.17K | 19.97K |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | 471.58 | - | - | - | - | - | - | - | - | - | - | 217.06 | 809.18 | 428.79 | 215.15 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 2 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | 0.1 | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 1.03M | 481K | 227K | 0 | 0 | 243K | 350K | 47K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 717K | 742K | 1.74M | 485K | 560K | 112K | 174K | 217K | 367K | 308K | 19.39K | 14.29K | 15.56K | 288.92K | 1.38M | 3.59M | 5.94M | 550.86K | 456.58K | 690.03K | 370.32K | 244.18K | 188.72K |
| Property, Plant & Equipment | 317K | 342K | 427K | 485K | 560K | 112K | 174K | 217K | 96K | 37K | 19.39K | 14.29K | 15.56K | 19.66K | 6.59K | 7.48K | 8.89K | 87.86K | 99.78K | 154.35K | 13.07K | 16.11K | 19.55K |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - | - | 5.21x | - | - | - | - | - | - | - | - | - | - | 1.04x | 1.97x | 1.59x | 1.73x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 269.27K | 1.38M | 3.58M | 5.93M | 462.99K | 356.8K | 535.67K | 357.25K | 228.06K | 169.17K |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 400K | 400K | 1.31M | 0 | 0 | 0 | 0 | 0 | 271K | 271K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 53.08M | 61.37M | 46.34M | 54.16M | 34.4M | 45.55M | 28.09M | 9.05M | 18.34M | 1.8M | 1.87M | 222.41K | 281.59K | 2.91M | 3.85M | 6.33M | 9.08M | 1.25M | 3M | 4.34M | 706.86K | 562.6K | 216.33K |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - | 0.03x | - | - | - | - | - | - | - | - | - | - | 0.04x | 0.04x | 0.05x | 0.16x |
| Asset Growth % | 33.15% | 32.42% | -14.43% | 57.46% | -24.49% | 62.13% | 210.34% | -50.64% | 917.7% | -3.79% | 742.13% | -21.02% | -90.31% | -24.46% | -39.19% | -30.3% | 628.83% | -58.45% | -30.89% | 513.58% | 25.64% | 160.07% | - |
| Total Current Liabilities | 5.75M | 5.13M | 5.39M | 2.79M | 2.17M | 1.52M | 2.03M | 1.32M | 1.3M | 1M | 626.97K | 1.06M | 1.81M | 1.52M | 1.58M | 364.56K | 554.1K | 197.87K | 218.01K | 272.38K | 53.27K | 56.49K | 1.28M |
| Accounts Payable | 3.29M | 1.48M | 940K | 926K | 734K | 509K | 1.1M | 182K | 483K | 513K | 250K | 674.15K | 959.98K | 372.08K | 1.13M | 139.12K | 0 | 0 | 0 | 272.38K | 53.27K | 56.49K | 665.33K |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | 46.81K | 41.27K | 55.17K | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 115K | 0 | 0 | 0 | 0 | 0 | 0 | 60K | 0 | 0 | 0 | 261.43K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 168.18K |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 34K | 0 | -200.46K | 33.03K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 2.34M | 3.54M | 4.35M | 766K | 667K | 0 | 0 | 657K | 417K | 439K | 97.97K | -264.26K | -998.6K | 197.21K | 59K | 0 | 554.1K | 197.87K | 218.01K | 0 | 0 | 0 | 443.05K |
| Current Ratio | 9.11x | 11.81x | 8.28x | 19.27x | 15.61x | 29.82x | 13.77x | 6.70x | 13.87x | 1.49x | 2.96x | 0.20x | 0.15x | 1.72x | 1.56x | 7.51x | 5.67x | 3.51x | 11.66x | 13.39x | 6.32x | 5.64x | 0.02x |
| Quick Ratio | 9.11x | 11.81x | 8.28x | 19.27x | 15.61x | 29.82x | 13.77x | 6.70x | 13.87x | 1.49x | 2.96x | 0.20x | 0.15x | 1.72x | 1.56x | 7.51x | 5.67x | 3.51x | 11.66x | 13.39x | 6.32x | 5.64x | 0.02x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 97K | 128K | 237K | 317K | 400K | 3K | 53K | 118K | 18K | 0 | 0 | 388.17K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Debt | 97K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18K | 0 | 0 | 389.21K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 469K | 128K | 237K | 317K | 400K | 3K | 53K | 118K | 18K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -18K | 0 | 0 | -1.03K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 5.84M | 5.26M | 5.63M | 3.1M | 2.57M | 1.53M | 2.08M | 1.44M | 1.31M | 1M | 626.97K | 1.45M | 1.81M | 1.52M | 1.58M | 364.56K | 554.1K | 197.87K | 218.01K | 272.38K | 53.27K | 56.49K | 1.28M |
| Total Debt | 212K | 240K | 340K | 400K | 469K | 52K | 118K | 178K | 23K | 0 | 200.46K | 649.21K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 168.18K |
| Net Debt | -4.66M | -15.41M | -2.69M | -4.14M | -4.26M | -4.66M | -7.29M | -3.71M | -16.8M | -1.35M | -1.54M | 483.51K | -203.78K | -2.52M | -2.34M | -2.65M | -2.84M | -629.53K | -2.47M | -3.5M | -269.6K | -274.76K | 160.54K |
| Debt / Equity | 0.00x | 0.00x | 0.01x | 0.01x | 0.01x | 0.00x | 0.00x | 0.02x | 0.00x | - | 0.16x | - | - | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | -0.01x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.13x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | - | - | - | -44.41x | -34.21x | - | -990.80x | -3684.35x | -547.68x | - | - | - | - | - | -28.76x | -17.40x |
| Total Equity | 47.23M | 56.11M | 40.72M | 51.06M | 31.83M | 44.02M | 26.01M | 7.62M | 17.02M | 799K | 1.25M | -1.23M | -1.53M | 1.38M | 2.26M | 5.96M | 8.52M | 1.05M | 2.78M | 4.06M | 653.59K | 506.11K | -1.06M |
| Equity Growth % | 35.41% | 37.8% | -20.25% | 60.42% | -27.71% | 69.23% | 241.53% | -55.26% | 2030.79% | -35.87% | 201.34% | 19.58% | -210.66% | -38.99% | -62.01% | -30.05% | 713.6% | -62.31% | -31.62% | 521.92% | 29.14% | 147.74% | - |
| Book Value per Share | 0.88 | 1.19 | 1.01 | 1.57 | 1.20 | 2.12 | 1.66 | 0.64 | 2.20 | 0.13 | 0.26 | -0.34 | -0.49 | 0.51 | 0.93 | 2.64 | 5.95 | 1.09 | 3.06 | 5.07 | 0.75 | 0.58 | -0.04 |
| Total Shareholders' Equity | 47.23M | 56.11M | 40.72M | 51.06M | 31.83M | 44.02M | 26.01M | 7.62M | 17.02M | 799K | 1.25M | -1.23M | -1.53M | 1.38M | 2.26M | 5.96M | 8.52M | 1.05M | 2.78M | 4.06M | 653.59K | 506.11K | -1.06M |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 40.99M | 28.05M | 32.35K | 33.57K | 30.22K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -182.81M | -172.77M | -140M | -115.56M | -96.18M | -82.5M | -68.91M | -56.62M | -45.97M | -40.23M | -46.71M | -33.95M | -38.86M | -37.12M | -31.8M | -21.19M | -14.9M | -10.16M | -6.64M | -5.89M | -3.02M | -2.25M | -1.97M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -26K | 50K | 23K | 6K | -74K | -51K | -2K | 2K | -24K | 610.88K | 587.08K | -20.92K | -20.09K | -19.21K | -15.8K | -10.66K | -8.03K | -94.98K | -57.4K | 91.44K | -23.08K | -20.17K | 13.58K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding shortfall
As reported in financial statements, DMAC's total assets have contracted from $54.2 million in 2023Q4 to $53.1 million in 2026Q1, reflecting a persistent depletion of resources as the company funds its clinical pipeline without the benefit of offsetting commercial revenue streams or sustainable internal cash generation.
The downward trend in total assets, coupled with a significant accumulation of retained earnings deficits, suggests a business model that is consuming its capital base to reach critical clinical milestones. Investors should monitor whether this trajectory necessitates further dilutive equity financing to maintain operational continuity.
Based on recent SEC filings, the company's cash position dropped to $4.9 million in 2026Q1 from a peak of $15.6 million in 2025Q4, indicating a rapid consumption of liquidity that leaves the firm with a narrowing buffer to support its ongoing REMEDY2 clinical trial requirements.
While the current ratio remains high at 9.11, this metric is somewhat deceptive for a pre-revenue firm where the primary concern is absolute cash runway rather than short-term asset-to-liability coverage. The rapid decline in cash reserves suggests that the company may face significant pressure to secure additional funding in the near term.
According to the company's balance sheet data, shareholders' equity has declined to $47.2 million in 2026Q1 from $56.1 million in 2025Q4, primarily driven by the compounding impact of accumulated losses that now total $182.8 million, signaling a persistent erosion of book value over time.
The consistent growth in the accumulated deficit highlights the high cost of clinical development and the absence of revenue to offset R&D expenditures. This trend suggests that equity holders are bearing the full brunt of the company's cash-burning development phase, with little protection from operational profitability.
As indicated by the provided balance sheet, the company maintains negligible net PPE of $317,000, which suggests that the firm's value is almost entirely tied to intangible clinical assets rather than tangible infrastructure, making the balance sheet highly sensitive to trial outcomes and regulatory decisions.
The lack of meaningful physical assets implies that the company's valuation is entirely dependent on the success of the DM199 program. Any negative clinical data or regulatory setbacks could lead to a rapid impairment of the firm's perceived value, as there are no tangible assets to provide a floor for the company's valuation.
Quick answers to the most common questions about buying DMAC stock.
As of 2025, DiaMedica Therapeutics Inc. (DMAC) had total assets of $61.4M including $60.6M in current assets.
DiaMedica Therapeutics Inc. (DMAC) carries total debt of $0.2M, offset by $59.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
DiaMedica Therapeutics Inc. (DMAC) has total shareholders' equity (book value) of $56.1M ($1.19 book value per share). Book value represents the net worth of the company belonging to common stock holders.
DiaMedica Therapeutics Inc. (DMAC) reported a current ratio of 11.81x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.