The company continues to operate without revenue, with quarterly R&D expenses escalating to $8.0 million in 2026Q1 as clinical trial intensity increases.
| 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 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 500K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 160.62K | 25.74K | 25.68K | 33.88K |
| Revenue Growth % | - | - | - | - | - | - | - | -100% | - | - | - | - | - | - | - | - | - | - | -100% | 524.09% | 0.23% | -24.21% | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4K | 2.21K | 4.46K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 500K | -4K | -2.21K | -4.46K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 160.62K | 25.74K | 25.68K | 33.88K |
| Gross Margin % | - | - | - | - | - | - | - | - | 100% | - | - | - | - | - | - | - | - | - | - | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | - | - | - | - | - | - | -100% | 12600% | -80.91% | 50.43% | - | - | - | - | - | - | - | -100% | 524.09% | 0.23% | -24.21% | - |
| Operating Expenses | 36.73M | 34.4M | 26.68M | 21.27M | 14M | 13.65M | 12.7M | 11.59M | 7.26M | 4.28M | 2.48M | 1.31M | 4.83M | 7.43M | 10.11M | 6.71M | 3.84M | 2.4M | 1.69M | 2.47M | 812.95K | 228.69K | 637.31K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | 1452.2% | - | - | - | - | - | - | - | - | - | - | 1538.05% | 3158.67% | 890.56% | 1881.04% |
| Selling, General & Admin | 9.79M | 9.78M | 7.62M | 8.16M | 6.16M | 4.88M | 4.49M | 3.69M | 2.74M | 1.31M | 718.04K | 423.35K | 1.12M | 2.54M | 2.53M | 2.08M | 1.3M | 1M | 618.54K | 1.38M | 192.37K | 177.78K | 168.91K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | 547.8% | - | - | - | - | - | - | - | - | - | - | 862.22% | 747.45% | 692.32% | 498.53% |
| Research & Development | 26.95M | 24.61M | 19.06M | 13.11M | 7.84M | 8.77M | 8.21M | 7.9M | 4.52M | 3.21M | 1.76M | 886.07K | 3.71M | 3.78M | 5.21M | 2.33M | 803.98K | 1.37M | 1.04M | 1.07M | 617.26K | 22.75K | 462K |
| R&D % of Revenue | - | - | - | - | - | - | - | - | 904.4% | - | - | - | - | - | - | - | - | - | - | 664.4% | 2398.33% | 88.6% | 1363.58% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6K | 0 | 3K | 0 | 0 | 0 | 0 | 0 | 6.58K | -4.89K | 0 | 0 | 0 | 0 |
| Operating Income | -36.73M | -34.4M | -26.68M | -21.27M | -14M | -13.65M | -12.7M | -11.59M | -6.76M | -4.52M | -2.48M | -1.31M | -4.83M | -7.43M | -10.11M | -6.71M | -3.84M | -2.4M | -1.69M | -2.31M | -787.21K | -203.01K | -603.43K |
| Operating Margin % | - | - | - | - | - | - | - | - | -1352.2% | - | - | - | - | - | - | - | - | - | - | -1438.05% | -3058.67% | -790.56% | -1781.04% |
| Operating Income Growth % | - | -28.92% | -25.46% | -51.9% | -2.6% | -7.46% | -9.54% | -71.47% | -49.61% | -82.11% | -89.51% | 72.91% | 34.92% | 26.51% | -50.63% | -74.56% | -60.12% | -42.43% | 27.04% | -193.42% | -287.78% | 66.36% | - |
| EBITDA | -36.69M | -34.35M | -26.64M | -21.24M | -13.98M | -13.62M | -12.68M | -11.57M | -6.75M | -4.51M | -2.48M | -1.31M | -4.83M | -6.32M | -7.74M | -4.41M | -2.18M | -2.37M | -1.66M | -2.29M | -783.89K | -174.85K | -597.02K |
| EBITDA Margin % | - | - | - | - | - | - | - | - | -1349.2% | - | - | - | - | - | - | - | - | - | - | -1426.62% | -3045.78% | -680.92% | -1762.12% |
| EBITDA Growth % | -26.34% | -28.95% | -25.45% | -51.95% | -2.6% | -7.45% | -9.56% | -71.54% | -49.41% | -82.11% | -89.93% | 72.98% | 23.55% | 18.35% | -75.68% | -102.49% | 8.2% | -42.91% | 27.62% | -192.32% | -348.31% | 70.71% | - |
| D&A (Non-Cash Add-back) | 43K | 43K | 39K | 30K | 25K | 24K | 21K | 21K | 15K | 4K | 2.21K | 4.11K | 2.47K | 1.11M | 2.37M | 2.3M | 1.67M | 30.2K | 26.74K | 18.35K | 3.32K | 28.15K | 6.41K |
| EBIT | -36.73M | -34.4M | -26.68M | -21.27M | -14M | -13.65M | -12.7M | -11.59M | -5.55M | -4.26M | -2.15M | -1.5M | -5.02M | -7.66M | -10M | -6.88M | -4.49M | -2.3M | -2.37M | -2.31M | -787.21K | -218.41K | -636.71K |
| Net Interest Income | 0 | 0 | 2.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -46.65K | -42.22K | 0 | 7K | 38.32K | 38.87K | 0 | 0 | 0 | 0 | 0 | -7.59K | -36.59K |
| Interest Income | 0 | 0 | 2.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.73K | 1.74K | 10.54K | 14.73K | 41.03K | 51.44K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 48.38K | 43.95K | 0 | 7.73K | 2.71K | 12.57K | 0 | 0 | 0 | 0 | 0 | 7.59K | 36.59K |
| Other Income/Expense | 1.66M | 1.66M | 2.27M | 1.93M | 353K | 82K | 434K | 975K | 747K | 259K | 280.63K | -104.38K | -185.41K | -230.99K | 37.57K | -174.26K | -422.84K | 101.28K | -168.32K | 57.19K | -12.38K | 10.28K | 66.55K |
| Pretax Income | -35.07M | -32.74M | -24.41M | -19.34M | -13.65M | -13.56M | -12.27M | -10.62M | -5.65M | -4.26M | -2.2M | -1.43M | -4.78M | -7.41M | -10.05M | -6.61M | -4.27M | -2.44M | -1.85M | -2.31M | 0 | -192.73K | -570.16K |
| Pretax Margin % | - | - | - | - | - | - | - | - | -1130.8% | - | - | - | - | - | - | - | - | - | - | -1440.21% | - | -750.53% | -1682.83% |
| Income Tax | 15K | 28K | 30K | 43K | 28K | 28K | 27K | 31K | 80K | -9K | 22.31K | 12.45K | 42.28K | 7.73K | -2.71K | 12.57K | 499.08K | 41.69K | 163.43K | 20.2K | -9.19K | 17.87K | 69.86K |
| Effective Tax Rate % | -0.04% | -0.09% | -0.12% | -0.22% | -0.21% | -0.21% | -0.22% | -0.29% | -1.41% | 0.21% | -1.01% | -0.87% | -0.89% | -0.1% | 0.03% | -0.19% | -11.7% | -1.71% | -8.82% | -0.87% | - | -9.27% | -12.25% |
| Net Income | -35.1M | -32.77M | -24.44M | -19.38M | -13.68M | -13.59M | -12.29M | -10.65M | -5.73M | -4.26M | -2.22M | -1.44M | -4.82M | -7.41M | -10.05M | -6.61M | -4.27M | -2.44M | -1.85M | -2.33M | -778.02K | -210.6K | -640.02K |
| Net Margin % | - | - | - | - | - | - | - | - | -1146.8% | - | - | - | - | - | - | - | - | - | - | -1452.78% | -3022.96% | -820.13% | -1889.02% |
| Net Income Growth % | -30% | -34.05% | -26.12% | -41.72% | -0.62% | -10.58% | -15.43% | -85.72% | -34.6% | -91.62% | -54.11% | 70.06% | 34.99% | 26.27% | -52.11% | -54.89% | -75.18% | -31.39% | 20.57% | -199.93% | -269.43% | 67.09% | - |
| Net Income (Continuing) | -35.09M | -32.77M | -24.44M | -19.38M | -13.68M | -13.59M | -12.29M | -10.65M | -5.73M | -4.26M | -2.22M | -1.56M | -5.06M | -7.66M | -10M | -6.82M | -4.13M | -2.24M | -2.11M | -2.33M | -778.02K | -210.6K | -640.02K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 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 |
| EPS (Diluted) | -0.65 | -0.70 | -0.60 | -0.60 | -0.52 | -0.65 | -0.78 | -0.89 | -0.74 | -0.72 | -0.47 | -0.40 | -1.55 | -2.71 | -4.11 | -2.93 | -2.98 | -2.54 | -2.04 | -2.91 | -0.89 | -0.24 | -0.02 |
| EPS Growth % | -10.94% | -16.67% | 0% | -15.38% | 20% | 16.67% | 12.36% | -20.27% | -2.78% | -53.19% | -17.5% | 74.19% | 42.8% | 34.06% | -40.27% | 1.68% | -17.32% | -24.51% | 29.9% | -226.97% | -270.83% | -921.28% | - |
| EPS (Basic) | - | -0.70 | -0.60 | -0.60 | -0.52 | -0.65 | -0.78 | -0.89 | -0.74 | -0.72 | -0.47 | -0.40 | -1.55 | -2.71 | -4.11 | -2.93 | -2.98 | -2.54 | -2.04 | -2.91 | -0.89 | -0.24 | -0.02 |
| Diluted Shares Outstanding | 53.79M | 46.98M | 40.4M | 32.57M | 26.44M | 20.77M | 15.68M | 11.99M | 7.74M | 5.94M | 4.74M | 3.62M | 3.11M | 2.73M | 2.45M | 2.26M | 1.43M | 960.48K | 909.72K | 802.3K | 876.03K | 876.03K | 27.22M |
| Basic Shares Outstanding | 53.79M | 46.98M | 40.4M | 32.57M | 26.44M | 20.77M | 15.68M | 11.99M | 7.74M | 5.94M | 4.74M | 3.62M | 3.11M | 2.73M | 2.45M | 2.26M | 1.43M | 960.48K | 909.72K | 802.3K | 876.03K | 876.03K | 27.22M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial funding shortfall
As reported in recent financial filings, DMAC's quarterly research and development expenses have climbed to $8.0 million in 2026Q1, reflecting a clear intensification of clinical trial activities that continues to outpace the company's historical spending levels observed throughout the 2024 fiscal year.
The steady rise in R&D spending suggests that the company is aggressively pushing its REMEDY2 trial forward, likely incurring higher patient recruitment and site management costs. Investors should monitor whether this spending trajectory remains sustainable given the company's limited cash position and the absence of commercial revenue.
Based on the company's income statement data, operating losses have widened to $10.5 million in 2026Q1, indicating that the firm's cost structure is entirely dominated by non-revenue-generating clinical development activities rather than scalable operational efficiencies typical of mature commercial-stage healthcare entities.
The lack of operating leverage is expected for a pre-revenue biotech, but the widening gap between R&D investment and the current cash balance warrants caution. This trend implies that the company is prioritizing trial velocity over cost containment, which may necessitate further dilutive financing in the near term.
According to historical income statements, the company's reported net losses are periodically impacted by stock-based compensation, which reached $1.2 million in 2025Q4, suggesting that headline EPS figures may not fully capture the actual cash-based operational burn required to sustain the current clinical pipeline.
Analysts should adjust for these non-cash expenses to better understand the true cash runway available for the REMEDY2 trial. The reliance on equity-based incentives may also indicate a strategy to preserve cash, though it introduces potential dilution risks for existing shareholders.
As indicated by the reported $15.6 million in cash reserves against a quarterly operating loss of $10.5 million, the company faces a precarious financial position that may force management to seek additional capital before achieving definitive clinical data readouts from its primary stroke program.
Short-term liquidity constraints appear to be the most significant risk, as any further delays in trial enrollment could exacerbate the cash burn. The market may be underestimating the potential for a dilutive capital raise, which remains a persistent threat to the current valuation of the company's assets.
Quick answers to the most common questions about buying DMAC stock.
For fiscal year 2025, DiaMedica Therapeutics Inc. (DMAC) reported total revenue of $0.0M. This represents a 100.0% decline compared to $0.0M in 2004.
DiaMedica Therapeutics Inc. (DMAC) reported a net loss of $32.8M for the fiscal year ending 2025.