DiaMedica Therapeutics Inc.

As of June 30, 2026, cash, cash equivalents and short-term investments were $43.5 million, current liabilities were $6.6 million, and working capital was $37.7 million, versus $59.9 million, $5.1 million, and $55.5 million, respectively, at December 31, 2025. Net cash used in operating activities for the first six months of 2026 was $17.2 million, compared with $14.7 million in the same period of 2025. R&D expense was $8.2 million for Q2 and $16.1 million for the first six months, up from $5.8 million and $11.5 million a year ago; G&A expense was $2.3 million and $4.8 million, versus $2.2 million and $4.7 million. In the late-onset preeclampsia Part 1a extension cohort, 15 patients at the highest dose showed mean systolic blood pressure down 29.1 mmHg from 169.3 mmHg (p<0.001) and mean diastolic blood pressure down 17 mmHg from 103.7 mmHg (p<0.01) at 5 minutes after infusion. Management said the current cash position should fund operations through 2027, and ReMEDy2’s interim efficacy analysis is now expected in Q1 2027.

Rick Pauls framed the quarter as an important step for DM199 across fetal growth restriction, preeclampsia, and stroke. He emphasized that the company sees a “sweet spot” in dosing, believing higher doses may lead to receptor desensitization and less vascular dilation, which is why the program is being steered toward the mid-dose range. His tone was constructive and optimistic, especially around FGR as a new indication and around the potential to open a U.S. path for the preeclampsia program after the rat study is completed.

Scott Kellen said the balance sheet remains supportive, with $43.5 million in cash, cash equivalents and short-term investments and working capital of $37.7 million at quarter-end. He reiterated that this cash should fund planned clinical studies and corporate operations through 2027. He also detailed that R&D rose to $8.2 million in Q2 and $16.1 million year to date, driven by the clinical team expansion, ReMEDy2, extra reproductive toxicology work, manufacturing/development, and stock compensation, while G&A was relatively stable at $2.3 million in Q2 and $4.8 million year to date.

Analysts focused on why DiaMedica is emphasizing the 4-to-8 mcg/kg range for late-onset preeclampsia while still exploring higher doses in early-onset programs. Management answered that DM199 appears to have a nonlinear dose response, with better effect in the midrange and possible receptor desensitization at higher doses; they also cited prior data in diabetes and kidney disease. Questions also centered on FGR endpoints, with management saying the main goals are gestational-day extension and improved uterine artery dilation, and on the U.S. IND timeline, where management said the remaining rat study should finish in early September and could support an IND submission if the FDA accepts the package.