DiaMedica Therapeutics Inc

NASDAQ:DMACUnited States

required in accordance with applicable laws.
DiaMedica Therapeutics Inc. Condensed Consolidated Statements of Operations and Comprehensive Loss (In thousands, except share and per share amounts) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, -------------------------- ---------------------------- 2024 2023 2024 2023 ------------ ------------ ------------ -------------- Operating expenses: Research and development $ 4,983 $ 3,272 $ 12,587 $ 9,433 General and administrative 1,900 1,885 5,675 5,986 ---------- ---------- ---------- ---------- Operating loss (6,883) (5,157) (18,262) (15,419) Other income: Other income, net 616 693 1,739 1,220 Loss before income tax expense (6,267) (4,464) (16,523) (14,199) Income tax expense (7) (7) (21) (21) Net loss (6,274) (4,471) (16,544) (14,220) Other comprehensive income (loss) Unrealized gain (loss) on marketable securities 132 (64) 75 (53) Net loss and comprehensive loss $ (6,142) $ (4,535) $ (16,469) $ (14,273) ========== ========== ========== ========== Basic and diluted net loss per share $ (0.15) $ (0.12) $ (0.42) $ (0.46) ========== ========== ========== ========== Weighted average shares outstanding -- basic and diluted 42,751,577 37,949,422 39,604,179 30,751,329 ========== ========== ========== ========== DiaMedica Therapeutics Inc. Condensed Consolidated Balance Sheets (In thousands, except share amounts) September 30, December 31, 2024 2023 --------------- ---------------- (unaudited) ASSETS Current assets: Cash and cash equivalents $ 4,134 $ 4,543 Marketable securities 46,063 48,352 Amounts receivable 290 411 Prepaid expenses and other assets 280 369 ---------- --------- Total current assets 50,767 53,675 ---------- --------- Non-current assets: Deposits 1,308 -- Operating lease right-of-use asset, net 298 354 Property and equipment, net 151 131 ---------- --------- Total non-current assets 1,757 485 ---------- --------- Total assets $ 52,524 $ 54,160 ========== ========= LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 1,171 $ 926 Accrued liabilities 3,024 1,777 Operating lease obligation 88 80 Finance lease obligation 14 3 ---------- --------- Total current liabilities 4,297 2,786 ---------- --------- Non-current liabilities: Operating lease obligation 249 316 Finance lease obligation 14 1 ---------- --------- Total non-current liabilities 263 317 ---------- --------- Shareholders' equity: Common shares, no par value; unlimited authorized; 42,766,497 and 37,958,000 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively -- -- Paid-in capital 179,985 166,609 Accumulated other comprehensive income 81 6 Accumulated deficit (132,102) (115,558) ---------- --------- Total shareholders' equity 47,964 51,057 ---------- --------- Total liabilities and shareholders' equity $ 56,791 $ 54,160 ========== ========= DiaMedica Therapeutics Inc. Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) Nine Months Ended September 30, ---------------------- 2024 2023 --------- ----------- Cash flows from operating activities: Net loss $(16,544) $(14,220) Adjustments to reconcile net loss to net cash used in operating activities: Share-based compensation 1,496 1,227 Amortization of discount on marketable securities (1,013) (856) Non-cash lease expense 56 52 Depreciation 28 22 Changes in operating assets and liabilities: Amounts receivable 79 (228) Prepaid expenses and other assets 131 (860) Deposits (1,308) -- Accounts payable 245 129 Accrued liabilities 1,188 (182) ------- ------- Net cash used in operating activities (15,642) (14,916) Cash flows from investing activities: Purchase of marketable securities (39,623) (64,537) Maturities of marketable securities 43,000 40,135 Purchases of property and equipment (18) (21) ------- ------- Net cash provided by (used in) investing activities 3,359 (24,423) Cash flows from financing activities: Proceeds from issuance of common shares, net of offering costs 11,747 36,848 Proceed from the exercise of common stock options 133 -- Principal payments on finance lease obligation (6) (5) ------- ------- Net cash provided by financing activities 11,874 36,843 Net decrease in cash and cash equivalents (409) (2,496) Cash and cash equivalents at beginning of period 4,543 4,728 ------- ------- Cash and cash equivalents at end of period $ 4,134 $ 2,232 ======= ======= Supplemental disclosure of non-cash transactions: Assets acquired under financing lease $ 30 $ -- ======= ======= Cash paid for income taxes $ 20 $ 26 ======= =======

required in accordance with applicable laws.
DiaMedica Therapeutics Inc. Condensed Consolidated Statements of Operations and Comprehensive Loss (In thousands, except share and per share amounts) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, -------------------------- ---------------------------- 2024 2023 2024 2023 ------------ ------------ ------------ -------------- Operating expenses: Research and development $ 4,983 $ 3,272 $ 12,587 $ 9,433 General and administrative 1,900 1,885 5,675 5,986 ---------- ---------- ---------- ---------- Operating loss (6,883) (5,157) (18,262) (15,419) Other income: Other income, net 616 693 1,739 1,220 Loss before income tax expense (6,267) (4,464) (16,523) (14,199) Income tax expense (7) (7) (21) (21) Net loss (6,274) (4,471) (16,544) (14,220) Other comprehensive income (loss) Unrealized gain (loss) on marketable securities 132 (64) 75 (53) Net loss and comprehensive loss $ (6,142) $ (4,535) $ (16,469) $ (14,273) ========== ========== ========== ========== Basic and diluted net loss per share $ (0.15) $ (0.12) $ (0.42) $ (0.46) ========== ========== ========== ========== Weighted average shares outstanding -- basic and diluted 42,751,577 37,949,422 39,604,179 30,751,329 ========== ========== ========== ========== DiaMedica Therapeutics Inc. Condensed Consolidated Balance Sheets (In thousands, except share amounts) September 30, December 31, 2024 2023 --------------- ---------------- (unaudited) ASSETS Current assets: Cash and cash equivalents $ 4,134 $ 4,543 Marketable securities 46,063 48,352 Amounts receivable 290 411 Prepaid expenses and other assets 280 369 ---------- --------- Total current assets 50,767 53,675 ---------- --------- Non-current assets: Deposits 1,308 -- Operating lease right-of-use asset, net 298 354 Property and equipment, net 151 131 ---------- --------- Total non-current assets 1,757 485 ---------- --------- Total assets $ 52,524 $ 54,160 ========== ========= LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 1,171 $ 926 Accrued liabilities 3,024 1,777 Operating lease obligation 88 80 Finance lease obligation 14 3 ---------- --------- Total current liabilities 4,297 2,786 ---------- --------- Non-current liabilities: Operating lease obligation 249 316 Finance lease obligation 14 1 ---------- --------- Total non-current liabilities 263 317 ---------- --------- Shareholders' equity: Common shares, no par value; unlimited authorized; 42,766,497 and 37,958,000 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively -- -- Paid-in capital 179,985 166,609 Accumulated other comprehensive income 81 6 Accumulated deficit (132,102) (115,558) ---------- --------- Total shareholders' equity 47,964 51,057 ---------- --------- Total liabilities and shareholders' equity $ 56,791 $ 54,160 ========== ========= DiaMedica Therapeutics Inc. Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) Nine Months Ended September 30, ---------------------- 2024 2023 --------- ----------- Cash flows from operating activities: Net loss $(16,544) $(14,220) Adjustments to reconcile net loss to net cash used in operating activities: Share-based compensation 1,496 1,227 Amortization of discount on marketable securities (1,013) (856) Non-cash lease expense 56 52 Depreciation 28 22 Changes in operating assets and liabilities: Amounts receivable 79 (228) Prepaid expenses and other assets 131 (860) Deposits (1,308) -- Accounts payable 245 129 Accrued liabilities 1,188 (182) ------- ------- Net cash used in operating activities (15,642) (14,916) Cash flows from investing activities: Purchase of marketable securities (39,623) (64,537) Maturities of marketable securities 43,000 40,135 Purchases of property and equipment (18) (21) ------- ------- Net cash provided by (used in) investing activities 3,359 (24,423) Cash flows from financing activities: Proceeds from issuance of common shares, net of offering costs 11,747 36,848 Proceed from the exercise of common stock options 133 -- Principal payments on finance lease obligation (6) (5) ------- ------- Net cash provided by financing activities 11,874 36,843 Net decrease in cash and cash equivalents (409) (2,496) Cash and cash equivalents at beginning of period 4,543 4,728 ------- ------- Cash and cash equivalents at end of period $ 4,134 $ 2,232 ======= ======= Supplemental disclosure of non-cash transactions: Assets acquired under financing lease $ 30 $ -- ======= ======= Cash paid for income taxes $ 20 $ 26 ======= =======