DiaMedica Therapeutics Inc. (DMAC) Q1 2026 Earnings Call Transcript – Image for illustrative purposes only (Image credits: Unsplash)
Minneapolis-based DiaMedica Therapeutics released its first-quarter 2026 financial results this week, showing continued investment in its lead candidate DM199. The company posted a wider net loss as research spending rose, yet it maintained a cash position that supports operations well into 2027. Executives used the earnings call to outline steady enrollment gains in the ReMEDy2 stroke study and upcoming data readouts for preeclampsia programs.
Financial Position Remains Stable
DiaMedica ended March 31 with $51.3 million in cash, cash equivalents and short-term investments, down from $59.9 million at the end of 2025. The decline reflected higher operating costs, with net cash used in operations reaching $9.1 million for the quarter. Net loss widened to $10.0 million from $7.7 million a year earlier, driven almost entirely by increased research and development activity.
General and administrative expenses held steady at $2.5 million. Management reiterated that current resources should fund planned clinical work and corporate operations through 2027, providing a clear runway for multiple trial milestones without immediate financing pressure.
Stroke Trial Gains Momentum
The ReMEDy2 Phase 2/3 study of DM199 in acute ischemic stroke now exceeds 70 percent enrollment, with 70 sites active across the United States, Canada, the United Kingdom and Europe. An investigator meeting held in April helped maintain recruitment pace, and an interim analysis is scheduled for the fourth quarter of 2026. That analysis will first test for futility before determining whether the trial should expand to between 300 and 700 patients.
Earlier Phase 2 data from the ReMEDy1 study showed a 15 percent absolute improvement in favorable outcomes for patients who did not undergo thrombectomy, with even stronger signals in moderate-severity cases. Executives noted that these results continue to guide the current trial design and endpoint selection.
Chief Medical Officer Dr. Julie Krop emphasized that the global expansion positions the program to deliver meaningful data on stroke recovery and recurrent event reduction. The company expects the interim readout to provide important validation of DM199’s potential in a large unmet medical need.
Preeclampsia Studies Move Ahead
Progress also continues in the preeclampsia program. An investigator-sponsored Phase 2 trial in late-onset disease is nearing completion of its dose-escalation extension cohort, with a data update expected in the second quarter of 2026. That update will cover blood-pressure reduction and placental perfusion improvements observed so far.
Protocol amendments have been filed to expand the late-onset cohort and add an early-onset arm, while a separate fetal-growth-restriction cohort is slated to begin enrollment this quarter. Health Canada approved the global Phase 2 study in March, and site selection is complete with enrollment targeted for later this year. The company is still awaiting FDA feedback on an alternative rodent model for required reproductive toxicity studies before advancing the U.S. portion of the program.
Key Milestones Ahead
- Second-quarter 2026: Preeclampsia data update and fetal-growth-restriction enrollment start
- Fourth-quarter 2026: ReMEDy2 interim analysis
- End of 2026: Global preeclampsia trial enrollment begins
- Through 2027: Multiple additional clinical readouts expected
What matters now: DiaMedica’s cash runway through 2027 gives the company time to reach several value-inflection points without dilution. Investors will watch closely for the preeclampsia data update in coming weeks and the stroke interim analysis later this year, both of which could shape the development path for DM199.
Chief Executive Officer Rick Pauls described the period ahead as one in which the company is “poised to deliver multiple clinical milestones” that could validate the therapy’s value. With R&D expenses expected to rise only moderately, the focus remains squarely on execution across the three core indications.