Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 03, 2021 | |
Document Information [Line Items] | ||
Entity Registrant Name | DiaMedica Therapeutics Inc. | |
Entity Central Index Key | 0001401040 | |
Trading Symbol | dmac | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 18,786,157 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Voting common shares, no par value per share |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 3,329 | $ 7,409 |
Marketable securities | 20,072 | 20,098 |
Amounts receivable | 337 | 340 |
Prepaid expenses and other assets | 457 | 74 |
Total current assets | 24,195 | 27,921 |
Non-current assets: | ||
Operating lease right-of-use asset | 86 | 100 |
Property and equipment, net | 75 | 74 |
Total non-current assets | 161 | 174 |
Total assets | 24,356 | 28,095 |
Current liabilities: | ||
Accounts payable | 689 | 1,099 |
Accrued liabilities | 420 | 864 |
Finance lease obligation | 6 | 6 |
Operating lease obligation | 63 | 59 |
Total current liabilities | 1,178 | 2,028 |
Non-current liabilities: | ||
Finance lease obligation, non-current | 5 | 7 |
Operating lease obligation, non-current | 28 | 46 |
Total non-current liabilities | 33 | 53 |
Shareholders’ equity: | ||
Common shares, no par value; unlimited authorized; 18,786,157 and 18,746,157 shares issued and outstanding, as of March 31, 2021 and December 31, 2020, respectively | ||
Paid-in capital | 95,680 | 94,925 |
Accumulated other comprehensive loss | (4) | (2) |
Accumulated deficit | (72,531) | (68,909) |
Total shareholders’ equity | 23,145 | 26,014 |
Total liabilities and shareholders’ equity | $ 24,356 | $ 28,095 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Common shares, par value (in dollars per share) | $ 0 | $ 0 |
Common shares, authorized | Unlimited | Unlimited |
Common shares, issued (in shares) | 18,786,157 | 18,746,157 |
Common shares, outstanding (in shares) | 18,786,157 | 18,746,157 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating expenses: | ||
Research and development | $ 2,406 | $ 1,349 |
General and administrative | 1,213 | 1,055 |
Operating loss | (3,619) | (2,404) |
Other (income) expense: | ||
Governmental assistance - research incentives | (115) | |
Other (income) expense, net | (4) | 127 |
Total other (income) expense | (4) | 12 |
Loss before income tax expense | (3,615) | (2,416) |
Income tax expense | 7 | 9 |
Net loss | (3,622) | (2,425) |
Other comprehensive income (loss) | ||
Unrealized gain (loss) on marketable securities | (2) | 40 |
Net loss and comprehensive loss | $ (3,624) | $ (2,385) |
Basic and diluted net loss per share (in dollars per share) | $ (0.19) | $ (0.19) |
Weighted average shares outstanding – basic and diluted (in shares) | 18,766,656 | 13,107,725 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 12,006,874 | ||||
Balance at Dec. 31, 2019 | $ 64,232,000 | $ 2,000 | $ (56,617,000) | $ 7,617,000 | |
Exercise of common stock options (in shares) | 7,200 | 7,200 | |||
Exercise of common stock options | 16,000 | $ 16,000 | |||
Share-based compensation expense | 393,000 | 393,000 | |||
Unrealized gain (loss) on marketable securities | 40,000 | 40,000 | |||
Net loss | (2,425,000) | (2,425,000) | |||
Issuance of common shares net of offering costs (in shares) | 2,125,000 | ||||
Issuance of common shares net of offering costs | 7,682,000 | 7,682,000 | |||
Balance (in shares) at Mar. 31, 2020 | 14,139,074 | ||||
Balance at Mar. 31, 2020 | 73,323,000 | 42,000 | (59,042,000) | 13,323,000 | |
Balance (in shares) at Dec. 31, 2020 | 18,746,157 | ||||
Balance at Dec. 31, 2020 | 94,925,000 | (2,000) | (68,909,000) | $ 26,014,000 | |
Exercise of common stock options (in shares) | 40,000 | 40,000 | |||
Exercise of common stock options | 244,000 | $ 244,000 | |||
Share-based compensation expense | 511,000 | 511,000 | |||
Unrealized gain (loss) on marketable securities | (2,000) | (2,000) | |||
Net loss | (3,622,000) | (3,622,000) | |||
Balance (in shares) at Mar. 31, 2021 | 18,786,157 | ||||
Balance at Mar. 31, 2021 | $ 95,680,000 | $ (4,000) | $ (72,531,000) | $ 23,145,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Stock Issuance [Member] | |
Offering costs | $ 819 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (3,622,000) | $ (2,425,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Share-based compensation | 511,000 | 393,000 |
Amortization of discount on marketable securities | 26,000 | (14,000) |
Non-cash lease expense | 14,000 | 13,000 |
Depreciation | 6,000 | 6,000 |
Changes in operating assets and liabilities: | ||
Amounts receivable | 3,000 | (162,000) |
Prepaid expenses and other assets | (383,000) | (397,000) |
Accounts payable | (410,000) | 262,000 |
Accrued liabilities | (458,000) | (654,000) |
Net cash used in operating activities | (4,313,000) | (2,978,000) |
Cash flows from investing activities: | ||
Purchase of marketable securities | (11,923,000) | (8,799,000) |
Maturities of marketable securities | 11,921,000 | 3,500,000 |
Purchases of property and equipment | (9,000) | (2,000) |
Proceeds from disposition of property and equipment | 2,000 | |
Net cash used in investing activities | (9,000) | (5,301,000) |
Cash flows from financing activities: | ||
Proceeds from issuance of common shares, net of offering costs | 7,682,000 | |
Proceeds from the exercise of stock options | 244,000 | 16,000 |
Principal payments on finance lease obligations | (2,000) | (2,000) |
Net cash provided by financing activities | 242,000 | 7,696,000 |
Net decrease in cash and cash equivalents | (4,080,000) | (583,000) |
Cash and cash equivalents at beginning of period | 7,409,000 | 3,883,000 |
Cash and cash equivalents at end of period | $ 3,329,000 | $ 3,300,000 |
Note 1 - Business
Note 1 - Business | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Business DiaMedica Therapeutics Inc. and its wholly-owned subsidiaries, DiaMedica USA, Inc. and DiaMedica Australia Pty Ltd. (collectively we, us, our, DiaMedica and the Company), are focused on developing novel treatments for neurological disorders and kidney diseases. Currently, our primary focus is on developing DM 199, 1 KLK1 |
Note 2 - Risks and Uncertaintie
Note 2 - Risks and Uncertainties | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Risks and Uncertainties [Text Block] | 2. Risks and Uncertainties DiaMedica operates in a highly regulated and competitive environment. The development, manufacturing and marketing of pharmaceutical products require approval from, and are subject to ongoing oversight by, the Food and Drug Administration (FDA) in the United States, the European Medicines Agency (EMA) in the European Union and comparable agencies in other countries. We are in the clinical stage of development of our initial product candidate, DM199, not not DM199 not three five DM199 DM199 As of March 31, 2021, $72.5 2000. three March 31, 2021, $3.6 $4.3 DM199 March 31, 2021, $3.3 $20.1 $23.0 $23.1 no not We expect that we will need substantial additional capital to further our research and development activities, complete the required clinical trials and regulatory activities and otherwise develop our product candidate, DM199, may 2 twelve may no not |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 3. Summary of Significant Accounting Policies Interim financial statements We have prepared the accompanying condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (US GAAP) for interim financial information and with the instructions to Form 10 X not December 31. December 31, 2020 may not Cash and cash equivalents The Company considers all bank deposits, including money market funds, and other investments, purchased with an original maturity to the Company of three Concentration of credit risk Financial instruments that potentially expose the Company to concentration of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company maintains its cash balances primarily with one not not Marketable securities The Company's marketable securities typically consist of obligations of the United States government and its agencies, investment grade corporate obligations and bank certificates of deposit, which are classified as available-for-sale and included in current assets as they are intended to fund current operations. Securities are valued based on market prices for similar assets using third Available-for-sale securities are reviewed for possible impairment at least quarterly, or more frequently if circumstances arise that may not not no March 31, 2021. Fair value measurements Under the authoritative guidance for fair value measurements, fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The authoritative guidance also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The categorization of financial assets and financial liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is broken down into three Level 1 Level 2 Level 3 As of March 31, 2021, 4, Marketable Securities Patent costs Costs associated with applying for, prosecuting and maintaining patents are expensed as incurred given the uncertainty of patent approval and, if approved, the resulting probable future economic benefit to the Company. Patent-related costs, consisting primarily of legal expenses and filing/maintenance fees, are included in general and administrative costs and were $48,000 $32,000 three March 31, 2021 2020, |
Note 4 - Marketable Securities
Note 4 - Marketable Securities | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 4. Marketable Securities The available-for-sale marketable securities are primarily comprised of investments in commercial paper, corporate bonds and government securities and consist of the following, measured at fair value on a recurring basis (in thousands): Fair Value Measurements Using Inputs Considered as of: March 31, 2021 December 31, 2020 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Government securities $ 6,004 $ — $ 6,004 $ — $ 8,924 $ — $ 8,924 $ — Bank certificates of deposit 245 — 245 — 496 — 496 — Commercial paper and corporate bonds 13,823 — 13,823 — 10,678 — 10,678 — Total $ 20,072 $ — $ 20,072 $ — $ 20,098 $ — $ 20,098 $ — Accrued interest receivable on available-for-sale securities is included in amounts receivable and was $37,000 $34,000 March 31, 2021 December 31, 2020, There were no 1 2 three March 31, 2021. Under the terms of the Company's investment policy, purchases of marketable securities are limited to investment grade governmental and corporate obligations and bank certificates of deposit with a primary objective of principal preservation. Maturities of individual securities are less than one March 31, 2021 December 31, 2020. |
Note 5 - Amounts Receivable
Note 5 - Amounts Receivable | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 5. Amounts Receivable Amounts receivable consisted of the following (in thousands): March 31, 2021 December 31, 2020 Research and development incentives $ 289 $ 289 Sales-based taxes receivable 4 2 Other 44 49 Total amounts receivable $ 337 $ 340 |
Note 6 - Property and Equipment
Note 6 - Property and Equipment | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6. Property and Equipment Property and equipment consisted of the following (in thousands): March 31, 2021 December 31, 2020 Furniture and equipment $ 61 $ 69 Computer equipment 62 62 123 131 Less accumulated depreciation (48 ) (57 ) Property and equipment, net $ 75 $ 74 |
Note 7 - Accrued Liabilities
Note 7 - Accrued Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 7. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): March 31, 2021 December 31, 2020 Accrued clinical study costs $ 237 $ 13 Accrued research and other professional fees 143 360 Accrued compensation 33 483 Accrued taxes and other liabilities 7 8 Total accrued liabilities $ 420 $ 864 |
Note 8 - Operating Lease
Note 8 - Operating Lease | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 8. Operating Lease We lease certain office space under a non-cancelable operating lease. This lease does not not August 31, 2022 not This lease does not 9%, Our operating lease cost and variable lease costs were $17,000 $14,000, three March 31, 2021. Maturities of our operating lease obligation are as follows as of March 31, 2021 ( 2021 51 2022 46 Total lease payments $ 97 Less interest portion (6 ) Present value of lease obligation $ 91 |
Note 9 - Shareholders' Equity
Note 9 - Shareholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 9. Shareholders Equity Authorized capital stock The Company has authorized share capital of an unlimited number of voting common shares and the shares do not Common shareholders are entitled to receive dividends as declared by the Company, if any, and are entitled to one Equity issued during the three March 31, 2021 During the three March 31, 2021, 40,000 $244,000 no Equity issued during the three March 31, 2020 On February 13, 2020, 2,125,000 $4.00 $8.5 $7.7 During the three March 31, 2020, 7,200 $16,000 no Shares reserved Common shares reserved for future issuance are as follows: March 31, 2021 Stock options outstanding 1,421,094 Deferred share units outstanding 72,142 Shares available for grant under the DiaMedica Therapeutics Inc. Omnibus Incentive Plan 1,050,026 Common shares issuable under common share purchase warrants 265,000 Total 2,808,262 |
Note 10 - Net Loss Per Share
Note 10 - Net Loss Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 10. Net Loss Per Share We compute net loss per share by dividing our net loss (the numerator) by the weighted-average number of common shares outstanding (the denominator) during the period. Shares issued during the period and shares reacquired during the period, if any, are weighted for the portion of the period that they were outstanding. The computation of diluted earnings per share, or EPS, is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. Our diluted EPS is the same as basic EPS due to common equivalent shares being excluded from the calculation, as their effect is anti-dilutive. The following table summarizes our calculation of net loss per common share for the periods (in thousands, except share and per share data): Three Months Ended March 31, 2021 2020 Net loss $ (3,622 ) $ (2,425 ) Weighted average shares outstanding—basic and diluted 18,766,656 13,107,725 Basic and diluted net loss per share $ (0.19 ) $ (0.19 ) The following outstanding potential common shares were not not Three Months Ended March 31, 2021 2020 Employee and non-employee stock options 1,421,094 1,181,309 Common shares issuable under common share purchase warrants 265,000 255,000 Common shares issuable under deferred unit awards 72,142 21,183 |
Note 11 - Share-based Compensat
Note 11 - Share-based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 11. Share-Based Compensation 2019 The DiaMedica Therapeutics Inc. 2019 2019 March 2019 May 22, 2019. 2019 2019 no ten one three five one 2019 2019 2,000,000 March 31, 2021, 930,684 50,959 2019 Prior stock option plan The DiaMedica Therapeutics Inc. Stock Option Plan, Amended and Restated November 6, 2018 ( 2019 2019 March 31, 2021, 490,410 As the TSX Venture Exchange was the principal trading market for the Company's common shares, all options granted prior to December 31, 2018 December 31, 2018 Prior deferred share unit plan The DiaMedica Therapeutics Inc. Amended and Restated Deferred Share Unit Plan (DSU Plan) was terminated by the Board of Directors in conjunction with the shareholder approval of the 2019 March 31, 2021, 21,183 The aggregate number of common shares reserved for issuance for awards granted under the 2019 March 31, 2021 1,493,234. Share-based compensation expense for each of the periods presented is as follows (in thousands): Three Months Ended March 31 2021 2020 Research and development $ 131 $ 107 General and administrative 380 286 Total share-based compensation $ 511 $ 393 We recognize share-based compensation based on the fair value of each award as estimated using the Black-Scholes option valuation model. Ultimately, the actual expense recognized over the vesting period will only be for those shares that actually vest. A summary of option activity is as follows (in thousands except share and per share amounts): Shares Underlying Options Outstanding Weighted Average Exercise Price Per Share Aggregate Intrinsic Value Balances at December 31, 2020 1,389,568 $ 5.38 $ 7,109 Granted 85,000 9.69 Exercised (40,000 ) 6.11 132 Expired/cancelled (13,474 ) 6.54 Forfeited — — Balances at March 31, 2021 1,421,094 $ 5.60 $ 5,589 Information about stock options outstanding, vested and expected to vest as of March 31, 2021, Outstanding, Vested and Expected to Vest Options Vested and Exercisable Per Share Exercise Price Shares Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Options Exercisable Weighted Average Remaining Contractual Life (Years) $2.00 - $2.99 120,500 4.7 $ 2.41 120,500 4.7 $3.00 - $3.99 17,500 6.0 3.84 17,500 6.0 $4.00 - $4.99 938,567 8.2 4.51 680,974 7.9 $5.00 - $9.99 274,527 7.4 8.03 198,216 6.7 $10.00 - $27.06 70,000 4.0 16.62 50,000 1.6 1,421,094 7.5 $ 5.60 1,067,190 7.0 |
Note 12 - Related Party Transac
Note 12 - Related Party Transaction | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 12. Related Party Transaction During 2021, no $107,000 three March 31, 2021, $52,000 March 31, 2021. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Interim financial statements We have prepared the accompanying condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (US GAAP) for interim financial information and with the instructions to Form 10 X not December 31. December 31, 2020 may not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents The Company considers all bank deposits, including money market funds, and other investments, purchased with an original maturity to the Company of three |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of credit risk Financial instruments that potentially expose the Company to concentration of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company maintains its cash balances primarily with one not not |
Marketable Securities, Policy [Policy Text Block] | Marketable securities The Company's marketable securities typically consist of obligations of the United States government and its agencies, investment grade corporate obligations and bank certificates of deposit, which are classified as available-for-sale and included in current assets as they are intended to fund current operations. Securities are valued based on market prices for similar assets using third Available-for-sale securities are reviewed for possible impairment at least quarterly, or more frequently if circumstances arise that may not not no March 31, 2021. |
Fair Value Measurement, Policy [Policy Text Block] | Fair value measurements Under the authoritative guidance for fair value measurements, fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The authoritative guidance also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The categorization of financial assets and financial liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is broken down into three Level 1 Level 2 Level 3 As of March 31, 2021, 4, Marketable Securities |
Patent Costs [Policy Text Block] | Patent costs Costs associated with applying for, prosecuting and maintaining patents are expensed as incurred given the uncertainty of patent approval and, if approved, the resulting probable future economic benefit to the Company. Patent-related costs, consisting primarily of legal expenses and filing/maintenance fees, are included in general and administrative costs and were $48,000 $32,000 three March 31, 2021 2020, |
Note 4 - Marketable Securities
Note 4 - Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Fair Value, Marketable Securities Measured on a Recurring Basis [Table Text Block] | Fair Value Measurements Using Inputs Considered as of: March 31, 2021 December 31, 2020 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Government securities $ 6,004 $ — $ 6,004 $ — $ 8,924 $ — $ 8,924 $ — Bank certificates of deposit 245 — 245 — 496 — 496 — Commercial paper and corporate bonds 13,823 — 13,823 — 10,678 — 10,678 — Total $ 20,072 $ — $ 20,072 $ — $ 20,098 $ — $ 20,098 $ — |
Note 5 - Amounts Receivable (Ta
Note 5 - Amounts Receivable (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, 2021 December 31, 2020 Research and development incentives $ 289 $ 289 Sales-based taxes receivable 4 2 Other 44 49 Total amounts receivable $ 337 $ 340 |
Note 6 - Property and Equipme_2
Note 6 - Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, 2021 December 31, 2020 Furniture and equipment $ 61 $ 69 Computer equipment 62 62 123 131 Less accumulated depreciation (48 ) (57 ) Property and equipment, net $ 75 $ 74 |
Note 7 - Accrued Liabilities (T
Note 7 - Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | March 31, 2021 December 31, 2020 Accrued clinical study costs $ 237 $ 13 Accrued research and other professional fees 143 360 Accrued compensation 33 483 Accrued taxes and other liabilities 7 8 Total accrued liabilities $ 420 $ 864 |
Note 8 - Operating Lease (Table
Note 8 - Operating Lease (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2021 51 2022 46 Total lease payments $ 97 Less interest portion (6 ) Present value of lease obligation $ 91 |
Note 9 - Shareholders' Equity (
Note 9 - Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Common Stock Reserved for Future Issuance [Table Text Block] | March 31, 2021 Stock options outstanding 1,421,094 Deferred share units outstanding 72,142 Shares available for grant under the DiaMedica Therapeutics Inc. Omnibus Incentive Plan 1,050,026 Common shares issuable under common share purchase warrants 265,000 Total 2,808,262 |
Note 10 - Net Loss Per Share (T
Note 10 - Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2021 2020 Net loss $ (3,622 ) $ (2,425 ) Weighted average shares outstanding—basic and diluted 18,766,656 13,107,725 Basic and diluted net loss per share $ (0.19 ) $ (0.19 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended March 31, 2021 2020 Employee and non-employee stock options 1,421,094 1,181,309 Common shares issuable under common share purchase warrants 265,000 255,000 Common shares issuable under deferred unit awards 72,142 21,183 |
Note 11 - Share-based Compens_2
Note 11 - Share-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31 2021 2020 Research and development $ 131 $ 107 General and administrative 380 286 Total share-based compensation $ 511 $ 393 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Shares Underlying Options Outstanding Weighted Average Exercise Price Per Share Aggregate Intrinsic Value Balances at December 31, 2020 1,389,568 $ 5.38 $ 7,109 Granted 85,000 9.69 Exercised (40,000 ) 6.11 132 Expired/cancelled (13,474 ) 6.54 Forfeited — — Balances at March 31, 2021 1,421,094 $ 5.60 $ 5,589 |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Outstanding, Vested and Expected to Vest Options Vested and Exercisable Per Share Exercise Price Shares Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Options Exercisable Weighted Average Remaining Contractual Life (Years) $2.00 - $2.99 120,500 4.7 $ 2.41 120,500 4.7 $3.00 - $3.99 17,500 6.0 3.84 17,500 6.0 $4.00 - $4.99 938,567 8.2 4.51 680,974 7.9 $5.00 - $9.99 274,527 7.4 8.03 198,216 6.7 $10.00 - $27.06 70,000 4.0 16.62 50,000 1.6 1,421,094 7.5 $ 5.60 1,067,190 7.0 |
Note 2 - Risks and Uncertaint_2
Note 2 - Risks and Uncertainties (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retained Earnings (Accumulated Deficit), Ending Balance | $ (72,531) | $ (68,909) | ||
Net Income (Loss) Attributable to Parent, Total | (3,622) | $ (2,425) | ||
Net Cash Provided by (Used in) Operating Activities, Total | (4,313) | (2,978) | ||
Cash, Cash Equivalents, and Short-term Investments, Total | 3,300 | |||
Marketable Securities, Total | 20,100 | |||
Working Capital | 23,000 | |||
Stockholders' Equity Attributable to Parent, Ending Balance | $ 23,145 | $ 13,323 | $ 26,014 | $ 7,617 |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Research and Development Expense [Member] | ||
Patent Expense | $ 48,000 | $ 32,000 |
Note 4 - Marketable Securitie_2
Note 4 - Marketable Securities (Details Textual) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Accrued Interest Receivable On Available For Sale Securities [Member] | ||
Interest Receivable | $ 37,000 | $ 34,000 |
Note 4 - Marketable Securitie_3
Note 4 - Marketable Securities - Fair Value of Marketable Securities (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Total marketable securities | $ 20,072 | $ 20,098 |
Fair Value, Inputs, Level 1 [Member] | ||
Total marketable securities | ||
Fair Value, Inputs, Level 2 [Member] | ||
Total marketable securities | 20,072 | 20,098 |
Fair Value, Inputs, Level 3 [Member] | ||
Total marketable securities | ||
US Government Agencies Debt Securities [Member] | ||
Total marketable securities | 6,004 | 8,924 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total marketable securities | ||
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total marketable securities | 6,004 | 8,924 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total marketable securities | ||
Bank Certificates of Deposit [Member] | ||
Total marketable securities | 245 | 496 |
Bank Certificates of Deposit [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total marketable securities | ||
Bank Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total marketable securities | 245 | 496 |
Bank Certificates of Deposit [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total marketable securities | ||
Commercial Paper and Corporate Bonds [Member] | ||
Total marketable securities | 13,823 | 10,678 |
Commercial Paper and Corporate Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total marketable securities | ||
Commercial Paper and Corporate Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total marketable securities | 13,823 | 10,678 |
Commercial Paper and Corporate Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total marketable securities |
Note 5 - Amounts Receivable - A
Note 5 - Amounts Receivable - Amounts Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Research and development incentives | $ 289 | $ 289 |
Sales-based taxes receivable | 4 | 2 |
Other | 44 | 49 |
Total amounts receivable | $ 337 | $ 340 |
Note 6 - Property and Equipme_3
Note 6 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Property, plant and equipment, gross | $ 123 | $ 131 |
Less accumulated depreciation | (48) | (57) |
Property and equipment, net | 75 | 74 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 61 | 69 |
Computer Equipment [Member] | ||
Property, plant and equipment, gross | $ 62 | $ 62 |
Note 7 - Accrued Liabilities -
Note 7 - Accrued Liabilities - Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accrued clinical study costs | $ 237 | $ 13 |
Accrued research and other professional fees | 143 | 360 |
Accrued compensation | 33 | 483 |
Accrued taxes and other liabilities | 7 | 8 |
Total accrued liabilities | $ 420 | $ 864 |
Note 8 - Operating Lease (Detai
Note 8 - Operating Lease (Details Textual) | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Lessee, Operating Lease, Discount Rate | 9.00% |
Operating Lease, Cost | $ 17,000 |
Variable Lease, Cost | $ 14,000 |
Note 8 - Operating Lease - Matu
Note 8 - Operating Lease - Maturity of Operating Lease Liability (Details) $ in Thousands | Mar. 31, 2021USD ($) |
2021 | $ 51 |
2022 | 46 |
Total lease payments | 97 |
Less interest portion | (6) |
Present value of lease obligation | $ 91 |
Note 9 - Shareholders' Equity_2
Note 9 - Shareholders' Equity (Details Textual) - USD ($) | Feb. 13, 2020 | Mar. 31, 2021 | Mar. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 40,000 | 7,200 | |
Stock Issued During Period, Value, Stock Options Exercised | $ 244,000 | $ 16,000 | |
Stock Issued During Period, Shares, Exercise of Common Stock Warrants (in shares) | 0 | ||
Stock Issued During Period, Shares, New Issues (in shares) | 2,125,000 | ||
Shares Issued, Price Per Share (in dollars per share) | $ 4 | ||
Proceeds from Issuance of Common Stock | $ 8,500,000 | $ 7,682,000 | |
Proceeds from Issuance of Common Stock, Net | $ 7,700,000 | ||
Warrants Issued in Private Placement [Member] | |||
Stock Issued During Period, Shares, Exercise of Common Stock Warrants (in shares) | 0 |
Note 9 - Shareholders' Equity -
Note 9 - Shareholders' Equity - Shares Reserved (Details) | Mar. 31, 2021shares |
Common stock reserved for future issuance (in shares) | 2,808,262 |
Stock Options Outstanding [Member] | |
Common stock reserved for future issuance (in shares) | 1,421,094 |
Deferred Share Units [Member] | |
Common stock reserved for future issuance (in shares) | 72,142 |
The 2019 Omnibus Incentive Plan [Member] | |
Common stock reserved for future issuance (in shares) | 1,050,026 |
Common Share Purchase Warrants [Member] | |
Common stock reserved for future issuance (in shares) | 265,000 |
Note 10 - Net Loss Per Share -
Note 10 - Net Loss Per Share - Summary of Significant Accounting Policies - Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net loss | $ (3,622) | $ (2,425) |
Weighted average shares outstanding—basic and diluted (in shares) | 18,766,656 | 13,107,725 |
Basic and diluted net loss per share (in dollars per share) | $ (0.19) | $ (0.19) |
Note 10 - Net Loss Per Share _2
Note 10 - Net Loss Per Share - Schedule of Antidilutive Shares Excluded from Computation of Net Loss Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Employee and Non-employee Stock Options [Member] | ||
Antidilutive Securities (in shares) | 1,421,094 | 1,181,309 |
Warrant [Member] | ||
Antidilutive Securities (in shares) | 265,000 | 255,000 |
Deferred Share Units [Member] | ||
Antidilutive Securities (in shares) | 72,142 | 21,183 |
Note 11 - Share-based Compens_3
Note 11 - Share-based Compensation (Details Textual) - shares | 1 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2021 | |
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 2,808,262 | |
The 2019 Omnibus Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 2,000,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 930,684 | |
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 50,959 | |
The 2019 Omnibus Incentive Plan [Member] | Employee and Non-employee Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |
The 2019 Omnibus Incentive Plan [Member] | Employee and Non-employee Stock Options [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |
The 2019 Omnibus Incentive Plan [Member] | Employee and Non-employee Stock Options [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |
The 2019 Omnibus Incentive Plan [Member] | Nonemployee Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 5 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |
Stock Option Prior Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 490,410 | |
The 2012 DSU Plan [Member] | ||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 21,183 | |
The 2019 Omnibus Incentive Plan, Stock Option Prior Plan, and the 2012 DSU Plan [Member] | ||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 1,493,234 |
Note 11 - Share-based Compens_4
Note 11 - Share-based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Total share-based compensation | $ 511 | $ 393 |
Research and Development Expense [Member] | ||
Total share-based compensation | 131 | 107 |
General and Administrative Expense [Member] | ||
Total share-based compensation | $ 380 | $ 286 |
Note 11 - Share-based Compens_5
Note 11 - Share-based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Exercised (in shares) | (40,000) | (7,200) |
Share-based Payment Arrangement, Option [Member] | ||
Balance (in shares) | 1,389,568 | |
Balance, weighted average exercise price (in dollars per share) | $ 5.38 | |
Balance, aggregate intrinsic value | $ 7,109 | |
Granted (in shares) | 85,000 | |
Granted, weighted average exercise price (in dollars per share) | $ 9.69 | |
Exercised (in shares) | (40,000) | |
Exercised, weighted average exercise price (in dollars per share) | $ 6.11 | |
Exercised, aggregate intrinsic value | $ 132 | |
Expired/cancelled (in shares) | (13,474) | |
Expired / cancelled, weighted average exercise price (in dollars per share) | $ 6.54 | |
Forfeited (in shares) | ||
Forfeited, weighted average exercise price (in dollars per share) | ||
Balance (in shares) | 1,421,094 | |
Balance, weighted average exercise price (in dollars per share) | $ 5.60 | |
Balance, aggregate intrinsic value | $ 5,589 |
Note 11 - Share-based Compens_6
Note 11 - Share-based Compensation - Stock Options Outstanding (Details) | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Outstanding, shares (in shares) | shares | 1,421,094 |
Outstanding, weighted average remaining contractual life (Year) | 7 years 182 days |
Outstanding, weighted average exercise price (in dollars per share) | $ 5.60 |
Exercisable, shares (in shares) | shares | 1,067,190 |
Exercisable, weighted average remaining contractual life (Year) | 7 years |
Exercise Price Range 1 [Member] | |
Per share exercise price, lower range (in dollars per share) | $ 2 |
Per share exercise price, upper range (in dollars per share) | $ 2.99 |
Outstanding, shares (in shares) | shares | 120,500 |
Outstanding, weighted average remaining contractual life (Year) | 4 years 255 days |
Outstanding, weighted average exercise price (in dollars per share) | $ 2.41 |
Exercisable, shares (in shares) | shares | 120,500 |
Exercisable, weighted average remaining contractual life (Year) | 4 years 255 days |
Exercise Price Range 2 [Member] | |
Per share exercise price, lower range (in dollars per share) | $ 3 |
Per share exercise price, upper range (in dollars per share) | $ 3.99 |
Outstanding, shares (in shares) | shares | 17,500 |
Outstanding, weighted average remaining contractual life (Year) | 6 years |
Outstanding, weighted average exercise price (in dollars per share) | $ 3.84 |
Exercisable, shares (in shares) | shares | 17,500 |
Exercisable, weighted average remaining contractual life (Year) | 6 years |
Exercise Price Range 3 [Member] | |
Per share exercise price, lower range (in dollars per share) | $ 4 |
Per share exercise price, upper range (in dollars per share) | $ 4.99 |
Outstanding, shares (in shares) | shares | 938,567 |
Outstanding, weighted average remaining contractual life (Year) | 8 years 73 days |
Outstanding, weighted average exercise price (in dollars per share) | $ 4.51 |
Exercisable, shares (in shares) | shares | 680,974 |
Exercisable, weighted average remaining contractual life (Year) | 7 years 328 days |
Exercise Price Range 4 [Member] | |
Per share exercise price, lower range (in dollars per share) | $ 5 |
Per share exercise price, upper range (in dollars per share) | $ 9.99 |
Outstanding, shares (in shares) | shares | 274,527 |
Outstanding, weighted average remaining contractual life (Year) | 7 years 146 days |
Outstanding, weighted average exercise price (in dollars per share) | $ 8.03 |
Exercisable, shares (in shares) | shares | 198,216 |
Exercisable, weighted average remaining contractual life (Year) | 6 years 255 days |
Exercise Price Range 5 [Member] | |
Per share exercise price, lower range (in dollars per share) | $ 10 |
Per share exercise price, upper range (in dollars per share) | $ 27.06 |
Outstanding, shares (in shares) | shares | 70,000 |
Outstanding, weighted average remaining contractual life (Year) | 4 years |
Outstanding, weighted average exercise price (in dollars per share) | $ 16.62 |
Exercisable, shares (in shares) | shares | 50,000 |
Exercisable, weighted average remaining contractual life (Year) | 1 year 219 days |
Note 12 - Related Party Trans_2
Note 12 - Related Party Transaction (Details Textual) - Vice President [Member] - Consulting Services [Member] | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Accounts Payable, Related Parties, Current | $ 52,000 |
Research and Development Expense [Member] | |
Related Party Transaction, Amounts of Transaction | $ 107,000 |