As of September 30, 2024, DiaMedica Therapeutics Inc. reported total current assets of $50.8 million, a decrease from $53.7 million at the end of 2023. Cash and cash equivalents fell to $4.1 million from $4.5 million, while marketable securities decreased to $46.1 million from $48.4 million. Total assets also declined to $52.5 million from $54.2 million, and total shareholders’ equity dropped to $48.0 million from $51.1 million. However, paid-in capital increased to $180.0 million from $166.6 million, reflecting ongoing equity financing efforts.
The company reported significant increases in research and development (R&D) expenses, which reached $5.0 million for the third quarter of 2024, up from $3.3 million in the same period of 2023. For the nine months ended September 30, 2024, R&D expenses totaled $12.6 million, compared to $9.4 million in the prior year. This rise is attributed to the ongoing ReMEDy2 clinical trial for DM199, which targets acute ischemic stroke (AIS) and has faced slower-than-expected site activations and enrollment due to staffing shortages and competition for research staff.
Operating losses for the third quarter of 2024 were $(6.9) million, compared to $(5.2) million in the same quarter of 2023. For the nine months ended September 30, 2024, the operating loss was $(18.3) million, up from $(15.4) million in the previous year. The net loss for the third quarter was $(6.3) million, compared to $(4.5) million in 2023, while the nine-month net loss increased to $(16.5) million from $(14.2) million.
The company has not generated any revenue from product sales and does not anticipate doing so for at least three to four years. Funding has primarily come from equity sales, with a notable private placement in June 2024 generating $11.7 million in net proceeds. As of September 30, 2024, DiaMedica had a combined cash, cash equivalents, and marketable securities balance of $50.2 million, which is expected to support operations for at least the next 12 months.
Strategically, DiaMedica is expanding its clinical trials globally, with recent regulatory approval from the South African Health Products Regulatory Authority for a study of DM199 in treating preeclampsia. The company continues to face challenges in trial enrollment and anticipates ongoing operating losses as it progresses with its clinical development programs.
About DiaMedica Therapeutics Inc.
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