$59.9M Cash Reserves and Positive DM199 Phase 2 Preeclampsia Data
DiaMedica ended 2025 with $59.9 million in cash, equivalents and short-term investments, funding operations through end-2027 while burning $29.1 million in operating cash and spending $24.6 million on R&D and $9.8 million on G&A. Positive Phase 2 DM199 interim data showed statistically significant blood pressure and uterine artery pulsatility index reductions without crossing the placenta, and Health Canada cleared a global Phase 2 trial in early-onset preeclampsia.
1. Financial Position
DiaMedica held $59.9 million in cash, cash equivalents and short-term investments as of December 31, 2025, versus $5.1 million in current liabilities, resulting in $55.5 million in working capital. The company reported a $29.1 million net cash burn from operations for 2025, with R&D expenses of $24.6 million and general and administrative expenses of $9.8 million, supporting a cash runway through end-2027.
2. Clinical Development Progress
Interim Phase 2 data for DM199 in preeclampsia demonstrated statistically significant reductions in maternal blood pressure and uterine artery pulsatility index, with no placental transfer observed. Health Canada granted clearance to initiate a global Phase 2 trial in early-onset preeclampsia, leveraging insights on pharmacokinetics and subcutaneous administration strategies.
3. Challenges and Upcoming Catalysts
Enrollment in the Part II preeclampsia expansion cohort has lagged due to staffing constraints, and the FDA has requested additional reproductive toxicology studies using alternative animal models. The ReMEDy2 stroke trial, now at 61 active sites, is on track for an interim analysis in the second half of 2026 that will dictate potential sample size adjustments or study termination.