DiaMedica Therapeutics (DMAC) 10-K 19 Mar 19 2018 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Mar. 14, 2019	Jun. 30, 2018
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 Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Small Business	true
Entity Common Stock, Shares Outstanding (in shares)		11,956,874
Entity Public Float			$ 59.8
Entity Shell Company	false
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Current assets:
Cash	$ 16,823	$ 1,353
Amounts receivable	780	80
Prepaid expenses	369	61
Total current assets	17,972	1,494
Deposit	271	271
Property and equipment, net	96	37
Total non-current assets	367	308
Total assets	18,339	1,802
Current liabilities:
Accounts payable and accrued liabilities	1,291	919
Capital lease obligation	5
Warrant liability		84
Total current liabilities	1,296	1,003
Long term liabilities:
Capital lease obligation, non-current	18
Total long term liabilities	18
Commitments and contingencies (Note 9)
Shareholders’ equity:
Common shares, no par value; unlimited authorized; 11,956,874 and 6,370,661 shares issued and outstanding, as of December 31, 2018 and 2017, respectively
Additional paid-in capital	62,993	41,033
Accumulated deficit	(45,968)	(40,234)
Total shareholders’ equity	17,025	799
Total liabilities and shareholders’ equity	$ 18,339	$ 1,802

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares $ / shares in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Common shares, par value (in dollars per share)	$ 0	$ 0
Common shares, authorized	Unlimited	Unlimited
Common shares, issued (in shares)	11,956,874	6,370,661
Common shares, outstanding (in shares)	11,956,874	6,370,661

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Operating revenues:
License revenues	$ 500
Operating expenses:
Research and development	4,522	3,206
General and administrative	2,739	1,313
Total operating expenses	7,261	4,519
Operating loss	(6,761)	(4,519)
Other (income) expense:
Governmental assistance – research incentives	(1,214)	(244)
Other (income) expense	68	(6)
Change in fair value of warrant liability	39	(9)
Total other income	(1,107)	(259)
Loss before income tax expense	(5,654)	(4,260)
Income tax expense	80
Net loss and comprehensive loss	$ (5,734)	$ (4,260)
Basic and diluted net loss per share (in dollars per share)	$ (0.74)	$ (0.72)
Weighted average shares outstanding – basic and diluted (in shares)	7,743,520	5,935,790

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2016	5,526,046
Balance at Dec. 31, 2016		$ 37,085	$ (35,974)	$ 1,111
Issuance of common shares and warrants, net of offering costs (in shares)	707,536
Issuance of common shares and warrants, net of offering costs		2,917		$ 2,917
Exercise of common share purchase warrants (in shares)	134,079			134,079
Exercise of common share purchase warrants		615		$ 615
Exercise of common stock option (in shares)	3,000			3,000
Exercise of common stock option		7		$ 7
Share-based compensation expense		409		409
Net loss			(4,260)	(4,260)
Balance (in shares) at Dec. 31, 2017	6,370,661
Balance at Dec. 31, 2017		41,033	(40,234)	799
Issuance of common shares and warrants, net of offering costs (in shares)	1,322,965
Issuance of common shares and warrants, net of offering costs		5,840		$ 5,840
Exercise of common share purchase warrants (in shares)	146,294			128,594
Exercise of common share purchase warrants		731		$ 731
Exercise of common stock option (in shares)	16,954			16,954
Exercise of common stock option		43		$ 43
Share-based compensation expense		620		620
Net loss			(5,734)	(5,734)
Issuance of common shares, net of offering costs of $1,674 (in shares)	4,100,000
Issuance of common shares, net of offering costs of $1,674		14,726		14,726
Balance (in shares) at Dec. 31, 2018	11,956,874
Balance at Dec. 31, 2018		$ 62,993	$ (45,968)	$ 17,025

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Stock and Warrants Issuance 1 [Member]
Offering costs	$ 529
Stock Issuance [Member]
Offering costs	$ 1,674
Offering costs		$ 292

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities:
Net loss	$ (5,734,000)	$ (4,260,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	620,000	409,000
Change in fair value of warrant liability	39,000	(9,000)
Depreciation	15,000	4,000
Changes in operating assets and liabilities:
Amounts receivable	(700,000)	(27,000)
Prepaid expenses	(308,000)	6,000
Deposits		(271,000)
Accounts payable and accrued liabilities	372,000	248,000
Net cash used in operating activities	(5,696,000)	(3,900,000)
Cash flows from investing activities:
Purchase of property and equipment	(50,000)	(22,000)
Net cash used in financing activities	(50,000)	(22,000)
Cash flows from financing activities:
Proceeds from issuance of common shares, net of offering costs	14,726,000	2,917,000
Proceeds from issuance of common shares and warrants, net offering costs	5,840,000
Proceeds from the exercise of common share purchase warrants	607,000	615,000
Proceeds from exercise of stock options	43,000	7,000
Net cash provided by financing activities	21,216,000	3,539,000
Net increase (decrease) in cash	15,470,000	(383,000)
Cash at beginning of year	1,353,000	1,736,000
Cash at end of year	16,823,000	1,353,000
Supplemental disclosure of cash flow information:
Cash paid for interest	11,000	57,000
Supplemental disclosure of non-cash transactions:
Reclassification of warrant liability upon warrant exercise	123,000
Assets acquired under capital lease	$ 24,000

Note 1 - Business

Note 1 - Business	12 Months Ended
	Dec. 31, 2018
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”), exist for the primary purpose of advancing the clinical and commercial development of a proprietary recombinant KLK1 December 4, 2018, Effective November 15, 2018, 1 20 No November 6, 2018

Note 2 - Risks and Uncertaintie

Note 2 - Risks and Uncertainties	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Risks and Uncertainties [Text Block]	2. Risks and Uncertainties DiaMedica is subject to many risks and uncertainties. We are in the clinical stage of development of our initial product candidate, DM199, not not DM199 not DM199 DM199 As of December 31, 2018, $46.0 2000. December 31, 2018, $5.7 $5.7 2019 2018 December 31, 2018, $16.8 $16.7 $17.0 December 2018. 8 no not Despite our recent initial public offering in the United States, we expect that we will need substantial additional capital to further our research and development activities, complete the required clinical trials, regulatory activities and otherwise develop our product candidate, DM199, may 2020. may no not

Note 3 - Summary of Significant

Note 3 - Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Significant Accounting Policies [Text Block]	3. Summary of Significant Accounting Policies Basis of consolidation The accompanying consolidated financial statements include the assets, liabilities and expenses of DiaMedica Therapeutics Inc., and our wholly-owned subsidiaries, DiaMedica USA, Inc. and DiaMedica Australia Pty Ltd. All significant intercompany transactions and balances have been eliminated in consolidation. Functional currency The United States dollar is our functional currency as it represents the economic effects of the underlying transactions, events and conditions and various other factors including the currency of historical and future expenditures and the currency in which funds from financing activities are mostly generated by the Company. A change in the functional currency occurs only when there is a material change in the underlying transactions, events and condition. A change in functional currency could result in material differences in the amounts recorded in the consolidated statement of loss and comprehensive loss for foreign exchange gains and losses. All amounts in the accompanying consolidated financial statements are in U.S. dollars unless otherwise indicated. Use of estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ from those estimates. Concentration of credit risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash. Cash is deposited in demand and savings accounts at commercial banks. At times, such deposits may not Fair value of financial instruments Carrying amounts of certain of the Company’s financial instruments, including amounts receivable, prepaid expenses and other current assets, accounts payable and accrued liabilities approximate fair value due to their short maturities. Certain of the Company’s common share purchase warrants are required to be reported at fair value. The fair value of common share purchase warrants is disclosed in Note 10 Fair value measurements Fair value is defined as the exit price, or 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—Unadjusted ● Level 2—Quoted not ● Level 3—Prices Our cash is comprised of bank deposits in demand and savings accounts. As of December 31, 2018, Common share warrant liability The common share warrants that were issued in connection with the February 2016 February 2018, 8 Long-lived assets Property and equipment are stated at purchased cost less accumulated depreciation. Depreciation of property and equipment is computed using the straight-line method over their estimated useful lives of three ten four Long-lived assets are evaluated for impairment when events or changes in circumstances indicate that the carrying amount of the asset or related group of assets may not may Revenue recognition We followed ASC 606, We intend to enter into arrangements for the research and development (R&D) and/or manufacture of products and product candidates. Such arrangements may In arrangements involving more than one not The consideration allocated to each distinct performance obligation is recognized as revenue when control of the related goods or services is transferred. Consideration associated with at-risk substantive performance milestones is recognized as revenue when it is probable that a significant reversal of the cumulative revenue recognized will not Research and development costs Research and development costs include expenses incurred in the conduct of human clinical trials, for third DM199 DM199 We charge research and development costs, including clinical trial costs, to expense when incurred. Our human clinical trials are performed at clinical trial sites and are administered jointly by us with assistance from contract research organizations (“CROs”). Costs of setting up clinical trial sites are accrued upon execution of the study agreement. Expenses related to the performance of clinical trials are accrued based on contracted amounts and the achievement of agreed upon milestones, such as patient enrollment, patient follow-up, etc. We monitor levels of performance under each significant contract, including the extent of patient enrollment and other activities through communications with the clinical trial sites and CROs, and adjust the estimates, if required, on a quarterly basis so that clinical expenses reflect the actual work performed at each clinical trial site and by each CRO. Patent costs Costs associated with prosecuting and maintaining patents are expensed as incurred given the uncertainty of patent approval and, if approved, resulting in probable future economic benefit to the Company. Patent-related costs, consisting primarily of legal expenses and filing/maintenance fees, are included in research and development costs and were $156,000 $160,000 December 31, 2018 2017, Share-based compensation The cost of employee and non-employee services received in exchange for awards of equity instruments is measured and recognized based on the estimated grant date fair value of those awards. Compensation cost is recognized ratably using the straight-line attribution method over the vesting period, which is considered to be the requisite service period. We record forfeitures in the periods in which they occur. The fair value of share-based awards is estimated at the date of grant using the Black-Scholes option pricing model. The determination of the fair value of share-based awards is affected by our share price, as well as assumptions regarding a number of complex and subjective variables. Risk free interest rates are based upon Canadian Government bond rates appropriate for the expected term of each award. Expected volatility rates are based on the on historical volatility equal to the expected life of the option. The assumed dividend yield is zero, as we do not Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the Consolidated Financial Statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted rates, for each of the jurisdictions in which the Company operates, expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amount that is more likely than not December 31, 2018 2017. 13, Government assistance Government assistance relating to research and development performed by DiaMedica Australia Pty Ltd. is recorded as a component of Other (income) expense. Government assistance was initially recognized when reasonable assurance existed that the Company complied with the conditions attached to the incentive program and that the incentive payments would be received. In subsequent periods, the government assistance was recognized when the related expenditures were incurred. During 2018, $621,000 $593,000 2018 2017, 2017, $244,000 2016. 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): Year Ended December 31 2018 2017 Net loss $ (5,734 ) $ (4,260 ) Weighted average shares outstanding—basic and diluted 7,743,520 5,935,790 Basic and diluted net loss per share $ (0.74 ) $ (0.72 ) The following outstanding potential common shares were not not Year Ended December 31 2018 2017 Employee and non-employee stock options 639,359 480,035 Common shares issuable under common share purchase warrants 807,563 216,213 Common shares issuable under deferred unit plan 21,183 21,183 1,468,105 717,431 Recently adopted accounting pronouncements In May 2014, January 1, 2018, no no third 2018. 606, 11 Recently issued accounting pronouncements In February 2016, No. 2016 02, Leases 2016 02 840, 2016 02 January 1, 2019. The FASB has subsequently issued the following amendments to ASU 2016 02, January 1, 2019, ● ASU No. 2018 01, Leases (Topic 842 842 not 842 842 not 840, ● ASU No. 2018 10, Codification Improvements to Topic 842, 2016 02. ● ASU No. 2018 11, Leases (Topic 842 2016 02 not ● ASU No. 2018 20, Narrow-Scope Improvements for Lessors 2016 02. We adopted the new leasing standards on January 1, 2019, January 1, 2019; not 842 not January 1, 2019. $200,000. not In June 2018, No. 2018 07, Improvements to Nonemployee Share-Based Payment Accounting December 15, 2018, not

Note 4 - Amounts Receivable

Note 4 - Amounts Receivable	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	4. Amounts Receivable Amounts receivable consisted of the following (in thousands): December 31, 2018 December 31, 2017 Research and development incentives $ 622 $ — Sales-based taxes receivable 134 — Other 24 80 Total amounts receivable $ 780 $ 80

Note 5 - Deposit

Note 5 - Deposit	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Other Assets Disclosure [Text Block]	5. Deposit Deposit consisted of the following (in thousands): December 31, 2018 December 31, 2017 Advances to vendor $ 271 $ 271 Total deposit $ 271 $ 271 We have advanced funds to a vendor engaged to support the performance of the REMEDY Phase 2 not 2019.

Note 6 - Property and Equipment

Note 6 - Property and Equipment	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	6. Property and Equipment Property and equipment consisted of the following (in thousands): December 31, 2018 December 31, 2017 Furniture and equipment $ 49 $ 40 Computer equipment 71 23 120 63 Less accumulated depreciation (24 ) (26 ) Property and equipment, net $ 96 $ 37 Depreciation expense for the years ended December 31, 2018 2017 $15,000 $4,000, 2018, $17,000

Note 7 - Accounts Payable and A

Note 7 - Accounts Payable and Accrued Liabilities	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	7. Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consisted of the following (in thousands): December 31, 2018 December 31, 2017 Trade and other payables $ 483 $ 513 Accrued compensation 417 355 Accrued clinical study costs 292 — Accrued research and other professional fees 65 45 Accrued taxes and other liabilities 34 6 Total accrued liabilities $ 1,291 $ 919

Note 8 - Warrant Liability

Note 8 - Warrant Liability	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Warrant Liabilities [Text Block]	8. Warrant Liability In February 2016, two 234,375 one one one 117,188 one $5.00 February 18 25, 2018 1 2, As the warrant exercise price was stated in Canadian dollars and the Company’s functional currency is the U.S. dollar, the warrants were deemed to be derivative instruments, with their estimated fair value classified as a liability on the Company’s consolidated balance sheet. The initial estimated fair value of the warrants was recorded as a warrant liability with subsequent changes in the estimated fair value recognized in the consolidated statements of operations and comprehensive loss. The Company allocated $281,000 191.8 225.0%, 0.43 0.49%, 2 In connection with the offering, the Company issued an aggregate of 10,915 one $5.00 2 $24,000, 191.8 225.0%, 0.43 0.49%, 2 During February 2018, 121,256 $483,000 4,346 The fair value of the Company’s common share purchase warrant liability was calculated using a Black-Scholes valuation model and is classified as Level 3 16.7%, 1.8%, 0.01 0.03 The following is a rollforward of the fair value of the warrants (in thousands): Warrant Liability Ending balance December 31, 2017 $ 84 Change in fair value 39 Exercises (123 ) Ending balance December 31, 2018 $ —

Note 9 - Commitments and Contin

Note 9 - Commitments and Contingencies	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	9. Commitments and Contingencies Clinical trials and product development In the normal course of business, the Company incurs obligations to make future payments as it executes its business plan. These contracts relate to preclinical, clinical and development activities, including the clinical research organization conducting our Phase II clinical trial for acute ischemic stroke. These commitments are subject to significant change and the ultimate amounts due may 30 December 31, 2018, $1.9 12 $600,000 12 On September 11, 2017, 60 DM199 DM199 24 3 21 DM199’s 90 On February 14, 2019, first DM199 Additional clinical trials will be subsequently required if the results of the Phase II are positive. However, at this time, we are unable to reasonably estimate the total costs of future trials. Such costs are contingent on and subject to change depending on the results of current and future clinical trials as well as developments in the regulatory requirements. Clinical trial costs are expensed as incurred. Technology license The Company has entered into a license agreement with Catalent Pharma Solutions, LLC (“Catalent”) whereby we have licensed certain gene expression technology and we contract with Catalent for the manufacture of DM199. may December 31, 2018, two $185,000 first $185,000 first first 1% may 90 may not no 2018 2017. Indemnification of directors and officers The Company, as permitted under laws of the Canada and in accordance with the Company’s by-laws and indemnification agreements, will indemnify and advance expenses to its directors and officers to the fullest extent permitted by law and may December 31, 2018, no not may 1933, may not December 31, 2018 2017. Future minimum lease payments The Company leases certain office space under a non-cancelable operating lease. On May 3, 2017, 42 August 31, 2022, Future minimum lease payments under this operating lease are as follows (in thousands): 2019 $ 64 2020 66 2021 68 2022 46 Total $ 244

Note 10 - Shareholders' Equity

Note 10 - Shareholders' Equity	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	10. Shareholders’ Equity Authorized capital stock The Company has authorized share capital of an unlimited number of common voting 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 Shareholders rights plan The Company adopted a shareholder rights plan agreement (the “Rights Plan”). The Rights Plan is designed to provide adequate time for the Board of Directors and the shareholders to assess an unsolicited takeover bid for the Company, to provide the Board of Directors with sufficient time to explore and develop alternatives for maximizing shareholder value if a takeover bid is made, and to provide shareholders with an equal opportunity to participate in a takeover bid and receive full and fair value for their common shares. The Rights Plan was renewed at the Company’s annual meeting of shareholders in December 2017 2020. The rights issued under the Rights Plan will initially attach to and trade with the common shares and no 20% 50% Under the Plan, a Permitted Bid is a bid made to all holders of the common shares and which is open for acceptance for not 60 60 50% may 10 The issuance of common shares upon the exercise of the rights is subject to receipt of certain regulatory approvals. Public offering during 2018 On December 11, 2018, 4,100,000 $4.00 $16.4 $14.7 None ten December 11, 2018, $50, 205,000 5.0% $4.80 120% five Private placements during 2018 On March 29, 2018, two 1,322,965 $4.90 $6.3 one one one 661,482 one $7.00 March 19, 2020 March 29, 2020 1 2, $12.00 21 $384,000 80,510 one $4.90 2 During the year ended December 31, 2018, 128,594 $607,000 16,954 $43,000. Private placements during 2017 On December 18, 2017, 181,220 $5.20 $944,000, $934,000 one one one one $7.00 December 19, 2019. $12.00 21 On April 17, 2017, 526,316 $3.80 $2,000,000, $1,983,000 one one one one $4.60 April 17, 2019. $6.00 10 October 2017. 131,578 During the year ended December 31, 2017, 134,079 $615,000 3,000 $7,000. Shares reserved December 31, 2018 Stock options outstanding 639,359 Deferred share units outstanding 21,183 Shares available for grant under the Option Plan 123,376 Common shares issuable under common share purchase warrants 807,563 Total 1,591,479

Note 11 - License and Collabora

Note 11 - License and Collaboration Agreement With Related Party	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	11. License and Collaboration Agreement with Related Party On September 27, 2018, DM199 $500,000 $4.5 $27.5 10% DM199 may 120 The Company received the $500,000 December 31, 2018. $4.5 $27.5 not not may 10% $500,000 Ahon Pharma is a subsidiary of Shanghai Fosun Pharmaceutical (Group) co. Ltd. (“Fosun Pharma”) which, through its partnership with SK Group, a South Korea based company, is an investor in DiaMedica, holding approximately 8.4% December 31, 2018. 2016.

Note 12 - Share-based Compensat

Note 12 - Share-based Compensation	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	12. Share-Based Compensation Deferred share unit plan The DiaMedica Therapeutics Inc. Amended and Restated Deferred Share Unit Plan (“DSU Plan”) promotes greater alignment of long-term interests between non-executive directors and executive officers of the Company and its shareholders through the issuance of deferred share units (“DSUs”). Since the value of DSUs increases or decreases with the market price of the common shares, DSUs reflect a philosophy of aligning the interests of directors and executive officers by tying compensation to share price performance. For the year ended December 31, 2018 2017, no 100,000 21,183 December 31, 2018 2017. Stock option plan The DiaMedica Therapeutics Inc. Stock Option Plan Amended and Restated November 6, 2018 ( September 22, 2011, October 23, 2015, December 21, 2017 November 6, 2018. 783,918 10% not 10% may 422 1986, 283,918 As of December 31, 2018, 639,359 10 The aggregate number of common shares reserved for issuance under the Option Plan and the DSU Plan as of December 31, 2018 783,918. Share-based compensation expense for each of the periods presented is as follows (in thousands): December 31, 2018 December 31, 2017 Research and development $ 170 $ 60 General and administrative 450 349 Total share-based compensation $ 620 $ 409 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 Weighted Average Exercise Price Per Share (CAD$) Aggregate Intrinsic Value (CAD$) Balances at December 31, 2016 427,850 $ 7.68 $ 187 Granted 127,635 6.11 Exercised (3,000 ) 3.00 Expired/cancelled (72,450 ) 13.29 Forfeited — — Balances at December 31, 2017 480,035 $ 6.45 $ 674 Granted 196,800 11.08 Exercised (16,954 ) 3.29 Expired/cancelled — — Forfeited (20,522 ) 8.99 Balances at December 31, 2018 639,359 $ 7.87 $ — A summary of the status of our unvested shares during the year ended and as of December 31, 2018 Shares Under Option Weighted Average Grant Date Fair Value Per Share (CAD$) Unvested at December 31, 2017 216,793 $ 3.69 Granted 196,800 9.30 Vested (150,739 ) 4.48 Forfeitures (20,522 ) 7.27 Unvested at December 31, 2018 $ 242,332 $ 7.45 Information about stock options outstanding, vested and expected to vest as of December 31, 2018, 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 (CAD$) Options Exercisable Weighted Average Remaining Contractual Life (Years) $2.00 - $2.60 50,000 6.8 $ 2.00 50,000 6.8 $2.80 - $3.20 125,400 6.9 3.00 125,400 6.9 $3.40 - $5.20 130,405 8.0 5.12 91,239 8.0 $5.40 - $10.20 98,063 8.5 6.39 50,563 8.5 $10.40 - $34.00 235,491 8.2 13.86 79,825 5.9 639,359 7.8 $ 7.87 397,027 7.1 The cumulative grant date fair value of employee options vested during the years ended December 31, 2018 2017 $508,000 $213,000, December 31, 2018 2017 $43,000 $7,000, As of December 31, 2018 2017, not $1.4 $551,000, 2.01 1.97 The aggregate intrinsic value of stock options exercised during the years ended December 31, 2018 2017 $104,000 12,000, The assumptions used in calculating the fair value under the Black-Scholes option valuation model are set forth in the following table for options issued by the Company for the years ended December 31, 2018 2017: 2018 2017 Common share fair value $8.84 - $9.33 $5.20 - $8.40 Risk-free interest rate 2.1 – 2.2% 1.1% Expected dividend yield 0% 0% Expected option life 4.8 – 5.0 4.5 Expected stock price volatility 123.5 – 135.7% 84.7 – 156.8% Nonemployee share-based compensation We account for stock options granted to nonemployees in accordance with FASB ASC 505. $205,000 $308,000 December 31, 2018 2017, These amounts were based upon the fair values of the vested portion of the grants. Amounts expensed during the remaining vesting period will be determined based on the fair value at the time of vesting.

Note 13 - Employee Benefit Plan

Note 13 - Employee Benefit Plan	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Compensation and Employee Benefit Plans [Text Block]	13. Employee Benefit Plan We maintain an employee 401 “401 401 21 may 401 401 4% 401 We have recorded contribution expenses of $45,000 $33,000 December 31, 2018 2017,

Note 14 - Income Taxes

Note 14 - Income Taxes	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	14. Income Taxes The Company has incurred net operating losses since inception. The Company has not Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes as well as operating losses and tax credit carryforwards. The significant components of our deferred tax assets and liabilities are as follows (in thousands): December 31, 2018 2017 Deferred tax assets (liabilities): Non-capital losses carried forward $ 9,280 $ 7,233 Research and development expenditures 887 887 Share issue costs 529 117 Patents and other 293 319 Accruals (97 ) — Property and equipment (6 ) (4 ) Total deferred tax asset, net 10,886 8,552 Valuation allowance (10,886 ) (8,552 ) Net deferred tax asset $ — $ — Realization of the future tax benefits is dependent on our ability to generate sufficient taxable income within the carryforward period. Because of our history of operating losses, management believes that the deferred tax assets arising from the above-mentioned future tax benefits are currently not The reconciliation of the Canadian statutory income tax rate applied to the net loss for the year to the income tax expense is as follows: Year Ended December 31, 2018 2017 Statutory income tax rate 27.0 % 27.0 % Income tax recovery based on statutory rate (1,119 ) (1,160 ) Share-based compensation 243 110 Gain on revaluation of warrant liability (450 ) (2 ) Australian research and development incentive 103 314 Other 172 204 Change in unrecognized temporary differences 1,131 534 Income tax expense (80 ) — Net operating losses and tax credit carryforwards as of December 31, 2018, Amount (In thousands) Expiration Years Non-capital income tax losses, net $ 32,002 Beginning 2026 Research and development expense carry forwards 3,284 Indefinitely Tax credits 525 Beginning 2020 The Company is subject to taxation in the Canada, the United States and Australia. Tax returns, since the inception of DiaMedica Therapeutics Inc. are subject to examinations by Canadian tax authorities and may 2012 2016

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Basis of consolidation The accompanying consolidated financial statements include the assets, liabilities and expenses of DiaMedica Therapeutics Inc., and our wholly-owned subsidiaries, DiaMedica USA, Inc. and DiaMedica Australia Pty Ltd. All significant intercompany transactions and balances have been eliminated in consolidation.
Functional Currency [Policy Text Block]	Functional currency The United States dollar is our functional currency as it represents the economic effects of the underlying transactions, events and conditions and various other factors including the currency of historical and future expenditures and the currency in which funds from financing activities are mostly generated by the Company. A change in the functional currency occurs only when there is a material change in the underlying transactions, events and condition. A change in functional currency could result in material differences in the amounts recorded in the consolidated statement of loss and comprehensive loss for foreign exchange gains and losses. All amounts in the accompanying consolidated financial statements are in U.S. dollars unless otherwise indicated.
Use of Estimates, Policy [Policy Text Block]	Use of estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ from those estimates.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of credit risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash. Cash is deposited in demand and savings accounts at commercial banks. At times, such deposits may not
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair value of financial instruments Carrying amounts of certain of the Company’s financial instruments, including amounts receivable, prepaid expenses and other current assets, accounts payable and accrued liabilities approximate fair value due to their short maturities. Certain of the Company’s common share purchase warrants are required to be reported at fair value. The fair value of common share purchase warrants is disclosed in Note 10
Fair Value Measurement, Policy [Policy Text Block]	Fair value measurements Fair value is defined as the exit price, or 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—Unadjusted ● Level 2—Quoted not ● Level 3—Prices Our cash is comprised of bank deposits in demand and savings accounts. As of December 31, 2018,
Derivatives, Policy [Policy Text Block]	Common share warrant liability The common share warrants that were issued in connection with the February 2016 February 2018, 8
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Long-lived assets Property and equipment are stated at purchased cost less accumulated depreciation. Depreciation of property and equipment is computed using the straight-line method over their estimated useful lives of three ten four Long-lived assets are evaluated for impairment when events or changes in circumstances indicate that the carrying amount of the asset or related group of assets may not may
Revenue Recognition, Policy [Policy Text Block]	Revenue recognition We followed ASC 606, We intend to enter into arrangements for the research and development (R&D) and/or manufacture of products and product candidates. Such arrangements may In arrangements involving more than one not The consideration allocated to each distinct performance obligation is recognized as revenue when control of the related goods or services is transferred. Consideration associated with at-risk substantive performance milestones is recognized as revenue when it is probable that a significant reversal of the cumulative revenue recognized will not
Research and Development Expense, Policy [Policy Text Block]	Research and development costs Research and development costs include expenses incurred in the conduct of human clinical trials, for third DM199 DM199 We charge research and development costs, including clinical trial costs, to expense when incurred. Our human clinical trials are performed at clinical trial sites and are administered jointly by us with assistance from contract research organizations (“CROs”). Costs of setting up clinical trial sites are accrued upon execution of the study agreement. Expenses related to the performance of clinical trials are accrued based on contracted amounts and the achievement of agreed upon milestones, such as patient enrollment, patient follow-up, etc. We monitor levels of performance under each significant contract, including the extent of patient enrollment and other activities through communications with the clinical trial sites and CROs, and adjust the estimates, if required, on a quarterly basis so that clinical expenses reflect the actual work performed at each clinical trial site and by each CRO.
Patent Costs [Policy Text Block]	Patent costs Costs associated with prosecuting and maintaining patents are expensed as incurred given the uncertainty of patent approval and, if approved, resulting in probable future economic benefit to the Company. Patent-related costs, consisting primarily of legal expenses and filing/maintenance fees, are included in research and development costs and were $156,000 $160,000 December 31, 2018 2017,
Compensation Related Costs, Policy [Policy Text Block]	Share-based compensation The cost of employee and non-employee services received in exchange for awards of equity instruments is measured and recognized based on the estimated grant date fair value of those awards. Compensation cost is recognized ratably using the straight-line attribution method over the vesting period, which is considered to be the requisite service period. We record forfeitures in the periods in which they occur. The fair value of share-based awards is estimated at the date of grant using the Black-Scholes option pricing model. The determination of the fair value of share-based awards is affected by our share price, as well as assumptions regarding a number of complex and subjective variables. Risk free interest rates are based upon Canadian Government bond rates appropriate for the expected term of each award. Expected volatility rates are based on the on historical volatility equal to the expected life of the option. The assumed dividend yield is zero, as we do not
Income Tax, Policy [Policy Text Block]	Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the Consolidated Financial Statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted rates, for each of the jurisdictions in which the Company operates, expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amount that is more likely than not December 31, 2018 2017. 13,
Government Assistance [Policy Text Block]	Government assistance Government assistance relating to research and development performed by DiaMedica Australia Pty Ltd. is recorded as a component of Other (income) expense. Government assistance was initially recognized when reasonable assurance existed that the Company complied with the conditions attached to the incentive program and that the incentive payments would be received. In subsequent periods, the government assistance was recognized when the related expenditures were incurred. During 2018, $621,000 $593,000 2018 2017, 2017, $244,000 2016.
Earnings Per Share, Policy [Policy Text Block]	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): Year Ended December 31 2018 2017 Net loss $ (5,734 ) $ (4,260 ) Weighted average shares outstanding—basic and diluted 7,743,520 5,935,790 Basic and diluted net loss per share $ (0.74 ) $ (0.72 ) The following outstanding potential common shares were not not Year Ended December 31 2018 2017 Employee and non-employee stock options 639,359 480,035 Common shares issuable under common share purchase warrants 807,563 216,213 Common shares issuable under deferred unit plan 21,183 21,183
New Accounting Pronouncements, Policy [Policy Text Block]	Recently adopted accounting pronouncements In May 2014, January 1, 2018, no no third 2018. 606, 11 Recently issued accounting pronouncements In February 2016, No. 2016 02, Leases 2016 02 840, 2016 02 January 1, 2019. The FASB has subsequently issued the following amendments to ASU 2016 02, January 1, 2019, ● ASU No. 2018 01, Leases (Topic 842 842 not 842 842 not 840, ● ASU No. 2018 10, Codification Improvements to Topic 842, 2016 02. ● ASU No. 2018 11, Leases (Topic 842 2016 02 not ● ASU No. 2018 20, Narrow-Scope Improvements for Lessors 2016 02. We adopted the new leasing standards on January 1, 2019, January 1, 2019; not 842 not January 1, 2019. $200,000. not In June 2018, No. 2018 07, Improvements to Nonemployee Share-Based Payment Accounting December 15, 2018, not

Note 3 - Summary of Significa_2

Note 3 - Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Year Ended December 31 2018 2017 Net loss $ (5,734 ) $ (4,260 ) Weighted average shares outstanding—basic and diluted 7,743,520 5,935,790 Basic and diluted net loss per share $ (0.74 ) $ (0.72 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Year Ended December 31 2018 2017 Employee and non-employee stock options 639,359 480,035 Common shares issuable under common share purchase warrants 807,563 216,213 Common shares issuable under deferred unit plan 21,183 21,183 1,468,105 717,431

Note 4 - Amounts Receivable (Ta

Note 4 - Amounts Receivable (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	December 31, 2018 December 31, 2017 Research and development incentives $ 622 $ — Sales-based taxes receivable 134 — Other 24 80 Total amounts receivable $ 780 $ 80

Note 5 - Deposit (Tables)

Note 5 - Deposit (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Tables
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]	December 31, 2018 December 31, 2017 Advances to vendor $ 271 $ 271 Total deposit $ 271 $ 271

Note 6 - Property and Equipme_2

Note 6 - Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Tables
Property, Plant and Equipment [Table Text Block]	December 31, 2018 December 31, 2017 Furniture and equipment $ 49 $ 40 Computer equipment 71 23 120 63 Less accumulated depreciation (24 ) (26 ) Property and equipment, net $ 96 $ 37

Note 7 - Accounts Payable and_2

Note 7 - Accounts Payable and Accrued Liabilities (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Tables
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	December 31, 2018 December 31, 2017 Trade and other payables $ 483 $ 513 Accrued compensation 417 355 Accrued clinical study costs 292 — Accrued research and other professional fees 65 45 Accrued taxes and other liabilities 34 6 Total accrued liabilities $ 1,291 $ 919

Note 8 - Warrant Liability (Tab

Note 8 - Warrant Liability (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Tables
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]	Warrant Liability Ending balance December 31, 2017 $ 84 Change in fair value 39 Exercises (123 ) Ending balance December 31, 2018 $ —

Note 9 - Commitments and Cont_2

Note 9 - Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Tables
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	2019 $ 64 2020 66 2021 68 2022 46 Total $ 244

Note 10 - Shareholders' Equity

Note 10 - Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Tables
Common Stock Reserved for Future Issuance [Table Text Block]	December 31, 2018 Stock options outstanding 639,359 Deferred share units outstanding 21,183 Shares available for grant under the Option Plan 123,376 Common shares issuable under common share purchase warrants 807,563 Total 1,591,479

Note 12 - Share-based Compens_2

Note 12 - Share-based Compensation (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Tables
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	December 31, 2018 December 31, 2017 Research and development $ 170 $ 60 General and administrative 450 349 Total share-based compensation $ 620 $ 409
Share-based Compensation, Stock Options, Activity [Table Text Block]	Shares Underlying Options Weighted Average Exercise Price Per Share (CAD$) Aggregate Intrinsic Value (CAD$) Balances at December 31, 2016 427,850 $ 7.68 $ 187 Granted 127,635 6.11 Exercised (3,000 ) 3.00 Expired/cancelled (72,450 ) 13.29 Forfeited — — Balances at December 31, 2017 480,035 $ 6.45 $ 674 Granted 196,800 11.08 Exercised (16,954 ) 3.29 Expired/cancelled — — Forfeited (20,522 ) 8.99 Balances at December 31, 2018 639,359 $ 7.87 $ —
Schedule of Nonvested Share Activity [Table Text Block]	Shares Under Option Weighted Average Grant Date Fair Value Per Share (CAD$) Unvested at December 31, 2017 216,793 $ 3.69 Granted 196,800 9.30 Vested (150,739 ) 4.48 Forfeitures (20,522 ) 7.27 Unvested at December 31, 2018 $ 242,332 $ 7.45
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by 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 (CAD$) Options Exercisable Weighted Average Remaining Contractual Life (Years) $2.00 - $2.60 50,000 6.8 $ 2.00 50,000 6.8 $2.80 - $3.20 125,400 6.9 3.00 125,400 6.9 $3.40 - $5.20 130,405 8.0 5.12 91,239 8.0 $5.40 - $10.20 98,063 8.5 6.39 50,563 8.5 $10.40 - $34.00 235,491 8.2 13.86 79,825 5.9 639,359 7.8 $ 7.87 397,027 7.1
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	2018 2017 Common share fair value $8.84 - $9.33 $5.20 - $8.40 Risk-free interest rate 2.1 – 2.2% 1.1% Expected dividend yield 0% 0% Expected option life 4.8 – 5.0 4.5 Expected stock price volatility 123.5 – 135.7% 84.7 – 156.8%

Note 14 - Income Taxes (Tables)

Note 14 - Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Tables
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	December 31, 2018 2017 Deferred tax assets (liabilities): Non-capital losses carried forward $ 9,280 $ 7,233 Research and development expenditures 887 887 Share issue costs 529 117 Patents and other 293 319 Accruals (97 ) — Property and equipment (6 ) (4 ) Total deferred tax asset, net 10,886 8,552 Valuation allowance (10,886 ) (8,552 ) Net deferred tax asset $ — $ —
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Year Ended December 31, 2018 2017 Statutory income tax rate 27.0 % 27.0 % Income tax recovery based on statutory rate (1,119 ) (1,160 ) Share-based compensation 243 110 Gain on revaluation of warrant liability (450 ) (2 ) Australian research and development incentive 103 314 Other 172 204 Change in unrecognized temporary differences 1,131 534 Income tax expense (80 ) —
Summary of Operating Loss Carryforwards [Table Text Block]	Amount (In thousands) Expiration Years Non-capital income tax losses, net $ 32,002 Beginning 2026 Research and development expense carry forwards 3,284 Indefinitely Tax credits 525 Beginning 2020

Note 1 - Business (Details Text

Note 1 - Business (Details Textual)	Nov. 15, 2018
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	20

Note 2 - Risks and Uncertaint_2

Note 2 - Risks and Uncertainties (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Retained Earnings (Accumulated Deficit), Ending Balance	$ (45,968)	$ (40,234)
Net Income (Loss) Attributable to Parent, Total	(5,734)	(4,260)
Net Cash Provided by (Used in) Operating Activities, Total	(5,696)	(3,900)
Cash, Ending Balance	16,823	1,353	$ 1,736
Working Capital	16,700
Stockholders' Equity Attributable to Parent, Ending Balance	$ 17,025	$ 799	$ 1,111

Note 3 - Summary of Significa_3

Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Jan. 01, 2019
Research Grant, Recognized, Research Activities Performed 2018	$ 621,000
Research Grant, Recognized, Research Activities Performed 2017	593,000
Research Grant, Recognized, Research Activities Performed 2016		$ 244,000
Subsequent Event [Member]
Operating Lease, Right-of-Use Asset			$ 200,000
Operating Lease, Liability, Total			$ 200,000
Research and Development Expense [Member]
Patent Expense	$ 156,000	$ 160,000
Office Equipment [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life	3 years
Office Equipment [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life	10 years
Computer Equipment [Member]
Property, Plant and Equipment, Useful Life	4 years

Note 3 - Summary of Significa_4

Note 3 - Summary of Significant Accounting Policies - Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Net loss	$ (5,734)	$ (4,260)
Weighted average shares outstanding—basic and diluted (in shares)	7,743,520	5,935,790
Basic and diluted net loss per share (in dollars per share)	$ (0.74)	$ (0.72)

Note 3 - Summary of Significa_5

Note 3 - Summary of Significant Accounting Policies - Antidilutive Securities (Details) - shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Antidilutive securities (in shares)	1,468,105	717,431
Employee and Non-employee Stock Options [Member]
Antidilutive securities (in shares)	639,359	480,035
Common Stock Purchase Warrants [Member]
Antidilutive securities (in shares)	807,563	216,213
Deferred Share Units [Member]
Antidilutive securities (in shares)	21,183	21,183

Note 4 - Amounts Receivable - A

Note 4 - Amounts Receivable - Amounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Research and development incentives	$ 622
Sales-based taxes receivable	134
Other	24	80
Total amounts receivable	$ 780	$ 80

Note 5 - Deposit - Deposits (De

Note 5 - Deposit - Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Advances to vendor	$ 271	$ 271
Total deposit	$ 271	$ 271

Note 6 - Property and Equipme_3

Note 6 - Property and Equipment (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Depreciation, Total	$ 15,000	$ 4,000
Property, Plant and Equipment, Disposals	$ 17,000

Note 6 - Property and Equipme_4

Note 6 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Property, plant and equipment, gross	$ 120	$ 63
Less accumulated depreciation	(24)	(26)
Property and equipment, net	96	37
Furniture and Fixtures [Member]
Property, plant and equipment, gross	49	40
Computer Equipment [Member]
Property, plant and equipment, gross	$ 71	$ 23

Note 7 - Accounts Payable and_3

Note 7 - Accounts Payable and Accrued Liabilities - Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Trade and other payables	$ 483	$ 513
Accrued compensation	417	355
Accrued clinical study costs	292
Accrued research and other professional fees	65	45
Accrued taxes and other liabilities	34	6
Total accrued liabilities	$ 1,291	$ 919

Note 8 - Warrant Liability (Det

Note 8 - Warrant Liability (Details Textual)	Mar. 29, 2018$ / sharesshares	Dec. 18, 2017$ / sharesshares	Apr. 17, 2017$ / sharesshares	Feb. 28, 2018USD ($)shares	Feb. 29, 2016USD ($)shares	Dec. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)shares	Feb. 29, 2016$ / shares	Feb. 29, 2016USD ($)shares
Proceeds from Warrant Exercises | $						$ 607,000	$ 615,000
Warrants and Rights Outstanding | $							$ 84,000
Stock Issued During Period, Shares, Exercise of Common Stock Warrants						128,594	134,079
Warrants Issued in Private Placement [Member]
Class of Warrant or Right, Outstanding									117,188
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right	1	1	1						1
Class of Warrant or Right, Exercise Price of Warrants or Rights | (per share)	$ 7	$ 7	$ 4.60					$ 5
Proceeds from Warrant Exercises | $					$ 281,000
Stock Issued During Period, Shares, Exercise of Common Stock Warrants							131,578
Warrants Issued in Private Placement [Member] | Measurement Input, Price Volatility [Member] | Minimum [Member]
Warrants and Rights Outstanding, Measurement Input									1.918
Warrants Issued in Private Placement [Member] | Measurement Input, Price Volatility [Member] | Maximum [Member]
Warrants and Rights Outstanding, Measurement Input									2.25
Warrants Issued in Private Placement [Member] | Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member]
Warrants and Rights Outstanding, Measurement Input									0.0043
Warrants Issued in Private Placement [Member] | Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member]
Warrants and Rights Outstanding, Measurement Input									0.0049
Warrants Issued in Private Placement [Member] | Measurement Input, Expected Term [Member]
Warrants and Rights Outstanding, Measurement Input									2
Compensation Warrants Issued In Connection With Private Placement [Member]
Class of Warrant or Right, Outstanding									10,915
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right									1
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares								$ 5
Proceeds from Warrant Exercises | $				$ 483,000
Warrants and Rights Outstanding, Term									2 years
Warrants and Rights Outstanding | $									$ 24,000
Stock Issued During Period, Shares, Exercise of Common Stock Warrants				121,256
Class of Warrant or Right, Warrants Expired During Period				4,346
Compensation Warrants Issued In Connection With Private Placement [Member] | Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input				0.167
Compensation Warrants Issued In Connection With Private Placement [Member] | Measurement Input, Price Volatility [Member] | Minimum [Member]
Warrants and Rights Outstanding, Measurement Input									1.918
Compensation Warrants Issued In Connection With Private Placement [Member] | Measurement Input, Price Volatility [Member] | Maximum [Member]
Warrants and Rights Outstanding, Measurement Input									2.25
Compensation Warrants Issued In Connection With Private Placement [Member] | Measurement Input, Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input				0.018
Compensation Warrants Issued In Connection With Private Placement [Member] | Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member]
Warrants and Rights Outstanding, Measurement Input									0.0043
Compensation Warrants Issued In Connection With Private Placement [Member] | Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member]
Warrants and Rights Outstanding, Measurement Input									0.0049
Compensation Warrants Issued In Connection With Private Placement [Member] | Measurement Input, Expected Term [Member]
Warrants and Rights Outstanding, Measurement Input									2
Compensation Warrants Issued In Connection With Private Placement [Member] | Measurement Input, Expected Term [Member] | Minimum [Member]
Warrants and Rights Outstanding, Measurement Input				0.01
Compensation Warrants Issued In Connection With Private Placement [Member] | Measurement Input, Expected Term [Member] | Maximum [Member]
Warrants and Rights Outstanding, Measurement Input				0.03
Private Placement [Member]
Units Issued During Period, Units, New Issues	1,322,965	181,220	526,316		234,375
Units, Number of Common Shares Per Unit	1	1	1						1
Units, Number of Common Share Purchase Warrant Per Unit	0.5	0.5	0.5						0.5

Note 8 - Warrant Liability - Ro

Note 8 - Warrant Liability - Rollforward of Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Warrants	$ 84
Change in fair value	39	$ (9)
Exercises	(123)
Warrants		$ 84

Note 9 - Commitments and Cont_3

Note 9 - Commitments and Contingencies (Details Textual) - USD ($)	Dec. 31, 2018	Dec. 31, 2017	May 03, 2017
Office Space [Member]
Lessee, Operating Lease, Term of Contract			3 years 180 days
Research and Development Contracts [Member]
Contractual Obligation, Due in Next Fiscal Year	$ 1,900,000
Contractual Obligation, Due in Second Year	600,000
Technology License [Member]
Milestone Payment, Due Upon Initiation of Phase III Trial	185,000
Milestone Payment, Due Upon First Regulatory Approval for Commercial Sale	185,000
Contractual Obligation, Total	0	$ 0
Indemnification Agreements [Member]
Contractual Obligation, Total	$ 0	$ 0

Note 9 - Commitments and Cont_4

Note 9 - Commitments and Contingencies - Future Minimum Lease Payment (Details) $ in Thousands	Dec. 31, 2018USD ($)
2019	$ 64
2020	66
2021	68
2022	46
Total	$ 244

Note 10 - Shareholders' Equit_2

Note 10 - Shareholders' Equity (Details Textual)	Dec. 11, 2018USD ($)$ / sharesshares	Mar. 29, 2018USD ($)$ / sharesshares	Dec. 18, 2017USD ($)$ / sharesshares	Apr. 17, 2017USD ($)$ / sharesshares	Feb. 29, 2016USD ($)shares	Dec. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)shares	Feb. 29, 2016$ / sharesshares
Rights, Threshold Trigger to be Exercisable, Percent of Common Stock Outstanding Owned by Individual						20.00%
Rights, Exercisable, Percent of Discount to Market Price						50.00%
Proceeds from Issuance of Common Stock | $						$ 14,726,000	$ 2,917,000
Stock Issued During Period, Shares, Exercise of Common Stock Warrants						128,594	134,079
Proceeds from Warrant Exercises | $						$ 607,000	$ 615,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period						16,954	3,000
Proceeds from Stock Options Exercised | $						$ 43,000	$ 7,000
Warrants Issued With IPO [Member]
Warrants Issued, Cash Consideration | $	$ 50,000
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	205,000
Warrants and Rights Outstanding, Percent of Outstanding Common Stock Outstanding Called by Warrants	5.00%
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares	$ 4.80
Class of Warrants or Rights, Percent of IPO Price Per Share of Exercise Price of Warrants	120.00%
Warrants and Rights Outstanding, Term	5 years
Warrants Issued in Private Placement [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights | (per share)		$ 7	$ 7	$ 4.60				$ 5
Class of Warrant or Right, Issued During Period		661,482
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right		1	1	1				1
Warrants and Rights Outstanding, Expiration, Stock Price Trigger | $ / shares		$ 12	$ 12	$ 6
Stock Issued During Period, Shares, Exercise of Common Stock Warrants							131,578
Proceeds from Warrant Exercises | $					$ 281,000
Warrants and Rights, Threshold Consecutive Trading Days			21	10
Compensation Warrants [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares		$ 4.90
Warrants and Rights Outstanding, Term		2 years
Class of Warrant or Right, Issued During Period		80,510
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right		1
IPO [Member]
Stock Issued During Period, Shares, New Issues	4,100,000
Shares Issued, Price Per Share | $ / shares	$ 4
Proceeds from Issuance of Common Stock | $	$ 16,400,000
Proceeds from Issuance of Common Stock, Net | $	$ 14,700,000
Private Placement [Member]
Shares Issued, Price Per Share | $ / shares		$ 4.90
Units Issued During Period, Units, New Issues		1,322,965	181,220	526,316	234,375
Proceeds From Issuance of Units | $		$ 6,300,000	$ 944,000	$ 2,000,000
Units, Number of Common Shares Per Unit		1	1	1				1
Units, Number of Common Share Purchase Warrant Per Unit		0.5	0.5	0.5				0.5
Payment for Finders Fee | $		$ 384,000
Units Issued, Price Per Unit | $ / shares			$ 5.20	$ 3.80
Proceeds From Issuance of Units, Net | $			$ 934,000	$ 1,983,000

Note 10 - Shareholders' Equit_3

Note 10 - Shareholders' Equity - Shares Reserved (Details)	Dec. 31, 2018shares
Common stock reserved for future issuance (in shares)	1,591,479
Stock Options Outstanding [Member]
Common stock reserved for future issuance (in shares)	639,359
Deferred Share Units [Member]
Common stock reserved for future issuance (in shares)	21,183
DiaMedica Stock Option Plan [Member]
Common stock reserved for future issuance (in shares)	123,376
Warrant [Member]
Common stock reserved for future issuance (in shares)	807,563

Note 11 - License and Collabo_2

Note 11 - License and Collaboration Agreement With Related Party (Details Textual) - USD ($)	Sep. 27, 2018	Dec. 31, 2018
SK Group [Member] | DiaMedica [Member]
Noncontrolling Interest, Ownership Percentage by Parent		8.40%
License Agreement [Member] | Ahon Pharma [Member]
Revenue from Related Parties	$ 500,000
Collaboration Agreement, Non-refundable Payment Payable Upon Regulatory Clearance	4,500,000
Collaboration Agreement, Additional Payment Upon Development and Sales Milestone	$ 27,500,000
Collaboration Agreement, Percent of Royalties Upon Development and Sales Milestones	10.00%
Collaboration Agreement, Payment of License Fee		$ 500,000

Note 12 - Share-based Compens_3

Note 12 - Share-based Compensation (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2012
Common Stock, Capital Shares Reserved for Future Issuance	1,591,479
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value	$ 508,000	$ 213,000
Proceeds from Stock Options Exercised	43,000	7,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 1,400,000	$ 551,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years 3 days	1 year 354 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value	$ 104,000	$ 12,000
Allocated Share-based Compensation Expense, Total	620,000	409,000
Nonemployee Stock Options [Member]
Allocated Share-based Compensation Expense, Total	$ 205,000	$ 308,000
The 2012 DSU Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	0	0
Common Stock, Capital Shares Reserved for Future Issuance	21,183	21,183	100,000
Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Options	783,918
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum	10.00%
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares	283,918
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance	639,359
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
The 2012 DSU Plan and Option Plan [Member]
Common Stock, Capital Shares Reserved for Future Issuance	783,918

Note 12 - Share-based Compens_4

Note 12 - Share-based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Total share-based compensation	$ 620	$ 409
Research and Development Expense [Member]
Total share-based compensation	170	60
General and Administrative Expense [Member]
Total share-based compensation	$ 450	$ 349

Note 12 - Share-based Compens_5

Note 12 - Share-based Compensation - Stock Option Activity (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Granted (in shares)	196,800
Exercised (in shares)	(16,954)	(3,000)
Employee Stock Option [Member]
Balance (in shares)	480,035	427,850
Balance, weighted average exercise price (in CAD per share)	$ 6.45	$ 7.68
Balance, aggregate intrinsic value		$ 674	$ 187
Granted (in shares)	196,800	127,635
Granted, weighted average exercise price (in CAD per share)	$ 11.08	$ 6.11
Exercised (in shares)	(16,954)	(3,000)
Exercised, weighted average exercise price (in CAD per share)	$ 3.29	$ 3
Expired/cancelled (in shares)		(72,450)
Expired / cancelled, weighted average exercise price (in CAD per share)		$ 13.29
Forfeited (in shares)	(20,522)
Forfeited, weighted average exercise price (in CAD per share)	$ 8.99
Balance (in shares)	639,359	480,035
Balances, weighted average exercise price (in CAD per share)	$ 7.87	$ 6.45

Note 12 - Share-based Compens_6

Note 12 - Share-based Compensation - Unvested Shares (Details)	12 Months Ended
	Dec. 31, 2018$ / sharesshares
Unvested (in shares) | shares	216,793
Unvested, weighted average grant-date fair value (in CAD per share) | $ / shares	$ 3.69
Granted (in shares) | shares	196,800
Granted, weighted average grant-date fair value (in CAD per share) | $ / shares	$ 9.30
Vested (in shares) | shares	(150,739)
Vested, weighted average grant-date fair value (in CAD per share) | $ / shares	$ 4.48
Forfeitures (in shares) | shares	(20,522)
Forfeitures, weighted average grant-date fair value (in CAD per share) | $ / shares	$ 7.27
Unvested (in shares) | shares	242,332
Unvested, weighted average grant-date fair value (in CAD per share) | $ / shares	$ 7.45

Note 12 - Share-based Compens_7

Note 12 - Share-based Compensation - Stock Options Outstanding (Details)	12 Months Ended
	Dec. 31, 2018$ / sharesshares
Outstanding, shares (in shares) | shares	639,359
Outstanding, weighted average remaining contractual life (Year)	7 years 292 days
Outstanding, weighted average exercise price (in CAD per share)	$ 7.87
Exercisable, shares (in shares) | shares	397,027
Exercisable, weighted average remaining contractual life (Year)	7 years 36 days
Exercise Price Range 1 [Member]
Per share exercise price, lower range (in CAD per share)	$ 2
Per share exercise price, upper range (in CAD per share)	$ 2.60
Outstanding, shares (in shares) | shares	50,000
Outstanding, weighted average remaining contractual life (Year)	6 years 292 days
Outstanding, weighted average exercise price (in CAD per share)	$ 2
Exercisable, shares (in shares) | shares	50,000
Exercisable, weighted average remaining contractual life (Year)	6 years 292 days
Exercise Price Range 2 [Member]
Per share exercise price, lower range (in CAD per share)	$ 2.80
Per share exercise price, upper range (in CAD per share)	$ 3.20
Outstanding, shares (in shares) | shares	125,400
Outstanding, weighted average remaining contractual life (Year)	6 years 328 days
Outstanding, weighted average exercise price (in CAD per share)	$ 3
Exercisable, shares (in shares) | shares	125,400
Exercisable, weighted average remaining contractual life (Year)	6 years 328 days
Exercise Price Range 3 [Member]
Per share exercise price, lower range (in CAD per share)	$ 3.40
Per share exercise price, upper range (in CAD per share)	$ 5.20
Outstanding, shares (in shares) | shares	130,405
Outstanding, weighted average remaining contractual life (Year)	8 years
Outstanding, weighted average exercise price (in CAD per share)	$ 5.12
Exercisable, shares (in shares) | shares	91,239
Exercisable, weighted average remaining contractual life (Year)	8 years
Exercise Price Range 4 [Member]
Per share exercise price, lower range (in CAD per share)	$ 5.40
Per share exercise price, upper range (in CAD per share)	$ 10.20
Outstanding, shares (in shares) | shares	98,063
Outstanding, weighted average remaining contractual life (Year)	8 years 182 days
Outstanding, weighted average exercise price (in CAD per share)	$ 6.39
Exercisable, shares (in shares) | shares	50,563
Exercisable, weighted average remaining contractual life (Year)	8 years 182 days
Exercise Price Range 5 [Member]
Per share exercise price, lower range (in CAD per share)	$ 10.40
Per share exercise price, upper range (in CAD per share)	$ 34
Outstanding, shares (in shares) | shares	235,491
Outstanding, weighted average remaining contractual life (Year)	8 years 73 days
Outstanding, weighted average exercise price (in CAD per share)	$ 13.86
Exercisable, shares (in shares) | shares	79,825
Exercisable, weighted average remaining contractual life (Year)	5 years 328 days

Note 12 - Share-based Compens_8

Note 12 - Share-based Compensation - Stock Option Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Risk-free interest rate		1.10%
Expected dividend yield	0.00%	0.00%
Expected option life (Year)		4 years 182 days
Minimum [Member]
Common share fair value (in dollars per share)	$ 8.84	$ 5.20
Risk-free interest rate	2.10%
Expected option life (Year)	4 years 292 days
Expected stock price volatility	123.50%	84.70%
Maximum [Member]
Common share fair value (in dollars per share)	$ 9.33	$ 8.40
Risk-free interest rate	2.20%
Expected option life (Year)	5 years
Expected stock price volatility	135.70%	156.80%

Note 13 - Employee Benefit Pl_2

Note 13 - Employee Benefit Plan (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	4.00%
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 45,000	$ 33,000

Note 14 - Income Taxes (Details

Note 14 - Income Taxes (Details Textual)	12 Months Ended
	Dec. 31, 2018
State and Local Jurisdiction [Member]
Open Tax Year	2012 2013 2014 2015 2016 2017 2018
Foreign Tax Authority [Member] | Australian Taxation Office [Member]
Open Tax Year	2016 2017 2018
Domestic Tax Authority [Member]
Open Tax Year	2012 2013 2014 2015 2016 2017 2018

Note 14 - Income Taxes - Deferr

Note 14 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Non-capital losses carried forward	$ 9,280	$ 7,233
Research and development expenditures	887	887
Share issue costs	529	117
Patents and other	293	319
Accruals	(97)
Property and equipment	(6)	(4)
Total deferred tax asset, net	10,886	8,552
Valuation allowance	(10,886)	(8,552)
Net deferred tax asset

Note 14 - Income Taxes - Reconc

Note 14 - Income Taxes - Reconciliation of Income Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Statutory income tax rate	27.00%	27.00%
Income tax recovery based on statutory rate	$ (1,119)	$ (1,160)
Share-based compensation	243	110
Gain on revaluation of warrant liability	(450)	(2)
Australian research and development incentive	103	314
Other	172	204
Change in unrecognized temporary differences	1,131	534
Income tax expense	$ (80)

Note 14 - Income Taxes - Net Op

Note 14 - Income Taxes - Net Operating Losses (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Non-capital Income Tax Losses, Net [Member]
Tax credits	$ 32,002
Tax credits, expiration years	Jan. 1, 2026
Research Tax Credit Carryforward [Member]
Tax credits	$ 3,284
Tax Credits [Member]
Tax credits	$ 525
Tax credits, expiration years	Jan. 1, 2020