DiaMedica Therapeutics (DMAC) 10-Q 11 Aug 20 2020 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Aug. 10, 2020
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	No
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)		18,739,074
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
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	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 4,955	$ 3,883
Marketable securities	6,844	3,995
Amounts receivable	319	823
Prepaid expenses and other assets	235	47
Deposits	46	88
Total current assets	12,399	8,836
Non-current assets:
Operating lease right-of-use asset	127	153
Property and equipment, net	55	64
Total non-current assets	182	217
Total assets	12,581	9,053
Current liabilities:
Accounts payable	552	182
Accrued liabilities	609	1,076
Finance lease obligation	6	6
Operating lease obligation	50	54
Total current liabilities	1,217	1,318
Non-current liabilities:
Finance lease obligation, non-current	10	13
Operating lease obligation, non-current	82	105
Total non-current liabilities	92	118
Shareholders’ equity:
Common shares, no par value; unlimited authorized; 14,139,074 and 12,006,874 shares issued and outstanding, as of June 30, 2020 and December 31, 2019, respectively
Paid-in capital	72,759	64,232
Accumulated other comprehensive income	29	2
Accumulated deficit	(61,516)	(56,617)
Total shareholders’ equity	11,272	7,617
Total liabilities and shareholders’ equity	$ 12,581	$ 9,053

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Common shares, par value (in dollars per share)	$ 0	$ 0
Common shares, authorized	Unlimited	Unlimited
Common shares, issued (in shares)	14,139,074	12,006,874
Common shares, outstanding (in shares)	14,139,074	12,006,874

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Operating expenses:
Research and development	$ 1,629	$ 1,874	$ 3,010	$ 4,481
General and administrative	1,079	867	2,102	1,681
Operating loss	(2,708)	(2,741)	(5,112)	(6,162)
Other (income) expense:
Governmental assistance - research incentives	(65)	(226)	(180)	(400)
Other income, net	(178)	(54)	(51)	(58)
Total other income	(243)	(280)	(231)	(458)
Loss before income tax expense	(2,465)	(2,461)	(4,881)	(5,704)
Income tax expense	9	8	18	17
Net loss	(2,474)	(2,469)	(4,899)	(5,721)
Other comprehensive income
Unrealized gain on marketable securities	(13)	8	27	11
Net loss and comprehensive loss	$ (2,487)	$ (2,461)	$ (4,872)	$ (5,710)
Basic and diluted net loss per share (in dollars per share)	$ (0.17)	$ (0.21)	$ (0.36)	$ (0.48)
Weighted average shares outstanding – basic and diluted (in shares)	14,139,074	11,979,401	13,623,400	11,968,200

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2018	11,956,874
Balance at Dec. 31, 2018		$ 62,993		$ (45,968)	$ 17,025
Exercise of common stock options (in shares)	50,000
Exercise of common stock options		75			75
Share-based compensation expense		312			312
Unrealized gain on marketable securities			11		11
Net loss				(5,721)	(5,721)
Balance (in shares) at Jun. 30, 2019	12,006,874
Balance at Jun. 30, 2019		63,380	11	(51,689)	11,702
Balance (in shares) at Dec. 31, 2019	12,006,874
Balance at Dec. 31, 2019		64,232	2	(56,617)	7,617
Issuance of common shares net of offering costs of $819 (in shares)	2,125,000
Issuance of common shares net of offering costs of $819		7,682			7,682
Exercise of common stock options (in shares)	7,200
Exercise of common stock options		16			16
Share-based compensation expense		829			829
Unrealized gain on marketable securities			27		27
Net loss				(4,899)	(4,899)
Balance (in shares) at Jun. 30, 2020	14,139,074
Balance at Jun. 30, 2020		$ 72,759	$ 29	$ (61,516)	$ 11,272

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Stock Issuance [Member]
Offering costs	$ 819

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net loss	$ (4,899,000)	$ (5,721,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	829,000	312,000
Amortization of discount on marketable securities	(23,000)	(53,000)
Non-cash lease expense	26,000	24,000
Depreciation	11,000	11,000
Changes in operating assets and liabilities:
Amounts receivable	504,000	(332,000)
Prepaid expenses	(188,000)	171,000
Deposits	42,000
Accounts payable	370,000	(221,000)
Accrued liabilities	(494,000)	(196,000)
Net cash used in operating activities	(3,822,000)	(6,005,000)
Cash flows from investing activities:
Purchase of marketable securities	(8,799,000)	(10,928,000)
Maturities of marketable securities	6,000,000	3,000,000
Purchase of property and equipment	(2,000)
Disposition of property and equipment, net		12,000
Net cash used in investing activities	(2,801,000)	(7,916,000)
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	16,000	75,000
Principal payments on finance lease obligations	(3,000)	(3,000)
Net cash provided by financing activities	7,695,000	72,000
Net increase (decrease) in cash and cash equivalents	1,072,000	(13,849,000)
Cash and cash equivalents at beginning of period	3,883,000	16,823,000
Cash and cash equivalents at end of period	$ 4,955,000	$ 2,974,000

Note 1 - Business

Note 1 - Business	6 Months Ended
	Jun. 30, 2020
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, or synthetic, Kallikrein- 1 KLK1

Note 2 - Risks and Uncertaintie

Note 2 - Risks and Uncertainties	6 Months Ended
	Jun. 30, 2020
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 Additionally, clinical testing is currently being adversely impacted by the novel strain of the coronavirus (COVID- 19 19 The Company's future success is dependent upon the success of its development efforts, its ability to demonstrate clinical progress for its DM199 DM199 As of June 30, 2020, $61.5 2000. six June 30, 2020, $4.9 $3.8 DM199 June 30, 2020, $5.0 $6.8 $11.2 $11.3 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 three 2021. may no not may

Note 3 - Summary of Significant

Note 3 - Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
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, 2019 may not Cash and cash e quivalents 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 two 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 June 30, 2020. 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 June 30, 2020, 4, Marketable Securities

Note 4 - Marketable Securities

Note 4 - Marketable Securities	6 Months Ended
	Jun. 30, 2020
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: June 30, 2020 December 31, 2019 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Government securities $ 4,841 $ — $ 4,841 $ — $ 1,998 $ — $ 1,998 $ — Bank certificates of deposit 2,003 — 2,003 — — — — — Commercial paper and corporate bonds — — — — 1,997 — 1,997 — Total $ 6,844 $ — $ 6,844 $ — $ 3,995 $ — $ 3,995 $ — Accrued interest receivable on available-for-sale securities is included in amounts receivable and was $18,000 $25,000 June 30, 2020 December 31, 2019, There were no 1 2 six June 30, 2020. 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 June 30, 2020 December 31, 2019.

Note 5 - Amounts Receivable

Note 5 - Amounts Receivable	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	5. Amounts Receivable Amounts receivable consisted of the following (in thousands): June 30, 2020 December 31, 2019 Research and development incentives $ 264 $ 793 Sales-based taxes receivable 37 13 Other 18 17 Total amounts receivable $ 319 $ 823

Note 6 - Deposits

Note 6 - Deposits	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Other Assets Disclosure [Text Block]	6. Deposits Deposits consisted of the following (in thousands): June 30, 2020 December 31, 2019 Advances to vendors - current $ 46 $ 88 We periodically advance funds to vendors engaged to support the performance of our clinical trials and supporting activities. The funds advanced are held, interest free, for varying periods of time and may

Note 7 - Property and Equipment

Note 7 - Property and Equipment	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	7. Property and Equipment Property and equipment consisted of the following (in thousands): June 30, 2020 December 31, 2019 Furniture and equipment $ 51 $ 51 Computer equipment 58 56 109 107 Less accumulated depreciation (54 ) (43 ) Property and equipment, net $ 55 $ 64

Note 8 - Accrued Liabilities

Note 8 - Accrued Liabilities	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	8. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): June 30, 2020 December 31, 201 9 Accrued clinical study costs $ 166 $ 433 Accrued compensation 232 419 Accrued research and other professional fees 188 172 Accrued taxes and other liabilities 23 52 Total accrued liabilities $ 609 $ 1,076

Note 9 - Operating Lease

Note 9 - Operating Lease	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	9. 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 $32,000 $26,000, six June 30, 2020. Maturities of our operating lease obligation are as follows as of June 30, 2020 ( 2020 $ 33 2021 68 2022 46 Total lease payments $ 147 Less interest portion (15 ) Present value of lease obligation $ 132

Note 10 - Shareholders' Equity

Note 10 - Shareholders' Equity	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	1 0 . 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 six months ended June 30, 2020 On February 13, 2020, 2,125,000 $4.00 $8.5 $7.7 During the six June 30, 2020, 7,200 $16,000 no Equity issued during the six months ended June 30 , 2019 During the six June 30, 2019, 50,000 $75,000 no Shares reserved Common shares reserved for future issuance are as follows: June 30, 2020 Stock options outstanding 1,413,988 Deferred share units outstanding 47,237 Shares available for grant under the DiaMedica Therapeutics Inc. Omnibus Incentive Plan 1,103,551 Common shares issuable under common share purchase warrants 255,000 Total 2,819,776

Note 11 - Net Loss Per Share

Note 11 - Net Loss Per Share	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Earnings Per Share [Text Block]	1 1 . 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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net loss $ (2,474 ) $ (2,469 ) $ (4,899, ) $ (5,721 ) Weighted average shares outstanding—basic and diluted 14,139,074 11,979,401 13,623,400 11,968,200 Basic and diluted net loss per share $ (0.17 ) $ (0.21 ) $ (0.36 ) $ (0.48 ) The following outstanding potential common shares were not not Three Months Ended June 30, Six Months Ended June 30, 2020 201 9 2020 201 9 Employee and non-employee stock options 1,413,988 1,249,559 1,413,988 1,249,559 Common shares issuable under common share purchase warrants 255,000 807,563 255,000 807,563 Common shares issuable under deferred unit plan 47,237 21,183 47,237 21,183

Note 12 - Share-based Compensat

Note 12 - Share-based Compensation	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	12. 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 June 30, 2020, 870,395 26,054 2019 Prior stock option plan The DiaMedica Therapeutics Inc. Stock Option Plan, Amended and Restated November 6, 2018 ( 2019 2019 June 30, 2020, 543,593 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 June 30, 2020, 21,183 The aggregate number of common shares reserved for issuance for awards granted under the 2019 June 30, 2020 1,461,225. Share-based compensation expense for each of the periods presented is as follows (in thousands): Three Months Ended June 30 Six Months Ended June 30 2020 2019 2020 2019 Research and development $ 131 $ 67 $ 238 $ 125 General and administrative 305 115 591 187 Total share-based compensation $ 436 $ 182 $ 829 $ 312 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, 2019 1,220,359 $ 5.26 $ — Granted 267,332 4.75 Exercised (7,200 ) 2.21 Expired/cancelled (66,505 ) 5.04 Forfeited — — Balances at June 30, 2020 1,413,988 $ 5.19 $ 3,191 Information about stock options outstanding, vested and expected to vest as of June 30, 2020, 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 - $2.99 125,700 5.5 $ 2.24 125,700 5.5 $3.00 - $3.99 98,572 6.5 3.81 98,572 6.5 $4.00 - $4.99 951,791 9.0 4.56 399,541 8.5 $5.00 - $10.00 187,775 7.4 7.35 112,009 7.6 $10.01 - $34.00 50,150 2.4 17.81 50,150 2.4 1,413,988 8.1 $ 5.19 785,972 7.3

Note 13 - Subsequent Event

Note 13 - Subsequent Event	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Subsequent Events [Text Block]	13. Subsequent Event On August 10, 2020, 4,600,000 $5.00 $23.0 $21.1 None ten

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
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, 2019 may not
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and cash e quivalents 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 two 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 June 30, 2020.
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 June 30, 2020, 4, Marketable Securities

Note 4 - Marketable Securities

Note 4 - Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Fair Value, Marketable Securities Measured on a Recurring Basis [Table Text Block]	Fair Value Measurements Using Inputs Considered as of: June 30, 2020 December 31, 2019 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Government securities $ 4,841 $ — $ 4,841 $ — $ 1,998 $ — $ 1,998 $ — Bank certificates of deposit 2,003 — 2,003 — — — — — Commercial paper and corporate bonds — — — — 1,997 — 1,997 — Total $ 6,844 $ — $ 6,844 $ — $ 3,995 $ — $ 3,995 $ —

Note 5 - Amounts Receivable (Ta

Note 5 - Amounts Receivable (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	June 30, 2020 December 31, 2019 Research and development incentives $ 264 $ 793 Sales-based taxes receivable 37 13 Other 18 17 Total amounts receivable $ 319 $ 823

Note 6 - Deposits (Tables)

Note 6 - Deposits (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]	June 30, 2020 December 31, 2019 Advances to vendors - current $ 46 $ 88

Note 7 - Property and Equipme_2

Note 7 - Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Property, Plant and Equipment [Table Text Block]	June 30, 2020 December 31, 2019 Furniture and equipment $ 51 $ 51 Computer equipment 58 56 109 107 Less accumulated depreciation (54 ) (43 ) Property and equipment, net $ 55 $ 64

Note 8 - Accrued Liabilities (T

Note 8 - Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	June 30, 2020 December 31, 201 9 Accrued clinical study costs $ 166 $ 433 Accrued compensation 232 419 Accrued research and other professional fees 188 172 Accrued taxes and other liabilities 23 52 Total accrued liabilities $ 609 $ 1,076

Note 9 - Operating Lease (Table

Note 9 - Operating Lease (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	2020 $ 33 2021 68 2022 46 Total lease payments $ 147 Less interest portion (15 ) Present value of lease obligation $ 132

Note 10 - Shareholders' Equity

Note 10 - Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Common Stock Reserved for Future Issuance [Table Text Block]	June 30, 2020 Stock options outstanding 1,413,988 Deferred share units outstanding 47,237 Shares available for grant under the DiaMedica Therapeutics Inc. Omnibus Incentive Plan 1,103,551 Common shares issuable under common share purchase warrants 255,000 Total 2,819,776

Note 11 - Net Loss Per Share (T

Note 11 - Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net loss $ (2,474 ) $ (2,469 ) $ (4,899, ) $ (5,721 ) Weighted average shares outstanding—basic and diluted 14,139,074 11,979,401 13,623,400 11,968,200 Basic and diluted net loss per share $ (0.17 ) $ (0.21 ) $ (0.36 ) $ (0.48 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2020 201 9 2020 201 9 Employee and non-employee stock options 1,413,988 1,249,559 1,413,988 1,249,559 Common shares issuable under common share purchase warrants 255,000 807,563 255,000 807,563 Common shares issuable under deferred unit plan 47,237 21,183 47,237 21,183

Note 12 - Share-based Compens_2

Note 12 - Share-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended June 30 Six Months Ended June 30 2020 2019 2020 2019 Research and development $ 131 $ 67 $ 238 $ 125 General and administrative 305 115 591 187 Total share-based compensation $ 436 $ 182 $ 829 $ 312
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, 2019 1,220,359 $ 5.26 $ — Granted 267,332 4.75 Exercised (7,200 ) 2.21 Expired/cancelled (66,505 ) 5.04 Forfeited — — Balances at June 30, 2020 1,413,988 $ 5.19 $ 3,191
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 - $2.99 125,700 5.5 $ 2.24 125,700 5.5 $3.00 - $3.99 98,572 6.5 3.81 98,572 6.5 $4.00 - $4.99 951,791 9.0 4.56 399,541 8.5 $5.00 - $10.00 187,775 7.4 7.35 112,009 7.6 $10.01 - $34.00 50,150 2.4 17.81 50,150 2.4 1,413,988 8.1 $ 5.19 785,972 7.3

Note 2 - Risks and Uncertaint_2

Note 2 - Risks and Uncertainties (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Retained Earnings (Accumulated Deficit), Ending Balance	$ (61,516)		$ (61,516)		$ (56,617)
Net Income (Loss) Attributable to Parent, Total	(2,474)	$ (2,469)	(4,899)	$ (5,721)
Net Cash Provided by (Used in) Operating Activities, Total			(3,822)	(6,005)
Cash, Cash Equivalents, and Short-term Investments, Total	5,000		5,000
Marketable Securities, Total	6,800		6,800
Working Capital	11,200		11,200
Stockholders' Equity Attributable to Parent, Ending Balance	$ 11,272	$ 11,702	$ 11,272	$ 11,702	$ 7,617	$ 17,025

Note 4 - Marketable Securitie_2

Note 4 - Marketable Securities (Details Textual) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Accrued Interest Receivable On Available For Sale Securities [Member]
Interest Receivable	$ 18,000	$ 25,000

Note 4 - Marketable Securitie_3

Note 4 - Marketable Securities - Fair Value of Marketable Securities (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Total marketable securities	$ 6,844	$ 3,995
Fair Value, Inputs, Level 1 [Member]
Total marketable securities
Fair Value, Inputs, Level 2 [Member]
Total marketable securities	6,844	3,995
Fair Value, Inputs, Level 3 [Member]
Total marketable securities
US Government Agencies Debt Securities [Member]
Total marketable securities	4,841	1,998
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	4,841	1,998
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Total marketable securities
Bank Certificates of Deposit [Member]
Total marketable securities	2,003
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	2,003
Bank Certificates of Deposit [Member] | Fair Value, Inputs, Level 3 [Member]
Total marketable securities
Commercial Paper and Corporate Bonds [Member]
Total marketable securities		1,997
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		1,997
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	Jun. 30, 2020	Dec. 31, 2019
Research and development incentives	$ 264	$ 793
Sales-based taxes receivable	37	13
Other	18	17
Total amounts receivable	$ 319	$ 823

Note 6 - Deposits - Deposits (D

Note 6 - Deposits - Deposits (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Advances to vendors - current	$ 46	$ 88

Note 7 - Property and Equipme_3

Note 7 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Property, plant and equipment, gross	$ 109	$ 107
Less accumulated depreciation	(54)	(43)
Property and equipment, net	55	64
Furniture and Fixtures [Member]
Property, plant and equipment, gross	51	51
Computer Equipment [Member]
Property, plant and equipment, gross	$ 58	$ 56

Note 8 - Accrued Liabilities -

Note 8 - Accrued Liabilities - Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Accrued clinical study costs	$ 166	$ 433
Accrued compensation	232	419
Accrued research and other professional fees	188	172
Accrued taxes and other liabilities	23	52
Total accrued liabilities	$ 609	$ 1,076

Note 9 - Operating Lease (Detai

Note 9 - Operating Lease (Details Textual)	6 Months Ended
	Jun. 30, 2020USD ($)
Lessee, Operating Lease, Discount Rate	9.00%
Operating Lease, Cost	$ 32,000
Variable Lease, Cost	$ 26,000

Note 9 - Operating Lease - Matu

Note 9 - Operating Lease - Maturity of Operating Lease Liability (Details) $ in Thousands	Jun. 30, 2020USD ($)
2020	$ 33
2021	68
2022	46
Total lease payments	147
Less interest portion	(15)
Present value of lease obligation	$ 132

Note 10 - Shareholders' Equit_2

Note 10 - Shareholders' Equity (Details Textual) - USD ($)	Aug. 10, 2020	Feb. 13, 2020	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2020
Stock Issued During Period, Shares, New Issues (in shares)		2,125,000
Shares Issued, Price Per Share (in dollars per share)	$ 5				$ 4
Proceeds from Issuance of Common Stock	$ 23,000,000	$ 8,500,000	$ 7,682,000
Proceeds from Issuance of Common Stock, Net	$ 21,100,000	$ 7,700,000
Stock Issued During Period, Value, Stock Options Exercised			$ 16,000	$ 75,000
Warrants Issued in Private Placement [Member]
Stock Issued During Period, Shares, Exercise of Common Stock Warrants (in shares)			0	0
Private Placement [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares)			7,200	50,000
Stock Issued During Period, Value, Stock Options Exercised			$ 16,000	$ 75,000

Note 10 - Shareholders' Equit_3

Note 10 - Shareholders' Equity - Shares Reserved (Details)	Jun. 30, 2020shares
Common stock reserved for future issuance (in shares)	2,819,776
Stock Options Outstanding [Member]
Common stock reserved for future issuance (in shares)	1,413,988
Deferred Share Units [Member]
Common stock reserved for future issuance (in shares)	47,237
The 2019 Omnibus Incentive Plan [Member]
Common stock reserved for future issuance (in shares)	1,103,551
Common Share Purchase Warrants [Member]
Common stock reserved for future issuance (in shares)	255,000

Note 11 - Net Loss Per Share -

Note 11 - Net Loss Per Share - Schedule of Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net Income (Loss) Attributable to Parent, Total	$ (2,474)	$ (2,469)	$ (4,899)	$ (5,721)
Weighted average shares outstanding—basic and diluted (in shares)	14,139,074	11,979,401	13,623,400	11,968,200
Basic and diluted net loss per share (in dollars per share)	$ (0.17)	$ (0.21)	$ (0.36)	$ (0.48)

Note 11 - Net Loss Per Share _2

Note 11 - Net Loss Per Share - Schedule of Antidilutive Shares Excluded from Computation of Net Loss Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Employee and Non-employee Stock Options [Member]
Antidilutive Securities (in shares)	1,413,988	1,249,559	1,413,988	1,249,559
Warrant [Member]
Antidilutive Securities (in shares)	255,000	807,563	255,000	807,563
Deferred Share Units [Member]
Antidilutive Securities (in shares)	47,237	21,183	47,237	21,183

Note 12 - Share-based Compens_3

Note 12 - Share-based Compensation (Details Textual) - shares	1 Months Ended	6 Months Ended
	Mar. 30, 2019	Jun. 30, 2020
Common Stock, Capital Shares Reserved for Future Issuance (in shares)		2,819,776
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, Grants in Period, Gross (in shares)		870,395
Common Stock, Capital Shares Reserved for Future Issuance (in shares)		26,054
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, Grants in Period, Gross (in shares)		543,593
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)		1,461,225

Note 12 - Share-based Compens_4

Note 12 - Share-based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Total share-based compensation	$ 436	$ 182	$ 829	$ 312
Research and Development Expense [Member]
Total share-based compensation	131	67	238	125
General and Administrative Expense [Member]
Total share-based compensation	$ 305	$ 115	$ 591	$ 187

Note 12 - Share-based Compens_5

Note 12 - Share-based Compensation - Stock Option Activity (Details) - Share-based Payment Arrangement, Option [Member] - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Balance (in shares)	1,220,359
Balance, weighted average exercise price (in dollars per share)	$ 5.26
Balance, aggregate intrinsic value	$ 3,191
Granted (in shares)	267,332
Granted, weighted average exercise price (in dollars per share)	$ 4.75
Exercised (in shares)	(7,200)
Exercised, weighted average exercise price (in dollars per share)	$ 2.21
Expired/cancelled (in shares)	(66,505)
Expired / cancelled, weighted average exercise price (in dollars per share)	$ 5.04
Forfeited (in shares)
Forfeited, weighted average exercise price (in dollars per share)
Balance (in shares)	1,413,988
Balance, weighted average exercise price (in dollars per share)	$ 5.19

Note 12 - Share-based Compens_6

Note 12 - Share-based Compensation - Stock Options Outstanding (Details)	6 Months Ended
	Jun. 30, 2020$ / sharesshares
Outstanding, shares (in shares) | shares	1,413,988
Outstanding, weighted average remaining contractual life (Year)	8 years 36 days
Outstanding, weighted average exercise price (in dollars per share)	$ 5.19
Exercisable, shares (in shares) | shares	785,972
Exercisable, weighted average remaining contractual life (Year)	7 years 109 days
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	125,700
Outstanding, weighted average remaining contractual life (Year)	5 years 182 days
Outstanding, weighted average exercise price (in dollars per share)	$ 2.24
Exercisable, shares (in shares) | shares	125,700
Exercisable, weighted average remaining contractual life (Year)	5 years 182 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	98,572
Outstanding, weighted average remaining contractual life (Year)	6 years 182 days
Outstanding, weighted average exercise price (in dollars per share)	$ 3.81
Exercisable, shares (in shares) | shares	98,572
Exercisable, weighted average remaining contractual life (Year)	6 years 182 days
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	951,791
Outstanding, weighted average remaining contractual life (Year)	9 years
Outstanding, weighted average exercise price (in dollars per share)	$ 4.56
Exercisable, shares (in shares) | shares	399,541
Exercisable, weighted average remaining contractual life (Year)	8 years 182 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)	$ 10
Outstanding, shares (in shares) | shares	187,775
Outstanding, weighted average remaining contractual life (Year)	7 years 146 days
Outstanding, weighted average exercise price (in dollars per share)	$ 7.35
Exercisable, shares (in shares) | shares	112,009
Exercisable, weighted average remaining contractual life (Year)	7 years 219 days
Exercise Price Range 5 [Member]
Per share exercise price, lower range (in dollars per share)	$ 10.01
Per share exercise price, upper range (in dollars per share)	$ 34
Outstanding, shares (in shares) | shares	50,150
Outstanding, weighted average remaining contractual life (Year)	2 years 146 days
Outstanding, weighted average exercise price (in dollars per share)	$ 17.81
Exercisable, shares (in shares) | shares	50,150
Exercisable, weighted average remaining contractual life (Year)	2 years 146 days

Note 13 - Subsequent Event (Det

Note 13 - Subsequent Event (Details Textual) - USD ($)	Aug. 10, 2020	Feb. 13, 2020	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2020
Stock Issued During Period, Shares, New Issues (in shares)		2,125,000
Shares Issued, Price Per Share (in dollars per share)	$ 5				$ 4
Proceeds from Issuance of Common Stock	$ 23,000,000	$ 8,500,000	$ 7,682,000
Proceeds from Issuance of Common Stock, Net	$ 21,100,000	$ 7,700,000
Subsequent Event [Member]
Stock Issued During Period, Shares, New Issues (in shares)	4,600,000