DiaMedica Therapeutics (DMAC) 10-K 10 Mar 21 2020 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Mar. 08, 2021	Jun. 30, 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 Voluntary Filers	No
Entity Well-known Seasoned Issuer	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)		18,776,157
Entity Public Float			$ 78.5
Entity Shell Company	false
Document Type	10-K
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
Title of 12(b) Security	Voting common shares, no par value per share

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 7,409	$ 3,883
Marketable securities	20,098	3,995
Amounts receivable	340	823
Deposits	10	88
Prepaid expenses and other assets	64	47
Total current assets	27,921	8,836
Non-current assets:
Operating lease right-of-use asset	100	153
Property and equipment, net	74	64
Total non-current assets	174	217
Total assets	28,095	9,053
Current liabilities:
Accounts payable	1,099	182
Accrued liabilities	864	1,076
Finance lease obligation	6	6
Operating lease obligation	59	54
Total current liabilities	2,028	1,318
Non-current liabilities:
Finance lease obligation, non-current	7	13
Operating lease obligation, non-current	46	105
Total non-current liabilities	53	118
Commitments and contingencies (Note 10)
Shareholders’ equity:
Common shares, no par value; unlimited authorized; 18,746,157 and 12,006,874 shares issued and outstanding, as of December 31, 2020 and 2019, respectively
Paid-in capital	94,925	64,232
Accumulated other comprehensive (loss) income	(2)	2
Accumulated deficit	(68,909)	(56,617)
Total shareholders’ equity	26,014	7,617
Total liabilities and shareholders’ equity	$ 28,095	$ 9,053

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares $ / shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Common shares, par value (in dollars per share)	$ 0	$ 0
Common shares, authorized	Unlimited	Unlimited
Common shares, issued (in shares)	18,746,157	12,006,874
Common shares, outstanding (in shares)	18,746,157	12,006,874

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating expenses:
Research and development	$ 8,310	$ 7,900
General and administrative	4,389	3,693
Total operating expenses	12,699	11,593
Operating loss	(12,699)	(11,593)
Other (income) expense:
Governmental assistance - research incentives	(205)	(856)
Other income, net	(229)	(119)
Total other income, net	(434)	(975)
Loss before income tax expense	(12,265)	(10,618)
Income tax expense	27	31
Net loss	(12,292)	(10,649)
Other comprehensive income (loss)
Unrealized (gain) loss on marketable securities	4	(2)
Net loss and comprehensive loss	$ (12,296)	$ (10,647)
Basic and diluted net loss per share (in dollars per share)	$ (0.78)	$ (0.89)
Weighted average shares outstanding – basic and diluted (in shares)	15,680,320	11,987,696

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($)	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		$ 62,993,000		$ (45,968,000)	$ 17,025,000
Exercise of common stock options (in shares)	50,000
Exercise of common stock options		75,000			75,000
Share-based compensation expense		1,164,000			1,164,000
Unrealized gain (loss) on marketable securities			2,000		2,000
Net loss				(10,649,000)	(10,649,000)
Balance (in shares) at Dec. 31, 2019	12,006,874
Balance at Dec. 31, 2019		64,232,000	2,000	(56,617,000)	$ 7,617,000
Exercise of common stock options (in shares)	14,283				14,283
Exercise of common stock options		45,000			$ 45,161
Share-based compensation expense		1,843,000			1,843,000
Unrealized gain (loss) on marketable securities			(4,000)		(4,000)
Net loss				(12,292,000)	(12,292,000)
Issuance of common shares net of offering costs (in shares)	6,725,000
Issuance of common shares net of offering costs		28,805,000			28,805,000
Balance (in shares) at Dec. 31, 2020	18,746,157
Balance at Dec. 31, 2020		$ 94,925,000	$ (2,000)	$ (68,909,000)	$ 26,014,000

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity (Parentheticals) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Stock Issuance [Member]
Offering costs	$ 2,694

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net loss	$ (12,292,000)	$ (10,649,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	1,843,000	1,164,000
Amortization of discount on marketable securities	(4,000)	(74,000)
Non-cash lease expense	52,000	49,000
Depreciation	21,000	21,000
Changes in operating assets and liabilities:
Amounts receivable	483,000	(43,000)
Prepaid expenses	(17,000)	322,000
Deposits	78,000	183,000
Accounts payable	917,000	(301,000)
Accrued liabilities	(266,000)	226,000
Net cash used in operating activities	(9,185,000)	(9,102,000)
Cash flows from investing activities:
Purchase of marketable securities	(39,746,000)	(12,919,000)
Maturities of marketable securities	23,643,000	9,000,000
Purchase of property and equipment	(47,000)	(2,000)
Disposition of property and equipment, net	16,000	13,000
Net cash used in investing activities	(16,134,000)	(3,908,000)
Cash flows from financing activities:
Proceeds from issuance of common shares, net of offering costs	28,805,000
Proceeds from exercise of stock options	45,161	75,000
Principal payments on finance lease obligations	(5,000)	(5,000)
Net cash provided by financing activities	28,845,000	70,000
Net increase (decrease) in cash and cash equivalents	3,526,000	(12,940,000)
Cash and cash equivalents at beginning of period	3,883,000	16,823,000
Cash and cash equivalents at end of period	7,409,000	3,883,000
Supplemental disclosure of cash flow information:
Cash paid for income taxes	36,000	26,000
Cash paid for interest	$ 2,000	$ 2,000

Note 1 - Business

Note 1 - Business	12 Months Ended
	Dec. 31, 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 KLK1

Note 2 - Risks and Uncertaintie

Note 2 - Risks and Uncertainties	12 Months Ended
	Dec. 31, 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 in the European Union and comparable agencies in other countries. We are in the clinical stage of development of our initial product candidate, DM199, not not DM199 not three five DM199 DM199 DM199 As of December 31, 2020, $68.9 2000. December 31, 2020, $12.3 $9.2 DM199 2021 2020 December 31, 2020, $27.5 $25.9 $26.0 Our principal sources of cash have included net proceeds from the issuance of equity securities. See Note 12 no not 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 DM199 may 2 twelve may no not

Note 3 - Summary of Significant

Note 3 - Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
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 statements of operations 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. Cash and cash equivalents The Company considers all bank deposits, including money market funds, and other investments, purchased with an original maturity to the Company of three Marketable securities The Company's marketable securities typically consist of obligations of the United States government and its agencies and investment grade corporate obligations, 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 December 31, 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 December 31, 2020, 4, Marketable Securities 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 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 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. 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 estimates of work completed to date by contract research organizations, outside contractors and clinical trial sites that manage and perform the trials, and those that manufacture the investigational product. We obtain initial estimates of total costs based on the trial protocol, extent of enrollment of subjects, trial duration, project management costs, manufacturing costs, patient treatment costs and other activities as required by the trial protocol. Additionally, actual costs may may Patent costs Costs associated with applying for, prosecuting and maintaining patents are expensed as incurred given the uncertainty of patent approval and, if approved, the resulting probable future economic benefit to the Company. Patent-related costs, consisting primarily of legal expenses and filing/maintenance fees, are included in research and development costs and were $105,000 $87,000 December 31, 2020 2019, 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 United States Government bond rates appropriate for the expected term of each award. Expected volatility rates are based on the historical volatility over a term 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, 2020 2019. 14, 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 is recognized when the related expenditures are incurred. We recognized $205,000 $856,000 2020 2019, 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 the exclusion of common share equivalents as their effect would be anti-dilutive. The following table summarizes our calculation of net loss per common share for the periods presented (in thousands, except share and per share data): Year Ended December 31, 2020 2019 Net loss $ (12,292 ) $ (10,649 ) Weighted average shares outstanding—basic and diluted 15,680,320 11,987,696 Basic and diluted net loss per share $ (0.78 ) $ (0.89 ) The following outstanding potential common shares were not not Year Ended December 31, 2020 2019 Employee and non-employee stock options 1,389,564 1,220,359 Common shares issuable under common share purchase warrants 265,000 971,953 Common shares issuable upon settlement of deferred share units 47,237 21,183 1,701,801 2,213,495

Note 4 - Marketable Securities

Note 4 - Marketable Securities	12 Months Ended
	Dec. 31, 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: Fair Value Measurements as of December 31, 2020 Using Inputs Considered as Fair Value Level 1 Level 2 Level 3 Commercial paper and corporate bonds $ 10,678 $ — $ 10,678 $ — Bank certificate of deposit 496 — 496 — Government securities 8,924 — 8,924 — Total marketable securities $ 20,098 $ — $ 20,098 $ — Fair Value Measurements as of December 31, 2019 Using Inputs Considered as Fair Value Level 1 Level 2 Level 3 Commercial paper and corporate bonds $ 1,997 $ — $ 1,997 $ — Government securities 1,998 — 1,998 — Total marketable securities $ 3,995 $ — $ 3,995 $ — Accrued interest receivable on available-for-sale securities was $34,000 $25,000 December 31, 2020 2019, There were no 1 2 December 31, 2020. Under the terms of the Company's investment policy, purchases of marketable securities are limited to investment grade governmental and corporate obligations with a primary objective of principal preservation. Maturities of individual securities are less than one December 31, 2020.

Note 5 - Amounts Receivable

Note 5 - Amounts Receivable	12 Months Ended
	Dec. 31, 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): December 31, 2020 December 31, 2019 Research and development incentives $ 289 $ 793 Sales-based taxes receivable 2 13 Other 49 17 Total amounts receivable $ 340 $ 823

Note 6 - Deposits

Note 6 - Deposits	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Other Assets Disclosure [Text Block]	6. Deposits Deposits consisted of the following (in thousands): December 31, 2020 December 31, 2019 Advances to vendors, current $ 10 $ 88 We periodically advance funds to vendors engaged to support the performance of our clinical trials and related 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	12 Months Ended
	Dec. 31, 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): December 31, 2020 December 31, 2019 Furniture and equipment $ 69 $ 51 Computer equipment 62 56 131 107 Less accumulated depreciation (57 ) (43 ) Property and equipment, net $ 74 $ 64 Depreciation expense was $21,000 December 31, 2020 2019. 2020 2019, $23,000 $14,000

Note 8 - Accrued Payable and Ac

Note 8 - Accrued Payable and Accrued Liabilities	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	8. Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consisted of the following (in thousands): December 31, 2020 December 31, 2019 Trade and other payables $ 1,099 $ 182 Accrued compensation 483 419 Accrued research and other professional fees 360 172 Accrued clinical study costs 13 433 Accrued taxes and other liabilities 8 52 Total accrued liabilities $ 1,963 $ 1,258

Note 9 - Operating Lease

Note 9 - Operating Lease	12 Months Ended
	Dec. 31, 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 $66,000 $53,000, December 31, 2020. Maturities of our operating lease obligation are as follows as of December 31, 2020 ( 2021 $ 68 2022 46 Total lease payments $ 114 Less interest portion (9 ) Present value of lease obligation $ 105

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	10. 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 may 2 may 30 December 31, 2020, $2.2 12 $0 12 On December 17, 2019, first 2 90 three 13 APOL1 APOL1 August 2020 2 two DM199 DM199 95 Additional clinical trials will be subsequently required if the results of the Phase 2 2/3 DM199 300 350 18 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, 2020, two $185,000 first 3 $185,000 first first 1% may 90 may not no 2020 2019. Indemnification of directors and officers The Company, as permitted under laws of British Columbia and in accordance with the Company's articles and indemnification agreements, will indemnify and advance expenses to its directors and officers to the fullest extent permitted by law and may December 31, 2020, no not may 1933, may not December 31, 2020 2019.

Note 11 - Shareholders' Equity

Note 11 - Shareholders' Equity	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	11. Shareholders Equity Authorized capital stock DiaMedica 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 Equity issued during the year ended December 31, 2020 On August 10, 2020, 4,600,000 $5.00 $23.0 $21.1 On February 13, 2020, 2,125,000 $4.00 $8.5 $7.7 During the year ended December 31, 2020, 14,283 $45,161 no Equity issued during the year ended December 31, 2019 During the year ended December 31, 2019, 50,000 $75,000 no Shares reserved Common shares reserved for future issuance are as follows: December 31, 2020 Employee and non-employee stock options 1,389,564 Common shares issuable upon settlement of deferred share units 47,237 Shares available for grant under the 2019 Omnibus Incentive Plan 1,099,098 Common shares issuable under common share purchase warrants 265,000 Total 2,800,899

Note 12 - Share-based Compensat

Note 12 - Share-based Compensation	12 Months Ended
	Dec. 31, 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 December 31, 2020, 873,182 26,054 2019 Prior Stock option plan The DiaMedica Therapeutics Inc. Stock Option Plan, Amended and Restated November 6, 2018 ( 2019 2019 December 31, 2020, 516,384 Prior Deferred share unit plan The DiaMedica Therapeutics Inc. Amended and Restated Deferred Share Unit Plan (Prior DSU Plan) was terminated by the Board in conjunction with the shareholder approval of the 2019 December 31, 2020, 21,183 The aggregate number of common shares reserved for issuance for awards granted under the 2019 December 31, 2020 1,436,803. Prior to December 31, 2018, December 31, 2018 2019 Share-based compensation expense for each of the periods presented is as follows (in thousands): December 31, 2020 December 31, 2019 Research and development $ 534 $ 370 General and administrative 1,309 794 Total share-based compensation $ 1,843 $ 1,164 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 Aggregate Intrinsic Value Balances at December 31, 2018 639,359 $ 6.07 $ — Granted 725,825 4.52 Exercised (50,000 ) 1.50 Expired/cancelled (7,353 ) 5.49 Forfeited (87,472 ) 5.22 Balances at December 31, 2019 1,220,359 $ 5.33 $ 678 Granted 302,332 4.73 Exercised (14,283 ) 3.21 Expired/cancelled (78,147 ) 5.29 Forfeited (40,697 ) 4.86 Balances at December 31, 2020 1,389,564 $ 5.24 $ 7,109 A summary of the status of our unvested shares underlying options during the year ended and as of December 31, 2020 Shares Underlying Options Weighted Grant Date Fair Value Per Share Unvested at December 31, 2019 578,747 $ 3.73 Granted 302,332 4.73 Vested (449,556 ) 5.09 Forfeited (40,697 ) 4.86 Unvested at December 31, 2020 390,826 $ 4.83 Information about stock options outstanding, vested and expected to vest as of December 31, 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 5.0 $ 2.29 125,700 5.0 $3.00 - $3.99 15,000 6.2 3.90 15,000 6.2 $4.00 - $4.99 950,546 8.4 4.55 596,401 8.1 $5.00 - $10.00 248,168 6.7 8.33 211,487 6.7 $10.01 - $34.00 50,150 1.9 18.22 50,150 1.9 1,389,564 7.5 $ 5.33 998,738 7.1 The cumulative grant date fair value of employee options vested during the years ended December 31, 2020 2019 $1.4 $918,000, December 31, 2020 2019 $45,161 $75,000, As of December 31, 2020, not $1.1 1.4 The aggregate intrinsic value of stock options exercised during the years ended December 31, 2020 2019 $41,000 $75,000, 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, 2020 2019: 2020 2019 Common share fair value $4.08 – $6.91 $2.07 – $4.60 Risk-free interest rate 0.3 – 1.3% 1.5 – 2.4% Expected dividend yield 0% 0% Expected option life (years) 5.0 – 5.2 4.2 – 5.1 Expected stock price volatility 94.4 – 102.2% 88.7 – 103.5%

Note 13 - Related Party Transac

Note 13 - Related Party Transaction	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	13. Related Party Transaction During 2020, no $235,000 December 31, 2020, $33,000 December 31, 2020.

Note 14 - Employee Benefit Plan

Note 14 - Employee Benefit Plan	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Compensation and Employee Benefit Plans [Text Block]	14. Employee Benefit Plan We maintain an employee 401 401 401 21 may 401 401 4% 401 We have recorded contribution expenses of $62,000 December 31, 2020 2019.

Note 15 - Income Taxes

Note 15 - Income Taxes	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Income Tax Disclosure [Text Block]	15. 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, 2020 2019 Deferred tax assets (liabilities): Non-capital losses carried forward $ 14,321 $ 11,211 Research and development expenditures 817 817 Share issue costs 837 395 Patents and other 300 294 Accruals 6 13 Property and equipment (14 ) 3 Total deferred tax asset, net 16,267 12,733 Valuation allowance (16,267 ) (12,733 ) 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: December 31, 2020 2019 Statutory income tax rate 27.0 % 27.0 % Income tax recovery based on statutory rate $ (3,274 ) $ (2,841 ) Share issuance costs (728 ) — Share-based compensation 498 315 Australian research and development incentive (102 ) 137 Prior-year true-ups 84 — Other 15 (9 ) Change in valuation allowance 3,534 2,429 Income tax expense $ 27 $ 31 Net operating losses and tax credit carryforwards as of December 31, 2020, Amount (In thousands) Expiration Years Non-capital income tax losses, net $ 48,815 Beginning 2026 Research and development expense carry forwards 3,027 Indefinitely Tax credits 484 Beginning 2020 The Company is subject to taxation in 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, 2020
Accounting Policies [Abstract]
Basis of Accounting, 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 statements of operations 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.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and cash equivalents The Company considers all bank deposits, including money market funds, and other investments, purchased with an original maturity to the Company of three
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 and investment grade corporate obligations, 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 December 31, 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 December 31, 2020, 4, Marketable Securities
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
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
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. 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 estimates of work completed to date by contract research organizations, outside contractors and clinical trial sites that manage and perform the trials, and those that manufacture the investigational product. We obtain initial estimates of total costs based on the trial protocol, extent of enrollment of subjects, trial duration, project management costs, manufacturing costs, patient treatment costs and other activities as required by the trial protocol. Additionally, actual costs may may
Patent Costs [Policy Text Block]	Patent costs Costs associated with applying for, prosecuting and maintaining patents are expensed as incurred given the uncertainty of patent approval and, if approved, the resulting probable future economic benefit to the Company. Patent-related costs, consisting primarily of legal expenses and filing/maintenance fees, are included in research and development costs and were $105,000 $87,000 December 31, 2020 2019,
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 United States Government bond rates appropriate for the expected term of each award. Expected volatility rates are based on the historical volatility over a term 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, 2020 2019. 14,
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 is recognized when the related expenditures are incurred. We recognized $205,000 $856,000 2020 2019,
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 the exclusion of common share equivalents as their effect would be anti-dilutive. The following table summarizes our calculation of net loss per common share for the periods presented (in thousands, except share and per share data): Year Ended December 31, 2020 2019 Net loss $ (12,292 ) $ (10,649 ) Weighted average shares outstanding—basic and diluted 15,680,320 11,987,696 Basic and diluted net loss per share $ (0.78 ) $ (0.89 ) The following outstanding potential common shares were not not Year Ended December 31, 2020 2019 Employee and non-employee stock options 1,389,564 1,220,359 Common shares issuable under common share purchase warrants 265,000 971,953 Common shares issuable upon settlement of deferred share units 47,237 21,183 1,701,801 2,213,495

Note 3 - Summary of Significa_2

Note 3 - Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Year Ended December 31, 2020 2019 Net loss $ (12,292 ) $ (10,649 ) Weighted average shares outstanding—basic and diluted 15,680,320 11,987,696 Basic and diluted net loss per share $ (0.78 ) $ (0.89 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Year Ended December 31, 2020 2019 Employee and non-employee stock options 1,389,564 1,220,359 Common shares issuable under common share purchase warrants 265,000 971,953 Common shares issuable upon settlement of deferred share units 47,237 21,183 1,701,801 2,213,495

Note 4 - Marketable Securities

Note 4 - Marketable Securities (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Fair Value, Marketable Securities Measured on a Recurring Basis [Table Text Block]	Fair Value Measurements as of December 31, 2020 Using Inputs Considered as Fair Value Level 1 Level 2 Level 3 Commercial paper and corporate bonds $ 10,678 $ — $ 10,678 $ — Bank certificate of deposit 496 — 496 — Government securities 8,924 — 8,924 — Total marketable securities $ 20,098 $ — $ 20,098 $ — Fair Value Measurements as of December 31, 2019 Using Inputs Considered as Fair Value Level 1 Level 2 Level 3 Commercial paper and corporate bonds $ 1,997 $ — $ 1,997 $ — Government securities 1,998 — 1,998 — Total marketable securities $ 3,995 $ — $ 3,995 $ —

Note 5 - Amounts Receivable (Ta

Note 5 - Amounts Receivable (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	December 31, 2020 December 31, 2019 Research and development incentives $ 289 $ 793 Sales-based taxes receivable 2 13 Other 49 17 Total amounts receivable $ 340 $ 823

Note 6 - Deposits (Tables)

Note 6 - Deposits (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]	December 31, 2020 December 31, 2019 Advances to vendors, current $ 10 $ 88

Note 7 - Property and Equipme_2

Note 7 - Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Property, Plant and Equipment [Table Text Block]	December 31, 2020 December 31, 2019 Furniture and equipment $ 69 $ 51 Computer equipment 62 56 131 107 Less accumulated depreciation (57 ) (43 ) Property and equipment, net $ 74 $ 64

Note 8 - Accrued Payable and _2

Note 8 - Accrued Payable and Accrued Liabilities (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	December 31, 2020 December 31, 2019 Trade and other payables $ 1,099 $ 182 Accrued compensation 483 419 Accrued research and other professional fees 360 172 Accrued clinical study costs 13 433 Accrued taxes and other liabilities 8 52 Total accrued liabilities $ 1,963 $ 1,258

Note 9 - Operating Lease (Table

Note 9 - Operating Lease (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	2021 $ 68 2022 46 Total lease payments $ 114 Less interest portion (9 ) Present value of lease obligation $ 105

Note 11 - Shareholders' Equity

Note 11 - Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Common Stock Reserved for Future Issuance [Table Text Block]	December 31, 2020 Employee and non-employee stock options 1,389,564 Common shares issuable upon settlement of deferred share units 47,237 Shares available for grant under the 2019 Omnibus Incentive Plan 1,099,098 Common shares issuable under common share purchase warrants 265,000 Total 2,800,899

Note 12 - Share-based Compens_2

Note 12 - Share-based Compensation (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	December 31, 2020 December 31, 2019 Research and development $ 534 $ 370 General and administrative 1,309 794 Total share-based compensation $ 1,843 $ 1,164
Share-based Payment Arrangement, Option, Activity [Table Text Block]	Shares Underlying Options Weighted Average Exercise Price Per Share Aggregate Intrinsic Value Balances at December 31, 2018 639,359 $ 6.07 $ — Granted 725,825 4.52 Exercised (50,000 ) 1.50 Expired/cancelled (7,353 ) 5.49 Forfeited (87,472 ) 5.22 Balances at December 31, 2019 1,220,359 $ 5.33 $ 678 Granted 302,332 4.73 Exercised (14,283 ) 3.21 Expired/cancelled (78,147 ) 5.29 Forfeited (40,697 ) 4.86 Balances at December 31, 2020 1,389,564 $ 5.24 $ 7,109
Schedule of Nonvested Share Activity [Table Text Block]	Shares Underlying Options Weighted Grant Date Fair Value Per Share Unvested at December 31, 2019 578,747 $ 3.73 Granted 302,332 4.73 Vested (449,556 ) 5.09 Forfeited (40,697 ) 4.86 Unvested at December 31, 2020 390,826 $ 4.83
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 5.0 $ 2.29 125,700 5.0 $3.00 - $3.99 15,000 6.2 3.90 15,000 6.2 $4.00 - $4.99 950,546 8.4 4.55 596,401 8.1 $5.00 - $10.00 248,168 6.7 8.33 211,487 6.7 $10.01 - $34.00 50,150 1.9 18.22 50,150 1.9 1,389,564 7.5 $ 5.33 998,738 7.1
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	2020 2019 Common share fair value $4.08 – $6.91 $2.07 – $4.60 Risk-free interest rate 0.3 – 1.3% 1.5 – 2.4% Expected dividend yield 0% 0% Expected option life (years) 5.0 – 5.2 4.2 – 5.1 Expected stock price volatility 94.4 – 102.2% 88.7 – 103.5%

Note 15 - Income Taxes (Tables)

Note 15 - Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	December 31, 2020 2019 Deferred tax assets (liabilities): Non-capital losses carried forward $ 14,321 $ 11,211 Research and development expenditures 817 817 Share issue costs 837 395 Patents and other 300 294 Accruals 6 13 Property and equipment (14 ) 3 Total deferred tax asset, net 16,267 12,733 Valuation allowance (16,267 ) (12,733 ) Net deferred tax asset $ — $ —
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	December 31, 2020 2019 Statutory income tax rate 27.0 % 27.0 % Income tax recovery based on statutory rate $ (3,274 ) $ (2,841 ) Share issuance costs (728 ) — Share-based compensation 498 315 Australian research and development incentive (102 ) 137 Prior-year true-ups 84 — Other 15 (9 ) Change in valuation allowance 3,534 2,429 Income tax expense $ 27 $ 31
Summary of Operating Loss Carryforwards [Table Text Block]	Amount (In thousands) Expiration Years Non-capital income tax losses, net $ 48,815 Beginning 2026 Research and development expense carry forwards 3,027 Indefinitely Tax credits 484 Beginning 2020

Note 2 - Risks and Uncertaint_2

Note 2 - Risks and Uncertainties (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Retained Earnings (Accumulated Deficit), Ending Balance	$ (68,909)	$ (56,617)
Net Income (Loss) Attributable to Parent, Total	(12,292)	(10,649)
Net Cash Provided by (Used in) Operating Activities, Total	(9,185)	(9,102)
Marketable Securities, Total	27,500
Working Capital	25,900
Stockholders' Equity Attributable to Parent, Ending Balance	$ 26,014	$ 7,617	$ 17,025

Note 3 - Summary of Significa_3

Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Research Grant, Recognized, Research Activities Performed 2018	$ 205,000	$ 856,000
Research and Development Expense [Member]
Patent Expense	$ 105,000	$ 87,000
Office Equipment [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)	3 years
Office Equipment [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)	10 years
Computer Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)	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, 2020	Dec. 31, 2019
Net loss	$ (12,292)	$ (10,649)
Weighted average shares outstanding—basic and diluted (in shares)	15,680,320	11,987,696
Basic and diluted net loss per share (in dollars per share)	$ (0.78)	$ (0.89)

Note 3 - Summary of Significa_5

Note 3 - Summary of Significant Accounting Policies - Antidilutive Securities (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Antidilutive securities (in shares)	1,701,801	2,213,495
Employee and Non-employee Stock Options [Member]
Antidilutive securities (in shares)	1,389,564	1,220,359
Common Stock Purchase Warrants [Member]
Antidilutive securities (in shares)	265,000	971,953
Deferred Share Units [Member]
Antidilutive securities (in shares)	47,237	21,183

Note 4 - Marketable Securitie_2

Note 4 - Marketable Securities (Details Textual) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Accrued Interest Receivable On Available For Sale Securities [Member]
Interest Receivable	$ 34,000	$ 25,000

Note 4 - Marketable Securitie_3

Note 4 - Marketable Securities - Fair Value of Marketable Securities (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Total marketable securities	$ 20,098	$ 3,995
Fair Value, Inputs, Level 1 [Member]
Total marketable securities
Fair Value, Inputs, Level 2 [Member]
Total marketable securities	20,098	3,995
Fair Value, Inputs, Level 3 [Member]
Total marketable securities
Commercial Paper and Corporate Bonds [Member]
Total marketable securities	10,678	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	10,678	1,997
Commercial Paper and Corporate Bonds [Member] | Fair Value, Inputs, Level 3 [Member]
Total marketable securities
Bank Certificates of Deposit [Member]
Total marketable securities	496
Bank Certificates of Deposit [Member] | Fair Value, Inputs, Level 1 [Member]
Total marketable securities
Bank Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member]
Total marketable securities	496
Bank Certificates of Deposit [Member] | Fair Value, Inputs, Level 3 [Member]
Total marketable securities
US Government Agencies Debt Securities [Member]
Total marketable securities	8,924	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	8,924	1,998
US Government Agencies Debt Securities [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	Dec. 31, 2020	Dec. 31, 2019
Research and development incentives	$ 289	$ 793
Sales-based taxes receivable	2	13
Other	49	17
Total amounts receivable	$ 340	$ 823

Note 6 - Deposits - Deposits (D

Note 6 - Deposits - Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Advances to vendors, current	$ 10	$ 88

Note 7 - Property and Equipme_3

Note 7 - Property and Equipment (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Depreciation, Total	$ 21,000	$ 21,000
Property, Plant and Equipment, Disposals	$ 23,000	$ 14,000

Note 7 - Property and Equipme_4

Note 7 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Property, plant and equipment, gross	$ 131	$ 107
Less accumulated depreciation	(57)	(43)
Property and equipment, net	74	64
Furniture and Fixtures [Member]
Property, plant and equipment, gross	69	51
Computer Equipment [Member]
Property, plant and equipment, gross	$ 62	$ 56

Note 8 - Accrued Liabilities an

Note 8 - Accrued Liabilities and Accrued Liabilities - Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Trade and other payables	$ 1,099	$ 182
Accrued compensation	483	419
Accrued research and other professional fees	360	172
Accrued clinical study costs	13	433
Accrued taxes and other liabilities	8	52
Total accrued liabilities	$ 1,963	$ 1,258

Note 9 - Operating Lease (Detai

Note 9 - Operating Lease (Details Textual)	12 Months Ended
	Dec. 31, 2020USD ($)
Lessee, Operating Lease, Discount Rate	9.00%
Operating Lease, Cost	$ 66,000
Variable Lease, Cost	$ 53,000

Note 9 - Operating Lease - Matu

Note 9 - Operating Lease - Maturity of Operating Lease Liability (Details) $ in Thousands	Dec. 31, 2020USD ($)
2021	$ 68
2022	46
Total lease payments	114
Less interest portion	(9)
Present value of lease obligation	$ 105

Note 10 - Commitments and Con_2

Note 10 - Commitments and Contingencies (Details Textual) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Research and Development Contracts [Member]
Contractual Obligation, to be Paid, Year One	$ 2,200,000
Contractual Obligation, Due in Second Year	0
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 11 - Shareholders' Equit_2

Note 11 - Shareholders' Equity (Details Textual) - USD ($)	Aug. 10, 2020	Feb. 13, 2020	Dec. 31, 2020	Dec. 31, 2019
Stock Issued During Period, Shares, New Issues (in shares)	4,600,000	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	$ 28,805,000
Proceeds from Issuance of Common Stock, Net	$ 21,100,000	$ 7,700,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares)			14,283
Stock Issued During Period, Value, Stock Options Exercised			$ 45,161	$ 75,000
Private Placement [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares)				50,000
Stock Issued During Period, Value, Stock Options Exercised				$ 75,000
Warrants Issued in Private Placement [Member]
Stock Issued During Period, Shares, Exercise of Common Stock Warrants (in shares)			0	0

Note 11 - Shareholders' Equit_3

Note 11 - Shareholders' Equity - Shares Reserved (Details)	Dec. 31, 2020shares
Common stock reserved for future issuance (in shares)	2,800,899
Stock Options Outstanding [Member]
Common stock reserved for future issuance (in shares)	1,389,564
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)	1,099,098
Common Share Purchase Warrants [Member]
Common stock reserved for future issuance (in shares)	265,000

Note 12 - Share-based Compens_3

Note 12 - Share-based Compensation (Details Textual) - USD ($)	1 Months Ended	12 Months Ended
	Mar. 30, 2019	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)		302,332
Common Stock, Capital Shares Reserved for Future Issuance (in shares)		2,800,899
Proceeds from Stock Options Exercised		$ 45,161	$ 75,000
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount		$ 1,100,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)		1 year 146 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value		$ 41,000	75,000
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)		873,182
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)		516,384
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)		1,436,803
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value		$ 1,400,000	$ 918,000,000,000

Note 12 - Share-based Compens_4

Note 12 - Share-based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Total share-based compensation	$ 1,843	$ 1,164
Research and Development Expense [Member]
Total share-based compensation	534	370
General and Administrative Expense [Member]
Total share-based compensation	$ 1,309	$ 794

Note 12 - Share-based Compens_5

Note 12 - Share-based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Granted (in shares)	302,332
Exercised (in shares)	(14,283)
Share-based Payment Arrangement, Option [Member]
Balance (in shares)	1,220,359	639,359
Balance, weighted average exercise price (in dollars per share)	$ 5.33	$ 6.07
Balance, aggregate intrinsic value	$ 7,109	$ 678
Granted (in shares)	302,332	725,825
Granted, weighted average exercise price (in dollars per share)	$ 4.73	$ 4.52
Exercised (in shares)	(14,283)	(50,000)
Exercised, weighted average exercise price (in dollars per share)	$ 3.21	$ 1.50
Expired/cancelled (in shares)	(78,147)	(7,353)
Expired / cancelled, weighted average exercise price (in dollars per share)	$ 5.29	$ 5.49
Forfeited (in shares)	(40,697)	(87,472)
Forfeited, weighted average exercise price (in dollars per share)	$ 4.86	$ 5.22
Balance (in shares)	1,389,564	1,220,359
Balance, weighted average exercise price (in dollars per share)	$ 5.24	$ 5.33

Note 12 - Share-based Compens_6

Note 12 - Share-based Compensation - Unvested Shares (Details)	12 Months Ended
	Dec. 31, 2020$ / sharesshares
Unvested (in shares) | shares	578,747
Unvested, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 3.73
Granted (in shares) | shares	302,332
Granted, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 4.73
Vested (in shares) | shares	(449,556)
Vested, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 5.09
Forfeited (in shares) | shares	(40,697)
Forfeited, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 4.86
Unvested (in shares) | shares	390,826
Unvested, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 4.83

Note 12 - Share-based Compens_7

Note 12 - Share-based Compensation - Stock Options Outstanding (Details)	12 Months Ended
	Dec. 31, 2020$ / sharesshares
Outstanding, shares (in shares) | shares	1,389,564
Outstanding, weighted average remaining contractual life (Year)	7 years 182 days
Outstanding, weighted average exercise price (in dollars per share)	$ 5.33
Exercisable, shares (in shares) | shares	998,738
Exercisable, weighted average remaining contractual life (Year)	7 years 36 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
Outstanding, weighted average exercise price (in dollars per share)	$ 2.29
Exercisable, shares (in shares) | shares	125,700
Exercisable, weighted average remaining contractual life (Year)	5 years
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	15,000
Outstanding, weighted average remaining contractual life (Year)	6 years 73 days
Outstanding, weighted average exercise price (in dollars per share)	$ 3.90
Exercisable, shares (in shares) | shares	15,000
Exercisable, weighted average remaining contractual life (Year)	6 years 73 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	950,546
Outstanding, weighted average remaining contractual life (Year)	8 years 146 days
Outstanding, weighted average exercise price (in dollars per share)	$ 4.55
Exercisable, shares (in shares) | shares	596,401
Exercisable, weighted average remaining contractual life (Year)	8 years 36 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	248,168
Outstanding, weighted average remaining contractual life (Year)	6 years 255 days
Outstanding, weighted average exercise price (in dollars per share)	$ 8.33
Exercisable, shares (in shares) | shares	211,487
Exercisable, weighted average remaining contractual life (Year)	6 years 255 days
Exercise Price Range 5 [Member]
Per share exercise price, lower range (in dollars per share)	$ 10.01
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)	1 year 328 days
Outstanding, weighted average exercise price (in dollars per share)	$ 18.22
Exercisable, shares (in shares) | shares	50,150
Exercisable, weighted average remaining contractual life (Year)	1 year 328 days

Note 12 - Share-based Compens_8

Note 12 - Share-based Compensation - Stock Option Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Expected dividend yield	0.00%	0.00%
Minimum [Member]
Common share fair value (in dollars per share)	$ 4.08	$ 2.07
Risk-free interest rate	0.30%	1.50%
Expected option life (years) (Year)	5 years	4 years 73 days
Expected stock price volatility	94.40%	88.70%
Maximum [Member]
Common share fair value (in dollars per share)	$ 6.91	$ 4.60
Risk-free interest rate	1.30%	2.40%
Expected option life (years) (Year)	5 years 73 days	5 years 36 days
Expected stock price volatility	102.20%	103.50%

Note 13 - Related Party Trans_2

Note 13 - Related Party Transaction (Details Textual) - Vice President [Member] - Consulting Services [Member]	12 Months Ended
	Dec. 31, 2020USD ($)
Accounts Payable, Related Parties, Current	$ 33,000
Research and Development Expense [Member]
Related Party Transaction, Amounts of Transaction	$ 235,000

Note 14 - Employee Benefit Pl_2

Note 14 - Employee Benefit Plan (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	4.00%
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 62,000	$ 62,000

Note 15 - Income Taxes (Details

Note 15 - Income Taxes (Details Textual)	12 Months Ended
	Dec. 31, 2020
State and Local Jurisdiction [Member]
Open Tax Year	2012 2013 2014 2015 2016 2017 2018 2019 2020
Foreign Tax Authority [Member] | Australian Taxation Office [Member]
Open Tax Year	2016 2017 2018 2019 2020

Note 15 - Income Taxes - Deferr

Note 15 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Non-capital losses carried forward	$ 14,321	$ 11,211
Research and development expenditures	817	817
Share issue costs	837	395
Patents and other	300	294
Accruals	6	13
Property and equipment	(14)
Property and equipment		3
Total deferred tax asset, net	16,267	12,733
Valuation allowance	(16,267)	(12,733)
Net deferred tax asset

Note 15 - Income Taxes - Reconc

Note 15 - Income Taxes - Reconciliation of Income Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Statutory income tax rate	27.00%	27.00%
Income tax recovery based on statutory rate	$ (3,274)	$ (2,841)
Share issuance costs	(728)
Share-based compensation	498	315
Australian research and development incentive	(102)	137
Prior-year true-ups	84
Other	15	(9)
Change in valuation allowance	3,534	2,429
Income tax expense	$ 27	$ 31

Note 15 - Income Taxes - Net Op

Note 15 - Income Taxes - Net Operating Losses (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Non-capital Income Tax Losses, Net [Member]
Tax credits	$ 48,815
Tax credits, expiration years	Jan. 1, 2026
Research Tax Credit Carryforward [Member]
Tax credits	$ 3,027
Tax Credits [Member]
Tax credits	$ 484
Tax credits, expiration years	Jan. 1, 2020