DiaMedica Therapeutics (DMAC) 10-K 28 Mar 23 2022 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Mar. 28, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	001-36291
Entity Registrant Name	DIAMEDICA THERAPEUTICS INC.
Entity Incorporation, State or Country Code	A1
Entity Address, Address Line One	301 Carlson Parkway, Suite 210
Entity Address, City or Town	Minneapolis
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55305
City Area Code	763
Local Phone Number	496-5454
Title of 12(b) Security	Voting Common Shares, no par value per share
Trading Symbol	DMAC
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float	$ 52.7
Entity Common Stock, Shares Outstanding (in shares)		26,460,688
Auditor Firm ID	23
Auditor Name	Baker Tilly US, LLP
Auditor Location	Minneapolis, MN
Entity Central Index Key	0001401040
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 4,728	$ 4,707
Marketable securities	28,774	40,405
Prepaid expenses and other assets	251	197
Amounts receivable	82	130
Total current assets	33,835	45,439
Non-current assets:
Operating lease right-of-use asset	424	42
Property and equipment, net	136	70
Total non-current assets	560	112
Total assets	34,395	45,551
Current liabilities:
Accounts payable	734	509
Accrued liabilities	1,365	966
Finance lease obligation	6	4
Operating lease obligation	63	45
Total current liabilities	2,168	1,524
Non-current liabilities:
Finance lease obligation, non-current	4	3
Operating lease obligation, non-current	396	0
Total non-current liabilities	400	3
Commitments and Contingencies
Shareholders’ equity:
Common shares, no par value; unlimited authorized; 26,443,067 shares issued and outstanding, as of December 31, 2022 and 2021	0	0
Paid-in capital	128,078	126,576
Accumulated other comprehensive loss	(74)	(51)
Accumulated deficit	(96,177)	(82,501)
Total shareholders’ equity	31,827	44,024
Total liabilities and shareholders’ equity	$ 34,395	$ 45,551

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Common shares, par value (in dollars per share)	$ 0	$ 0
Common Stock, Shares Authorized, Unlimited [Fixed List]	Unlimited	Unlimited
Common Stock, Shares, Issued (in shares)	26,443,067	26,443,067
Common Stock, Shares, Outstanding, Ending Balance (in shares)	26,443,067	26,443,067

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating expenses:
Research and development	$ 7,839	$ 8,765
General and administrative	6,162	4,881
Total operating expenses	14,001	13,646
Operating loss	(14,001)	(13,646)
Other income:
Other income, net	353	82
Total other income, net	353	82
Loss before income tax expense	(13,648)	(13,564)
Income tax expense	(28)	(28)
Net loss	(13,676)	(13,592)
Other comprehensive loss
Unrealized loss on marketable securities	(23)	(49)
Net loss and comprehensive loss	$ (13,699)	$ (13,641)
Basic and diluted net loss per share (in dollars per share)	$ (0.52)	$ (0.65)
Weighted average shares outstanding – basic and diluted (in shares)	26,443,067	20,773,399

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balances (in shares) at Dec. 31, 2020	18,746,157
Balances at Dec. 31, 2020		$ 94,925,000	$ (2,000)	$ (68,909,000)	$ 26,014,000
Issuance of common shares, net of offering costs of $151 (in shares)	7,653,060
Issuance of common shares, net of offering costs of $151		29,849,000	0	0	$ 29,849,000
Exercise of common stock options (in shares)	40,000				40,000
Exercise of common stock options		244,000	0	0	$ 244,000
Issuance of common shares in settlement of deferred stock units (in shares)	3,850				3,850
Share-based compensation expense		1,558,000			$ 1,558,000
Unrealized loss on marketable securities			(49,000)		(49,000)
Net loss				(13,592,000)	$ (13,592,000)
Balances (in shares) at Dec. 31, 2021					26,443,067
Balances at Dec. 31, 2021		126,576,000	(51,000)	(82,501,000)	$ 44,024,000
Share-based compensation expense	$ 0	1,502,000	0	0	1,502,000
Unrealized loss on marketable securities	0	0	(23,000)	0	(23,000)
Net loss	$ 0	0		(13,676,000)	(13,676,000)
Balances (in shares) at Dec. 31, 2022	26,443,067
Balances at Dec. 31, 2022		$ 128,078,000	$ (74,000)	$ (96,177,000)	$ 31,827,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	$ 151

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (13,676,000)	$ (13,592,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	1,502,000	1,558,000
Amortization of premium (discount) on marketable securities	(11,000)	161,000
Non-cash lease expense	64,000	58,000
Depreciation	25,000	24,000
Changes in operating assets and liabilities:
Amounts receivable	48,000	210,000
Prepaid expenses and other assets	(54,000)	(123,000)
Accounts payable	225,000	(590,000)
Accrued liabilities	366,000	42,000
Net cash used in operating activities	(11,511,000)	(12,252,000)
Cash flows from investing activities:
Purchase of marketable securities	(45,684,000)	(69,813,000)
Maturities of marketable securities	57,303,000	49,296,000
Purchase of property and equipment	(81,000)	(22,000)
Disposition of property and equipment, net	0	2,000
Net cash provided by (used in) investing activities	11,538,000	(20,537,000)
Cash flows from financing activities:
Proceeds from issuance of common shares, net of offering costs	0	29,849,000
Proceeds from exercise of stock options	0	244,000
Principal payments on finance lease obligations	(6,000)	(6,000)
Net cash provided by (used in) financing activities	(6,000)	30,087,000
Net increase (decrease) in cash and cash equivalents	21,000	(2,702,000)
Cash and cash equivalents at beginning of period	4,707,000	7,409,000
Cash and cash equivalents at end of period	4,728,000	4,707,000
Supplemental disclosure of cash flow information:
Cash paid for income taxes	$ 27,000	$ 28,000

Note 1 - Business

Note 1 - Business	12 Months Ended
	Dec. 31, 2022
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 our proprietary recombinant form of the human tissue kallikrein-1 (KLK1) protein for the treatment of neurological and kidney diseases. Currently, our primary focus is on acute ischemic stroke (AIS) and chronic kidney disease (CKD). Our parent company is governed under British Columbia’s Business Corporations Act, and our common shares are publicly traded on The Nasdaq Capital Market under the symbol “DMAC.”

Note 2 - Risks and Uncertaintie

Note 2 - Risks and Uncertainties	12 Months Ended
	Dec. 31, 2022
Notes to Financial Statements
Unusual Risks and Uncertainties [Table 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 United States 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, for the treatment of AIS and CKD. The Company has not yet completed the development of any product candidate and does not generate any revenues from the commercial sale of any product candidate. DM199 requires significant additional clinical testing and investment prior to seeking marketing approval and is not expected to be commercially available for at least three years, if at all. On July 6, 2022, we announced that the FDA placed a clinical hold on the investigational new drug application (IND) for the Company’s Phase 2/3 ReMEDy2 trial. The clinical hold was issued following the Company voluntarily pausing participant enrollment in the trial to investigate three unexpected instances of clinically significant hypotension (low blood pressure) occurring shortly after initiation of the intravenous (IV) dose of DM199. In September 2022 we submitted our analysis of the events leading to and causing the hypotensive events, and proposed protocol modifications to address the mitigation of these events in the future trial participants. Following review of this analysis, the FDA informed us that they were continuing the clinical hold and requesting, among other items, an additional in-use in vitro stability study of the IV administration of DM199, which includes testing the combination of the IV bag, IV tubing and mechanical infusion pump, to further rule out any other cause of the hypotension events. The requested in-use study has been initiated and is being performed at an independent laboratory and is expected to complete in April 2023. There can be no assurance that we will be able to fully respond to the FDA’s latest questions sufficiently for the FDA to lift the clinical hold on a timely basis or at all. It is also possible that the FDA may subsequently make additional requests that we would need to fulfill prior to the lifting of the clinical hold, such as requiring us to complete additional clinical testing or imposing stricter approval conditions than we recently proposed for our DM199 product candidate. We may not enroll any additional participants in the ReMEDy2 trial until we provide the FDA with the requested data and the FDA notifies us that the FDA has lifted the clinical hold and we may resume enrollment in the clinical trial. Prior to voluntarily halting enrollment, we had experienced slower than expected site activations and enrollment in our ReMEDy2 trial and may continue to experience these conditions if and when we are able to resume enrollment. We believe this was due to a number of factors, including the reduction or suspension of research activities at our current and targeted clinical study sites, as well as staffing shortages, due to COVID-19 and concerns managing logistics and protocol compliance for participants discharged from the hospital to an intermediate care facility. We intend to continue to take certain actions, including bringing certain site engagement responsibilities in-house and engaging a clinical services consulting firm to provide staff support to study sites as needed, to assist study sites in overcoming these issues, if and when we resume enrollment in the ReMEDy2 trial, however no assurances can be provided as to if and when these issues will resolve. Our future success is dependent upon the success of our development efforts, our ability to demonstrate clinical progress for our DM199 product candidate in the United States or other markets, our ability, or the ability of any future partner, to obtain required governmental approvals of our product candidate, our ability to license or market and sell our DM199 product candidate and our ability to obtain additional financing to fund these efforts. As of December 31, 2022, we have incurred losses of $96.2 million since our inception in 2000. For the year ended December 31, 2022, we incurred a net loss of $13.7 million and negative cash flows from operating activities of $11.5 million. We expect to continue to incur operating losses until such time as any future product sales, licensing fees, milestone payments and/or royalty payments generate revenue sufficient to fund our continuing operations. For the foreseeable future, we expect to incur significant operating losses as we continue the development and clinical study of, and to seek regulatory approval for, our DM199 product candidate. As of December 31, 2022, DiaMedica had combined cash, cash equivalents and marketable securities of $33.5 million, working capital of $31.7 million and shareholders’ equity of $31.8 million. Our principal source of cash has been net proceeds from the issuance of equity securities. Although the Company has previously been successful in obtaining financing through equity securities offerings, there is no assurance that we will be able to do so in the future. This is particularly true if we are unable to resolve the clinical hold on the IND for our ReMEDy2 trial, if our clinical data is not positive, or if economic and market conditions do not improve or further deteriorate. We expect that we will need substantial additional capital to further our research and development activities, complete the required clinical studies, regulatory activities and manufacturing development for our product candidate, DM199, or any future product candidates, to a point where they may be licensed or commercially sold. We expect our current cash, cash equivalents and marketable securities to fund our planned operations for at least the next 12 months from the date of issuance of these consolidated financial statements. The amount and timing of our future funding requirements will depend on many factors, including our ability and timing to release the clinical hold on the IND for our ReMEDy2 trial, the timing and results of our ongoing development efforts, including the duration of the current clinical hold, the rate of site activation and enrollment in our clinical study, the potential expansion of our current development programs, potential new development programs, the effects of COVID-19, staffing shortages and other factors on our clinical trials and our operating expenses. We may require significant additional funds earlier than we currently expect and there is no assurance that we will not need or seek additional funding prior to such time, especially if market conditions for raising capital are favorable.

Note 3 - Summary of Significant

Note 3 - Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Notes to Financial Statements
Liquidity and Management Plans [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. Certain prior year amounts have been reclassified to conform to the current year presentation. 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 months or less, to be cash and cash equivalents. The carrying amount of our cash equivalents approximates fair value due to the short maturity of the investments. Marketable securities The Company’s marketable securities typically consist of obligations of the United States government and its agencies, bank certificates of deposit and/or investment grade corporate obligations, which are classified as available-for-sale and included in current assets. All marketable securities mature within 12 months from their date of purchase and generally are intended to fund current operations. Securities are valued based on market prices for similar assets using third party certified pricing sources. Available-for-sale securities are carried at fair value with unrealized gains and losses reported as a component of shareholders’ equity in accumulated other comprehensive gain (loss). The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization or accretion is included in interest income. Realized gains and losses, if any, are calculated on the specific identification method and are included in other income in the consolidated statements of operations. Available-for-sale securities are reviewed for possible impairment at least quarterly, or more frequently if circumstances arise that may indicate impairment. When the fair value of the securities declines below the amortized cost basis and impairment is indicated, it must be determined whether the impairment is other than temporary. Impairment is considered to be other than temporary if the Company: (i) intends to sell the security, (ii) will more likely than not be forced to sell the security before recovering its cost, or (iii) does not expect to recover the security’s amortized cost basis. If the decline in fair value is considered other than temporary, the cost basis of the security is adjusted to its fair market value and the realized loss is reported in earnings. Subsequent increases or decreases in fair value are reported as a component of shareholders’ equity in accumulated other comprehensive gain (loss). There were no other-than-temporary unrealized losses as of December 31, 2022. 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 levels defined as follows: Level 1 Inputs Level 2 Inputs Level 3 Inputs As of December 31, 2022, the Company believes that the carrying amounts of its other financial instruments, including amounts receivable, accounts payable and accrued liabilities, approximate their fair value due to the short-term maturities of these instruments. See Note 4, titled “ 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 financial institutions. These balances generally exceed federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk in cash and cash equivalents. The Company believes that the credit risk related to marketable securities is limited due to the adherence to an investment policy focused on the preservation of principal. 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 to ten years for office equipment and four years for computer equipment. Upon retirement or sale, the cost and related accumulated depreciation are removed from the consolidated balance sheets and the resulting gain or loss is reflected in the consolidated statements of operations. Repairs and maintenance are expensed as incurred. 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 be recoverable. If the expected future undiscounted cash flows are less than the carrying amount of the asset, an impairment loss is recognized at that time. Measurement of impairment may be based upon appraisal, market value of similar assets or discounted cash flows. Leases Leases related to our corporate offices are classified as operating leases We determine if an arrangement is a lease at inception. We have made a policy election to not separate lease and non-lease components for our real estate leases to the extent they are fixed. Non-lease components that are not fixed are expensed as incurred as variable lease expense. Our facility lease includes variable non-lease components, such as common-area maintenance costs. Our operating lease is included in operating lease right-of-use (“ROU”) asset and operating lease obligations on our consolidated balance sheets. Our operating lease ROU asset represents our right to use an underlying asset for the lease term and operating lease liabilities represent our obligation to make lease payments arising from the lease. The operating lease ROU asset and operating lease obligation are recognized based on the present value of lease payments over the lease term. The lease does not provide an implicit rate and, due to the lack of a commercially salable product, we are generally considered unable to obtain commercial credit. Therefore, considering the quoted rates for the lowest investment-grade debt and the interest rates implicit in recent financing leases, we estimated our incremental borrowing rate. The operating lease ROU asset excludes lease incentives. Our lease includes an option to extend or terminate the lease; lease terms are only adjusted for these options when it is reasonably certain that we will exercise such options to extend or terminate the lease. Lease expense is recognized on a straight-line basis over the lease term. Assumptions made by us at the commencement date are re-evaluated upon occurrence of certain events, including a lease modification. A lease modification results in a separate contract when the modification grants the lessee an additional right of use not included in the original lease and when lease payments increase commensurate with the standalone price for the additional right of use. When a lease modification results in a separate contract, it is accounted for in the same manner as a new lease. Research and development costs Research and development costs include expenses incurred in the conduct of human clinical trials, for third-party service providers performing various treatment, testing, data accumulation and analysis related to clinical studies; sponsored non-clinical research; developing the manufacturing process necessary to produce sufficient amounts of the DM199 compound for use in our clinical studies; consulting resources with specialized expertise related to execution of our development plan for our DM199 or other product candidates; and personnel costs, including salaries, benefits and share-based compensation. 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 various 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 recorded or accrued based on actual invoices received and estimates of work completed to date by contract research organizations, outside contractors and clinical trial sites that assist with management and performance of the trials, and those that manufacture the investigational product. We obtain initial estimates of accrued costs based on the trial protocol, actual enrollment of subjects, trial duration, project and data management costs, participant treatment costs and other activities as required by the trial protocol. Additionally, actual costs may be charged to us and are recognized as the tasks are completed by the clinical trial site. Accrued clinical trial costs may be subject to revisions as clinical trials progress and any revisions are recorded in the period in which the facts that give rise to the revisions become known. 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 general and administrative costs and were $146,000 and $96,000 for the years ended December 31, 2022 and 2021, respectively. 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 option 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 period equal to the expected term of the option. The assumed dividend yield is zero, as we do not expect to declare any dividends in the foreseeable future. The expected term of options is estimated considering the vesting period at the grant date, the life of the option and the average length of time similar grants have remained outstanding in the past. 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 to be realized. The Company has provided a full valuation allowance against the gross deferred tax assets as of December 31, 2022 and 2021. See Note 14, “Income Taxes” for additional information. The Company’s policy is to classify interest and penalties related to income taxes as income tax expense. 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, 2022 2021 Net loss $ (13,676 ) $ (13,592 ) Weighted average shares outstanding—basic and diluted 26,443,067 20,773,399 Basic and diluted net loss per share $ (0.52 ) $ (0.65 ) The following outstanding potential common shares were not included in the diluted net loss per share calculations as their effects were not dilutive: Year Ended December 31, 2022 2021 Employee and non-employee stock options 2,782,248 1,896,600 Common shares issuable under common share purchase warrants 265,000 265,000 Common shares issuable upon settlement of deferred stock units 134,402 67,659 3,181,650 2,229,259 Recent Accounting Pronouncements Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Recently Adopted Accounting Pronouncements In May 2021, the FASB issued ASU No. 2021-04, Earnings Per Share (Topic 260), Debt Modifications and Extinguishments (Subtopic 470-50), Compensation Stock Compensation (Topic 718), and Derivatives and Hedging Contracts in Entity s Own Equity (Subtopic 815-40)

Note 4 - Marketable Securities

Note 4 - Marketable Securities	12 Months Ended
	Dec. 31, 2022
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 as of December 31, 2022 Using Inputs Considered as Fair Value Level 1 Level 2 Level 3 Commercial paper and corporate bonds $ 14,209 $ — $ 14,209 $ — Government securities 14,565 — 14,565 — Total marketable securities $ 28,774 $ — $ 28,774 $ — Fair Value Measurements as of December 31, 2021 Using Inputs Considered as Fair Value Level 1 Level 2 Level 3 Commercial paper and corporate bonds $ 29,421 $ — $ 29,421 $ — Government securities 10,984 — 10,984 — Total marketable securities $ 40,405 $ — $ 40,405 $ — Accrued interest receivable on available-for-sale securities was $80,000 and $130,000 for the years ended December 31, 2022 and 2021, respectively, and is included in amounts receivable. There were no transfers of assets between Level 1 and Level 2 of the fair value measurement hierarchy during the year ended December 31, 2022. 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 year, and the amortized cost of all securities approximated fair value as of December 31, 2022.

Note 5 - Amounts Receivable

Note 5 - Amounts Receivable	12 Months Ended
	Dec. 31, 2022
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, 2022 December 31, 2021 Accrued interest receivable on marketable securities $ 80 $ 130 Other 2 — Total amounts receivable $ 82 $ 130

Note 6 - Prepaid Expenses and O

Note 6 - Prepaid Expenses and Other Assets	12 Months Ended
	Dec. 31, 2022
Notes to Financial Statements
Other Assets Disclosure [Text Block]	6. Prepaid Expenses and Other Assets Prepaid expenses and other assets consisted of the following (in thousands): December 31, 2022 December 31, 2021 Prepaid expenses $ 209 $ 84 Advances to vendors $ 42 $ 113 Total prepaid expenses and other assets $ 251 $ 197 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 be recovered by DiaMedica through partial reductions of ongoing invoices, application against final study/project invoices or refunded upon completion of services to be provided. Deposits are classified as current or non-current based upon their expected recovery time.

Note 7 - Property and Equipment

Note 7 - Property and Equipment	12 Months Ended
	Dec. 31, 2022
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, 2022 December 31, 2021 Furniture and equipment $ 124 $ 70 Computer equipment 76 66 Leasehold Improvements 16 1 216 137 Less accumulated depreciation (80 ) (67 ) Property and equipment, net $ 136 $ 70 Depreciation expense was $25,000 and $24,000 for each of the years ended December 31, 2022 and 2021, respectively. During 2022 and 2021, we disposed of $12,000 and $17,000 of equipment, respectively.

Note 8 - Accrued Liabilities

Note 8 - Accrued Liabilities	12 Months Ended
	Dec. 31, 2022
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	8. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): December 31, 2022 December 31, 2021 Accrued compensation 667 484 Accrued clinical trial costs 472 284 Accrued research and other professional fees 215 191 Accrued other liabilities 11 7 Total accrued liabilities $ 1,365 $ 966

Note 9 - Operating Lease

Note 9 - Operating Lease	12 Months Ended
	Dec. 31, 2022
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	9. Operating Lease New office lease In June 2022, we entered into an agreement to lease approximately 6,000 square feet of office space in Minneapolis, Minnesota, near our former office space. The lease commencement date was September 1, 2022, has a term of 65 months expiring on January 31, 2028 and includes an incentive of five months of full rent abatement. This incentive is subject to repayment if we default in performance of any material obligations under the lease prior to the 48 th Our operating lease costs were $78,000 and $65,000 for the years ended December 31, 2022 and 2021, respectively. Our variable lease costs were $25,000 and $56,000 for the years ended December 31, 2022 and 2021, respectively. Variable lease costs consist primarily of common area maintenance costs, insurance and taxes which are paid based upon actual costs incurred by the lessor. Maturities of our operating lease obligation are as follows as of December 31, 2022 (in thousands): 2023 97 2024 109 2025 113 2026 116 2027 119 2028 10 Total lease payments $ 564 Less interest portion (105 ) Present value of lease obligation $ 459 Former office lease We leased certain office space under a non-cancelable operating lease that terminated on August 31, 2022, and we did not renew it. This lease included lease (e.g., fixed rent) and non-lease components (e.g., common-area and other maintenance costs). The right-of-use asset for this lease was fully amortized as of August 31, 2022.

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
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, we incur obligations to make future payments as we execute our business plan. These obligations may relate to preclinical or clinical studies, manufacturing or manufacturing process development and other related activities. Currently, these obligations include costs to be incurred with contract research organizations, central laboratory and pharmacy services, clinical study sites, home nursing services and various other vendors supporting the performance of our clinical trials. The contracts we enter into with these vendors and the commitments within these contracts are subject to significant variability based upon the actual activities/services performed by each vendor. As a result, the ultimate amounts due may be materially different as these obligations are affected by, among other factors, the number and pace of participants enrolled, the number of clinical study sites enrolling subjects, the amount of time to complete trial enrollments and the time required to finalize, analyze and report of trial results. Clinical research agreements are generally cancelable upon up to 60 days’ notice, with the Company’s obligation limited to costs incurred up to that date, including any non-cancelable costs. Cancelation terms for product manufacturing and process development contracts vary and are generally dependent upon timelines for sourcing research materials and reserving laboratory time. As of December 31, 2022, the Company estimates that its outstanding commitments, including such cancellable contracts, are approximately $ 4.0 million over the next 12 months and approximately $3.0 million in the following 12 months. These amounts do not include commitments that the Company will be required to make upon resumption of the ReMEDy2 AIS trial. On November 11, 2021, we announced the enrollment of the first participant for our pivotal ReMEDy2 trial. The ReMEDy2 trial is a randomized, double-blind, placebo-controlled Phase 2/3 adaptive trial intended to enroll approximately 350 participants. Participants enrolled in the trial will be treated with either DM199 or placebo within 24 hours of the onset of AIS symptoms. Treatment continues twice weekly for approximately three weeks with final follow-up at approximately 90 days after treatment commences. Our REDUX clinical trial, a multi-center, open-label, Phase 2 clinical trial investigating patients with Stage II or III CKD has completed enrollment. The trial focused on participants with CKD caused by three specific conditions: Cohort 1 focused on non-diabetic, hypertensive African Americans with Stage II or III CKD; Cohort 2 focused on participants with IgA Nephropathy (IgAN); and Cohort 3 focused on participants with Type 2 diabetes mellitus with CKD, hypertension and albuminuria. Enrollment was closed at the end of 2021 and final data analysis is expected to complete by mid-2023. Technology license We have 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. Under the terms of this license, certain milestone and royalty payments may become due under this agreement and are dependent upon, among other factors, clinical trials, regulatory approvals and ultimately the successful development of a new drug, the outcome and timing of which is uncertain. As of December 31, 2022, one milestone payment obligation remains which is due upon our first regulatory approval of DM199 for commercial sale. Following the launch of our first product, we will also incur a royalty of less than 1% on net sales. The royalty term is indefinite but the license agreement may be canceled by us on 90 days’ prior written notice. The license may not be terminated by Catalent unless we fail to make required milestone and royalty payments. Indemnification of directors and officers The Company, as permitted under laws of the BCBCA 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 choose to indemnify other employees or agents from time to time. The Company has secured insurance on behalf of any officer, director, employee or other agent for any liability arising out of his or her actions in connection with their services to the Company. As of December 31, 2022, there was no pending litigation or proceeding involving any director or officer of the Company as to which indemnification is required or permitted, and we are not aware of any threatened litigation or proceeding that may result in a claim for indemnification. Insofar as indemnification for liabilities arising under the United States Securities Act of 1933, as amended (Securities Act) may be permitted to directors, officers and controlling persons of the Company, the Company has been advised that, in the opinion of the United States Securities and Exchange Commission (SEC), such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. The Company believes the fair value of these indemnification agreements is minimal. Accordingly, the Company had not

Note 11 - Shareholders' Equity

Note 11 - Shareholders' Equity	12 Months Ended
	Dec. 31, 2022
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 have a stated par value. Common shareholders are entitled to receive dividends as declared by the Company, if any, and are entitled to one vote per share at the Company’s annual general meeting and any extraordinary or special general meeting. Equity issued during the year ended December 31, 2022 During the year ended December 31, 2022, we did not issue any common shares or other equity securities, other than stock options and deferred stock units. Equity issued during the year ended December 31, 2021 On September 26, 2021, we issued and sold in a private placement an aggregate 7,653,060 common shares at a purchase price of $3.92 per share to ten accredited investors resulting in gross proceeds of $30.0 million and net proceeds to us of $29.8 million, after deducting offering expenses. Under the terms of the registration rights agreed to in this private placement, we agreed to keep a resale registration statement effective at all times until the shares are no longer considered “Registrable Securities” under the agreed upon registration rights and if we fail to keep a resale registration statement effective, subject to certain permitted exceptions, we will be required to pay liquidated damages to the investors in an amount of up to 10% of the invested capital, excluding interest. We also agreed, among other things, to indemnify the selling holders under the Resale Registration Statement from certain liabilities and to pay all fees and expenses incident to our performance of or compliance with the Registration Rights Agreement. During the year ended December 31, 2021, 40,000 common shares were issued upon the exercise of options for gross proceeds of $244,000 and no warrants were exercised and 3,850 common shares were issued upon the settlement of deferred stock units. Shares reserved Common shares reserved for future issuance are as follows: December 31, 2022 Employee and non-employee stock options 2,782,248 Common shares issuable upon settlement of deferred stock units 134,402 Common shares issuable under common share purchase warrants 265,000 Shares available for grant under the Amended and Restated 2019 Omnibus Incentive Plan 2,005,260 Shares available for grant under the 2021 Employment Inducement Incentive Plan 535,000 Total 5,721,910

Note 12 - Share-based Compensat

Note 12 - Share-based Compensation	12 Months Ended
	Dec. 31, 2022
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	12. Share-Based Compensation Amended and Restated 2019 Omnibus Incentive Plan The DiaMedica Therapeutics Inc. Amended and Restated 2019 Omnibus Incentive Plan (the 2019 Plan) was adopted by the Board of Directors (Board) on March 10, 2022 and approved by our shareholders at our 2022 Annual General Meeting of Shareholders held on May 18, 2022. The 2019 Plan permits the Board, or a committee or subcommittee thereof, to grant to the Company’s eligible employees, non-employee directors and certain consultants non-statutory and incentive stock options, stock appreciation rights, restricted stock awards, restricted stock units, deferred stock units (DSUs), performance awards, non-employee director awards and other stock-based awards. We grant options to purchase common shares under the 2019 Plan at no less than the fair market value of the underlying common shares as of the date of grant. Options granted to employees and non-employee directors have a maximum term of ten one four five one 2021 Employment Inducement Incentive Plan On December 3, 2021, the Board adopted the DiaMedica Therapeutics Inc. 2021 Employment Inducement Incentive Plan (Inducement Plan) to facilitate the granting of equity awards as an inducement material to new employees joining the Company. The Inducement Plan was adopted without shareholder approval pursuant to Nasdaq Listing Rule 5635(c)(4) and is administered by the Compensation Committee of the Board of Directors. The Board reserved 1,000,000 common shares of the Company for issuance under the Inducement Plan, which permits the grant of non-statutory options, stock appreciation rights, restricted stock awards, restricted stock units, performance awards and other stock-based awards, to eligible recipients. The only persons eligible to receive awards under the Inducement Plan are individuals who are new employees and satisfy the standards for inducement grants under Nasdaq Listing Rule 5635(c)(4) or 5635(c)(3), as applicable. Also on December 3, 2021, the Compensation Committee adopted a form of notice of option grant and option award agreement for use under the Inducement Plan, which contains terms substantially identical to the form of notice of option grant and option award agreement for use under the shareholder-approved 2019 Plan. The Inducement Plan has a term of 10 years. The share reserve under the Inducement Plan may be increased at the discretion of and approval by the Board. As of December 31, 2022, options to purchase an aggregate of 465,000 common shares were outstanding under the Inducement Plan. Prior Stock Option Plan The DiaMedica Therapeutics Inc. Stock Option Plan, Amended and Restated November 6, 2018 (Prior Plan), was terminated by the Board of Directors in conjunction with the shareholder approval of the 2019 Plan. Awards outstanding under the Prior Plan remain outstanding in accordance with and pursuant to the terms thereof. Options granted under the Prior Plan have terms similar to those used under the 2019 Plan. As of December 31, 2022, options to purchase an aggregate of 462,910 common shares were outstanding under the Prior Plan. Prior Deferred Stock Unit Plan The DiaMedica Therapeutics Inc. Amended and Restated Deferred Stock Unit Plan (Prior DSU Plan) was terminated by the Board of Directors in conjunction with the shareholder approval of the 2019 Plan. Awards outstanding under the Prior DSU Plan remain outstanding in accordance with and pursuant to the terms thereof. As of December 31, 2022, there were 17,333 common shares reserved for issuance upon settlement of DSUs outstanding under the Prior DSU Plan. Share-based compensation expense for each of the periods presented is as follows (in thousands): December 31, 2022 December 31, 2021 Research and development $ 460 $ 463 General and administrative 1,042 1,095 Total share-based compensation $ 1,502 $ 1,558 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 as of December 31, 2020 1,389,564 $ 5.24 $ 7,109 Granted 638,008 5.18 Exercised (40,000 ) 6.10 Expired/cancelled (20,972 ) 12.65 Forfeited (70,000 ) 4.24 Balances as of December 31, 2021 1,896,600 $ 5.25 $ 169 Granted 1,014,398 2.58 Exercised — — Expired/cancelled (68,437 ) 4.25 Forfeited (60,313 ) 11.05 Balances as of December 31, 2022 2,782,248 $ 4.12 $ 17 A summary of the status of our unvested shares underlying options during the year ended and as of December 31, 2022 is as follows: Shares Underlying Options Weighted Grant Date Fair Value Per Share Unvested as of December 31, 2021 611,724 $ 3.21 Granted 1,014,398 2.04 Vested (316,548 ) 3.01 Forfeited (68,437 ) 3.14 Unvested as of December 31, 2022 1,241,137 $ 2.31 Information about stock options outstanding, vested and expected to vest as of December 31, 2022, is as follows: 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) $1.00 - $1.99 177,000 9.7 $ 1.50 — — $2.00 - $2.99 790,398 8.1 2.51 208,699 5.1 $3.00 - $3.99 409,393 7.3 3.81 196,266 5.5 $4.00 - $4.99 862,182 6.5 4.58 820,683 6.5 $5.00 - $16.00 543,275 7.2 6.79 315,463 6.2 2,782,248 7.4 $ 4.12 1,541,111 6.1 The cumulative grant date fair value of employee options vested during the years ended December 31, 2022 and 2021 was $1.0 million and $1.3 million, respectively. Total proceeds received for options exercised during the years ended December 31, 2022 and 2021 were $0 and $244,000, respectively. As of December 31, 2022, total compensation expense related to unvested employee stock options not yet recognized was $2.4 million, which is expected to be allocated to expenses over a weighted-average period of 2.7 years. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2022 and 2021 was $0 and $132,000, respectively. 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, 2022 and 2021: 2022 2021 Common share fair value $1.47 – $3.88 $3.64 – $10.04 Risk-free interest rate 1.4 – 3.6% 0.5 – 1.3% Expected dividend yield 0 % 0 % Expected option life (years) 5.0 – 5.6 5.0 – 5.5 Expected stock price volatility 102.1 – 104.0% 94.7 – 106.1% Deferred Stock Units and Restricted Stock Units Under our non-employee director compensation program, non-employee directors may elect to receive RSUs or DSUs in lieu of all or a portion of the annual cash retainers payable to such director. Each RSU or DSU represents the right to receive one share of our common stock. These recipients receive a number of DSUs equal to the amount of the elected portion of the annual cash retainers divided by the 10-trading day average closing sale price of the common stock as determined on the third (3 rd There were approximately 134,000 and 68,000 vested DSUs and no RSUs outstanding under our share-based compensation plans as of December 31, 2022 and 2021, respectively. During 2021, 3,850 common shares were issued upon settlement of 3,850 DSUs held by a former non-employee director. There were no unvested DSUs as of December 31, 2022 and 2021.

Note 13 - Related Party Transac

Note 13 - Related Party Transaction	12 Months Ended
	Dec. 31, 2022
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	13. Related Party Transaction During 2020, we engaged a consulting firm owned by our former Vice President of Regulatory Affairs to perform certain tasks supporting our quality and regulatory activities. The work was performed as required by us and all services were invoiced on an hourly basis with no minimum commitment. Total charges invoiced for the year ended December 31, 2021 were $149,000 prior to termination of the agreement effective June 16, 2021.

Note 14 - Employee Benefit Plan

Note 14 - Employee Benefit Plan	12 Months Ended
	Dec. 31, 2022
Notes to Financial Statements
Compensation and Employee Benefit Plans [Text Block]	14. Employee Benefit Plan We maintain an employee 401(k) retirement savings plan (401(k) Plan). The 401(k) Plan provides eligible employees with an opportunity to make tax-deferred contributions into a long-term investment and savings program. All employees over the age of 21 may elect to participate in the 401(k) Plan beginning on their hire date. The 401(k) Plan allows eligible employees to contribute a portion of their annual compensation, subject only to maximum limits required by law. We contribute an amount up to 4% of each employees’ compensation under the safe harbor provisions provided by the Internal Revenue Service rules governing 401(k) plans. Employee and employer safe harbor contributions vest immediately. We have recorded contribution expenses of $112,000 and $87,000 for the years ended December 31, 2022 and 2021, respectively.

Note 15 - Income Taxes

Note 15 - Income Taxes	12 Months Ended
	Dec. 31, 2022
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 reflected the benefit of net operating loss carryforwards in the accompanying consolidated financial statements and has established a full valuation allowance against its deferred tax assets. 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, 2022 2021 Deferred tax assets (liabilities): Non-capital losses carried forward $ 21,000 $ 17,596 Research and development expenditures 817 817 Share issue costs 338 608 Patents and other 320 309 Accruals 213 76 Share-based compensation 166 — Property and equipment (117 ) (13 ) Total deferred tax asset, net 22,737 19,393 Valuation allowance (22,737 ) (19,393 ) 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 likely to be realized and, accordingly, we have provided a full valuation allowance. 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, 2022 2021 Statutory income tax rate 27.0 % 27.0 % Income tax recovery based on statutory rate $ (3,685 ) $ (3,656 ) Share-based compensation 340 421 Prior-year true-ups (33 ) 134 Share issuance costs — (41 ) Other 62 44 Change in valuation allowance 3,344 3,126 Income tax expense $ 28 $ 28 Net operating losses and tax credit carryforwards as of December 31, 2022, are as follows: Amount (In thousands) Expiration Years Non-capital income tax losses, net 74,479 Beginning 2026 Research and development expense carry forwards 3,027 Indefinitely Tax credits 474 Beginning 2024 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 change upon examination. Tax returns of DiaMedica USA, Inc., since its inception in 2012 2016

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of consolidation
Functional Currency [Policy Text Block]	Functional currency
Use of Estimates, Policy [Policy Text Block]	Use of estimates
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and cash equivalents
Marketable Securities, Policy [Policy Text Block]	Marketable securities
Fair Value Measurement, Policy [Policy Text Block]	Fair value measurements Level 1 Inputs Level 2 Inputs Level 3 Inputs Marketable Securities
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of credit risk
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Long-lived assets
Lessee, Leases [Policy Text Block]	Leases Leases related to our corporate offices are classified as operating leases
Research and Development Expense, Policy [Policy Text Block]	Research and development costs
Patent Costs [Policy Text Block]	Patent costs
Compensation Related Costs, Policy [Policy Text Block]	Share-based compensation
Income Tax, Policy [Policy Text Block]	Income taxes
Earnings Per Share, Policy [Policy Text Block]	Net loss per share Year Ended December 31, 2022 2021 Net loss $ (13,676 ) $ (13,592 ) Weighted average shares outstanding—basic and diluted 26,443,067 20,773,399 Basic and diluted net loss per share $ (0.52 ) $ (0.65 ) Year Ended December 31, 2022 2021 Employee and non-employee stock options 2,782,248 1,896,600 Common shares issuable under common share purchase warrants 265,000 265,000 Common shares issuable upon settlement of deferred stock units 134,402 67,659 3,181,650 2,229,259
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements Recent Accounting Pronouncements Not Yet Adopted Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Recently Adopted Accounting Pronouncements Debt Modifications and Extinguishments (Subtopic 470-50), Compensation Stock Compensation (Topic 718), and Derivatives and Hedging Contracts in Entity s Own Equity (Subtopic 815-40)

Note 3 - Summary of Significa_2

Note 3 - Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Year Ended December 31, 2022 2021 Net loss $ (13,676 ) $ (13,592 ) Weighted average shares outstanding—basic and diluted 26,443,067 20,773,399 Basic and diluted net loss per share $ (0.52 ) $ (0.65 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Year Ended December 31, 2022 2021 Employee and non-employee stock options 2,782,248 1,896,600 Common shares issuable under common share purchase warrants 265,000 265,000 Common shares issuable upon settlement of deferred stock units 134,402 67,659 3,181,650 2,229,259

Note 4 - Marketable Securities

Note 4 - Marketable Securities (Tables)	12 Months Ended
	Dec. 31, 2022
Notes Tables
Fair Value, Marketable Securities Measured on a Recurring Basis [Table Text Block]	Fair Value Measurements as of December 31, 2022 Using Inputs Considered as Fair Value Level 1 Level 2 Level 3 Commercial paper and corporate bonds $ 14,209 $ — $ 14,209 $ — Government securities 14,565 — 14,565 — Total marketable securities $ 28,774 $ — $ 28,774 $ — Fair Value Measurements as of December 31, 2021 Using Inputs Considered as Fair Value Level 1 Level 2 Level 3 Commercial paper and corporate bonds $ 29,421 $ — $ 29,421 $ — Government securities 10,984 — 10,984 — Total marketable securities $ 40,405 $ — $ 40,405 $ —

Note 5 - Amounts Receivable (Ta

Note 5 - Amounts Receivable (Tables)	12 Months Ended
	Dec. 31, 2022
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	December 31, 2022 December 31, 2021 Accrued interest receivable on marketable securities $ 80 $ 130 Other 2 — Total amounts receivable $ 82 $ 130

Note 6 - Prepaid Expenses and_2

Note 6 - Prepaid Expenses and Other Assets (Tables)	12 Months Ended
	Dec. 31, 2022
Notes Tables
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]	December 31, 2022 December 31, 2021 Prepaid expenses $ 209 $ 84 Advances to vendors $ 42 $ 113 Total prepaid expenses and other assets $ 251 $ 197

Note 7 - Property and Equipme_2

Note 7 - Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2022
Notes Tables
Property, Plant and Equipment [Table Text Block]	December 31, 2022 December 31, 2021 Furniture and equipment $ 124 $ 70 Computer equipment 76 66 Leasehold Improvements 16 1 216 137 Less accumulated depreciation (80 ) (67 ) Property and equipment, net $ 136 $ 70

Note 8 - Accrued Liabilities (T

Note 8 - Accrued Liabilities (Tables)	12 Months Ended
	Dec. 31, 2022
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	December 31, 2022 December 31, 2021 Accrued compensation 667 484 Accrued clinical trial costs 472 284 Accrued research and other professional fees 215 191 Accrued other liabilities 11 7 Total accrued liabilities $ 1,365 $ 966

Note 9 - Operating Lease (Table

Note 9 - Operating Lease (Tables)	12 Months Ended
	Dec. 31, 2022
Notes Tables
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	2023 97 2024 109 2025 113 2026 116 2027 119 2028 10 Total lease payments $ 564 Less interest portion (105 ) Present value of lease obligation $ 459

Note 11 - Shareholders' Equity

Note 11 - Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2022
Notes Tables
Common Stock Reserved for Future Issuance [Table Text Block]	December 31, 2022 Employee and non-employee stock options 2,782,248 Common shares issuable upon settlement of deferred stock units 134,402 Common shares issuable under common share purchase warrants 265,000 Shares available for grant under the Amended and Restated 2019 Omnibus Incentive Plan 2,005,260 Shares available for grant under the 2021 Employment Inducement Incentive Plan 535,000 Total 5,721,910

Note 12 - Share-based Compens_2

Note 12 - Share-based Compensation (Tables)	12 Months Ended
	Dec. 31, 2022
Notes Tables
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	December 31, 2022 December 31, 2021 Research and development $ 460 $ 463 General and administrative 1,042 1,095 Total share-based compensation $ 1,502 $ 1,558
Share-Based Payment Arrangement, Option, Activity [Table Text Block]	Shares Underlying Options Weighted Average Exercise Price Per Share Aggregate Intrinsic Value Balances as of December 31, 2020 1,389,564 $ 5.24 $ 7,109 Granted 638,008 5.18 Exercised (40,000 ) 6.10 Expired/cancelled (20,972 ) 12.65 Forfeited (70,000 ) 4.24 Balances as of December 31, 2021 1,896,600 $ 5.25 $ 169 Granted 1,014,398 2.58 Exercised — — Expired/cancelled (68,437 ) 4.25 Forfeited (60,313 ) 11.05 Balances as of December 31, 2022 2,782,248 $ 4.12 $ 17 Shares Underlying Options Weighted Grant Date Fair Value Per Share Unvested as of December 31, 2021 611,724 $ 3.21 Granted 1,014,398 2.04 Vested (316,548 ) 3.01 Forfeited (68,437 ) 3.14 Unvested as of December 31, 2022 1,241,137 $ 2.31
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) $1.00 - $1.99 177,000 9.7 $ 1.50 — — $2.00 - $2.99 790,398 8.1 2.51 208,699 5.1 $3.00 - $3.99 409,393 7.3 3.81 196,266 5.5 $4.00 - $4.99 862,182 6.5 4.58 820,683 6.5 $5.00 - $16.00 543,275 7.2 6.79 315,463 6.2 2,782,248 7.4 $ 4.12 1,541,111 6.1
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	2022 2021 Common share fair value $1.47 – $3.88 $3.64 – $10.04 Risk-free interest rate 1.4 – 3.6% 0.5 – 1.3% Expected dividend yield 0 % 0 % Expected option life (years) 5.0 – 5.6 5.0 – 5.5 Expected stock price volatility 102.1 – 104.0% 94.7 – 106.1%

Note 15 - Income Taxes (Tables)

Note 15 - Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Notes Tables
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	December 31, 2022 2021 Deferred tax assets (liabilities): Non-capital losses carried forward $ 21,000 $ 17,596 Research and development expenditures 817 817 Share issue costs 338 608 Patents and other 320 309 Accruals 213 76 Share-based compensation 166 — Property and equipment (117 ) (13 ) Total deferred tax asset, net 22,737 19,393 Valuation allowance (22,737 ) (19,393 ) Net deferred tax asset $ — $ —
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	December 31, 2022 2021 Statutory income tax rate 27.0 % 27.0 % Income tax recovery based on statutory rate $ (3,685 ) $ (3,656 ) Share-based compensation 340 421 Prior-year true-ups (33 ) 134 Share issuance costs — (41 ) Other 62 44 Change in valuation allowance 3,344 3,126 Income tax expense $ 28 $ 28
Summary of Operating Loss Carryforwards [Table Text Block]	Amount (In thousands) Expiration Years Non-capital income tax losses, net 74,479 Beginning 2026 Research and development expense carry forwards 3,027 Indefinitely Tax credits 474 Beginning 2024

Note 2 - Risks and Uncertaint_2

Note 2 - Risks and Uncertainties (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Retained Earnings (Accumulated Deficit), Total	$ (96,177)	$ (82,501)
Net Income (Loss) Attributable to Parent, Total	(13,676)	(13,592)
Net Cash Provided by (Used in) Operating Activities, Total	(11,511)	(12,252)
Cash, Cash Equivalents, and Short-Term Investments, Total	33,500
Working Capital	31,700
Stockholders' Equity Attributable to Parent, Ending Balance	$ 31,827	$ 44,024	$ 26,014

Note 3 - Summary of Significa_3

Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
General and Administrative Expense [Member]
Patent Expense	$ 146,000	$ 96,000

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, 2022	Dec. 31, 2021
Net loss	$ (13,676)	$ (13,592)
Weighted average shares outstanding – basic and diluted (in shares)	26,443,067	20,773,399
Basic and diluted net loss per share (in dollars per share)	$ (0.52)	$ (0.65)

Note 3 - Summary of Significa_5

Note 3 - Summary of Significant Accounting Policies - Antidilutive Securities (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Antidilutive securities (in shares)	3,181,650	2,229,259
Employee and Non-employee Stock Options [Member]
Antidilutive securities (in shares)	2,782,248	1,896,600
Common Share Purchase Warrants [Member]
Antidilutive securities (in shares)	265,000	265,000
Common Stock, Deferred Stock Units Settlement [Member]
Antidilutive securities (in shares)	134,402	67,659

Note 4 - Marketable Securitie_2

Note 4 - Marketable Securities (Details Textual) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Accrued Interest Receivable On Available For Sale Securities [Member]
Interest Receivable	$ 80,000	$ 130,000

Note 4 - Marketable Securitie_3

Note 4 - Marketable Securities - Fair Value of Marketable Securities (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Total marketable securities	$ 28,774	$ 40,405
Fair Value, Inputs, Level 1 [Member]
Total marketable securities	0	0
Fair Value, Inputs, Level 2 [Member]
Total marketable securities	28,774	40,405
Fair Value, Inputs, Level 3 [Member]
Total marketable securities	0	0
Commercial Paper and Corporate Bonds [Member]
Total marketable securities	14,209	29,421
Commercial Paper and Corporate Bonds [Member] | Fair Value, Inputs, Level 1 [Member]
Total marketable securities	0	0
Commercial Paper and Corporate Bonds [Member] | Fair Value, Inputs, Level 2 [Member]
Total marketable securities	14,209	29,421
Commercial Paper and Corporate Bonds [Member] | Fair Value, Inputs, Level 3 [Member]
Total marketable securities	0	0
US Government Agencies Debt Securities [Member]
Total marketable securities	14,565	10,984
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Total marketable securities	0	0
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Total marketable securities	14,565	10,984
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Total marketable securities	$ 0	$ 0

Note 5 - Amounts Receivable - A

Note 5 - Amounts Receivable - Amounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accrued interest receivable on marketable securities	$ 80	$ 130
Other	2	0
Total amounts receivable	$ 82	$ 130

Note 6 - Prepaid Expenses and_3

Note 6 - Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Prepaid expenses	$ 209	$ 84
Advances to vendors	42	113
Total prepaid expenses and other assets	$ 251	$ 197

Note 7 - Property and Equipme_3

Note 7 - Property and Equipment (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Depreciation, Total	$ 25,000	$ 24,000
Property, Plant and Equipment, Disposals	$ 12,000	$ 17,000

Note 7 - Property and Equipme_4

Note 7 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, plant and equipment, gross	$ 216	$ 137
Less accumulated depreciation	(80)	(67)
Property and equipment, net	136	70
Furniture and Fixtures [Member]
Property, plant and equipment, gross	124	70
Computer Equipment [Member]
Property, plant and equipment, gross	76	66
Leasehold Improvements [Member]
Property, plant and equipment, gross	$ 16	$ 1

Note 8 - Accrued Liabilities -

Note 8 - Accrued Liabilities - Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accrued compensation	$ 667	$ 484
Accrued clinical trial costs	472	284
Accrued research and other professional fees	215	191
Accrued other liabilities	11	7
Total accrued liabilities	$ 1,365	$ 966

Note 9 - Operating Lease (Detai

Note 9 - Operating Lease (Details Textual)	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($) ft²
Operating Lease, Liability, Total			$ 459,000
Operating Lease, Right-of-Use Asset	$ 424,000	$ 42,000
Operating Lease, Cost	78,000	65,000
Variable Lease, Cost	$ 25,000	$ 56,000
Minneapolis, MN [Member]
Area of Real Estate Property | ft²				6,000
Lessee, Operating Lease, Term of Contract (Month)				65 months
Operating Lease, Liability, Total				$ 446,000
Operating Lease, Right-of-Use Asset				$ 446,000

Note 9 - Operating Lease - Matu

Note 9 - Operating Lease - Maturity of Operating Lease Liability (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Lessee, Operating Lease, Liability, to be Paid, Year One	$ 97
Lessee, Operating Lease, Liability, to be Paid, Year Two	109
Lessee, Operating Lease, Liability, to be Paid, Year Three	113
Lessee, Operating Lease, Liability, to be Paid, Year Four	116
Lessee, Operating Lease, Liability, to be Paid, Year Five	119
Lessee, Operating Lease, Liability, to be Paid, Year Six	10
Total lease payments	564
Less interest portion	(105)
Present value of lease obligation	$ 459

Note 10 - Commitments and Con_2

Note 10 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Research and Development Contracts [Member]
Contractual Obligation, to be Paid, Year One	$ 4,000
Contractual Obligation, to be Paid, Year Two	3,000
Indemnification Agreements [Member]
Contractual Obligation, Total	$ 0	$ 0

Note 11 - Shareholders' Equit_2

Note 11 - Shareholders' Equity (Details Textual) - USD ($)		12 Months Ended
	Sep. 26, 2021	Dec. 31, 2022	Dec. 31, 2021
Stock Issued During Period, Shares, New Issues	7,653,060
Shares Issued, Price Per Share	$ 3.92
Proceeds from Issuance of Common Stock	$ 30,000,000	$ 0	$ 29,849,000
Proceeds from Issuance of Common Stock, Net	$ 29,800,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period			40,000
Stock Issued During Period, Value, Stock Options Exercised			$ 244,000
Stock Issued During Period, Shares, Exercise of Common Stock Warrants (in shares)			0
Stock Issued During Period, Shares Settlement of Deferred Stock Units			3,850

Note 11 - Shareholders' Equit_3

Note 11 - Shareholders' Equity - Shares Reserved (Details)	Sep. 30, 2022 shares
Employee and non-employee stock options (in shares)	5,721,910
Stock Options Outstanding [Member]
Employee and non-employee stock options (in shares)	2,782,248
Deferred Share Units [Member]
Employee and non-employee stock options (in shares)	134,402
Common Share Purchase Warrants [Member]
Employee and non-employee stock options (in shares)	265,000
The 2019 Omnibus Incentive Plan [Member]
Employee and non-employee stock options (in shares)	2,005,260
The 2021 Employment Inducement Incentive Plan [Member]
Employee and non-employee stock options (in shares)	535,000

Note 12 - Share-based Compens_3

Note 12 - Share-based Compensation (Details Textual) - USD ($)			12 Months Ended
	May 18, 2022	Dec. 03, 2021	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)			1,014,398
Common Stock, Capital Shares Reserved for Future Issuance (in shares)					5,721,910
Proceeds from Stock Options Exercised			$ 0	$ 244,000
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount			$ 2,400,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition			2 years 8 months 12 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value			$ 0	$ 132,000
Stock Issued During Period, Shares Settlement of Deferred Stock Units				3,850
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period				40,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares, Ending Balance (in shares)			1,241,137	611,724
The 2019 Omnibus Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)	4,000,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)			1,845,338
Common Stock, Capital Shares Reserved for Future Issuance (in shares)			117,069
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] | Phantom Share Units (PSUs) [Member] | Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	4 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
The 2021 Employment Inducement Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year)		10 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)		1,000,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)			465,000
Stock Option Prior Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)			462,910
The 2012 DSU Plan [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)			17,333
The 2019 Omnibus Incentive Plan, Stock Option Prior Plan, and the 2012 DSU Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value			$ 1,000,000	$ 1,300,000
Non-employee Director Compensation Program [Member] | Deferred Share Unit Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number			134,000	68,000
Stock Issued During Period, Shares Settlement of Deferred Stock Units				3,850
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period				3,850
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares, Ending Balance (in shares)			0	0
Non-employee Director Compensation Program [Member] | Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number			0	0

Note 12 - Share-based Compens_4

Note 12 - Share-based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Total share-based compensation	$ 1,502	$ 1,558
Research and Development Expense [Member]
Total share-based compensation	460	463
General and Administrative Expense [Member]
Total share-based compensation	$ 1,042	$ 1,095

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, 2022	Dec. 31, 2021	Dec. 31, 2020
Unvested (in shares)	611,724
Unvested, weighted average grant-date fair value (in dollars per share)	$ 3.21
Granted (in shares)	1,014,398
Granted, weighted average grant-date fair value (in dollars per share)	$ 2.04
Vested (in shares)	(316,548)
Exercised (in shares)		(40,000)
Vested, weighted average grant-date fair value (in dollars per share)	$ 3.01
Forfeited (in shares)	(68,437)
Forfeited, weighted average grant-date fair value (in dollars per share)	$ 3.14
Unvested (in shares)	1,241,137	611,724
Unvested, weighted average grant-date fair value (in dollars per share)	$ 2.31	$ 3.21
Share-Based Payment Arrangement, Option [Member]
Balance (in shares)	1,896,600	1,389,564
Balance, weighted average exercise price (in dollars per share)	$ 5.25	$ 5.24
Balance, aggregate intrinsic value	$ 17	$ 169	$ 7,109
Granted (in shares)	1,014,398	638,008
Granted, weighted average exercise price (in dollars per share)	$ 2.58	$ 5.18
Exercised (in shares)	0	(40,000)
Exercised, weighted average exercise price (in dollars per share)	$ 0	$ 6.10
Expired/cancelled (in shares)	(68,437)	(20,972)
Expired / cancelled, weighted average exercise price (in dollars per share)	$ 4.25	$ 12.65
Forfeited (in shares)	(60,313)	(70,000)
Forfeited, weighted average exercise price (in dollars per share)	$ 11.05	$ 4.24
Balance (in shares)	2,782,248	1,896,600
Balance, weighted average exercise price (in dollars per share)	$ 4.12	$ 5.25

Note 12 - Share-based Compens_6

Note 12 - Share-based Compensation - Stock Options Outstanding (Details)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Outstanding, shares (in shares) | shares	2,782,248
Outstanding, weighted average remaining contractual life (Year)	7 years 4 months 24 days
Outstanding, weighted average exercise price (in dollars per share)	$ 4.12
Exercisable, shares (in shares) | shares	1,541,111
Exercisable, weighted average remaining contractual life (Year)	6 years 1 month 6 days
Exercise Price Range 1 [Member]
Per share exercise price, lower range (in dollars per share)	$ 1
Per share exercise price, upper range (in dollars per share)	$ 1.99
Outstanding, shares (in shares) | shares	177,000
Outstanding, weighted average remaining contractual life (Year)	9 years 8 months 12 days
Outstanding, weighted average exercise price (in dollars per share)	$ 1.50
Exercise Price Range 2 [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	790,398
Outstanding, weighted average remaining contractual life (Year)	8 years 1 month 6 days
Outstanding, weighted average exercise price (in dollars per share)	$ 2.51
Exercisable, shares (in shares) | shares	208,699
Exercisable, weighted average remaining contractual life (Year)	5 years 1 month 6 days
Exercise Price Range 3 [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	409,393
Outstanding, weighted average remaining contractual life (Year)	7 years 3 months 18 days
Outstanding, weighted average exercise price (in dollars per share)	$ 3.81
Exercisable, shares (in shares) | shares	196,266
Exercisable, weighted average remaining contractual life (Year)	5 years 6 months
Exercise Price Range 4 [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	862,182
Outstanding, weighted average remaining contractual life (Year)	6 years 6 months
Outstanding, weighted average exercise price (in dollars per share)	$ 4.58
Exercisable, shares (in shares) | shares	820,683
Exercisable, weighted average remaining contractual life (Year)	6 years 6 months
Exercise Price Range 5 [Member]
Per share exercise price, lower range (in dollars per share)	$ 5
Per share exercise price, upper range (in dollars per share)	$ 16
Outstanding, shares (in shares) | shares	543,275
Outstanding, weighted average remaining contractual life (Year)	7 years 2 months 12 days
Outstanding, weighted average exercise price (in dollars per share)	$ 6.79
Exercisable, shares (in shares) | shares	315,463
Exercisable, weighted average remaining contractual life (Year)	6 years 2 months 12 days

Note 12 - Share-based Compens_7

Note 12 - Share-based Compensation - Stock Option Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Expected dividend yield	0%	0%
Minimum [Member]
Common share fair value (in dollars per share)	$ 1.47	$ 3.64
Risk-free interest rate	1.40%	0.50%
Expected option life (years) (Year)	5 years	5 years
Expected stock price volatility	102.10%	94.70%
Maximum [Member]
Common share fair value (in dollars per share)	$ 3.88	$ 10.04
Risk-free interest rate	3.60%	1.30%
Expected option life (years) (Year)	5 years 7 months 6 days	5 years 6 months
Expected stock price volatility	104%	106.10%

Note 13 - Related Party Trans_2

Note 13 - Related Party Transaction (Details Textual)	12 Months Ended
	Dec. 31, 2021 USD ($)
Vice President [Member] | Consulting Services [Member] | Research and Development Expense [Member]
Related Party Transaction, Amounts of Transaction	$ 149,000

Note 14 - Employee Benefit Pl_2

Note 14 - Employee Benefit Plan (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	4%
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 112,000	$ 87,000

Note 15 - Income Taxes (Details

Note 15 - Income Taxes (Details Textual)	12 Months Ended
	Dec. 31, 2022
State and Local Jurisdiction [Member]
Open Tax Year	2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Foreign Tax Authority [Member] | Australian Taxation Office [Member]
Open Tax Year	2016 2017 2018 2019 2020 2021 2022

Note 15 - Income Taxes - Deferr

Note 15 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Non-capital losses carried forward	$ 21,000	$ 17,596
Research and development expenditures	817	817
Share issue costs	338	608
Patents and other	320	309
Accruals	213	76
Share-based compensation	166	0
Property and equipment	(117)	(13)
Total deferred tax asset, net	22,737	19,393
Valuation allowance	(22,737)	(19,393)
Net deferred tax asset	$ 0	$ 0

Note 15 - Income Taxes - Reconc

Note 15 - Income Taxes - Reconciliation of Income Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statutory income tax rate	27%	27%
Income tax recovery based on statutory rate	$ (3,685)	$ (3,656)
Share-based compensation	340	421
Prior-year true-ups	(33)	134
Share issuance costs	0	(41)
Other	62	44
Change in valuation allowance	3,344	3,126
Income tax expense	$ 28	$ 28

Note 15 - Income Taxes - Net Op

Note 15 - Income Taxes - Net Operating Losses and Tax Credit Carryforwards (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Non-capital Income Tax Losses, Net [Member]
Tax credits	$ 74,479
Research Tax Credit Carryforward [Member]
Tax credits	3,027
Tax Credits [Member]
Tax credits	$ 474