DiaMedica Therapeutics (DMAC) 10-Q 13 Nov 24 2024 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 11, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		42,760,582
Entity Central Index Key	0001401040
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 4,134	$ 4,543
Marketable securities	46,063	48,352
Amounts receivable	290	369
Prepaid expenses and other assets	280	411
Total current assets	50,767	53,675
Non-current assets:
Deposits	1,308	0
Operating lease right-of-use asset, net	298	354
Property and equipment, net	151	131
Total non-current assets	1,757	485
Total assets	52,524	54,160
Current liabilities:
Accounts payable	1,171	926
Accrued liabilities	3,024	1,777
Operating lease obligation	88	80
Finance lease obligation	14	3
Total current liabilities	4,297	2,786
Non-current liabilities:
Operating lease obligation	249	316
Finance lease obligation	14	1
Total non-current liabilities	263	317
Shareholders’ equity:
Common shares, no par value; unlimited authorized; 42,766,497 and 37,958,000 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	0	0
Paid-in capital	179,985	166,609
Accumulated other comprehensive income (loss)	81	6
Accumulated deficit	(132,102)	(115,558)
Total shareholders’ equity	47,964	51,057
Total liabilities and shareholders’ equity	$ 52,524	$ 54,160

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Common shares, par value (in dollars per share)	$ 0	$ 0
Common Stock, Shares Authorized, Unlimited [Fixed List]	Unlimited	Unlimited
Common Stock, Shares, Outstanding (in shares)	42,766,497	37,958,000
Common shares, issued (in shares)	42,766,497	37,958,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating expenses:
Research and development	$ 4,983	$ 3,272	$ 12,587	$ 9,433
General and administrative	1,900	1,885	5,675	5,986
Operating loss	(6,883)	(5,157)	(18,262)	(15,419)
Other income, net	616	693	1,739	1,220
Loss before income tax expense	(6,267)	(4,464)	(16,523)	(14,199)
Income tax expense	(7)	(7)	(21)	(21)
Net loss	(6,274)	(4,471)	(16,544)	(14,220)
Other comprehensive gain (loss)
Unrealized gain (loss) on marketable securities	132	(64)	75	(53)
Net loss and comprehensive loss	$ (6,142)	$ (4,535)	$ (16,469)	$ (14,273)
Basic and diluted net loss per share (in dollars per share)	$ (0.15)	$ (0.12)	$ (0.42)	$ (0.46)
Weighted average shares outstanding – basic and diluted (in shares)	42,751,577	37,949,422	39,604,179	30,751,329

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balances (in shares) at Dec. 31, 2022	26,443,067
Balances at Dec. 31, 2022		$ 128,078	$ (74)	$ (96,177)	$ 31,827
Issuance of common shares upon the vesting and settlement of restricted stock units (in shares)	4,289
Issuance of common shares upon the vesting and settlement of restricted stock units		0	0	0	0
Share-based compensation expense		422	0	0	422
Unrealized gain (loss) on marketable securities		0	45	0	45
Net loss		0	0	(5,272)	(5,272)
Issuance of common shares in settlement of deferred stock units (in shares)	17,621
Balances (in shares) at Mar. 31, 2023	26,464,977
Balances at Mar. 31, 2023		128,500	(29)	(101,449)	27,022
Balances (in shares) at Dec. 31, 2022	26,443,067
Balances at Dec. 31, 2022		128,078	(74)	(96,177)	31,827
Unrealized gain (loss) on marketable securities					(53)
Net loss					$ (14,220)
Issuance of common shares in settlement of deferred stock units (in shares)					17,621
Balances (in shares) at Sep. 30, 2023	37,953,711
Balances at Sep. 30, 2023		166,153	(127)	(110,397)	$ 55,629
Balances (in shares) at Mar. 31, 2023	26,464,977
Balances at Mar. 31, 2023		128,500	(29)	(101,449)	27,022
Issuance of common shares upon the vesting and settlement of restricted stock units (in shares)	4,289
Issuance of common shares upon the vesting and settlement of restricted stock units		0	0	0	0
Share-based compensation expense		380	0	0	380
Unrealized gain (loss) on marketable securities		0	(34)	0	(34)
Net loss		0	0	(4,477)	(4,477)
Issuance of common shares net of offering costs (in shares)	11,480,156
Issuance of common shares net of offering costs		36,852	0	0	36,852
Offering costs on previously issued common shares					(1,400)
Balances (in shares) at Jun. 30, 2023	37,949,422
Balances at Jun. 30, 2023		165,732	(63)	(105,926)	59,743
Issuance of common shares upon the vesting and settlement of restricted stock units (in shares)	4,289
Issuance of common shares upon the vesting and settlement of restricted stock units		0	0	0	0
Share-based compensation expense		425			425
Unrealized gain (loss) on marketable securities		0	(64)	0	(64)
Net loss		0	0	(4,471)	(4,471)
Offering costs on previously issued common shares		(4)	0	0	(4)
Balances (in shares) at Sep. 30, 2023	37,953,711
Balances at Sep. 30, 2023		166,153	(127)	(110,397)	55,629
Balances (in shares) at Dec. 31, 2023	37,958,000
Balances at Dec. 31, 2023		166,609	6	(115,558)	51,057
Issuance of common shares upon the vesting and settlement of restricted stock units (in shares)	5,916
Issuance of common shares upon the vesting and settlement of restricted stock units		0	0	0	0
Share-based compensation expense		488	0	0	488
Unrealized gain (loss) on marketable securities		0	(45)	0	(45)
Net loss		0	0	(5,151)	(5,151)
Balances (in shares) at Mar. 31, 2024	37,963,916
Balances at Mar. 31, 2024		167,097	(39)	(120,709)	46,349
Balances (in shares) at Dec. 31, 2023	37,958,000
Balances at Dec. 31, 2023		166,609	6	(115,558)	51,057
Unrealized gain (loss) on marketable securities					75
Net loss					$ (16,544)
Issuance of common shares upon the exercise of common stock options (in shares)					70,750
Balances (in shares) at Sep. 30, 2024	42,766,497
Balances at Sep. 30, 2024		179,985	81	(132,102)	$ 47,964
Balances (in shares) at Mar. 31, 2024	37,963,916
Balances at Mar. 31, 2024		167,097	(39)	(120,709)	46,349
Issuance of common shares upon the vesting and settlement of restricted stock units (in shares)	5,916
Issuance of common shares upon the vesting and settlement of restricted stock units		0	0	0	0
Share-based compensation expense		443	0	0	443
Unrealized gain (loss) on marketable securities		0	(12)	0	(12)
Net loss		0	0	(5,119)	(5,119)
Issuance of common shares net of offering costs (in shares)	4,720,000
Issuance of common shares net of offering costs		11,747	0	0	11,747
Issuance of common shares upon the exercise of common stock options (in shares)	2,750
Issuance of common shares upon the exercise of common stock options		7	0	0	7
Offering costs on previously issued common shares					(100)
Balances (in shares) at Jun. 30, 2024	42,692,582
Balances at Jun. 30, 2024		179,294	(51)	(125,828)	53,415
Issuance of common shares upon the vesting and settlement of restricted stock units (in shares)	5,915
Issuance of common shares upon the vesting and settlement of restricted stock units		0	0	0	0
Share-based compensation expense		565			565
Unrealized gain (loss) on marketable securities		0	132	0	132
Net loss		0	0	(6,274)	(6,274)
Issuance of common shares upon the exercise of common stock options (in shares)	68,000
Issuance of common shares upon the exercise of common stock options		126	0	0	126
Balances (in shares) at Sep. 30, 2024	42,766,497
Balances at Sep. 30, 2024		$ 179,985	$ 81	$ (132,102)	$ 47,964

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	$ 100	$ 4	$ 1,400

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (16,544,000)	$ (14,220,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	1,496,000	1,227,000
Amortization of discount on marketable securities	(1,013,000)	(856,000)
Non-cash lease expense	56,000	52,000
Depreciation	28,000	22,000
Changes in operating assets and liabilities:
Amounts receivable	79,000	(228,000)
Prepaid expenses and other assets	131,000	(860,000)
Deposits	(1,308,000)	0
Accounts payable	245,000	129,000
Accrued liabilities	1,188,000	(182,000)
Net cash used in operating activities	(15,642,000)	(14,916,000)
Cash flows from investing activities:
Purchase of marketable securities	(39,623,000)	(64,537,000)
Maturities of marketable securities	43,000,000	40,135,000
Purchases of property and equipment	(18,000)	(21,000)
Net cash provided by (used in) investing activities	3,359,000	(24,423,000)
Cash flows from financing activities:
Proceeds from issuance of common shares, net of offering costs	11,747,000	36,848,000
Proceed from the exercise of stock options	133,000	0
Principal payments on finance lease obligation	(6,000)	(5,000)
Net cash provided by financing activities	11,874,000	36,843,000
Net decrease in cash and cash equivalents	(409,000)	(2,496,000)
Cash and cash equivalents at beginning of period	4,543,000	4,728,000
Cash and cash equivalents at end of period	4,134,000	2,232,000
Supplemental disclosure of non-cash transactions:
Assets acquired under financing lease	30,000	0
Cash paid for income taxes	$ 20,000	$ 26,000

Note 1 - Business

Note 1 - Business	9 Months Ended
	Sep. 30, 2024
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 KLK1 protein called DM199, for the treatment of neurological and cardio-renal diseases. Currently, our primary focus is on developing DM199, a recombinant form of the human tissue kallikrein-1 (KLK1) protein, for the treatment of acute ischemic stroke (AIS) and preeclampsia (PE). 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	9 Months Ended
	Sep. 30, 2024
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 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 PE. We have not completed the development of any product candidate and do 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 to four years, if at all. We are currently conducting our ReMEDy2 clinical trial of DM199 for the treatment of AIS. Our ReMEDy2 clinical trial is a Phase 2/3, adaptive design, randomized, double-blind, placebo-controlled trial intended to enroll approximately 350 patients at up to 100 sites globally. Prior to the clinical hold of our ReMEDy2 trial, announced in July 2022 and fully lifted in June 2023, we had experienced and are now continuing to experience slower than expected site activations and enrollment in our ReMEDy2 trial. We believe these conditions may be due to hospital and medical facility staffing shortages; inclusion/exclusion criteria in the study protocol; concerns managing logistics and protocol compliance for participants discharged from the hospital to another hospital or an intermediate care facility; concerns regarding the prior clinically significant hypotension events and circumstances surrounding the previous clinical hold; and competition for research staff and trial subjects due to other pending stroke and neurological trials. We continue to reach out to current and potential study sites to understand the specific issues at each study site. In an effort to mitigate the impact of these factors, we have significantly expanded our internal clinical team and have brought in-house certain trial activities, including site identification, qualification and activation, clinical site monitoring and overall program management. In addition, we made the decision to globally expand the trial and to this end we have submitted or are in the process of preparing regulatory filings and identifying and engaging study sites in the countries of Canada, Australia and Georgia. We also recently revised the study protocol to widen the inclusion criteria and reduce the burden on participants and sites. We continue to work closely with our contract research organizations and other advisors to develop procedures to support both U.S. and global study sites and potential participants as needed. We intend to continue to monitor the results of these efforts and, if necessary, implement additional actions to mitigate the impact of these factors on our ReMEDy2 trial; however, no assurances can be provided as to the success of these mitigation actions and if or when these issues will resolve. The failure to resolve these issues will result in delays in our ReMEDy2 trial. On October 9, 2024, we announced the receipt of regulatory approval from the South African Health Products Regulatory Authority (SAHPRA) to initiate an investigator-sponsored study of DM199 in PE. We are financially supporting the conduct of a Phase 2 open-label, single center, single-arm, safety and pharmacodynamic, proof-of-concept, investigator-sponsored study of DM199 for the treatment of PE at the Tygerberg Hospital, Cape Town, South Africa. Up to 90 women with PE and potentially an additional 30 subjects with fetal growth restriction may be evaluated. The first subject was enrolled in the fourth quarter of 2024. Part 1A topline study results are intended to demonstrate initial proof-of-concept including whether DM199 is safe, lowers blood pressure and dilates intrauterine arteries to increase placental blood flow. These results are expected in the first half of 2025. 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 September 30, 2024, we have incurred losses of $132.1 million since our inception in 2000. For the nine months ended September 30, 2024, we incurred a net loss of $16.5 million and negative cash flows from operating activities of $15.6 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 September 30, 2024, we had combined cash, cash equivalents and marketable securities of $50.2 million, working capital of $46.5 million and shareholders’ equity of $48.0 million. Our principal source of cash has been net proceeds from the issuance of equity securities. Although we have 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 our clinical data are not positive or if economic and market conditions 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 are sufficient to continue our ReMEDy2 trial, support the Phase 2 PE trial and otherwise fund our planned operations for at least the next 12 months from the date of issuance of these condensed consolidated financial statements. The amount and timing of our future funding requirements will depend on many factors, including timing and results of our ongoing development efforts, including our current ReMEDy2 trial and the rate of site activation and participant enrollment in the study, the Phase 2 PE trial, the potential expansion of our current development programs, the effects of ongoing site 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	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Significant Accounting Policies [Text Block]	3. Summary of Significant Accounting Policies Interim financial statements We have prepared the accompanying condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (US GAAP) for interim financial information and with the instructions to Form 10-Q and Regulation S-X of the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. These condensed consolidated financial statements reflect all adjustments consisting of normal recurring accruals which, in the opinion of management, are necessary to present fairly our condensed consolidated financial position, condensed consolidated results of operations, condensed consolidated statement of shareholders’ equity and condensed consolidated cash flows for the periods and as of the dates presented. Our fiscal year ends on December 31. The condensed consolidated balance sheet as of December 31, 2023 was derived from our audited consolidated financial statements. These condensed consolidated financial statements should be read in conjunction with our annual consolidated financial statements and the notes thereto. The nature of our business is such that the results of any interim period may not be indicative of the results to be expected for the entire year. 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 may 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. Marketable securities which mature within 12 months from their purchase date are included in current assets. Securities are generally valued based on market prices for similar assets using third party certified pricing sources and are carried at fair value. The amortized cost of marketable securities is adjusted for amortization of premiums or 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. Interest income is included in other income in the condensed consolidated statements of operations. We conduct periodic reviews to identify and evaluate each available-for-sale debt security that is in an unrealized loss position in order to determine whether an other-than-temporary impairment exists. An unrealized loss exists when the current fair value of an individual security is less than its amortized cost basis. Declines in fair value considered to be temporary and caused by noncredit-related factors of the issuer, are recorded in accumulated other comprehensive loss, which is a separate component of shareholders’ equity. Declines in fair value that are other than temporary or caused by credit-related factors of the issuer, are recorded within earnings as an impairment loss. There were no other-than-temporary unrealized losses as of September 30, 2024. 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 September 30, 2024, 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

Note 4 - Marketable Securities

Note 4 - Marketable Securities	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	4. Marketable Securities The available-for-sale marketable securities are primarily comprised of investments in commercial paper, corporate bonds and government securities and consist of the following, measured at fair value on a recurring basis (in thousands): Fair Value Measurements Using Inputs Considered as of: September 30, 2024 December 31, 2023 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Commercial paper and corporate bonds $ 26,287 $ — $ 26,287 $ — $ 21,764 $ — $ 21,764 $ — Government securities 19,776 — 19,776 — 26,588 — 26,588 — Total $ 46,063 $ — $ 46,063 $ — $ 48,352 $ — $ 48,352 $ — Maturities of individual securities are less than one year, and the amortized cost of all securities approximated fair value as of September 30, 2024 and December 31, 2023. Accrued interest receivable on marketable securities is included in amounts receivable and was $288,000 and $298,000 as of September 30, 2024 and December 31, 2023, respectively. There were no transfers of assets between Level 1 and Level 2 of the fair value measurement hierarchy during the nine months ended September 30, 2024.

Note 5 - Amounts Receivable

Note 5 - Amounts Receivable	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	5. Amounts Receivable Amounts receivable consisted primarily of accrued interest receivable on marketable securities of $288,000 and $298,000 as of September 30, 2024 and December 31, 2023, respectively.

Note 6 - Deposits

Note 6 - Deposits	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Deposit Assets [Text Block]	6. Deposits We periodically advance funds to vendors engaged to support the performance of our clinical trials and related activities. The funds advanced are held, interest free, for varying periods of time and are generally recovered by the Company through application against final study/project invoices or refunded upon completion of services to be provided. Deposits are non-current when their expected recovery is not within the next twelve months.

Note 7 - Property and Equipment

Note 7 - Property and Equipment	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	7. Property and Equipment Property and equipment, net, consisted of the following (in thousands): September 30, 2024 December 31, 2023 Furniture and equipment $ 128 $ 128 Computer equipment 110 87 Leasehold improvements 16 16 254 231 Less accumulated depreciation (103 ) (100 ) Property and equipment, net $ 151 $ 131

Note 8 - Accrued Liabilities

Note 8 - Accrued Liabilities	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	8. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): September 30, 2024 December 31, 2023 Clinical trial costs $ 1,297 $ 258 Research and development services 896 632 Compensation 730 766 Professional services fees 91 98 Other 10 23 Total accrued liabilities $ 3,024 $ 1,777

Note 9 - Operating Lease

Note 9 - Operating Lease	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	9. Operating Lease Office lease Our operating lease costs were $78,000 for each of the nine months ended September 30, 2024 and 2023. Our variable lease costs were $64,000 and $66,000 for the nine months ended September 30, 2024 and 2023, 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 September 30, 2024 (in thousands): 2024 $ 28 2025 113 2026 116 2027 119 2028 10 Total lease payments $ 386 Less interest portion (49 ) Present value of operating lease obligation $ 337

Note 10 - Shareholders' Equity

Note 10 - Shareholders' Equity	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Equity [Text Block]	10. Shareholders Equity Authorized capital shares DiaMedica has authorized share capital of an unlimited number of voting common 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 nine months ended September 30, 2024 On June 25, 2024, we entered into securities purchase agreements with accredited investors, pursuant to which we agreed to issue and sell an aggregate 4,720,000 common shares at a purchase price of $2.50 per share in a private placement. As a result of the offering, which closed on June 28, 2024, we received gross proceeds of $11.8 million, which resulted in net proceeds to us of approximately $11.7 million, after deducting the offering expenses. In connection with the June 2024 private placement, we entered into a registration rights agreement (Registration Rights Agreement) with the investors pursuant to which we agreed to file with the United States Securities and Exchange Commission (SEC) a registration statement registering the resale of the shares sold in the June 2024 private placement (Resale Registration Statement). The Resale Registration Statement was filed with the SEC on July 10, 2024 and declared effective by the SEC on July 18, 2024. Under the terms of the Registration Rights Agreement, we agreed to keep the Resale Registration Statement effective at all times until the shares are no longer considered “Registrable Securities” under the Registration Rights Agreement and if we fail to keep the 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 nine months ended September 30, 2024, 17,747 common shares were issued upon the vesting and settlement of restricted stock units and 70,750 common shares were issued upon the exercise of stock options for gross proceeds of $133,000. Equity issued during the nine months ended September 30, 2023 On April 10, 2023, in conjunction with his appointment as Chief Business Officer of DiaMedica, Mr. David Wambeke purchased 468,750 of DiaMedica’s common shares at an aggregate purchase price of $750,000 or $1.60 per share. On June 21, 2023, we entered into securities purchase agreements with accredited investors, pursuant to which we agreed to issue and sell an aggregate 11,011,406 common shares at a purchase price of $3.40 per share, or $3.91 per share in the case of our participating directors and officers, in a private placement. As a result of the offering, which closed on June 23, 2023, we received gross proceeds of $37.5 million, which resulted in net proceeds to us of approximately $36.1 million, after deducting the offering expenses. In connection with the June 2023 private placement, we entered into a registration rights agreement (Registration Rights Agreement) with the investors pursuant to which we agreed to file with the United States Securities and Exchange Commission (SEC) a registration statement registering the resale of the shares sold in the June 2023 private placement (Resale Registration Statement). The Resale Registration Statement was filed with the SEC on June 30, 2023 and declared effective by the SEC on July 7, 2023. Under the terms of the Registration Rights Agreement, we agreed to keep the Resale Registration Statement effective at all times until the shares are no longer considered “Registrable Securities” under the Registration Rights Agreement and if we fail to keep the 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 nine months ended September 30, 2023, 17,621 common shares were issued in settlement of deferred share units and 12,867 common shares were issued upon the vesting and settlement of restricted stock units. Shares reserved Common shares reserved for future issuance are as follows: September 30, 2024 Common shares issuable upon exercise of employee and non-employee stock options 4,632,438 Common shares issuable upon settlement of deferred stock units 284,886 Common shares issuable upon vesting and settlement of restricted stock units 5,913 Shares available for grant under the Amended and Restated 2019 Omnibus Incentive Plan 3,005,399 Shares available for grant under the 2021 Employment Inducement Incentive Plan 357,500 Total 8,286,136

Note 11 - Net Loss Per Share

Note 11 - Net Loss Per Share	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Earnings Per Share [Text Block]	11. Net Loss Per Share We compute net loss per share by dividing our net loss (the numerator) by the weighted-average number of common shares outstanding (the denominator) during the period. Shares issued during the period and shares reacquired during the period, if any, are weighted for the portion of the period that they were outstanding. The computation of diluted earnings per share, or EPS, is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. Our diluted EPS is the same as basic EPS due to common equivalent shares being excluded from the calculation, as their effect is anti-dilutive. The following table summarizes our calculation of net loss per common share for the periods presented (in thousands, except share and per share data): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net loss $ (6,274 ) $ (4,471 ) $ (16,544 ) $ (14,220 ) Weighted average shares outstanding—basic and diluted 42,751,577 37,949,422 39,604,179 30,751,329 Basic and diluted net loss per share $ (0.15 ) $ (0.12 ) $ (0.42 ) $ (0.46 ) The following outstanding potential common shares were not included in the diluted net loss per share calculations as their effects were not dilutive: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Employee and non-employee stock options 4,632,438 3,698,513 4,632,438 3,698,513 Common shares issuable under common share purchase warrants — 205,000 — 205,000 Common shares issuable upon settlement of deferred stock units 284,886 213,905 284,886 213,905 Common shares issuable upon vesting and settlement of restricted stock units 5,913 4,289 5,913 4,289

Note 12 - Share-based Compensat

Note 12 - Share-based Compensation	9 Months Ended
	Sep. 30, 2024
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 (as amended from time to time, the 2019 Plan) was adopted by the Board of Directors (Board) on March 14, 2019 and approved by our shareholders at our 2019 Annual General Meeting of Shareholders held on May 22, 2019. Subsequent amendments to the plan, comprised principally of increasing the authorized shares under the plan, were approved by our shareholders at our 2022 and 2024 Annual General Meetings of Shareholders. 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 (RSUs), deferred stock units (DSUs), performance awards, non-employee director awards and other share-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 share-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. Under the Inducement Plan, as of September 30, 2024, options to purchase an aggregate of 590,000 common shares were outstanding and 357,500 shares remained available for issuance. 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 September 30, 2024, options to purchase an aggregate of 415,410 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 September 30, 2024, 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): Three Months Ended September 30 Nine Months Ended September 30 2024 2023 2024 2023 Research and development $ 147 $ 158 $ 449 $ 430 General and administrative 418 267 1,047 797 Total share-based compensation $ 565 $ 425 $ 1,496 $ 1,227 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, 2023 3,871,013 $ 3.61 $ 832 Granted 1,663,425 2.86 Expired/cancelled (455,000 ) 4.82 Forfeited (376,250 ) 2.73 Exercised (70,750 ) 1.88 Balances at September 30, 2024 4,632,438 $ 3.31 $ 4,875 Information about stock options outstanding, vested and expected to vest as of September 30, 2024, 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 - $1.99 203,443 8.4 $ 1.60 74,159 8.4 $2.00 - $2.99 3,022,895 8.0 2.73 871,594 6.5 $3.00 - $3.99 341,893 6.1 3.55 223,143 4.3 $4.00 - $4.99 677,182 4.8 4.58 677,182 4.8 $5.00 - $16.00 387,025 5.7 6.36 328,275 5.5 4,632,438 7.2 $ 3.31 2,174,353 5.6

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]		ITEM 5. OTHER INFORMATION Rule 10b5-1 Plan and Non-Rule 10b5-1 Trading Arrangement Adoptions, Terminations, and Modifications During the three months ended September 30, 2024, none
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
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 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, Policy [Policy Text Block]	Marketable securities The Company’s marketable securities may 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. Marketable securities which mature within 12 months from their purchase date are included in current assets. Securities are generally valued based on market prices for similar assets using third party certified pricing sources and are carried at fair value. The amortized cost of marketable securities is adjusted for amortization of premiums or 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. Interest income is included in other income in the condensed consolidated statements of operations. We conduct periodic reviews to identify and evaluate each available-for-sale debt security that is in an unrealized loss position in order to determine whether an other-than-temporary impairment exists. An unrealized loss exists when the current fair value of an individual security is less than its amortized cost basis. Declines in fair value considered to be temporary and caused by noncredit-related factors of the issuer, are recorded in accumulated other comprehensive loss, which is a separate component of shareholders’ equity. Declines in fair value that are other than temporary or caused by credit-related factors of the issuer, are recorded within earnings as an impairment loss. There were no other-than-temporary unrealized losses as of September 30, 2024.
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 levels defined as follows: Level 1 Inputs Level 2 Inputs Level 3 Inputs As of September 30, 2024, 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

Note 4 - Marketable Securities

Note 4 - Marketable Securities (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Fair Value, Marketable Securities Measured on a Recurring Basis [Table Text Block]	Fair Value Measurements Using Inputs Considered as of: September 30, 2024 December 31, 2023 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Commercial paper and corporate bonds $ 26,287 $ — $ 26,287 $ — $ 21,764 $ — $ 21,764 $ — Government securities 19,776 — 19,776 — 26,588 — 26,588 — Total $ 46,063 $ — $ 46,063 $ — $ 48,352 $ — $ 48,352 $ —

Note 7 - Property and Equipme_2

Note 7 - Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Property, Plant and Equipment [Table Text Block]	September 30, 2024 December 31, 2023 Furniture and equipment $ 128 $ 128 Computer equipment 110 87 Leasehold improvements 16 16 254 231 Less accumulated depreciation (103 ) (100 ) Property and equipment, net $ 151 $ 131

Note 8 - Accrued Liabilities (T

Note 8 - Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	September 30, 2024 December 31, 2023 Clinical trial costs $ 1,297 $ 258 Research and development services 896 632 Compensation 730 766 Professional services fees 91 98 Other 10 23 Total accrued liabilities $ 3,024 $ 1,777

Note 9 - Operating Lease (Table

Note 9 - Operating Lease (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]	2024 $ 28 2025 113 2026 116 2027 119 2028 10 Total lease payments $ 386 Less interest portion (49 ) Present value of operating lease obligation $ 337

Note 10 - Shareholders' Equity

Note 10 - Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Common Stock Reserved for Future Issuance [Table Text Block]	September 30, 2024 Common shares issuable upon exercise of employee and non-employee stock options 4,632,438 Common shares issuable upon settlement of deferred stock units 284,886 Common shares issuable upon vesting and settlement of restricted stock units 5,913 Shares available for grant under the Amended and Restated 2019 Omnibus Incentive Plan 3,005,399 Shares available for grant under the 2021 Employment Inducement Incentive Plan 357,500 Total 8,286,136

Note 11 - Net Loss Per Share (T

Note 11 - Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net loss $ (6,274 ) $ (4,471 ) $ (16,544 ) $ (14,220 ) Weighted average shares outstanding—basic and diluted 42,751,577 37,949,422 39,604,179 30,751,329 Basic and diluted net loss per share $ (0.15 ) $ (0.12 ) $ (0.42 ) $ (0.46 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Employee and non-employee stock options 4,632,438 3,698,513 4,632,438 3,698,513 Common shares issuable under common share purchase warrants — 205,000 — 205,000 Common shares issuable upon settlement of deferred stock units 284,886 213,905 284,886 213,905 Common shares issuable upon vesting and settlement of restricted stock units 5,913 4,289 5,913 4,289

Note 12 - Share-based Compens_2

Note 12 - Share-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended September 30 Nine Months Ended September 30 2024 2023 2024 2023 Research and development $ 147 $ 158 $ 449 $ 430 General and administrative 418 267 1,047 797 Total share-based compensation $ 565 $ 425 $ 1,496 $ 1,227
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, 2023 3,871,013 $ 3.61 $ 832 Granted 1,663,425 2.86 Expired/cancelled (455,000 ) 4.82 Forfeited (376,250 ) 2.73 Exercised (70,750 ) 1.88 Balances at September 30, 2024 4,632,438 $ 3.31 $ 4,875
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 - $1.99 203,443 8.4 $ 1.60 74,159 8.4 $2.00 - $2.99 3,022,895 8.0 2.73 871,594 6.5 $3.00 - $3.99 341,893 6.1 3.55 223,143 4.3 $4.00 - $4.99 677,182 4.8 4.58 677,182 4.8 $5.00 - $16.00 387,025 5.7 6.36 328,275 5.5 4,632,438 7.2 $ 3.31 2,174,353 5.6

Note 2 - Risks and Uncertaint_2

Note 2 - Risks and Uncertainties (Details Textual) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Retained Earnings (Accumulated Deficit), Total	$ (132,102)						$ (132,102)		$ (115,558)
Net Income (Loss) Attributable to Parent, Total	(6,274)	$ (5,119)	$ (5,151)	$ (4,471)	$ (4,477)	$ (5,272)	(16,544)	$ (14,220)
Net Cash Provided by (Used in) Operating Activities, Total							(15,642)	(14,916)
Cash, Cash Equivalents, and Short-Term Investments, Total	50,200						50,200
Working Capital	46,500						46,500
Stockholders' Equity Attributable to Parent, Ending Balance	$ 47,964	$ 53,415	$ 46,349	$ 55,629	$ 59,743	$ 27,022	$ 47,964	$ 55,629	$ 51,057	$ 31,827

Note 4 - Marketable Securitie_2

Note 4 - Marketable Securities (Details Textual) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Accrued Interest Receivable On Available For Sale Securities [Member]
Interest Receivable	$ 288,000	$ 298,000

Note 4 - Marketable Securitie_3

Note 4 - Marketable Securities - Fair Value of Marketable Securities (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Total marketable securities	$ 46,063	$ 48,352
Fair Value, Inputs, Level 1 [Member]
Total marketable securities	0	0
Fair Value, Inputs, Level 2 [Member]
Total marketable securities	46,063	48,352
Fair Value, Inputs, Level 3 [Member]
Total marketable securities	0	0
Commercial Paper and Corporate Bonds [Member]
Total marketable securities	26,287	21,764
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	26,287	21,764
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	19,776	26,588
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	19,776	26,588
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Total marketable securities	$ 0	$ 0

Note 5 - Amounts Receivable (De

Note 5 - Amounts Receivable (Details Textual) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Interest Receivable, Current	$ 288,000	$ 298,000

Note 7 - Property and Equipme_3

Note 7 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, plant and equipment, gross	$ 254	$ 231
Less accumulated depreciation	(103)	(100)
Property and equipment, net	151	131
Furniture and Fixtures [Member]
Property, plant and equipment, gross	128	128
Computer Equipment [Member]
Property, plant and equipment, gross	110	87
Leasehold Improvements [Member]
Property, plant and equipment, gross	$ 16	$ 16

Note 8 - Accrued Liabilities -

Note 8 - Accrued Liabilities - Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Clinical trial costs	$ 1,297	$ 258
Research and development services	896	632
Compensation	730	766
Professional services fees	91	98
Other	10	23
Total accrued liabilities	$ 3,024	$ 1,777

Note 9 - Operating Lease (Detai

Note 9 - Operating Lease (Details Textual) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating Lease, Cost	$ 78,000	$ 78,000
Variable Lease, Cost	$ 64,000	$ 66,000

Note 9 - Operating Lease - Matu

Note 9 - Operating Lease - Maturity of Operating Lease Liability (Details) $ in Thousands	Sep. 30, 2024 USD ($)
2024	$ 28
2025	113
2026	116
2027	119
2028	10
Total lease payments	386
Less interest portion	(49)
Present value of lease obligation	$ 337

Note 10 - Shareholders' Equit_2

Note 10 - Shareholders' Equity (Details Textual) - USD ($)				3 Months Ended		9 Months Ended
	Jun. 25, 2024	Jun. 21, 2023	Apr. 10, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Proceeds from Issuance of Common Stock						$ 11,747,000	$ 36,848,000
Stock Issued During Period, Shares, Restricted Stock Units						17,747	12,867
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period						70,750
Proceeds from Stock Options Exercised						$ 133,000	$ 0
Stock Issued During Period, Value, New Issues				$ 11,747,000	$ 36,852,000
Stock Issued During Period, Shares Settlement of Deferred Stock Units							17,621
Chief Business Officer [Member]
Stock Issued During Period, Shares, New Issues			468,750
Shares Issued, Price Per Share			$ 1.6
Stock Issued During Period, Value, New Issues			$ 750,000
Private Placement [Member]
Stock Issued During Period, Shares, New Issues	4,720,000	11,011,406
Shares Issued, Price Per Share	$ 2.5	$ 3.4
Proceeds from Issuance of Common Stock	$ 11,800,000	$ 37,500,000
Proceeds from Issuance of Common Stock, Net	$ 11,700,000	$ 36,100,000
Private Placement [Member] | Directors and Officers [Member]
Shares Issued, Price Per Share		$ 3.91

Note 10 - Shareholders' Equit_3

Note 10 - Shareholders' Equity - Shares Reserved (Details)	Sep. 30, 2024 shares
Common shares issuable upon exercise of employee and non-employee stock options (in shares)	8,286,136
Stock Options Outstanding [Member]
Common shares issuable upon exercise of employee and non-employee stock options (in shares)	4,632,438
Deferred Share Units [Member]
Common shares issuable upon exercise of employee and non-employee stock options (in shares)	284,886
Restricted Stock Units (RSUs) [Member]
Common shares issuable upon exercise of employee and non-employee stock options (in shares)	5,913
The 2019 Omnibus Incentive Plan [Member]
Common shares issuable upon exercise of employee and non-employee stock options (in shares)	3,005,399
The 2021 Employment Inducement Incentive Plan [Member]
Common shares issuable upon exercise of employee and non-employee stock options (in shares)	357,500

Note 11 - Net Loss Per Share -

Note 11 - Net Loss Per Share - Summary of Significant Accounting Policies - Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Net loss	$ (6,274)	$ (5,119)	$ (5,151)	$ (4,471)	$ (4,477)	$ (5,272)	$ (16,544)	$ (14,220)
Weighted average shares outstanding—basic and diluted (in shares)	42,751,577			37,949,422			39,604,179	30,751,329
Basic and diluted net loss per share (in dollars per share)	$ (0.15)			$ (0.12)			$ (0.42)	$ (0.46)

Note 11 - Net Loss Per Share _2

Note 11 - Net Loss Per Share - Schedule of Antidilutive Shares Excluded from Computation of Net Loss Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee and Non-employee Stock Options [Member]
Antidilutive Securities (in shares)	4,632,438	3,698,513	4,632,438	3,698,513
Warrant [Member]
Antidilutive Securities (in shares)	0	205,000	0	205,000
Deferred Share Units [Member]
Antidilutive Securities (in shares)	284,886	213,905	284,886	213,905
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities (in shares)	5,913	4,289	5,913	4,289

Note 12 - Share-based Compens_3

Note 12 - Share-based Compensation (Details Textual) - shares	May 18, 2022	Sep. 30, 2024	May 22, 2024	Dec. 03, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)		4,632,438
Common Stock, Capital Shares Reserved for Future Issuance (in shares)		8,286,136
Deferred Share Units [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)		284,886
Restricted Stock Units (RSUs) [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)		5,913
The 2019 Omnibus Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)			7,000,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)		3,627,028
Common Stock, Capital Shares Reserved for Future Issuance (in shares)		3,005,399
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)	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 2019 Omnibus Incentive Plan [Member] | Deferred Share Units [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)		267,553
The 2019 Omnibus Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)		5,913
The 2021 Employment Inducement Incentive Plan [Member]
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)		590,000
Common Stock, Capital Shares Reserved for Future Issuance (in shares)		357,500
Stock Option Prior Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)		415,410
The 2012 DSU Plan [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)		17,333

Note 12 - Share-based Compens_4

Note 12 - Share-based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Total share-based compensation	$ 565	$ 425	$ 1,496	$ 1,227
Research and Development Expense [Member]
Total share-based compensation	147	158	449	430
General and Administrative Expense [Member]
Total share-based compensation	$ 418	$ 267	$ 1,047	$ 797

Note 12 - Share-based Compens_5

Note 12 - Share-based Compensation - Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($)
Balances, aggregate intrinsic value | $	$ 4,875
Exercised, shares underlying options outstanding (in shares) | shares	(70,750)
Exercised, weighted average exercise price per share (in dollars per share) | $ / shares	$ 1.88
Balances, shares underlying options outstanding (in shares) | shares	4,632,438
Balances, weighted average exercise price per share (in dollars per share) | $ / shares	$ 3.31
Share-Based Payment Arrangement, Option [Member]
Balances, shares underlying options outstanding (in shares) | shares	3,871,013
Balances, weighted average exercise price per share (in dollars per share) | $ / shares	$ 3.61
Balances, aggregate intrinsic value | $		$ 832
Granted, shares underlying options outstanding (in shares) | shares	1,663,425
Granted, weighted average exercise price per share (in dollars per share) | $ / shares	$ 2.86
Expired/cancelled, shares underlying options outstanding (in shares) | shares	(455,000)
Expired/cancelled, weighted average exercise price per share (in dollars per share) | $ / shares	$ 4.82
Forfeited, shares underlying options outstanding (in shares) | shares	(376,250)
Forfeited, weighted average exercise price per share (in dollars per share) | $ / shares	$ 2.73

Note 12 - Share-based Compens_6

Note 12 - Share-based Compensation - Stock Options Outstanding (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Shares Outstanding (in shares) | shares	4,632,438
Weighted Average Remaining Contractual Life (Year)	7 years 2 months 12 days
Weighted Average Exercise Price (in dollars per share)	$ 3.31
Options Exercisable (in shares) | shares	2,174,353
Weighted Average Remaining Contractual Life, exercisable (Year)	5 years 7 months 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
Shares Outstanding (in shares) | shares	203,443
Weighted Average Remaining Contractual Life (Year)	8 years 4 months 24 days
Weighted Average Exercise Price (in dollars per share)	$ 1.6
Options Exercisable (in shares) | shares	74,159
Weighted Average Remaining Contractual Life, exercisable (Year)	8 years 4 months 24 days
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
Shares Outstanding (in shares) | shares	3,022,895
Weighted Average Remaining Contractual Life (Year)	8 years
Weighted Average Exercise Price (in dollars per share)	$ 2.73
Options Exercisable (in shares) | shares	871,594
Weighted Average Remaining Contractual Life, exercisable (Year)	6 years 6 months
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
Shares Outstanding (in shares) | shares	341,893
Weighted Average Remaining Contractual Life (Year)	6 years 1 month 6 days
Weighted Average Exercise Price (in dollars per share)	$ 3.55
Options Exercisable (in shares) | shares	223,143
Weighted Average Remaining Contractual Life, exercisable (Year)	4 years 3 months 18 days
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
Shares Outstanding (in shares) | shares	677,182
Weighted Average Remaining Contractual Life (Year)	4 years 9 months 18 days
Weighted Average Exercise Price (in dollars per share)	$ 4.58
Options Exercisable (in shares) | shares	677,182
Weighted Average Remaining Contractual Life, exercisable (Year)	4 years 9 months 18 days
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
Shares Outstanding (in shares) | shares	387,025
Weighted Average Remaining Contractual Life (Year)	5 years 8 months 12 days
Weighted Average Exercise Price (in dollars per share)	$ 6.36
Options Exercisable (in shares) | shares	328,275
Weighted Average Remaining Contractual Life, exercisable (Year)	5 years 6 months