DMAC

DiaMedica is a clinical-stage biopharmaceutical with no approved products and no product revenue — the only revenue figure on file is a stale $500K from FY2018, which makes the headline 821x P/S meaningless. The entire enterprise value rests on a single molecule, DM199 (rinvecalinase alfa), across preeclampsia/FGR and acute ischemic stroke (ReMEDy2). Management states plainly in the 10-K that it has 'no products approved for commercialization,' expects no product revenue for 'at least two to three' years, and 'will likely need additional funding' — this is a binary, catalyst-driven equity, not a durable-fundamentals holding.

The numbers confirm the profile of a cash-consuming development company, and they are trending the wrong way. The net loss widened for a fourth straight year — from -$13.6M (FY2021) to -$19.4M, -$24.4M, and now -$32.8M (FY2025) — as R&D climbed 29% to $24.6M to fund the expanding trial program. Operating cash flow was -$29.1M. Against that burn sits $15.6M cash plus $60.6M current assets (the jump reflects a raise), so runway is roughly two years before the next financing — and shares already grew 25.7% year over year, so existing holders are being diluted to keep the lights on. Accumulated deficit is -$173M against $56.1M of equity, and ROE is -58%.