DiaMedica Therapeutics Inc. (DMAC) Balance Sheet
DMAC balance sheet, 2025
December 31, 2025 · U.S. dollars$61.4M assets = $5.3M liabilities + $56.1M equity
Both columns are drawn to the same scale: what DMAC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
DMAC financial health
Descriptive bands, not a rating. Fiscal 2025.
DMAC balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.9M2016 | $61.4M2025 | +47.4%/yr | |
| Total liabilities | $626,9662016 | $5.3M2025 | +26.7%/yr | |
| Shareholders’ equity | $1.2M2016 | $56.1M2025 | +52.7%/yr | |
| Cash & short-term investments | $1.7M2016 | $59.9M2025 | +48.2%/yr | |
| Total debt | $200,4592016 | $240,0002025 | +2.0%/yr | |
| Net cash (debt) | $1.5M2016 | $59.6M2025 | +$58.1M | |
| Working capital | $1.2M2016 | $55.5M2025 | +$54.3M | |
| Book value per share | $0.642019 | $1.192025 | +11.1%/yr | |
| Debt / equity | 0.162016 | 0.002025 | −0.16 | |
| Shares outstanding | 12.0M2019 | 47.0M2025 | +25.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
DMAC assets
DMAC liabilities and equity
DMAC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
DMAC balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $59.9M | $44.1M | $52.9M | $33.5M | $45.1M | $27.5M | $7.9M | $16.8M | $1.4M | $1.7M |
| Cash & equivalents | $15.6M | $3.0M | $4.5M | $4.7M | $4.7M | $7.4M | $3.9M | $16.8M | $1.4M | $1.7M |
| Short-term investments | $44.2M | $41.1M | $48.4M | $28.8M | $40.4M | $20.1M | $4.0M | $0 | $0 | $0 |
| Receivables | $258,000 | $236,000 | $369,000 | $82,000 | $130,000 | $340,000 | $823,000 | $646,000 | $80,000 | $51,974 |
| Inventory | $0 | $0 | $0 | $0 | $113,000 | $10,000 | $88,000 | $0 | $0 | $0 |
| Other current assets | $481,000 | $227,000 | $411,000 | $251,000 | $84,000 | $64,000 | $47,000 | $503,000 | $61,000 | $65,222 |
| Total current assets | $60.6M | $44.6M | $53.7M | $33.8M | $45.4M | $27.9M | $8.8M | $18.0M | $1.5M | $1.9M |
| Property, plant & equipment (net) | $342,000 | $427,000 | $485,000 | $560,000 | $112,000 | $174,000 | $217,000 | $96,000 | $37,000 | $19,395 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $400,000 | $1.3M | $0 | $0 | $0 | $0 | $0 | $271,000 | $271,000 | $0 |
| Total assets | $61.4M | $46.3M | $54.2M | $34.4M | $45.6M | $28.1M | $9.1M | $18.3M | $1.8M | $1.9M |
| Liabilities | ||||||||||
| Accounts payable | $1.5M | $940,000 | $926,000 | $734,000 | $509,000 | $1.1M | $182,000 | $483,000 | $513,000 | $250,000 |
| Short-term debt | $112,000 | $103,000 | $83,000 | $69,000 | $49,000 | $65,000 | $60,000 | $5,000 | $0 | $200,459 |
| Deferred revenue | — | — | — | — | — | $8,000 | — | $34,000 | — | −$200,459 |
| Total current liabilities | $5.1M | $5.4M | $2.8M | $2.2M | $1.5M | $2.0M | $1.3M | $1.3M | $1.0M | $626,966 |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $13,000 | $18,000 | $0 | $0 |
| Lease obligations | $240,000 | $340,000 | $400,000 | $469,000 | $52,000 | $118,000 | $178,000 | $23,000 | $0 | $0 |
| Other long-term liabilities | $128,000 | $237,000 | $317,000 | $400,000 | $3,000 | $53,000 | $104,999 | $0 | $0 | $0 |
| Total liabilities | $5.3M | $5.6M | $3.1M | $2.6M | $1.5M | $2.1M | $1.4M | $1.3M | $1.0M | $626,966 |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | — | — | — | — | — | — | — | $0 | $44.3M | $41.0M |
| Retained earnings (deficit) | −$172.8M | −$140.0M | −$115.6M | −$96.2M | −$82.5M | −$68.9M | −$56.6M | −$46.0M | −$40.2M | −$46.7M |
| Treasury stock | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Accumulated other comprehensive income | $50,000 | $23,000 | $6,000 | −$74,000 | −$51,000 | −$2,000 | $2,000 | −$24,000 | $610,884 | $587,077 |
| Minority interest | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Total shareholders' equity | $56.1M | $40.7M | $51.1M | $31.8M | $44.0M | $26.0M | $7.6M | $17.0M | $799,000 | $1.2M |
| Key figures | ||||||||||
| Total debt | $240,000 | $340,000 | $400,000 | $469,000 | $52,000 | $118,000 | $178,000 | $23,000 | $0 | $200,459 |
| Net cash (debt) | $59.6M | $43.8M | $52.5M | $33.0M | $45.1M | $27.4M | $7.7M | $16.8M | $1.4M | $1.5M |
| Working capital | $55.5M | $39.2M | $50.9M | $31.7M | $43.9M | $25.9M | $7.5M | $16.7M | $491,000 | $1.2M |
| Tangible book value | $56.1M | $40.7M | $51.1M | $31.8M | $44.0M | $26.0M | $7.6M | $17.0M | $799,000 | $1.2M |
| Book value per share | $1.19 | $1.01 | $1.57 | $1.20 | $2.12 | $1.66 | $0.64 | — | — | — |
| Shares outstanding | 47.0M | 40.4M | 32.6M | 26.4M | 20.8M | 15.7M | 12.0M | — | — | — |
| Current ratio | 11.81 | 8.28 | 19.27 | 15.61 | 29.82 | 13.77 | 6.70 | 13.87 | 1.49 | 2.96 |
| Quick ratio | 11.72 | 8.23 | 19.12 | 15.49 | 29.69 | 13.73 | 6.60 | 13.48 | 1.43 | 2.85 |
| Debt / equity | 0.00 | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 | 0.02 | 0.00 | 0.00 | 0.16 |
| Equity / assets | 91.4% | 87.9% | 94.3% | 92.5% | 96.6% | 92.6% | 84.1% | 92.8% | 44.3% | 66.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $43.5M | $51.3M | $59.9M | $55.3M | $30.0M | $36.3M | $44.1M | $50.2M | $54.1M | $46.5M | $52.9M | $46.5M |
| Cash & equivalents | $5.1M | $4.9M | $15.6M | $3.3M | $4.1M | $2.6M | $3.0M | $4.1M | $14.1M | $2.1M | $4.5M | $2.2M |
| Short-term investments | $38.4M | $46.5M | $44.2M | $52.0M | $25.9M | $33.7M | $41.1M | $46.1M | $40.0M | $44.4M | $48.4M | $44.2M |
| Receivables | $8,000 | $16,000 | $258,000 | $260,000 | $161,000 | $253,000 | $236,000 | $290,000 | $391,000 | $399,000 | $369,000 | $1,000 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $803,000 | $1.0M | $481,000 | $645,000 | $880,000 | $849,000 | $227,000 | $280,000 | $568,000 | $569,000 | $411,000 | $1.4M |
| Total current assets | $44.3M | $52.4M | $60.6M | $56.2M | $31.1M | $37.4M | $44.6M | $50.8M | $55.0M | $47.5M | $53.7M | $47.9M |
| Property, plant & equipment (net) | $286,000 | $317,000 | $342,000 | $368,000 | $391,000 | $408,000 | $427,000 | $449,000 | $469,000 | $468,000 | $485,000 | $507,000 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $1.0M | $0 | $0 | $0 | $0 | $0 | $9.7M |
| Other non-current assets | $400,000 | $400,000 | $400,000 | $456,000 | $0 | $0 | $1.3M | $1.3M | $1.3M | $1.3M | $0 | $0 |
| Total assets | $45.0M | $53.1M | $61.4M | $57.0M | $31.5M | $38.8M | $46.3M | $52.5M | $56.8M | $49.3M | $54.2M | $58.1M |
| Liabilities | ||||||||||||
| Accounts payable | $2.8M | $3.3M | $1.5M | $1.9M | $1.3M | $1.5M | $940,000 | $1.2M | $759,000 | $716,000 | $926,000 | $863,000 |
| Short-term debt | $116,000 | $115,000 | $112,000 | $109,000 | $108,000 | $105,000 | $103,000 | $102,000 | $100,000 | $86,000 | $83,000 | $80,000 |
| Total current liabilities | $6.6M | $5.7M | $5.1M | $5.3M | $4.1M | $4.7M | $5.4M | $4.3M | $3.1M | $2.6M | $2.8M | $2.2M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $185,000 | $212,000 | $240,000 | $266,000 | $292,000 | $316,000 | $340,000 | $365,000 | $388,000 | $380,000 | $400,000 | $420,000 |
| Other long-term liabilities | $69,000 | $97,000 | $128,000 | $157,000 | $184,000 | $211,000 | $237,000 | $263,000 | $288,000 | $294,000 | $317,000 | $340,000 |
| Total liabilities | $6.7M | $5.8M | $5.3M | $5.4M | $4.3M | $4.9M | $5.6M | $4.6M | $3.4M | $2.9M | $3.1M | $2.5M |
| Shareholders' equity | ||||||||||||
| Retained earnings (deficit) | −$192.9M | −$182.8M | −$172.8M | −$164.0M | −$155.4M | −$147.7M | −$140.0M | −$132.1M | −$125.8M | −$120.7M | −$115.6M | −$110.4M |
| Accumulated other comprehensive income | −$37,000 | −$26,000 | $50,000 | $50,000 | −$14,000 | $5,000 | $23,000 | $81,000 | −$51,000 | −$39,000 | $6,000 | −$127,000 |
| Total shareholders' equity | $38.3M | $47.2M | $56.1M | $51.6M | $27.2M | $34.0M | $40.7M | $48.0M | $53.4M | $46.3M | $51.1M | $55.6M |
| Key figures | ||||||||||||
| Total debt | $185,000 | $212,000 | $240,000 | $266,000 | $292,000 | $316,000 | $340,000 | $365,000 | $388,000 | $380,000 | $400,000 | $420,000 |
| Net cash (debt) | $43.3M | $51.1M | $59.6M | $55.1M | $29.7M | $36.0M | $43.8M | $49.8M | $53.7M | $46.1M | $52.5M | $46.0M |
| Working capital | $37.7M | $46.6M | $55.5M | $51.0M | $27.0M | $32.8M | $39.2M | $46.5M | $51.9M | $44.9M | $50.9M | $45.7M |
| Tangible book value | $38.3M | $47.2M | $56.1M | $51.6M | $27.2M | $34.0M | $40.7M | $48.0M | $53.4M | $46.3M | $51.1M | $55.6M |
| Book value per share | $0.71 | $0.88 | $1.19 | $1.04 | $0.63 | $0.79 | $0.95 | $1.12 | $1.40 | $1.22 | $1.35 | $1.47 |
| Shares outstanding | 53.9M | 53.8M | 47.0M | 49.6M | 43.0M | 42.8M | 42.8M | 42.8M | 38.1M | 38.0M | 38.0M | 37.9M |
| Current ratio | 6.72 | 9.11 | 11.81 | 10.67 | 7.55 | 8.02 | 8.28 | 11.81 | 17.82 | 18.14 | 19.27 | 22.07 |
| Quick ratio | 6.60 | 8.93 | 11.72 | 10.55 | 7.34 | 7.84 | 8.23 | 11.75 | 17.63 | 17.93 | 19.12 | 21.41 |
| Debt / equity | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Equity / assets | 85.2% | 89.0% | 91.4% | 90.5% | 86.3% | 87.4% | 87.9% | 91.3% | 94.1% | 94.1% | 94.3% | 95.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 30, 2026); data from EODHD.
DMAC financial position
At the end of fiscal 2025 (December 31, 2025), DiaMedica Therapeutics had total assets of $61.4 million (up 32.4% from a year earlier), total liabilities of $5.3 million and shareholders' equity of $56.1 million. It held $59.9 million in cash and short-term investments against $0.2 million of debt, a net cash position of $59.6 million. Its current ratio was 11.81. In the latest quarter (ended June 30, 2026) total assets were $45.0 million and equity $38.3 million.
Related: DMAC income statement, DMAC cash flow statement, DMAC key metrics. See the DMAC stock overview for the latest quote and news.
DMAC balance sheet FAQ
What are DiaMedica Therapeutics's total assets?
DiaMedica Therapeutics reported total assets of $61.4 million at the end of fiscal 2025 (December 31, 2025), compared with $46.3 million a year earlier.
How much debt does DiaMedica Therapeutics have?
DiaMedica Therapeutics had $0.2 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.00.
How much cash does DiaMedica Therapeutics have?
DiaMedica Therapeutics held $59.9 million in cash and short-term investments at the end of fiscal 2025; with $0.2 million of debt that is net cash of $59.6 million.
What is DiaMedica Therapeutics's book value?
DiaMedica Therapeutics's shareholders' equity (book value) was $56.1 million at the end of fiscal 2025, or $1.19 per share.
What is DiaMedica Therapeutics's current ratio?
DiaMedica Therapeutics had current assets of $60.6 million and current liabilities of $5.1 million, a current ratio of 11.81 (it can cover its short-term obligations).