DiaMedica Therapeutics is a clinical-stage biopharmaceutical company with a single drug candidate, DM199 (rinvecalinase alfa), targeting two conditions driven by vascular dysfunction: preeclampsia/fetal growth restriction (PE/FGR) and acute ischemic stroke (AIS). DM199 is a recombinant form of the naturally occurring human tissue kallikrein-1 (KLK1) protein, which improves blood flow by stimulating vasodilating compounds through the bradykinin pathway. DiaMedica has no approved products and no revenue, funding operations entirely through equity financings. In PE/FGR — a space with no FDA-approved treatments — DM199 is being evaluated in an investigator-sponsored Phase 2 trial in South Africa (interim results showed statistically significant blood pressure reductions and improved placental perfusion) and a planned global Phase 2 trial in North America and the UK, though U.S. IND submission faces delays due to animal toxicology complications. In AIS, DiaMedica is running ReMEDy2, a Phase 2/3 adaptive trial targeting roughly 300 patients across global sites, focusing on the ~80% of AIS patients ineligible for existing treatments. DM199's proposed 24-hour treatment window contrasts with the 3–4.5-hour window for approved thrombolytics. If approved, DiaMedica plans to partner with a larger pharma company for commercialization rather than build its own sales force. As of September 2025, DiaMedica held approximately $55M in cash, which management believes funds operations into the second half of 2027.