DiaMedica Therapeutics Inc Announces Q2 2024 Financial Results
Intellectia.AI2024-08-08
DiaMedica Therapeutics Inc. Announces Q2 2024 Financial Results
Overview
DiaMedica Therapeutics Inc. has reported its financial results for the second quarter ending June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | Year-over-Year Change | Consensus Estimates |
|---|---|---|---|---|
| Total Revenue | $0 | $0 | - | - |
| Earnings Per Share (EPS) | -$0.24 | -$0.22 | -9.1% | -$0.16 |
The company's net loss per share for the quarter was $0.24, which was lower than the consensus estimate of -$0.16. The year-over-year increase in net loss per share indicates heightened spending on research and development (R&D) and other operational activities.
Segment Revenue Performance
| Segment | Q2 2024 | Q2 2023 | Year-over-Year Change |
|---|---|---|---|
| Acute Ischemic Stroke (AIS) R&D | $3.9M | $2.5M | +56% |
| Preeclampsia (PE) R&D | $3.7M | $3.5M | +5.7% |
| General & Administrative (G&A) | $1.7M | $2.2M | -22.7% |
The R&D expenses associated with the AIS and PE segments have increased year-over-year, which indicates ongoing investments in critical trials. However, G&A expenses have decreased, reflecting cost reductions primarily in directors and officers liability insurance premiums and legal fees, although there were increased personnel costs incurred to expand the team.
Key Operational Data
| Data Measure | Value |
|---|---|
| Net Cash Used in Operations | -$11.2M |
| Cash and Equivalents | $54.1M |
DiaMedica was primarily driven by the continuous investment in its ReMEDy2 clinical trial and the expansion into global site activations.
Comments from Company Officers The company's officers have not provided specific comments within the earnings release.
Dividends or Share Repurchase Program No dividends or share repurchase programs have been declared or announced.
Forward Guidance The company did not provide any forward guidance for future quarters.
Stock Price Movement Following the earnings release, DiaMedica's stock price experienced a post-event change of -2.99%.
This summary provides a snapshot of DiaMedica Therapeutics Inc.'s financial performance and operational focus during the second quarter of 2024. The company's ongoing commitment to their clinical trials is evident from the increased R&D expenditure. However, the negative stock price movement post-release suggests investor concerns or unmet expectations.
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