On this page of StockholderLetter.com we present the latest annual shareholder letter from DiaMedica Therapeutics Inc. — ticker symbol DMAC. Reading current and past DMAC letters to shareholders can bring important insights into the investment thesis.

 •  4/4/2024 Letter Continued (Full PDF)
 •  4/4/2023 DMAC Stockholder Letter
 •  More "Biotechnology" Category Stockholder Letters
 •  DMAC Benford's Law Stock Score = 70

DMAC Shareholder/Stockholder Letter Transcript:

Dear Shareholders,
As we reflect on DiaMedica's journey throughout 2023, we believe we are now strategically
positioned to execute on our commitment to advancing the treatment of acute ischemic stroke (AIS)
with our therapeutic candidate, DM199 (Rinvecalinase Alfa), the first pharmaceutically active
recombinant form of the human tissue kallikrein-1 (rKLK1) protein to be clinically studied. We
successfully navigated the challenges of resolving our clinical hold and resuming our ReMEDy2
stroke trial, exited the year with the strongest balance sheet in the Company   s history, and added core
talent throughout the organization. We are determined with a steadfast focus on execution and
prudent investment.
Progress in the ReMEDy2 Trial
A key development this year was the FDA   s full removal of the clinical hold on and the re-initiation
of our ReMEDy2 Phase 2/3 pivotal trial for AIS. This step forward was achieved through diligent
work and dedication to patient safety in addressing the IV dosing concerns that paused the trial. We
completed a significant amount of lab-based testing, including our in-use studies of the various
components used in the IV administration of DM199. Going above and beyond the data requested by
the FDA, we also conducted a Phase 1c human safety study to confirm that the IV dose level we are
using in the reinitiated ReMEDy2 trial is safe and well tolerated. While we believe that the results of
this study aided the FDA in its decision to fully lift the clinical hold, we also wanted to ensure that
existing and new physician investigators would be confident in the safety of the ReMEDy2 trial.
The resumption of the ReMEDy2 trial signifies not just our ability to adapt but also our ability to
address the continuous challenges of clinical development. The past year, we have learned from
previous challenges, leading to further enhancements in our ReMEDy2 clinical trial protocol, which
we believe will give us the highest probability of success. Our focus is on efficiently managing trial
activities, while keenly aware of the hurdles that lie ahead in bringing DM199 closer to patients.
Leadership Enhancements
We also made strategic additions to our leadership team. Lorianne Masuoka, M.D. joined us as Chief
Medical Officer. Dr. Masuoka is a board-certified neurologist with more than 25 years of experience
building and expanding high value pipelines in the biopharmaceutical industry. She has a history of
building and leading high-performing teams in clinical development through all stages and the
ultimate approval of new medicines. Her experience also includes playing a key role in developing
strategic partnerships and acquisitions of multiple biotechnology companies. Dr. Masuoka also
recruited a former colleague, Rebekah de Vitry Fries, to join DiaMedica   s team as Vice President of
Clinical Operations. Ms. de Vitry Fries has over 15 years of clinical operations experience including
Epygenix Therapeutics; Takeda and Marinus Pharmaceuticals. In addition, Ambarish Shah, Ph.D.
joined us as Chief Technology Officer. He has over 25 years of experience in advancing
biopharmaceuticals from early stage through commercialization. Dr. Shah has a distinguished record
of building and managing talented organizations focused on drug product and process development
and delivery, while balancing both technical and business priorities and challenges. He brings deep
insights and decision-making experience gained from successful global licensure and life cycle
management of several life altering medicines. These appointments expand and strengthen our team.

Financial Stability and Growth
We would also like to highlight our strong financial position to support the continued execution of
the ReMEDy2 trial. We completed the year with a cash reserve in excess of $50 million. This
improved financial standing provides us with a more solid foundation to pursue our clinical
objectives. While this financial buffer is reassuring, we are mindful of the need for careful
management and strategic investment to ensure long-term sustainability and success.
Forward Outlook
The path forward for DM199 is cautiously optimistic. While we have observed promising biological
activity and made strategic adjustments, we are acutely aware of the challenges that accompany
clinical development. Our enhanced team and financial resources better position us to tackle these
challenges.
Our progress and future plans are deeply supported by you, our shareholders. Your trust and support
are crucial to our endeavors, and we do not take this lightly. Thank you for your continued support,
and we are committed to keeping you informed of our progress and to working diligently towards our
shared goals.
Sincerely,
Rick Pauls
President and Chief Executive Officer
Richard Pilnik
Chairman of the Board

April 4, 2024
Dear Shareholders:
Together with our Board of Directors and the management team at DiaMedica Therapeutics Inc., we are
pleased to invite you to our 2024 Annual General Meeting of Shareholders, which will be held at our
corporate offices located at 301 Carlson Parkway, Suite 210, Minneapolis, Minnesota 55305, USA,
beginning at 9:00 a.m., CDT, on Wednesday, May 22, 2024.
At the meeting, shareholders will be asked to consider and vote upon the following voting proposals:
(1) to elect seven persons to serve as directors until our next annual general meeting of shareholders or
until their respective successors are elected and qualified; (2) to appoint Baker Tilly US, LLP as our
independent registered public accounting firm for the fiscal year ending December 31, 2024 and to
authorize the Board of Directors to fix our independent registered public accounting firm   s remuneration;
(3) to approve an amendment to the DiaMedica Therapeutics Inc. Amended and Restated 2019 Omnibus
Incentive Plan to increase the number of shares available under the plan; (4) to approve, on an advisory
(non-binding) basis, our executive compensation; and (5) to approve, on an advisory (non-binding) basis,
the frequency of future advisory votes on executive compensation. The last two voting proposals, which
are commonly referred to as a say-on-pay vote and a frequency of a say-on-pay vote are new for
DiaMedica and are the result of the loss of our    emerging growth company    status under applicable U.S.
Securities and Exchange Commission rules.
The accompanying Notice of 2024 Annual General Meeting of Shareholders and proxy statement
describe these matters in more detail. We urge you to read this information carefully.
The Board of Directors recommends a vote: FOR each of the seven nominees for director named in the
proxy statement, for a frequency of every ONE YEAR on the frequency of a say-on-pay vote and FOR
the approval of the other proposals being submitted to a vote of our shareholders.
Voting your DiaMedica common shares is easily achieved without the need to attend the meeting in
person. Regardless of the number of shares you own, it is important that your shares be represented and
voted at the meeting. Therefore, we urge you to vote your shares via the Internet, by telephone, or by
promptly marking, dating, signing, and returning the proxy card. Voting over the Internet, by telephone,
or by written proxy will ensure that your shares are represented at the meeting.
On behalf of the Board of Directors, we thank you for your participation, investment and support.
Sincerely,
Richard Pilnik
Chairman of the Board
Rick Pauls
President and Chief Executive Officer
You can help us make a difference by eliminating paper proxy materials. With your consent, we will
provide all future proxy materials electronically. Instructions for consenting to electronic delivery can be
found on your proxy card or at www.proxyvote.com. Your consent to receive shareholder materials
electronically will remain in effect until canceled.



 4/4/2024 Letter Continued (Full PDF)