7Baggers

DiaMedica Therapeutics Inc
(NASDAQ:DMAC) 

DMAC stock logo

DiaMedica Therapeutics Inc., a clinical stage biopharmaceutical company, develops treatments for neurological and kidney diseases. Its lead drug candidate is DM199, a recombinant human tissue kallikrein-1 protein, which has completed Phase Ib clinical trials for the treatment of patients with modera...

Founded: 2000
Full Time Employees: 8
Sector: Healthcare
Industry: Biotechnology
Pharmaceuticals
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At a glance:
Bull Thesis:
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Moat:
Income Statements:
Quarterly
Annual
    Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 
                                  
      operating expenses:
    		                              
      research and development
    		7,987,000 6,699,000 6,437,000 5,822,000 5,656,000 6,470,000 4,983,000 3,928,000 3,676,000 3,677,000 3,272,000 2,543,000 3,618,000 2,270,000 1,640,000 1,955,000 1,974,000 1,871,000 2,332,000 2,156,000 2,406,000 -5,181,690 2,180,000 1,629,000 1,381,000  1,617,000 1,874,000 2,607,000  
      general and administrative
    		2,495,000 2,514,000 2,596,000 2,185,000 2,488,000 1,949,000 1,900,000 1,710,000 2,065,000 2,171,000 1,885,000 2,198,000 1,903,000 1,703,000 1,488,000 1,409,000 1,562,000 1,375,000 1,084,000 1,209,000 1,213,000 -3,236,611 1,139,000 1,079,000 1,023,000  1,044,000 867,000 814,000  
      operating income
    		-10,482,000 -9,213,000 -9,033,000 -8,007,000 -8,144,000 -8,419,000 -6,883,000 -5,638,000 -5,741,000 -5,848,000 -5,157,000 -4,741,000 -5,521,000 -3,973,000 -3,128,000 -3,364,000 -3,536,000 -3,246,000 -3,416,000 -3,365,000 -3,619,000 8,418,301 -3,319,000 -2,708,000 -2,404,000  -2,661,000 -2,741,000 -3,421,000  
      yoy
    		28.71% 9.43% 31.24% 42.02% 41.86% 43.96% 33.47% 18.92% 3.98% 47.19% 64.87% 40.93% 56.14% 22.40% -8.43% -0.03% -2.29% -138.56% 2.92% 24.26% 50.54%  24.73% -1.20% -29.73%      
      qoq
    		13.77% 1.99% 12.81% -1.68% -3.27% 22.32% 22.08% -1.79% -1.83% 13.40% 8.77% -14.13% 38.96% 27.01% -7.02% -4.86% 8.93% -4.98% 1.52% -7.02% -142.99% -353.64% 22.56% 12.65%   -2.92% -19.88%   
      other income
    		447,000 483,000 419,000 314,000 443,000 528,000 616,000 526,000 597,000 709,000 693,000 271,000 256,000 229,000 76,000 13,000 35,000   -98,000    -178,000       
      loss before income tax expense
    		-10,035,000 -8,730,000 -8,614,000 -7,693,000 -7,701,000 -7,891,000 -6,267,000 -5,112,000 -5,144,000 -5,139,000 -4,464,000 -4,470,000 -5,265,000 -3,744,000 -3,052,000 -3,351,000 -3,501,000 -3,239,000 -3,443,000 -3,267,000 -3,615,000 -2,018,000 -3,191,000 -2,465,000 -2,416,000  -2,436,000 -2,461,000 -3,243,000  
      income tax expense
    		-7,000 -10,000 -6,000 -6,000 -6,000 -9,000 -7,000 -7,000 -7,000 -22,000 -7,000 -7,000 -7,000 -7,000 -7,000 -7,000 -7,000 -49,000 7,000 7,000 7,000 -19,973 2,000 9,000 9,000  12,000 8,000 9,000  
      net income
    		-10,042,000 -8,740,000 -8,620,000 -7,699,000 -7,707,000 -7,900,000 -6,274,000 -5,119,000 -5,151,000 -5,161,000 -4,471,000 -4,477,000 -5,272,000 -3,751,000 -3,059,000 -3,358,000 -3,508,000 -3,246,000 -3,450,000 -3,274,000 -3,622,000 -2,023,000 -3,193,000 -2,474,000 -2,425,000  -2,448,000 -2,469,000 -3,252,000  
      yoy
    		30.30% 10.63% 37.39% 50.40% 49.62% 53.07% 40.33% 14.34% -2.30% 37.59% 46.16% 33.32% 50.29% 15.56% -11.33% 2.57% -3.15% 60.45% 8.05% 32.34% 49.36%  30.43% 0.20% -25.43%      
      qoq
    		14.90% 1.39% 11.96% -0.10% -2.44% 25.92% 22.56% -0.62% -0.19% 15.43% -0.13% -15.08% 40.55% 22.62% -8.90% -4.28% 8.07% -5.91% 5.38% -9.61% 79.04% -36.64% 29.06% 2.02%   -0.85% -24.08%   
      other comprehensive loss
    		                              
      unrealized loss on marketable securities
    		-76,000   -19,000 -18,000            -56,000          5,000    
      net loss and comprehensive loss
    		-10,118,000 -5,999,750 -8,556,000 -7,718,000 -7,725,000 -4,117,250 -6,142,000 -5,131,000 -5,196,000 -5,028,000 -4,535,000 -4,511,000 -5,227,000 -3,663,000 -3,054,000 -3,418,000 -3,564,000 -3,292,000 -3,452,000 -3,274,000 -3,624,000 8,071,704 -3,212,000 -2,487,000 -2,385,000  -2,453,000 -2,461,000 -3,249,000  
      basic and diluted net loss per share
    		-0.19 -0.17 -0.17 -0.18 -0.18 -0.18 -0.15 -0.13 -0.14 -0.14 -0.12 -0.16 -0.2 -0.14 -0.12 -0.13 -0.13 -0.1 -0.18 -0.17 -0.19 -0.138 -0.19 -0.17 -0.19  -0.2 -0.21 -0.27  
      weighted-average shares outstanding – basic and diluted
    		53,793,490 46,980,777 49,630,119 42,957,619 42,843,938 40,404,681 42,751,577 38,068,378 37,958,000 32,566,723 37,949,422 27,312,008 26,448,941 26,443,067 26,443,067 26,443,067 26,443,067 20,773,399 19,035,713 18,786,157 18,766,656  16,689,074 14,139,074 13,107,725  12,006,874 11,979,401 11,956,874  
      unrealized gain on marketable securities
    		  64,000   -58,000 132,000 -12,000 -45,000 133,000 -64,000 -34,000 45,000 -27,750 5,000 -60,000  -750 -2,000  -2,000 2,000 -19,000 -13,000 40,000   8,000 3,000  
      other income:
    		                              
      other comprehensive gain
    		                              
      total operating expenses
    		        -5,741,000                      
      other comprehensive income
    		                              
      total other income
    		         709,000 693,000 271,000 256,000    35,000   -98,000  358,566 -128,000 -243,000       
      other expense:
    		                              
      governmental assistance - research incentives
    		                     -51,250 -25,000 -65,000 -115,000  -263,000 -226,000 -174,000  
      other expense
    		                 -18,750 27,000  -4,000 -38,500 -103,000  127,000  38,000 -54,000 -4,000  
      total other expense
    		                 -18,750 27,000  -4,000    12,000  -225,000 -280,000 -178,000  
      operating revenues:
    		                              
      license revenues
    		                              
      change in fair value of warrant liability
    		                              
      total operating expense
    		                            3,421,000  
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 
                                   
        assets
      		                             
        current assets:
      		                             
        cash and cash equivalents
      		4,868,000 15,647,000 3,326,000 4,109,000 2,589,000 3,025,000 4,134,000 14,066,000 2,097,000 4,543,000 2,232,000 5,839,000 2,147,000 4,728,000 2,771,000 3,062,000 3,032,000 4,707,000 16,219,000 2,228,000 3,329,000 7,409,000 9,797,000 4,955,000 3,300,000 3,883,000 4,741,000 2,974,000 2,759,000 
        marketable securities
      		46,463,000 44,243,000 51,992,000 25,929,000 33,731,000 41,122,000 46,063,000 39,989,000 44,419,000 48,352,000   26,508,000 28,774,000 33,313,000 35,381,000 38,015,000 40,405,000 31,878,000 19,067,000 20,072,000 20,098,000 20,826,000 6,844,000 9,348,000 3,995,000 5,002,000 7,992,000 10,958,000 
        prepaid expenses and other assets
      		731,000 481,000 445,000 680,000 649,000 227,000 280,000 568,000 569,000 411,000 1,111,000 675,000 962,000 251,000 322,000 534,000 793,000 84,000 336,000 318,000 457,000 64,000 138,000 235,000 337,000 47,000 89,000 198,000 298,000 
        amounts receivable
      		301,000 258,000 260,000 161,000 253,000 236,000 290,000 391,000 399,000 369,000 310,000 188,000 57,000 82,000 75,000 88,000 168,000 130,000 104,000 16,000 337,000 340,000 335,000 319,000 985,000 823,000 664,000 1,112,000 929,000 
        total current assets
      		52,363,000 60,629,000 56,223,000 31,079,000 37,422,000 44,610,000 50,767,000 55,014,000 47,484,000 53,675,000 47,886,000 41,231,000 29,674,000 33,835,000 36,490,000 39,173,000 42,111,000 45,439,000 48,537,000 21,629,000 24,195,000 27,921,000 31,106,000 12,399,000 14,165,000 8,836,000 10,806,000 12,276,000 14,944,000 
        non-current assets:
      		                             
        deferred offering costs
      		400,000 400,000 456,000                           
        operating lease right-of-use asset
      		175,000 197,000 218,000 239,000 259,000 279,000 298,000 317,000 336,000 354,000 372,000 390,000 407,000 424,000 441,000 11,000 26,000 42,000 57,000 72,000 86,000 100,000 114,000 127,000 140,000 153,000 165,000 177,000 189,000 
        property and equipment
      		142,000 145,000 150,000 152,000 149,000 148,000 151,000 152,000 132,000 131,000 135,000 133,000 136,000 136,000 110,000 74,000 74,000 70,000 70,000 73,000 75,000 74,000 50,000 55,000 60,000 64,000 68,000 73,000 90,000 
        total non-current assets
      		717,000 742,000 824,000 391,000 1,408,000 1,735,000 1,757,000 1,777,000 1,776,000 485,000 10,253,000 20,819,000 543,000 560,000 551,000 85,000 100,000 112,000 127,000 145,000 161,000 174,000 164,000 182,000 200,000 217,000 233,000 521,000 550,000 
        total assets
      		53,080,000 61,371,000 57,047,000 31,470,000 38,830,000 46,345,000 52,524,000 56,791,000 49,260,000 54,160,000 58,139,000 62,050,000 30,217,000 34,395,000 37,041,000 39,258,000 42,211,000 45,551,000 48,664,000 21,774,000 24,356,000 28,095,000 31,270,000 12,581,000 14,365,000 9,053,000 11,039,000 12,797,000 15,494,000 
        liabilities and equity
      		                             
        current liabilities:
      		                             
        accounts payable
      		3,293,000 1,475,000 1,920,000 1,261,000 1,507,000 940,000 1,171,000 759,000 716,000 926,000 863,000 856,000 1,780,000 734,000 864,000 624,000 433,000 509,000 699,000 239,000 689,000 1,099,000 720,000 552,000 444,000 182,000 312,000 262,000 685,000 
        accrued liabilities
      		2,340,000 3,545,000 3,239,000 2,747,000 3,053,000 4,347,000 3,024,000 2,229,000 1,815,000 1,777,000 1,227,000 1,011,000 956,000 1,365,000 637,000 894,000 967,000 966,000 861,000 1,132,000 420,000 864,000 658,000 609,000 435,000 1,076,000 837,000 630,000 686,000 
        operating lease obligation
      		104,000 101,000 99,000 96,000 93,000 90,000 88,000 85,000 83,000 80,000 78,000 76,000 73,000 63,000 34,000 11,000 28,000 45,000 60,000 64,000 63,000 59,000 59,000 50,000 50,000 54,000 51,000 50,000 49,000 
        finance lease obligation
      		11,000 11,000 10,000 12,000 12,000 13,000 14,000 15,000 3,000 3,000    6,000  7,000 6,000 4,000 4,000 5,000 6,000 6,000 6,000 6,000 6,000 6,000 5,000 5,000 5,000 
        total current liabilities
      		5,748,000 5,132,000 5,268,000 4,116,000 4,665,000 5,390,000 4,297,000 3,088,000 2,617,000 2,786,000 2,170,000 1,946,000 2,814,000 2,168,000 1,542,000 1,536,000 1,434,000 1,524,000 1,624,000 1,440,000 1,178,000 2,028,000 1,443,000 1,217,000 935,000 1,318,000 1,205,000 947,000 1,425,000 
        non-current liabilities:
      		                             
        total non-current liabilities
      		97,000 128,000 157,000 184,000 211,000 237,000 263,000 288,000 294,000 317,000 340,000 361,000 381,000 400,000 420,000 7,000 9,000 3,000 4,000 16,000 33,000 53,000 69,000 92,000 107,000 118,000 134,000 148,000 163,000 
        shareholders’ equity:
      		                             
        common shares, no par value; unlimited authorized; 53,883,345 and 53,742,370 shares issued and outstanding, as of march 31, 2026 and december 31, 2025, respectively
      		                             
        paid-in capital
      		230,071,000 228,829,000 215,600,000 182,592,000 181,658,000 180,697,000 179,985,000 179,294,000 167,097,000 166,609,000 166,153,000 165,732,000 128,500,000 128,078,000 127,667,000 127,249,000 126,884,000 126,576,000 126,296,000 96,126,000 95,680,000 94,925,000 94,457,000 72,759,000 72,323,000 64,232,000    
        accumulated other comprehensive income
      		-26,000 50,000 50,000 -14,000 5,000 23,000 81,000 -51,000 -39,000 6,000            -2,000 10,000 29,000 42,000 2,000 6,000 11,000 3,000 
        accumulated deficit
      		-182,810,000 -172,768,000 -164,028,000 -155,408,000 -147,709,000 -140,002,000 -132,102,000 -125,828,000 -120,709,000 -115,558,000 -110,397,000 -105,926,000 -101,449,000 -96,177,000 -92,426,000 -89,367,000 -86,009,000 -82,501,000 -79,255,000 -75,805,000 -72,531,000 -68,909,000 -64,709,000 -61,516,000 -59,042,000 -56,617,000 -54,137,000 -51,689,000 -49,220,000 
        total shareholders’ equity
      		47,235,000 56,111,000 51,622,000 27,170,000 33,954,000 40,718,000 47,964,000 53,415,000 46,349,000 51,057,000 55,629,000 59,743,000 27,022,000 31,827,000 35,079,000 37,715,000 40,768,000 44,024,000 47,036,000 20,318,000 23,145,000 26,014,000 29,758,000 11,272,000 13,323,000 7,617,000 9,700,000 11,702,000 13,906,000 
        total liabilities and shareholders’ equity
      		53,080,000 61,371,000 57,047,000 31,470,000 38,830,000 46,345,000 52,524,000 56,791,000 49,260,000 54,160,000 58,139,000 62,050,000 30,217,000 34,395,000 37,041,000 39,258,000 42,211,000 45,551,000 48,664,000 21,774,000 24,356,000 28,095,000 31,270,000 12,581,000 14,365,000 9,053,000 11,039,000 12,797,000 15,494,000 
        deposits
      		  200,000 200,000 200,000 1,308,000 1,308,000 1,308,000 1,308,000      9,000 108,000 103,000 113,000    10,000 10,000 46,000 195,000 88,000 310,000   
        operating lease obligation, non-current
      		 124,000    225,000    316,000 337,000 357,000 377,000 396,000 415,000     11,000 28,000 46,000 61,000 82,000 96,000 105,000 120,000 133,000 146,000 
        finance lease obligation, non-current
      		 4,000    12,000    1,000 3,000 4,000 4,000 4,000 5,000 7,000 9,000 3,000 4,000 5,000 5,000 7,000 8,000 10,000 11,000 13,000 14,000 15,000 17,000 
        commitments and contingencies
      		                             
        common shares, no par value; unlimited authorized; 53,742,370 and 42,818,660 shares issued and outstanding, as of december 31, 2025 and 2024, respectively
      		                             
        common shares, no par value; unlimited authorized; 52,077,439 and 42,818,660 shares issued and outstanding, as of september 30, 2025 and december 31, 2024, respectively
      		                             
        common shares, no par value; unlimited authorized; 43,072,488 and 42,818,660 shares issued and outstanding, as of june 30, 2025 and december 31, 2024, respectively
      		                             
        common shares, no par value; unlimited authorized; 42,859,465 and 42,818,660 shares issued and outstanding, as of march 31, 2025 and december 31, 2024, respectively
      		                             
        common shares, no par value; unlimited authorized; 42,818,660 and 37,958,000 shares issued and outstanding, as of december 31, 2024 and 2023, respectively
      		                             
        common shares, no par value; unlimited authorized; 42,766,497 and 37,958,000 shares issued and outstanding as of september 30, 2024 and december 31, 2023, respectively
      		                             
        common shares, no par value; unlimited authorized; 42,692,582 and 37,958,000 shares issued and outstanding as of june 30, 2024 and december 31, 2023, respectively
      		                             
        common shares, no par value; unlimited authorized; 37,963,916 and 37,958,000 shares issued and outstanding as of march 31, 2024 and december 31, 2023, respectively
      		                             
        common shares, no par value; unlimited authorized; 37,958,000 and 26,443,067 shares issued and outstanding, as of december 31, 2023 and 2022, respectively
      		                             
        short term marketable securities
      		          44,233,000 34,529,000                  
        long term marketable securities
      		          9,746,000 20,296,000                  
        financing lease obligation
      		          2,000 3,000 5,000  7,000               
        common shares, no par value; unlimited authorized; 37,953,711 and 26,443,067 shares issued and outstanding as of september 30, 2023 and december 31, 2022, respectively
      		                             
        accumulated other comprehensive loss
      		          -127,000 -63,000 -29,000 -74,000 -162,000 -167,000 -107,000 -51,000 -5,000 -3,000 -4,000         
        common shares, no par value; unlimited authorized; 37,949,422 and 26,443,067 shares issued and outstanding as of june 30, 2023 and december 31, 2022, respectively
      		                             
        common shares, no par value; unlimited authorized; 26,464,977 and 26,443,067 shares issued and outstanding as of march 31, 2023 and december 31, 2022, respectively
      		                             
        common shares, no par value; unlimited authorized; 26,443,067 shares issued and outstanding, as of december 31, 2022 and 2021
      		                             
        common shares, no par value; unlimited authorized; 26,443,067 shares issued and outstanding as of september 30, 2022 and december 31, 2021
      		                             
        common shares, no par value; unlimited authorized; 26,443,067 shares issued and outstanding as of june 30, 2022 and december 31, 2021
      		                             
        common shares, no par value; unlimited authorized; 26,443,067 shares issued and outstanding as of march 31, 2022 and december 31, 2021
      		                             
        common shares, no par value; unlimited authorized; 26,443,067 and 18,746,157 shares issued and outstanding, as of december 31, 2021 and 2020, respectively
      		                             
        common shares, no par value; unlimited authorized; 26,439,217 and 18,746,157 shares issued and outstanding, as of september 30, 2021 and december 31, 2020, respectively
      		                             
        common shares, no par value; unlimited authorized; 18,786,157 and 18,746,157 shares issued and outstanding, as of june 30, 2021 and december 31, 2020, respectively
      		                             
        common shares, no par value; unlimited authorized; 18,786,157 and 18,746,157 shares issued and outstanding, as of march 31, 2021 and december 31, 2020, respectively
      		                             
        common shares, no par value; unlimited authorized; 18,746,157 and 12,006,874 shares issued and outstanding, as of december 31, 2020 and 2019, respectively
      		                             
        common shares, no par value; unlimited authorized; 18,739,074 and 12,006,874 shares issued and outstanding, as of september 30, 2020 and december 31, 2019, respectively
      		                             
        common shares, no par value; unlimited authorized; 14,139,074 and 12,006,874 shares issued and outstanding, as of june 30, 2020 and december 31, 2019, respectively
      		                             
        common shares, no par value; unlimited authorized; 14,139,074 and 12,006,874 shares issued and outstanding, as of march 31, 2020 and december 31, 2019, respectively
      		                             
        common shares, no par value; unlimited authorized; 12,006,874 and 11,956,874 shares issued and outstanding, as of december 31, 2019 and 2018, respectively
      		                             
        common shares, no par value; unlimited authorized; 12,006,874 and 11,956,874 shares issued and outstanding, as of september 30, 2019 and december 31, 2018, respectively
      		                             
        additional paid-in capital
      		                          63,831,000 63,380,000 63,123,000 
        deposit
      		                           271,000 271,000 
        common shares, no par value; unlimited authorized; 12,006,874 and 11,956,874 shares issued and outstanding, as of june 30, 2019 and december 31, 2018, respectively
      		                             
        common shares, no par value; unlimited authorized; 11,956,874 shares issued and outstanding, as of march 31, 2019 and december 31, 2018, respectively
      		                             
        operating revenues:
      		                             
        license revenues
      		                             
        operating expenses:
      		                             
        research and development
      		                            2,607,000 
        general and administrative
      		                            814,000 
        total operating expense
      		                            3,421,000 
        operating income
      		                            -3,421,000 
        other income:
      		                             
        governmental assistance - research incentives
      		                            -174,000 
        other income
      		                            -4,000 
        change in fair value of warrant liability
      		                             
        total other income
      		                            -178,000 
        income before income tax expense
      		                            -3,243,000 
        income tax expense
      		                            9,000 
        net income
      		                            -3,252,000 
        other comprehensive income
      		                             
        unrealized gain on marketable securities
      		                            3,000 
        net income and comprehensive loss
      		                            -3,249,000 
        basic and diluted net income per share
      		                            -270 
        weighted-average shares outstanding – basic and diluted
      		                            11,956,874,000 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 
                                     
          cash flows from operating activities:
        		                             
          net loss
        		-10,042,000 -8,740,000 -8,620,000 -7,699,000 -7,707,000 -7,900,000 -6,274,000 -5,119,000 -5,151,000 -5,161,000 -4,471,000 -4,477,000 -5,272,000 -3,751,000 -3,059,000 -3,358,000 -3,508,000 -3,246,000 -3,450,000 -3,274,000 -3,622,000 -4,200,000 -3,193,000 -2,474,000 -2,425,000 -2,480,000 -2,448,000 -2,469,000 -3,252,000 
          adjustments to reconcile net loss to net cash from operating activities:
        		                             
          share-based compensation
        		822,000 1,192,000 1,016,000 771,000 867,000 589,000 565,000 443,000 488,000 456,000 425,000 380,000 422,000 411,000 418,000 365,000 308,000 298,000 303,000 446,000 511,000 506,000 508,000 436,000 393,000 401,000 451,000 182,000 130,000 
          amortization of discounts on marketable securities
        		-190,000 -252,000 -249,000 -180,000 -261,000                         
          non-cash lease expense
        		22,000 21,000 21,000 20,000 20,000 19,000 19,000 19,000 18,000 18,000 18,000 17,000 17,000 17,000 16,000 16,000 15,000 15,000 15,000 14,000 14,000 13,000 13,000 13,000 13,000 13,000 12,000 12,000 12,000 
          depreciation
        		11,000 11,000 18,000 3,000 11,000 11,000 10,000 10,000 8,000 8,000 8,000 7,000 7,000 6,000 7,000 6,000 6,000 6,000 6,000 6,000 6,000 5,000 5,000 5,000 6,000 5,000 5,000 5,000 6,000 
          changes in operating assets and liabilities:
        		                             
          amounts receivable
        		-43,000 2,000 -99,000 92,000 -17,000 54,000 101,000 8,000 -30,000 -59,000 -122,000 -131,000 25,000 -7,000 13,000 80,000 -38,000 -26,000 -88,000 321,000 3,000 -5,000 -16,000 666,000 -162,000 -159,000 448,000 -182,000 -150,000 
          prepaid expenses and other assets
        		-250,000 -36,000 235,000 -31,000 -422,000 53,000 287,000 2,000 -158,000 700,000 -436,000 287,000 -711,000 184,000 212,000 259,000 -709,000  -18,000 139,000 -383,000         
          deposits
        		 200,000 0 0 1,108,000 0 0 0 -1,308,000      99,000 -5,000 10,000     0 36,000 149,000 -107,000 222,000    
          accounts payable
        		1,818,000 -445,000 659,000 -246,000 567,000 -231,000 412,000 43,000 -210,000 63,000 7,000 -924,000 1,046,000 -130,000 240,000 191,000 -76,000 -190,000 460,000 -450,000 -410,000 379,000 168,000 108,000 262,000 -130,000 50,000 -422,000 201,000 
          accrued liabilities and operating lease liabilities
        		-1,230,000  469,000 -328,000 -1,315,000                         
          net cash from operating activities
        		-9,082,000 -7,765,000 -6,550,000 -7,598,000 -7,149,000 -6,434,000 -4,470,000 -4,519,000 -6,653,000 -3,812,000 -4,797,000 -5,030,000 -5,089,000 -2,766,000 -2,361,000 -2,496,000 -3,888,000 -2,804,000 -3,046,000 -2,089,000 -4,313,000 -3,016,000 -2,347,000 -844,000 -2,978,000 -1,865,000 -1,232,000 -2,871,000 -3,134,000 
          capital expenditures
        		-8,000 0 -16,000 0 -12,000 0 -9,000 0 -9,000 0 -10,000 -4,000 -7,000 0 -43,000 0  0 -2,000 -4,000 -9,000 -45,000 0 0 -2,000 0 0 0  
          free cash flows
        		-9,090,000 -7,765,000 -6,566,000 -7,598,000 -7,161,000 -6,434,000 -4,479,000 -4,519,000 -6,662,000 -3,812,000 -4,807,000 -5,034,000 -5,096,000 -2,766,000 -2,404,000 -2,496,000  -2,804,000 -3,048,000 -2,093,000 -4,322,000 -3,061,000 -2,347,000 -844,000 -2,980,000 -1,865,000 -1,232,000 -2,871,000  
          cash flows from investing activities:
        		                             
          purchase of marketable securities
        		-18,896,000 -8,054,000 -34,854,000 -9,504,000 -6,866,000 -10,788,000 -21,576,000 -8,264,000 -9,783,000 -4,873,000 -11,794,000 -42,919,000 -9,824,000 -9,789,000 -8,385,000 -14,131,000 -13,379,000 -22,073,000 -22,496,000 -13,321,000 -11,923,000 -14,698,000 -16,249,000 0 -8,799,000 -1,991,000 0 0 -10,928,000 
          maturities of marketable securities
        		16,790,000   18,467,000 13,500,000 16,000,000 16,000,000 13,000,000 14,000,000 11,000,000 13,000,000 14,795,000 12,340,000 14,545,000 10,500,000 16,665,000 15,593,000 13,391,000 9,670,000 14,314,000 11,921,000 15,394,000 2,249,000 2,500,000 3,500,000 3,000,000 3,000,000   
          purchase of property and equipment
        		-8,000    -12,000                 -45,000 0 0 -2,000     
          net cash from investing activities
        		-2,114,000 7,995,000 -25,766,000 8,957,000 6,622,000 5,205,000 -5,585,000 4,736,000 4,208,000 6,124,000 1,196,000 -28,128,000 2,509,000 4,724,000 2,072,000 2,528,000 2,214,000 -8,689,000 -12,828,000 989,000 -9,000 667,000 -14,000,000 2,500,000 -5,301,000 1,008,000 3,000,000   
          cash flows from financing activities:
        		                             
          proceeds from the exercise of stock options
        		420,000    94,000              0 0 244,000  0 0 16,000  0   
          principal payments on finance lease obligations
        		-3,000    -3,000     -1,000 -2,000 -2,000 -1,000 -1,000 -2,000 -2,000 -1,000 -1,000 -2,000 -1,000 -2,000 -1,000 -1,000 -1,000 -2,000 -1,000 -1,000 -1,000 -2,000 
          net cash from financing activities
        		417,000 12,091,000 31,533,000 161,000 91,000 120,000 123,000 11,752,000 -1,000 -1,000 -6,000 36,850,000 -1,000 -1,000 -2,000 -2,000 -1,000 -19,000 29,865,000 -1,000 242,000 -39,000 21,189,000 -1,000 7,696,000 -1,000 -1,000 11,000,000 -10,928,000 
          net decrease in cash and cash equivalents
        		-10,779,000    -436,000 -1,109,000   -2,446,000    -2,581,000   30,000 -1,675,000    -4,080,000    -583,000     
          cash and cash equivalents at beginning of period
        		15,647,000 0 0 0 3,025,000 0 0 0 4,543,000 0 0 0 4,728,000 0 0 0 4,707,000 0 0 0 7,409,000 0 0 0 3,883,000 0 0 0 16,823,000 
          cash and cash equivalents at end of period
        		4,868,000 12,321,000 -783,000 1,520,000 2,589,000 -1,109,000 -9,932,000 11,969,000 2,097,000 2,311,000 -3,607,000 3,692,000 2,147,000 1,957,000 -291,000 30,000 3,032,000 -11,512,000 13,991,000 -1,101,000 3,329,000 -2,388,000 4,842,000 1,655,000 3,300,000 -858,000 1,767,000 215,000 2,759,000 
          supplemental disclosure of cash flow information:
        		                             
          cash paid for income taxes
        		6,000 10,000 6,000 6,000 6,000 6,000 6,000 7,000 7,000 7,000 6,000 6,000 14,000                 
          accrued liabilities
        		     1,301,000 775,000 394,000 19,000 530,000 198,000 38,000 -418,000 737,000 -265,000 -90,000 -16,000 90,000 -287,000 697,000 -458,000 192,000 36,000 160,000 -654,000 227,000 195,000 -69,000 -127,000 
          maturities and sales of marketable securities
        		 16,055,000                            
          proceeds from issuance of common shares, net of offering costs
        		     0 0   0 -4,000       -18,000    -67,000 21,190,000 0 7,682,000     
          deferred financing costs
        		                             
          net increase in cash and cash equivalents
        		 12,321,000 -783,000           1,957,000    -11,512,000 13,991,000   -2,388,000 4,842,000   -858,000 1,767,000   
          assets acquired under financing lease
        		     0 0        0 0 10,000             
          purchases of property and equipment
        		  -16,000    -9,000 0 -9,000  -10,000 -4,000 -7,000  -43,000    -2,000 -4,000 -9,000         
          proceeds from the sale of common shares, net of offering costs
        		                             
          proceed from the exercise of common stock options
        		  465,000                           
          deferred offering costs
        		                             
          principal payments on finance lease obligation
        		  -3,000    -3,000 -2,000 -1,000                     
          supplemental disclosure of non-cash transactions:
        		                             
          amortization of discount on marketable securities
        		      -365,000 -319,000 -329,000        120,000    26,000 20,000 -1,000 -9,000 -14,000 -6,000 -15,000 -27,000 -26,000 
          proceed from the exercise of stock options
        		                             
          assets acquired under operating lease
        		                             
          amortization of (discount) premium on marketable securities
        		          -424,000 -227,000 -205,000                 
          amortization of premium (discount) on marketable securities
        		                  13,000           
          disposition of property and equipment
        		                         1,000 0   
          proceeds from exercise of stock options
        		                             
          amortization of premium on marketable securities
        		              -42,000               
          proceeds from disposition of property and equipment
        		                  0 0 2,000         
          prepaid expenses
        		                     74,000 97,000 102,000 -290,000 42,000 109,000 99,000 72,000 
          cash paid for interest
        		                             
          change in fair value of warrant liability
        		                             
          proceeds from issuance of common shares and warrants, net offering costs
        		                             
          proceeds from the exercise of common share purchase warrants
        		                             
          reclassification of warrant liability upon warrant exercise
        		                             
          assets acquired under capital lease
        		                             
          proceeds from issuance of common shares and warrants, net of offering costs
        		                             
          net cash from by financing activities
        		                            -2,000 
          net increase in cash
        		                            -14,064,000 
          accounts payable and accrued liabilities
        		                             
          cash at beginning of year
        		                             
          cash at end of year