Company: DMAC
Filing Date: 2025-08-22
Form Type: 424B2
Source: 0001437749-25-027557
Chunk: 1

Company: DiaMedica Therapeutics Inc.
Filing Date: 2025-08-22
Form: 424B2
Chunk 1
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 TD Cowen with respect to certain liabilities, including liabilities under the Securities Act or the Securities Exchange Act of 1934, as amended (Exchange Act).

We are a “smaller reporting company” as defined under Rule 405 of the Securities Act and, as such, we have elected to comply with certain reduced public company reporting requirements.

Our business and an investment in our common shares involve significant risks. These risks are described under the caption“Risk Factors”beginning on page S-9of this prospectus supplement, as well as those risk factors described in the documents incorporated by reference into this prospectus supplement.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus supplement or the accompanying prospectus. Any representation to the contrary is a criminal offense.

<div align='center'>TD Cowen

August 22, 2025

TABLE OF CONTENTS</div>

|                                                      | Page |
| ABOUT THIS PROSPECTUS SUPPLEMENT                     | S-1  |
| CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS | S-3  |
| PROSPECTUS SUPPLEMENT SUMMARY                        | S-5  |
| THE OFFERING                                         | S-8  |
| RISK FACTORS                                         | S-9  |
| USE OF PROCEEDS                                      | S-12 |
| DIVIDEND POLICY                                      | S-13 |
| DILUTION                                             | S-14 |
| PLAN OF DISTRIBUTION                                 | S-15 |
| CERTAIN UNITED STATES INCOME TAX CONSIDERATIONS      | S-16 |
| MATERIAL CANADIAN FEDERAL INCOME TAX CONSIDERATIONS  | S-23 |
| LEGAL MATTERS                                        | S-25 |
| EXPERTS                                              | S-26 |
| WHERE YOU CAN FIND MORE INFORMATION                  | S-27 |
| INCORPORATION OF CERTAIN INFORMATION BY REFERENCE    | S-28 |

<div align='center'>ABOUT THIS PROSPECTUS SUPPLEMENT</div>

This prospectus supplement is part of a registration statement on Form S-3 that we filed with the Securities and Exchange Commission (SEC), using a “shelf” registration process. To the extent there is a conflict between the information contained in this prospectus supplement and the information contained in the accompanying prospectus or any document incorporated by reference herein or therein filed prior to the date of this prospectus supplement, you should rely on the information