DiaMedica Therapeutics Inc. (DMAC): Business Model Canvas [Apr-2026 Updated]

You're digging into a clinical-stage company where the entire business hinges on trial success, so I've mapped out the Business Model Canvas for DiaMedica Therapeutics Inc. (DMAC) as of late 2025. Honestly, the core tension is simple: they are spending heavily-with R&D hitting $17.9 million through Q3 2025-to push DM199 through trials for Preeclampsia and Stroke, relying on their $55.3 million cash position from September 30, 2025, since commercial revenue is still nil. This model is pure execution risk. Dive in below to see how their key partnerships and customer segments are structured to support this make-or-break phase.

DiaMedica Therapeutics Inc. (DMAC) - Canvas Business Model: Key Partnerships

You're looking at how DiaMedica Therapeutics Inc. structures its external relationships to drive its clinical development, which is critical given its focus on two serious, underserved indications: Preeclampsia (PE) and Acute Ischemic Stroke (AIS).

Clinical Research Organizations (CROs) managing global trials

While DiaMedica Therapeutics Inc. does not publicly name its primary CRO partners in recent filings as of late 2025, the operational scale of the AIS program, the ReMEDy2 trial, clearly relies on external management for its global footprint. The ReMEDy2 trial, a Phase 2/3 Adaptive Design study for AIS, is randomized and placebo-controlled at up to approximately 100 sites. As of the first quarter of 2025, the total number of activated study sites for this trial had reached 30 hospitals in the United States.

Academic investigators like Prof. Catherine Cluver for the Preeclampsia IST

The Preeclampsia Investigator-Sponsored Trial (IST) is a cornerstone partnership, leveraging specialized academic expertise. Professor Catherine Cluver, MD, PhD, Professor of Maternal/Fetal Medicine at Stellenbosch University, is the principal investigator. This team at Tygerberg Hospital in Cape Town, South Africa, is recognized globally for conducting successive clinical trials in preeclampsia.

The structure of this investigator-sponsored study involves specific enrollment targets across its parts:

• Enroll up to 90 women with preeclampsia for Part 1a.
• Enroll up to 30 women with fetal growth restriction (FGR) for a separate part.
• Enrollment for Part 2 (expectant management) and Part 3 (FGR) is planned to start in the fourth quarter of 2025.

Global clinical trial sites, including 30 hospitals for ReMEDy2

The ReMEDy2 trial for AIS is actively enrolling participants presenting within 24 hours of onset due to small and medium vessel occlusions. The scale of this operation is significant, involving multiple active sites. The company reported that the total number of activated study sites reached 30 hospitals during the first quarter of 2025. The trial is expected to complete an interim analysis on the first 200 patients in the second quarter of 2026.

Contract Manufacturing Organizations (CMOs) for DM199 production

DiaMedica Therapeutics Inc. relies on Contract Manufacturing Organizations for the production of its lead candidate, DM199 (rinvecalinase alfa). Specific CMO partners are not detailed in recent public disclosures, but the successful progression of clinical trials into late 2025 implies established, validated supply chains are in place to support ongoing and planned studies, including the planned Phase 2b study in the U.S. pending IND approval.

Regulatory bodies (FDA, SAHPRA) for trial approvals and guidance

Regulatory engagement is central to advancing DM199. The South African Health Products Regulatory Authority (SAHPRA) provided approval to initiate the Phase 2 Preeclampsia trial, which commenced dosing in the fourth quarter of 2024. For the U.S. market, DiaMedica Therapeutics Inc. is preparing to submit an Investigational New Drug (IND) application for DM199 in preeclampsia and FGR, which would then enable a Phase 2b study, subject to FDA acceptance. To give you a sense of the financial backing supporting these regulatory and clinical efforts, the company reported $55.3 million in cash, cash equivalents, and short-term investments as of September 30, 2025, following a $30.1 million private placement in July 2025.

Here's a snapshot of the key operational partnerships and associated metrics as of late 2025:

The company's cash position of $55.3 million as of September 30, 2025, is intended to fund these operations, including clinical site management, into the second half of 2027.

DiaMedica Therapeutics Inc. (DMAC) - Canvas Business Model: Key Activities

You're looking at the core engine of DiaMedica Therapeutics Inc. right now, which is almost entirely focused on advancing DM199 through clinical development across two major, underserved indications. The key activities are heavily weighted toward trial execution and regulatory interaction, which directly consumes the capital they raised.

Executing the Phase 2/3 ReMEDy2 trial for Acute Ischemic Stroke

The ReMEDy2 trial (NCT065216) for Acute Ischemic Stroke (AIS) is a pivotal Phase 2/3 study. Enrollment is progressing, though slower than initially anticipated. As of the third quarter of 2025, enrollment was nearing 50% of the target of 200 patients required for the interim analysis. This analysis is now forecast for the second half of 2026 (2H 2026), a revision from earlier 2025 guidance. The trial is expanding its reach, with 30 hospitals activated as of the first quarter of 2025, and the majority of sites are operating under the latest protocol version, 5.0, which broadens the pool of eligible AIS participants. This activity is a major driver of Research and Development (R&D) spending.

Key metrics for the ReMEDy2 trial as of late 2025:

• Protocol Version: 5.0
• Activated Sites (Q1 2025): 30
• Interim Analysis Target Enrollment: 200 participants
• Interim Analysis Expected Timing: 2H 2026
• Trial Status: Enrollment ongoing, nearing 50% of interim target

Advancing the Phase 2 Preeclampsia/FGR clinical program

The Preeclampsia (PE) program, utilizing an investigator-sponsored Phase 2 trial in South Africa, has hit several important milestones. Part 1a, the dose-escalation cohort, is now complete, specifically finishing cohort 10, with results showing consistency with earlier cohorts 6-9. This activity is crucial because the interim results from Part 1a, announced in July 2025, demonstrated highly statistically significant and clinically meaningful reductions in both systolic and diastolic blood pressure, plus no evidence of placental transfer, which is a major safety benchmark. The focus now shifts to the expansion cohort within Part 1a, which is currently enrolling, and screening for Part 3, the Fetal Growth Restriction (FGR) cohort, is expected in the coming weeks following the Q3 2025 update. The completion of the expansion cohort is targeted for the first half of 2026 (H1 2026).

Here's a comparison of the two main clinical efforts:

Manufacturing development and supply chain management for DM199

While specific supply chain metrics aren't detailed, the execution of these large, global trials is the primary evidence of manufacturing and supply chain activity. The R&D expenses reflect the costs associated with this. For the nine months ended September 30, 2025, R&D expenses totaled $17.9 million, a notable increase from $12.6 million for the same period in 2024, driven by the global expansion of the ReMEDy2 trial and progress in the PE study. DM199, the drug candidate, is a recombinant human tissue kallikrein-1 protein, and its successful supply for these ongoing studies is a critical, behind-the-scenes activity supporting the clinical readouts.

Engaging with the FDA for US-based clinical study initiation

A key activity for future US commercial potential is proactive regulatory engagement. DiaMedica Therapeutics held a productive in-person pre-IND meeting with the U.S. FDA to discuss the plans for initiating a U.S. Phase 2 DM199 study specifically for Preeclampsia. The company is currently awaiting the official minutes from this meeting before providing a further update. This interaction is vital for transitioning the promising South African data into a US-approved pathway, which is a major value driver for the company, especially considering there are currently no approved therapeutics for preeclampsia in the United States or Europe. The company's strong cash position of $55.3 million as of September 30, 2025, with an anticipated runway into the second half of 2027 (2H 2027), is intended to fund these next-stage clinical and regulatory activities.

Financial context supporting these activities:

• Cash, Cash Equivalents, and Investments (Sep 30, 2025): $55.3 million
• Net Cash Used in Operating Activities (9 months ended Sep 30, 2025): $21.3 million
• Anticipated Cash Runway: Into 2H 2027

Finance: draft 13-week cash view by Friday.

DiaMedica Therapeutics Inc. (DMAC) - Canvas Business Model: Key Resources

You're looking at the core assets DiaMedica Therapeutics Inc. has right now to drive its pipeline forward. It's a classic pre-revenue biotech setup: the value is tied up in the molecule, the data supporting it, and the cash left in the bank to fund the next steps. Here's the quick math on what they are holding as of late 2025.

The clinical data is what validates the molecule, and for Preeclampsia (PE), the interim results from the Phase 2 Investigator-Sponsored Trial (IST) Part 1a are key. These results definitely bolster the case for DM199 as a potential first-in-class therapy. Still, you need to look at the specific endpoints achieved.

• Proprietary drug candidate DM199 (recombinant human tissue kallikrein-1).
• Clinical data demonstrating positive interim results in Preeclampsia Part 1a cohorts 6-9.
• Highly statistically significant and clinically meaningful reductions in both systolic and diastolic blood pressure.
• 13.2% mean reduction in uterine artery pulsatility index at the 2-hour mark, suggesting improved placental perfusion.
• No evidence of DM199 crossing the placental barrier.

The financial health is directly tied to the R&D spend. For the nine months ended September 30, 2025, Research and Development expenses were $17.9 million. This burn rate, which increased from $12.6 million for the same period in 2024, is what the $55.3 million cash position is meant to cover until the second half of 2027.

DiaMedica Therapeutics Inc. (DMAC) - Canvas Business Model: Value Propositions

You're looking at the core value DiaMedica Therapeutics Inc. (DMAC) is bringing to two severely underserved patient populations. The value proposition centers on DM199, their lead candidate, offering a disease-modifying approach where current standards of care are largely limited to symptom management or time-sensitive interventions.

Potential First-in-Class Disease-Modifying Therapy for Preeclampsia

For Preeclampsia, the value is in offering a novel therapeutic mechanism when the medical community currently has no approved disease-modifying options in the US or Europe. This is a massive unmet need, considering Preeclampsia affects an estimated 5-8% of all pregnancies in the United States, impacting approximately 10 million women globally. Tragically, preeclampsia and related hypertensive disorders contribute to the deaths of about 76,000 pregnant women and 500,000 infants worldwide each year. The market reflects this gap; while estimates vary, the Preeclampsia Therapeutics Market was valued at 2.138 USD Billion in 2024 and is projected to grow to 4.651 USD Billion by 2035, exhibiting a 7.32% compound annual growth rate (CAGR) during the 2025-2035 period.

The clinical progress supports this value claim. By July 2025, interim results from Part 1a of the Phase 2 investigator-sponsored trial showed DM199 was safe and well-tolerated with no evidence of placental transfer. This is a key differentiator for a pregnancy-related therapy.

Treatment for Acute Ischemic Stroke Patients with Limited Options

In Acute Ischemic Stroke (AIS), the value proposition targets patients who present outside the narrow window for existing reperfusion therapies. Over 40% of AIS patients present beyond the 4.5-hour window for tissue plasminogen activator (tPA), leaving them with no approved pharmacologic options. The overall global stroke treatment market is substantial, projected to reach $37.84 billion by 2025. Stroke is the leading cause of long-term disability in the US, affecting 800,000 Americans annually with an associated annual cost of $45 billion.

The data from the DM-195 program at ESOC 2025 is the concrete evidence here. The trial showed a 60% functional recovery rate (mRS 0-1) in patients treated up to 48 hours post-stroke, compared to 35% in placebo. This represents a 71% relative risk reduction (p=0.02) and positions DM199 to potentially capture a significant portion of the market segment between 4.5 and 24 hours. The ReMEDy2 Phase 2/3 trial is designed to be pivotal, intending to enroll between 300 and 728 patients at up to 100 sites globally.

DM199's Mechanism of Action Improves Placental Perfusion and Lowers Blood Pressure

The mechanism of action for DM199 (rinvecalinase alfa), a recombinant human tissue kallikrein-1 (rhKLK1), directly addresses the underlying pathology in both indications. For Preeclampsia, the July 2025 data confirmed a highly statistically significant reduction in the uterine artery pulsatility index, which suggests an improvement in uterine artery blood flow and placental perfusion. Furthermore, the therapy demonstrated statistically significant reductions in both systolic and diastolic blood pressure.

For AIS, DM199 acts as a bradykinin-producing enzyme that enhances collateral circulation and promotes cellular repair via the bradykinin B2 receptor. This mechanism induces potent local vasodilation and improves brain perfusion through three synergistic signaling pathways, with preferential effects on ischemic tissue to potentially avoid systemic hypotension.

Addressing High Unmet Medical Needs with No Approved Therapeutics in the US/Europe

The core value proposition is built on addressing critical gaps where current treatment paradigms fall short. DiaMedica Therapeutics Inc. is targeting conditions where the existing therapeutic landscape is inadequate for large patient groups. The company's R&D spending reflects this focus, reaching $17.9 million year-to-date for Q3 2025.

Key unmet needs and the corresponding clinical status are summarized below:

The company's financial position, with a cash runway extending into the second half of 2027 and a Q3 2025 cash balance of $55.3 million, supports the execution required to address these high-value needs.

DiaMedica Therapeutics Inc. (DMAC) - Canvas Business Model: Customer Relationships

You're managing a clinical-stage biotech, so your relationships with the medical and financial communities are everything right now. For DiaMedica Therapeutics Inc. (DMAC), these interactions are highly focused on advancing the DM199 pipeline and securing investor confidence to fund that progress.

High-touch engagement with Key Opinion Leaders (KOLs) and clinical investigators

Engagement here is deep and necessary, given the novel nature of DM199 and the complex indications-preeclampsia (PE), fetal growth restriction (FGR), and acute ischemic stroke (AIS). The company actively involves leading experts to guide and execute its trials.

For the preeclampsia program, DiaMedica Therapeutics Inc. hosted a virtual Key Opinion Leader (KOL) event on May 28, 2025, specifically to discuss the disease landscape and the design of the ongoing DM199 Phase 2 study. This shows a direct, high-touch effort to align with thought leaders early in the development process. The Phase 2 Investigator-Sponsored Trial (IST) for PE is being conducted at Tygerberg Hospital in Cape Town, South Africa, under the leadership of Professor Catherine Cluver, MD, Ph. D., positioning her group as key collaborators and investigators. The progress in this trial directly reflects the relationship with these clinical partners.

The investment in these relationships is reflected in the rising Research and Development (R&D) spend, which was $17.9 million for the nine months ended September 30, 2025, up from $12.6 million for the same period in 2024. This increase was driven by the continued progress of the ReMEDy2 trial and the Phase 2 IST in PE, plus the expansion of the clinical team.

Direct communication with regulatory agencies (e.g., pre-IND meeting with FDA)

Direct, formal interaction with the U.S. Food and Drug Administration (FDA) is a critical milestone for moving the U.S. development plan forward. DiaMedica Therapeutics Inc. reported holding an in-person pre-IND meeting with the U.S. FDA to discuss plans for the initiation of a U.S. Phase 2 DM199 study in Preeclampsia. The company stated it is awaiting the minutes from this meeting before providing a further update. This is the key relationship for gaining approval to start a new, pivotal U.S. study.

The company is also planning for future regulatory submissions, as the capital raised in July 2025 is expected to support the submission of an Investigational New Drug (IND) application for DM199 in the United States for preeclampsia and FGR.

Investor relations and public disclosures via earnings calls and webcasts

Investor communication is frequent and detailed, which is typical for a pre-revenue, clinical-stage company. DiaMedica Therapeutics Inc. held its Q3 2025 conference call and webcast on November 13, 2025, following the release of results on November 12, 2025. These calls are the primary mechanism for updating the market on clinical progress and financial health.

Here's a snapshot of the financial relationship status as of September 30, 2025:

The company reported no revenue for the quarter, matching analyst expectations of $0.0 million, which is a key data point for the financial community assessing burn rate versus milestones.

Patient enrollment and retention support for ongoing clinical trials

The relationship with trial participants is managed through the clinical investigators and sites, focusing on enrollment targets and data collection. The progress here directly dictates the timeline for investor milestones.

Key enrollment metrics as of the Q3 2025 update include:

• ReMEDy2 Phase 2/3 Trial (AIS): Enrollment is nearing 50% of the target of 200 patients for the interim analysis.
• Interim Analysis Expectation (AIS): Expected in the second half of 2026 (2H 2026).
• Preeclampsia Phase 2 IST: Part 1a dose escalation cohort is complete, and the expansion cohort is now enrolling.
• Fetal Growth Restriction Cohort (Part 3): Screening is expected to start in the coming weeks following the Q3 2025 update.

The company is actively managing site performance, as the Chief Medical Officer noted that current enrollment rates for the stroke trial are lower than initially projected, attributing this to changes in stroke referral patterns, such as the adoption of technologies like Viz.ai.

DiaMedica Therapeutics Inc. (DMAC) - Canvas Business Model: Channels

The Channels component for DiaMedica Therapeutics Inc. centers on executing clinical development and communicating corporate progress to secure future commercialization pathways.

Global network of clinical trial sites for drug development and data collection

DiaMedica Therapeutics Inc. uses a network of clinical sites to gather data for its lead candidate, DM199, across its indications. The ReMEDy2 Phase 2/3 trial for acute ischemic stroke (AIS) is designed to enroll around 350 patients across up to 100 global sites. As of Q1 2025, the AIS trial had reached 30 activated study sites. The Preeclampsia Phase 2 investigator-sponsored trial (IST) began dosing in South Africa in November 2024. The Part 1a expansion cohort for preeclampsia is enrolling up to 12 additional participants.

Here's a look at the clinical trial progress feeding the data collection channel as of late 2025:

Regulatory submission pathways (IND, NDA) to the FDA and international agencies

The primary channel to regulatory bodies involves formal submissions and meetings to advance DM199. DiaMedica Therapeutics Inc. held an in-person pre-IND (Investigational New Drug) meeting with the U.S. FDA to discuss plans for initiating a U.S. Phase 2 DM199 Study in Preeclampsia. This follows the company's plan to submit an IND application for DM199 in the U.S. for preeclampsia and fetal growth restriction, which would support a subsequent Phase 2b study in both indications. The company is advancing DM199 for preeclampsia, a condition with no approved therapeutics in the U.S. or Europe.

The regulatory pathway involves several steps:

• Advancing Preeclampsia Phase 2 IST results (Positive interim results reported July 17, 2025).
• Awaiting minutes from the productive in-person pre-IND meeting with the FDA.
• Planning for a U.S. Phase 2 study focusing on early-onset patients under expectant management.
• Continuing development for Acute Ischemic Stroke (AIS).

Investor conferences and press releases for capital market communication

DiaMedica Therapeutics Inc. actively uses investor relations events and financial reporting to communicate with capital markets. The company reported its Q3 2025 financial results on November 12, 2025, following its Q2 2025 report on August 12, 2025, and Q1 2025 report on May 13, 2025. The cash position as of September 30, 2025, stood at $55.3 million, which management anticipates will fund operations into the second half of 2027. This capital was bolstered by a $30.1 million gross proceeds private placement in July 2025.

Recent investor-facing communication channels included:

• Participation in the H.C. Wainwright 27th Annual Global Investment Conference (September 8-10, 2025).
• Participation in the Lake Street Capital Markets Best Ideas Growth Conference (September 11, 2025).
• Participation in the Jefferies Global Healthcare Conference in London (November 17-20, 2025).

Future pharmaceutical distribution channels via potential commercial partners

While DiaMedica Therapeutics Inc. is currently clinical-stage and has no revenue, its channel strategy for future distribution hinges on the successful commercialization of DM199. The current market context for AIS shows that existing therapies are only available to approximately 20% of patients due to treatment window and specialized care availability limitations. This suggests a significant opportunity for a novel therapeutic like DM199, which acts through a different mechanism to restore vascular health. The company's focus on preeclampsia, which lacks any approved pharmacological treatment in the U.S. or Europe, also points toward a need for a robust future distribution channel, likely involving strategic commercial partnerships to achieve broad market access for its first-in-class potential therapy.

DiaMedica Therapeutics Inc. (DMAC) - Canvas Business Model: Customer Segments

Acute Ischemic Stroke (AIS) patients, particularly those outside the current treatment window.

• Targets the 80% of AIS patients ineligible for current therapies like tPA or mechanical thrombectomy.
• Addresses a $10B+ global market with no approved treatments.
• ReMEDy2 Phase 2/3 trial enrollment nearing 50% of the target of 200 patients for the interim analysis expected in 2H 2026.
• Early Phase 2 data showed 0% recurrence in the DM199 group versus 13% in placebo (P=0.012).

Pregnant women with Preeclampsia and Fetal Growth Restriction (FGR).

• Preeclampsia affects 5-8% of pregnancies.
• Preeclampsia accounts for 15% of maternal deaths globally.
• Preeclampsia accounts for $5 billion in annual U.S. healthcare costs.
• Preeclampsia treatment market (7 major markets) value in 2024 was USD 724.3 Million.
• Screening for the Fetal Growth Restriction cohort expected to start in coming weeks (as of late 2025).

Neurologists and Maternal/Fetal Medicine specialists (prescribers).

Institutional investors and shareholders providing capital.

• Cash, cash equivalents and short-term investments as of September 30, 2025: $55.3 million.
• Anticipated cash runway into the second half of 2027 (2H 2027).
• Raised $30.1 million via a private placement in July 2025.
• Issued 8,606,426 common shares at $3.50 per share in the July 2025 placement.
• Net loss for the third quarter ended September 30, 2025: $8.6 million.
• Net cash used in operating activities for nine months ended September 30, 2025: $21.3 million.
• Current Market Cap: $313.2M (as of November 12, 2025).
• Stock Price: $8.78 (as of December 5, 2025).
• Analyst Price Target: $12.00.

DiaMedica Therapeutics Inc. (DMAC) - Canvas Business Model: Cost Structure

You're looking at the core spending engine for DiaMedica Therapeutics Inc. as of late 2025, which is almost entirely focused on advancing its pipeline, DM199. The cost structure is dominated by the heavy investment required to run late-stage clinical programs. For the first nine months of 2025, Research and Development (R&D) expenses hit $17.9 million.

This R&D spend is the lifeblood of the company, directly funding the clinical trial costs associated with the ReMEDy2 trial for acute ischemic stroke and the Phase 2 Investigator-Sponsored Trial (IST) for preeclampsia. You see these costs manifest in site activation, patient enrollment activities, and the necessary global expansion of these studies. To be fair, this high burn rate is typical for a clinical-stage biotech without product revenue.

General and Administrative (G&A) expenses also saw an uptick, totaling $7.3 million through the first nine months of 2025. This increase reflects the expansion of the corporate team and associated personnel costs, plus higher non-cash share-based compensation.

Here's a quick look at how those major expense categories stacked up through the third quarter of 2025, compared to the same period last year. Remember, these are the nine-month cumulative figures leading up to September 30, 2025.

The manufacturing development and drug substance production costs are present but were partially offset in the R&D line item because significant work was performed and completed in the prior year period. The key cost drivers pushing these numbers higher are clear when you break down the increases:

• Continued progress of the ReMEDy2 clinical trial, including its global expansion.
• Progress with the Phase 2 IST in preeclampsia, which involved completing the Part 1a dose escalation cohort.
• Expansion of the clinical team to support ongoing and planned studies.
• Increased non-cash share-based compensation within G&A.
• Higher investor relations, patent, and professional fees.

Finance: draft 13-week cash view by Friday.

DiaMedica Therapeutics Inc. (DMAC) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of DiaMedica Therapeutics Inc. (DMAC) right now, and as is the case for most clinical-stage biotechs, the picture is one of investment rather than income from product sales. For the third quarter ending September 30, 2025, DiaMedica Therapeutics reported zero revenue for the period, which is exactly what analysts expected for a company without a commercial product on the market. This lack of commercial revenue means the current financial reality is driven entirely by capital deployment and fundraising to advance DM199 through trials.

Still, the company has actively secured significant non-operating revenue through equity financing to keep the lights on and fund its pipeline. The most recent and substantial event was the $30.1 million private placement that closed around July 23, 2025. This cash infusion is critical because it directly impacts the operational runway. As of September 30, 2025, DiaMedica Therapeutics reported $55.3 million in cash, cash equivalents, and investments. Management is confident this reserve will fund planned clinical studies and corporate operations into the second half of 2027.

Here's a quick look at how that recent financing event bolstered the balance sheet:

The path to generating revenue from operations hinges entirely on the success of DM199, the recombinant form of the KLK1 protein. Future potential revenue streams are binary: they either come from a strategic partnership or from direct product sales post-approval. The company is actively working toward key milestones that would unlock these streams, such as submitting an investigational new drug (IND) application in the United States for preeclampsia and fetal growth restriction.

The July 2025 private placement was structured to support these next steps, providing the necessary capital buffer. You should note the specifics of this non-operating revenue source:

• Total capital secured: $30.1 million.
• Shares issued: Approximately 8,606,426 common shares.
• Purchase price per share: $3.50.
• Net proceeds received after expenses: Approximately $29.9 million.
• Placement agent involvement: None.

Should DM199 achieve regulatory approval following the ongoing Phase 2/3 ReMEDy2 trial for stroke and the preeclampsia studies, the revenue model shifts to product sales, potentially supplemented by upfront payments, milestones, and royalties from any future licensing or collaboration agreements for DM199 in specific territories or indications. That's the long-term goal, but for now, the revenue stream is purely financing-based.