<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <previousAccessionNumber>0000919574-24-003946</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: DIALECTIC CAPITAL MANAGEMENT, LP -->
          <cik>0001411512</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>1</amendmentNo>
      <securitiesClassTitle>Voting common shares, no par value per share</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>12/31/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001401040</issuerCik>
        <issuerName>DiaMedica Therapeutics Inc.</issuerName>
        <issuerCusip>25253X207</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>301 Carlson Parkway</com:street1>
          <com:street2>Suite 210</com:street2>
          <com:city>Minneapolis</com:city>
          <com:stateOrCountry>MN</com:stateOrCountry>
          <com:zipCode>55305</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(c)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Dialectic Life Sciences SPV LLC</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>0.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>0</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Dialectic LS Manager LLC</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>0.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>0</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Dialectic Capital Management, LP</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>0.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>0</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Dialectic Partners, LLC</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>0.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>0</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>John Fichthorn</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>153983.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>153983.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>153983.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>0.3</classPercent>
      <typeOfReportingPerson>HC</typeOfReportingPerson>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>DiaMedica Therapeutics Inc.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>301 CARLSON PARKWAY, SUITE 210, MINNEAPOLIS, MN, 55305</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>Dialectic Life Sciences SPV LLC
Dialectic LS Manager LLC
Dialectic Capital Management, LP
Dialectic Partners, LLC
John Fichthorn</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>Dialectic Life Sciences SPV LLC
119 ROWAYTON AVENUE, 2ND FLOOR, NORWALK, CT, 06853

Dialectic LS Manager LLC
119 ROWAYTON AVENUE, 2ND FLOOR, NORWALK, CT, 06853

Dialectic Capital Management, LP
119 ROWAYTON AVENUE, 2ND FLOOR, NORWALK, CT, 06853

Dialectic Partners, LLC
2ND FLOOR 119 ROWAYTON AVE, NORWALK, CT, 06853

John Fichthorn
119 ROWAYTON AVENUE, 2ND FLOOR, NORWALK, CT, 06853</principalBusinessOfficeOrResidenceAddress>
        <citizenship>Dialectic Life Sciences SPV LLC - Delaware
Dialectic LS Manager LLC - Delaware
Dialectic Capital Management, LP - Delaware
Dialectic Partners, LLC - Delaware
John Fichthorn - United States</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>Dialectic Life Sciences SPV LLC - 0
Dialectic LS Manager LLC - 0
Dialectic Capital Management, LP - 0
Dialectic Partners, LLC - 0
John Fichthorn - 153,983</amountBeneficiallyOwned>
        <classPercent>Dialectic Life Sciences SPV LLC - 0.0%
Dialectic LS Manager LLC - 0.0%
Dialectic Capital Management, LP - 0.0%
Dialectic Partners, LLC - 0.0%
John Fichthorn - 0.3%</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>Dialectic Life Sciences SPV LLC - 0
Dialectic LS Manager LLC - 0
Dialectic Capital Management, LP - 0
Dialectic Partners, LLC - 0
John Fichthorn - 153,983</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>Dialectic Life Sciences SPV LLC - 0
Dialectic LS Manager LLC - 0
Dialectic Capital Management, LP - 0
Dialectic Partners, LLC - 0
John Fichthorn - 0</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>Dialectic Life Sciences SPV LLC - 0
Dialectic LS Manager LLC - 0
Dialectic Capital Management, LP - 0
Dialectic Partners, LLC - 0
John Fichthorn - 153,983</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>Dialectic Life Sciences SPV LLC - 0
Dialectic LS Manager LLC - 0
Dialectic Capital Management, LP - 0
Dialectic Partners, LLC - 0
John Fichthorn - 0</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>N</notApplicableFlag>
        <classOwnership5PercentOrLess>Y</classOwnership5PercentOrLess>
      </item5>
      <item6>
        <notApplicableFlag>N</notApplicableFlag>
        <ownershipMoreThan5PercentOnBehalfOfAnotherPerson>All securities reported in this Schedule 13G are owned by advisory clients of Dialectic Capital Management, LP and/or its related persons' proprietary accounts.  Other than the reporting persons listed herein, none of such persons may be deemed to beneficially own more than 5% of the Voting common shares, no par value per share.</ownershipMoreThan5PercentOnBehalfOfAnotherPerson>
      </item6>
      <item7>
        <notApplicableFlag>N</notApplicableFlag>
        <subsidiaryIdentificationAndClassification>Please see Exhibit B attached hereto.</subsidiaryIdentificationAndClassification>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
      </item10>
    </items>
    <exhibitInfo>Material to be Filed as Exhibit:

Exhibit A - Joint Filing Agreement

Exhibit B - Control Person Identification</exhibitInfo>
    <signatureInformation>
      <reportingPersonName>Dialectic Life Sciences SPV LLC</reportingPersonName>
      <signatureDetails>
        <signature>By: /s/ Dialectic LS Manager LLC, its Managing Member</signature>
        <title>John Fichthorn / Managing Member of the Managing Member</title>
        <date>02/17/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Dialectic LS Manager LLC</reportingPersonName>
      <signatureDetails>
        <signature>By: /s/ John Fichthorn</signature>
        <title>John Fichthorn / Managing Member</title>
        <date>02/17/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Dialectic Capital Management, LP</reportingPersonName>
      <signatureDetails>
        <signature>By: /s/ Dialectic Partners, LLC, its General Partner</signature>
        <title>John Fichthorn / Managing Member of the General Partner</title>
        <date>02/17/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Dialectic Partners, LLC</reportingPersonName>
      <signatureDetails>
        <signature>By: /s/ John Fichthorn</signature>
        <title>John Fichthorn / Managing Member</title>
        <date>02/17/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>John Fichthorn</reportingPersonName>
      <signatureDetails>
        <signature>By: /s/ John Fichthorn</signature>
        <title>John Fichthorn</title>
        <date>02/17/2026</date>
      </signatureDetails>
    </signatureInformation>
  </formData>

</edgarSubmission>
