<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2022-07-08</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001401040</issuerCik>
        <issuerName>DiaMedica Therapeutics Inc.</issuerName>
        <issuerTradingSymbol>DMAC</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001938915</rptOwnerCik>
            <rptOwnerName>Von Koch Thomas</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O EQT PARTNERS AB</rptOwnerStreet1>
            <rptOwnerStreet2>BOX 16509</rptOwnerStreet2>
            <rptOwnerCity>STOKCHOLM</rptOwnerCity>
            <rptOwnerState>V7</rptOwnerState>
            <rptOwnerZipCode>103 27</rptOwnerZipCode>
            <rptOwnerStateDescription>SWEDEN</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001887435</rptOwnerCik>
            <rptOwnerName>TomEnterprise AB</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O EQT PARTNERS AB</rptOwnerStreet1>
            <rptOwnerStreet2>BOX 16509</rptOwnerStreet2>
            <rptOwnerCity>STOCKHOLM</rptOwnerCity>
            <rptOwnerState>V7</rptOwnerState>
            <rptOwnerZipCode>103 27</rptOwnerZipCode>
            <rptOwnerStateDescription>SWEDEN</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2647873</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">These shares are owned directly by TomEnterprise AB and indirectly by Thomas Von Koch in his capacity as the board member and sole owner of TomEnterprise AB. Thomas Von Koch has the sole power to vote and dispose of these shares.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Thomas Von Koch</signatureName>
        <signatureDate>2022-07-21</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Thomas Von Koch, as Board Member of TomEnterprise AB</signatureName>
        <signatureDate>2022-07-21</signatureDate>
    </ownerSignature>
</ownershipDocument>
