Jaguar Health — Second Quarter 2026 Earnings Summary

Financial Performance

• Total net revenue was $1.225 million for the quarter ended June 30, 2026, a 59% decrease from $2.979 million in the same period in 2025.
• Product revenue, net was $1.182 million in Q2 2026, down 60% from $2.936 million in Q2 2025; this revenue primarily consisted of sales of Mytesi to Future Pak at cost-plus.
• License and grant revenue, net was $43,000 in Q2 2026, consistent with the $43,000 recognized in Q2 2025 from a European partner; federal grant revenue for a canine CID study was $25,520 in Q2 2026 compared to none in Q2 2025.
• Loss from operations was $7.597 million in Q2 2026, a 5% improvement (reduction in loss) from $8.007 million in Q2 2025.
• Net loss attributable to common stockholders was $12.690 million in Q2 2026, an increase of 22% from $10.407 million in Q2 2025.
• Net loss per share (basic and diluted) was $(15.68) in Q2 2026, a 96% decrease in loss per share from $(358.94) in Q2 2025.
• Cost of product revenue increased to approximately $1.0 million in Q2 2026 from $0.5 million in Q2 2025 due to inventory sales to Future Pak.
• Research and Development (R&D) expense increased to $3.3 million in Q2 2026 from $3.2 million in Q2 2025, driven by progress on the lyophilization of crofelemer.
• Sales and Marketing expense decreased to approximately $5,000 in Q2 2026 from $2.5 million in Q2 2025 following the dissolution of the Jaguar/Napo Sales and Marketing Group.
• General and Administrative (G&A) expense increased to $4.7 million in Q2 2026 from $4.4 million in Q2 2025, despite a general decrease in legal, compliance, stock-based compensation, and travel expenses.
• Non-GAAP Recurring EBITDA was a net loss of $8.381 million in Q2 2026, compared to a net loss of $7.878 million in Q2 2025.
• Interest expense was $161,000 in Q2 2026, compared to interest income of $15,000 in Q2 2025.
• Loss on extinguishment of debt was $3.504 million in Q2 2026, up from $1.822 million in Q2 2025, due to significant debt modifications.
• Loss related to fair value adjustments on financial instruments designated at the Fair Value Option was $1.9 million in Q2 2026, compared to $1.1 million in Q2 2025.

Business Segments and Product Lines

• Jaguar entered a U.S. commercial licensing agreement with Woodward Specialty, LLC (an affiliate of Future Pak) effective January 12, 2026, making Future Pak the exclusive U.S. marketer for Mytesi and Canalevia-CA1.
• License revenues included a $16 million upfront payment and a $3 million payment for early termination of a Buy-Back Option, both recognized in Q1 2026; the $2 million holdback amount was satisfied in August 2026.
• Under the license agreement, Future Pak pays for Mytesi and Canalevia-CA1 at cost-plus terms, with Napo remaining the manufacturer.
• A royalty-free license agreement with Future Pak was established in January 2026, directing all U.S. revenues from Mytesi and Canalevia-CA1 to Future Pak.
• A securities purchase agreement with a European partner generated $43,000 in license fees in Q2 2026, with $468,000 in total deferred revenue as of June 30, 2026.
• Neonorm non-prescription product revenues were consistent and minimal for Q2 2026 and Q2 2025.
• The company is advancing the development of a powder-for-oral-solution formulation of crofelemer (lyophilization) for rare disease intestinal failure indications.

Other Key Points

• The company expects the clinical package for the New Drug Application (NDA) for crofelemer for Microvillus Inclusion Disease (MVID) to be ready by the end of 2026.
• Jaguar expects to submit the NDA for MVID in the second quarter of 2027.
• Presentation of additional results for crofelemer as an adjunctive oral therapy for pediatric intestinal failure was made at ESPGHAN 2026, showing up to a 48% reduction in parenteral support normalized to body weight in patients with MVID.
• Magdalena Biosciences, a joint venture between Jaguar and Filament Health Corp., is developing novel prescription medicines derived from plants for mental health indications.
• Napo Pharmaceuticals maintains a sustainable harvesting program for crofelemer under fair trade practices.