Jaguar Health, Inc.

What they do

Jaguar Health, through its subsidiary Napo Pharmaceuticals, develops and commercializes prescription drugs derived from plants. Its lead product, Mytesi (crofelemer 125 mg delayed-release tablets), is FDA-approved for noninfectious diarrhea in adults with HIV/AIDS on antiretroviral therapy. The company also markets Canalevia-CA1, a conditionally approved drug for chemotherapy-induced diarrhea in dogs, and is developing crofelemer for other GI indications. It operates Napo Therapeutics in Italy for European expansion and a joint venture, Magdalena Biosciences, for mental health indications.

Revenue drivers

• Mytesi (crofelemer) — FDA-approved prescription drug for HIV/AIDS-related diarrhea; now exclusively marketed by Future Pak affiliate under a January 2026 licensing agreement, with Jaguar receiving manufacturing revenue.
• Canalevia-CA1 — Conditionally approved crofelemer tablet for chemotherapy-induced diarrhea in dogs; also licensed to Future Pak, with Jaguar manufacturing the product.
• Licensing and milestone payments — Future Pak agreement provided $16.0 million upfront in January 2026, with $2.0 million due post-closing and up to $20 million in potential milestones.

Recent performance

Annual revenue was $11.5M in 2025, down from $11.7M in 2024 and $12.0M in 2022. Net loss was $54.0M in 2025, wider than $39.3M in 2024. Operating cash flow improved to -$23.7M in 2025 from -$29.4M in 2024. Quarterly revenue jumped to $20.3M in Q1 2026, up from $3.2M in Q4 2025, reflecting the Future Pak upfront payment. As of March 31, 2026, cash was $7.3M, total assets $37.4M, total liabilities $53.2M, and shareholder equity was negative at -$15.8M.

Strategy

Management's stated direction is to expand crofelemer access globally, including through the Future Pak licensing deal that provides non-dilutive capital and milestone opportunities. The company is continuing development of crofelemer for orphan and rare GI conditions and conducting a Type C Meeting with the FDA in May 2025 to discuss regulatory paths. Jaguar also focuses on animal health products and the Magdalena Biosciences joint venture for mental health. Manufacturing of crofelemer for Mytesi and Canalevia-CA1 remains in-house to support the licensed products.

Risks

• Dependence on single customer — Future revenue is concentrated with Woodward (a Future Pak affiliate) for both Mytesi and Canalevia-CA1, creating customer concentration risk.
• History of losses and negative equity — The company has incurred net losses each year from 2021 through 2025 and had negative shareholder equity of -$15.8M as of March 31, 2026.
• Need for additional capital — Ongoing R&D and clinical trials will require substantial additional funding, which may not be available on acceptable terms.
• Regulatory and commercial uncertainty — Planned follow-on indications for Mytesi and Canalevia-CA1 may not receive regulatory approval or be successfully commercialized.

Outlook

Management expects to continue incurring significant costs related to R&D and clinical trials, which may require additional capital raises. The Future Pak agreement provides near-term liquidity (up to $18M total, including $16M already received) and potential milestones. The company is pursuing regulatory clarity through Type C meetings and expanding crofelemer access globally. The long-term ability to achieve profitability remains uncertain given the loss history and negative equity.