Jaguar Health (JAGX) Q2 2024 earnings summary

Executive summary

• Q2 2024 net revenue reached $2.72 million, up 16% sequentially and 2% year-over-year, with Mytesi prescription volume rising 5.2% sequentially but dipping 0.4% year-over-year.

• Net loss for the six months ended June 30, 2024, was $19.0 million, a 23% improvement from $24.7 million in the prior year period.

• The pivotal Phase 3 OnTarget trial for crofelemer in cancer therapy-related diarrhea did not meet its primary endpoint but showed meaningful signals in breast and lung cancer subgroups.

• Jaguar plans a commercial launch of Gelclair, an FDA-approved product for oral mucositis, in October 2024.

• Cash balance as of June 30, 2024, was $16.0 million, with an accumulated deficit of $326.7 million.

Financial highlights

• Q2 2024 revenue: $2.72 million, up from $2.35 million in Q1 2024 and $2.67 million in Q2 2023.

• Product revenue for the six months ended June 30, 2024, was $5.1 million, up from $4.6 million year-over-year.

• Loss from operations: $7.2 million in Q2 2024, down from $8.1 million in Q2 2023.

• Net loss attributable to shareholders: $9.5 million in Q2 2024, improved from $12.1 million in Q2 2023.

• Gross product sales for Mytesi rose 11% to $6.9 million for the six months ended June 30, 2024.

Outlook and guidance

• Commercial launch of Gelclair in the U.S. planned for October 2024, targeting oral mucositis in cancer patients.

• Continued analysis of OnTarget trial data and planned FDA engagement for crofelemer's cancer-related diarrhea indication.

• Proof-of-concept results for crofelemer in rare diseases (MVID, SBS) expected by end of 2024 and into 2025.