Jaguar Health (JAGX) Q2 2026 earnings summary

Executive summary

• Achieved $21.5M in total revenue for the six months ended June 30, 2026, up 314% year-over-year, driven by a $19M license agreement with Woodward/Future Pak for Mytesi and Canalevia products.

• Net loss narrowed to $4.1M for the six months ended June 30, 2026, compared to $21.2M in the prior year period.

• Focused on global development of crofelemer for rare intestinal failure diseases, with promising pediatric results showing up to 48% reduction in parenteral support for MVID patients.

• Significant reduction in operating expenses, especially in sales and marketing, following the licensing of key products.

• NDA clinical package for MVID expected by end of 2026, with submission targeted for Q2 2027.

Financial highlights

• License revenue surged to $19.1M from $86K year-over-year due to the Woodward agreement.

• Product revenue declined 53% to $2.4M, reflecting the shift to a licensing model for Mytesi.

• Net loss attributable to common stockholders was $19.7M, including $15.9M in preferred stock dividends and returns.

• Total net revenue for Q2 2026 was $1.2M, down 60% year-over-year from $2.9M in Q2 2025.

• Operating income of $2.6M, a $20M improvement from a $17.4M loss in the prior year.

Outlook and guidance

• Management expects continued losses and negative cash flows, with ongoing need for additional financing.

• Focus remains on advancing crofelemer for orphan indications and supporting regulatory submissions.

• Anticipates NDA submission for crofelemer in MVID in Q2 2027, with regulatory approval and commercialization of powder formulation expected.

• No formal revenue or earnings guidance provided.