Jaguar Health (JAGX) Q4 2025 earnings summary

Executive summary

• Net revenue for Q4 2025 was $3.2 million, up 5% sequentially from Q3 2025 but down 8% year-over-year from Q4 2024.

• In 2025, $11.2 million of $11.5 million total net revenue came from Mytesi and Canalevia-CA1 sales.

• Major strategic shift with a U.S. out-license agreement for Mytesi and Canalevia-CA1 to Future Pak, focusing internal resources on rare disease intestinal failure indications.

• Received $16 million upfront and $3 million in milestone payments from Future Pak, with $2 million pending and up to $20 million in future milestones, all non-dilutive.

• Nasdaq noncompliance determination is under appeal, with delisting stayed pending a final decision.

Financial highlights

• 2025 total net revenue was $11.5 million, with $11.2 million from Mytesi and Canalevia-CA1.

• Loss from operations increased to $45.9 million in 2025 from $30.8 million in 2024.

• Net loss attributable to common shareholders rose to $53.6 million in 2025 from $38.5 million in 2024.

• Non-GAAP recurring EBITDA net loss was $48.1 million in 2025 versus $35.9 million in 2024.

• Cost of product revenue rose to $3.8 million in 2025, mainly due to a $2 million inventory reserve.

Outlook and guidance

• Strategy for 2026 centers on business development and securing additional non-dilutive funding through licensing deals for rare disease programs.

• Near-term catalysts expected in the next 6-12 months, including clinical and regulatory milestones for crofelemer in intestinal failure.

• NDA submission for MVID targeted for the first half of 2027.

• Future Pak will handle all U.S. commercial efforts for Mytesi and Canalevia-CA1 from January 2026, with Jaguar recognizing manufacturing revenue.

• Focus will shift to crofelemer development for rare-disease indications.