Jaguar Health (JAGX) Registration filing summary

Company overview and business model

• Develops plant-derived prescription therapies for complex GI diseases; animal-health activities target non-prescription GI products for companion and production animals.

• Napo markets Mytesi, an FDA-approved crofelemer tablet for noninfectious diarrhea in adults with HIV/AIDS; Future Pak became exclusive marketer for Mytesi and Canalevia-CA1 in January 2026, while Napo continues manufacturing.

• Crofelemer oral powder is in development for microvillus inclusion disease (MVID) and short bowel syndrome with intestinal failure (SBS-IF); global crofelemer rights are held without encumbrances.

• Magdalena Biosciences, a joint venture with Filament Health, focuses on plant-derived medicines for weight-gain prevention and mental health indications.

Financial performance and metrics

• January 2026 Future Pak agreement delivered $16.0 million in non-dilutive capital; $2.0 million is due upon post-closing conditions, with up to $20 million in milestone and other future payments.

• In September 2026, common shares were issued to settle or reduce note balances, including cancellation of a $10.81 million 2025 note after a $5.05 million balance reduction exchange.

• FY2025 and FY2024 financial statements are incorporated by reference; RBSM LLP’s audit report includes an explanatory paragraph regarding ability to continue as a going concern.

Use of proceeds and capital allocation

• Net proceeds are intended for working capital and general corporate purposes, including R&D, capital expenditures, operating and administrative costs, and potentially strategic alternatives.

• Pending use, proceeds are intended for investment in high-quality, short-term, interest-bearing securities; management retains significant discretion over allocation.