Jaguar Health (NASDAQ: JAGX) reported a narrowed net loss per share of $(15.68) for the second quarter ended June 30, 2026, compared to $(358.94) in the same period of 2025. This represents a 96% reduction in per-share losses year-over-year.

Despite the significant improvement in earnings per share, the company’s top-line performance contracted sharply. Total net revenue fell 59% to $1.225 million, down from $2.979 million in the prior year’s corresponding quarter. The decline reflects the impact of a new commercial licensing structure rather than operational failure.

Strategic Shift to Licensing

Effective January 12, 2026, Jaguar entered into a royalty-free license agreement with Woodward Specialty, LLC ("Woodward"), an affiliate of Future Pak, LLC. Under this arrangement, Future Pak became the exclusive US marketer for Mytesi and Canalevia-CA1. Consequently, all revenues generated in the United States from these products are now directed to Future Pak.

In Q2 2026, Jaguar recognized approximately $1.2 million in prescription product revenue, comprised primarily of sales of Mytesi to Future Pak at cost-plus terms. While the number of Mytesi bottles sold increased significantly compared to Q2 2025, the royalty-free nature of the deal resulted in a substantial decrease in reported revenue for Jaguar. Commercial costs were also substantially decreased following the dissolution of the Jaguar/Napo Sales and Marketing Group.

The company received $18 million upfront from Future Pak, primarily for the US HIV market, along with additional potential milestones totaling $17 million. CEO Lisa Conte noted that the HIV market has a peak annual opportunity of $50 to $70 million, whereas the intestinal failure market could reach approximately $8 billion annually by 2033.

Operating Expenses and Net Loss

The restructuring led to a dramatic reduction in operating expenses. Sales and marketing expense plummeted by approximately $2.5 million, from $2.5 million in Q2 2025 to just $5,000 in Q2 2026. General and administrative expense decreased by approximately $0.3 million to $4.7 million, driven by lower legal, compliance, and stock-based compensation costs. Research and development expense remained relatively stable, increasing slightly by $0.1 million to $3.3 million due to progress in developing crofelemer’s powder formulation for rare disease trials.

Loss from operations improved by $0.4 million to $(7.6 million), down from $(8.0 million) in the prior year. However, net loss attributable to common stockholders increased by $2.3 million to $(12.7 million), primarily driven by non-operational factors including a $3.5 million loss on extinguishment of debt and a $1.9 million fair value adjustment on financial instruments.

What the Numbers Show

The divergence between the narrowing EPS loss and the steep revenue decline highlights the structural change in Jaguar’s business model. The 96% improvement in EPS was not driven by margin expansion from higher sales, but rather by the elimination of high-cost commercial activities in the US market. With sales and marketing costs dropping from $2.5 million to near zero, the company has effectively outsourced its US commercial burden to Future Pak. However, this strategy has capped Jaguar’s direct revenue potential from its approved products, shifting its financial focus entirely toward R&D for rare intestinal failure indications and non-dilutive licensing fees.

Pipeline and Outlook

Jaguar remains focused on its global development program for crofelemer for rare intestinal failure diseases. The company recently presented results at ESPGHAN 2026 showing up to a 48% reduction in parenteral support normalized to body weight in patients with microvillus inclusion disease (MVID). Jaguar expects the clinical package for the New Drug Application (NDA) for MVID to be ready by the end of 2026, with submission anticipated in Q2 2027.

In addition to product revenues, the company recognized $43,000 in license fees from a European partner and $25,520 in federal grant revenue for a veterinary study. The total deferred revenue associated with the European contract stands at $468,000 as of June 30, 2026.

The company also announced plans for the commercial launch of Neonorm Dog, a non-prescription product for companion animals, leveraging relationships built during the promotion of Canalevia-CA1.

Jaguar Health Inc. (NASDAQ: JAGX) will host an investor webcast on Wednesday, August 19, 2026, at 4:30 p.m. Eastern to review its second-quarter 2026 financial results and provide corporate updates. The San Francisco-based company plans to file its Form 10-Q for the quarter ended June 30, 2026, on the same date.

The webcast will be accessible via a registration link provided by the company. A replay of the event will be available on the investor relations section of Jaguar’s website following the broadcast.

Corporate Structure and Focus

Jaguar Health develops novel proprietary prescription drugs sustainably derived from plants for patients with complicated gastrointestinal (GI) disease states. The company operates through several family entities:

• Napo Pharmaceuticals, Inc. and Napo Therapeutics S.p.A. focus on the development and commercialization of crofelemer powder for oral solution. This treatment targets rare and orphan gastrointestinal disorders with intestinal failure, including microvillus inclusion disease and short bowel syndrome.
• Magdalena Biosciences, a joint venture formed by Jaguar and Filament Health Corp., emerged from Jaguar’s Entheogen Therapeutics Initiative (ETI). It is focused on developing novel prescription medicines derived from plants for mental health indications.

Forward-Looking Statements

The press release contains forward-looking statements regarding the expectation that Jaguar will file its Form 10-Q on August 19, 2026, and hold the investor webcast on the same day. These statements are based on current expectations and projections about future events. They speak only as of the date of the release and are subject to risks, uncertainties, and assumptions, some of which are beyond Jaguar’s control. Except as required by applicable law, Jaguar does not plan to publicly update or revise any forward-looking statements contained in the release.