Jaguar Health, Inc. (NASDAQ: JAGX) Reports Q4 and Full-Year 2025 Financial Results with Strategic License Updates

• EPS Beats Estimates: Jaguar Health reported Q4 2025 EPS of -$0.36, significantly beating the consensus estimate of -$4.26.
• Revenue Misses Expectations: Q4 net revenue was approximately $3.2 million, below the anticipated $4.21 million, though it rose 5% quarter-over-quarter from Q3 2025.
• Strategic Developments: The company received a $16 million upfront non-dilutive payment in January 2026 from a U.S. license agreement with Future Pak for its crofelemer-based products Mytesi® and Canalevia®-CA1, with an additional $2 million due upon post-closing conditions. It has also received $3 million of up to $20 million in potential milestone and future payments.
• Nasdaq Compliance: Jaguar Health is appealing Nasdaq’s noncompliance determination related to the minimum bid price rule, with a hearing scheduled for April 7, 2026. Delisting remains stayed pending the panel’s decision.

Jaguar Health, Inc. (NASDAQ: JAGX) is a commercial-stage pharmaceuticals company focused on developing and commercializing novel, plant-based gastrointestinal products, primarily centered on its FDA-approved drug crofelemer (Mytesi® for HIV-related diarrhea and Canalevia®-CA1 for chemotherapy-induced diarrhea in dogs).

On April 7, 2026, Jaguar Health reported its consolidated financial results for the fourth quarter and full year ended December 31, 2025.

Q4 2025 Financial Highlights:

• Net revenue: ~$3.2 million (up 5% from ~$3.1 million in Q3 2025, but down ~8% from Q4 2024).
• The company reported a net loss attributable to common shareholders.
• Cost of product revenue rose notably in the quarter.

Full-Year 2025 Financials:

• Net product revenue for the year: ~$11.5 million (roughly flat compared to 2024).
• Loss from operations widened to ~$45.9 million.
• Net loss attributable to common stockholders: $53.6 million (worsened from $38.5 million in 2024).
• Non-GAAP EBITDA loss: ~$48.2 million.

The $16 million upfront cash payment from the Future Pak license agreement (announced in January 2026) is a subsequent event and does not appear in the 2025 financial statements. It provides important non-dilutive capital to support ongoing development of crofelemer for human rare-disease intestinal failure indications.

Nasdaq Listing Update: The company received a noncompliance notice on March 5, 2026, under Nasdaq Listing Rule 5550(a)(2) due to its bid price closing below $1.00 for 30 consecutive business days. Because of prior reverse stock splits, Jaguar is not eligible for a standard compliance period. It requested and received a hearing before the Nasdaq Hearings Panel, scheduled for April 7, 2026. Any delisting action is stayed pending the panel’s final decision. An investor webcast is planned for April 10, 2026, at 8:30 a.m. ET to discuss the results and updates.

Despite ongoing operating losses and a challenging balance sheet, Jaguar Health continues to focus on advancing its crofelemer pipeline while leveraging licensing deals for non-dilutive funding.