JAGXHIGH SIGNALFINANCIAL10-K

JAGX experienced severe cash depletion (88% decline to under $1M) while significantly expanding R&D spending, creating substantial liquidity risk despite increased equity.

The company is burning through cash at an unsustainable rate with only $968K remaining, while simultaneously ramming up R&D expenses by 51% and posting widening losses exceeding $53M. This cash position combined with increased liabilities suggests potential going concern issues and likely need for immediate financing.

Comparing 2026-04-07 vs 2025-03-31View on EDGAR →
FINANCIAL ANALYSIS

JAGX's financial position deteriorated markedly with cash plummeting 88% to under $1M while R&D expenses surged 51% to $25M, driving operating losses to -$46M from -$31M. Despite stockholders' equity increasing 61% (likely from equity raises), total liabilities jumped 28% and the company burned through most of its cash reserves. The combination of minimal remaining cash, accelerating losses, and increased spending creates an urgent liquidity crisis that threatens operational continuity.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
-87.9%
$8.0M→$968K

Cash declined 87.9% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Capital Expenditure
Cash Flow
-79.2%
$77K→$16K

Capex reduced 79.2% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Interest Expense
P&L
-71%
$231K→$67K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Stockholders Equity
Balance Sheet
+61.2%
$10.7M→$17.2M

Equity base grew 61.2% — retained earnings accumulation or equity issuance strengthening the balance sheet.

R&D Expense
P&L
+50.9%
$16.5M→$25.0M

R&D investment increased 50.9% — signals commitment to future product development, though near-term margin impact.

Operating Income
P&L
-48.9%
-$30.8M→-$45.9M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Net Income
P&L
-39.2%
-$38.5M→-$53.6M

Net income declined 39.2% — review whether driven by operations, interest costs, or non-recurring items.

Current Assets
Balance Sheet
-36.8%
$32.2M→$20.3M

Current assets declined 36.8% — monitor working capital adequacy and short-term liquidity.

Total Assets
Balance Sheet
-28.3%
$53.4M→$38.3M

Total assets contracted 28.3% — asset sales, write-downs, or balance sheet optimization underway.

Total Liabilities
Balance Sheet
+28.3%
$44.4M→$57.0M

Liabilities increased 28.3% — monitor debt-to-equity ratio and interest coverage.

LANGUAGE CHANGES
NEW — 2026-04-07
PRIOR — 2025-03-31
ADDED
( Jaguar ), in conjunction with Jaguar family company Napo Pharmaceuticals, Inc.
( Napo ), develops novel proprietary prescription drugs sustainably derived from plants for people with complicated gastrointestinal ( GI ) disease states.
Jaguar family companies Napo and Napo Therapeutics, S.p.A., an Italian corporation Jaguar was established in Milan, Italy in 2021, are focused on expanding global crofelemer access and are developing new therapies for orphan and rare GI conditions.
Magdalena Biosciences, a joint venture formed by Jaguar and Filament Health Corp., is focused on developing novel prescription medicines derived from plants for mental health indications.
Napo s crofelemer 125 mg delayed-release tablets (Mytesi) is an FDA (the U.S.
Food and Drug Administration) approved prescription drug for the symptomatic relief of noninfectious diarrhea in adults with HIV/AIDS on antiretroviral therapy.
In January 2026, following Napo s entry into a United States ("US") licensing agreement with an affiliate of privately held Future Pak, LLC ( Future Pak ), Future Pak became the exclusive marketer for Mytesi as well as the tablet formulation for animal health, Canalevia-CA1, which is Jaguar s crofelemer prescription drug for the treatment of chemotherapy-induced diarrhea in dogs.
Jaguar was provided with $16 million of non-dilutive capital in January 2026 upon closing of the agreement with Future Pak, with an additional $2 million due to Jaguar upon completion of post-closing conditions.
Per the terms of the agreement, Jaguar also has the opportunity to receive up to $20 million in milestone payments and other future payments.
The milestone payments are one-time, non-refundable, and non-creditable payments triggered by the first achievement of cumulative trailing 12-month Net Sales of the Products in the Territory equal to $20 million, $50 million, and $100 million, respectively.
REMOVED
( Jaguar ) is a commercial-stage pharmaceuticals company focused on developing novel proprietary prescription medicines sustainably derived from plants from rainforest areas for people and animals with gastrointestinal ( GI ) distress specifically associated with overactive bowel, which includes symptoms such as chronic debilitating diarrhea, urgency, bowel incontinence, and cramping pain.
( Napo ) focuses on developing and commercializing human prescription pharmaceuticals for essential supportive care and managing neglected gastrointestinal symptoms across multiple complicated disease states.
Napo s crofelemer drug product crofelemer is FDA-approved under the brand name Mytesi for the symptomatic relief of noninfectious diarrhea in adults with HIV/AIDS on antiretroviral therapy.
Jaguar family company Napo Therapeutics, S.p.A is an Italian corporation Jaguar established in Milan, Italy in 2021 focused on expanding crofelemer access in Europe, specifically for orphan and/or rare diseases.
Magdalena Biosciences, a joint venture formed by Jaguar and Filament Health Corp.
with funding from One Small Plant Capital LLC that emerged from Jaguar s Entheogen Therapeutics Initiative ( ETI ), is focused on developing novel prescription medicines derived from plants for mental health indications.
In accordance with the terms of the Merger Agreement, upon the completion of the merger, Merger Sub merged with and into Napo, with Napo surviving as the wholly owned subsidiary (the Merger or Napo Merger ).
Crofelemer is a novel, first-in-class anti-secretory antidiarrheal drug that has a normalizing effect on electrolyte and fluid balance in the gut, and this mechanism of action has the potential to benefit multiple disorders that cause gastrointestinal distress, including diarrhea and abdominal discomfort.
Crofelemer is in development for multiple possible follow-on indications, including for our lead Phase 3 program in cancer therapy-related diarrhea ( CTD ), investigating prophylaxis of diarrhea related to targeted therapy with or without standard chemotherapy.
Crofelemer delayed-release tablets are also being evaluated in diarrhea-predominant irritable bowel syndrome ( IBS-D ) and being evaluated for chronic idiopathic/functional diarrhea.
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