Jaguar Health (NASDAQ: JAGX) is a pharmaceutical company developing plant-derived prescription medicines for complicated gastrointestinal diseases. Through its family companies, including Napo Pharmaceuticals, Jaguar is developing a powder-for-oral-solution formulation of crofelemer for rare intestinal failure disorders such as microvillus inclusion disease and short bowel syndrome.
On August 19, 2026, Jaguar Health reported its consolidated second-quarter financial results. The company recorded a net loss per share of approximately $15.70, substantially better than the analyst consensus estimate of a $52.15 loss per share. However, the improvement in per-share results should be interpreted cautiously because Jaguar has completed reverse stock splits and issued additional shares, which can significantly affect per-share comparisons.
Jaguar Health generated total net revenue of $1.225 million, consisting of $1.182 million in product revenue and approximately $43,000 in license and grant revenue. Total revenue fell short of the $4.24 million consensus estimate and declined approximately 59% from $2.979 million in the second quarter of 2025. The company also reported a net loss attributable to common stockholders of approximately $12.7 million, compared with a $10.4 million loss one year earlier.
Jaguar Health remains focused on developing crofelemer for rare intestinal failure diseases. Results presented at ESPGHAN 2026 showed that adjunctive crofelemer treatment reduced parenteral support normalized to body weight by up to 48% in a pediatric patient with microvillus inclusion disease. Because this result relates to an individual patient, it should be viewed as encouraging early evidence rather than definitive proof of efficacy.
The company expects the clinical package supporting a New Drug Application for crofelemer in microvillus inclusion disease to be ready by the end of 2026. Jaguar currently expects to submit the NDA in Q2 2027, subject to successful completion of its clinical and regulatory work.
Jaguar Health’s balance sheet continues to present financial risks. As of June 30, 2026, the company reported approximately $17.5 million in current assets and $25.4 million in current liabilities, producing a current ratio of approximately 0.69. A ratio below 1.0 indicates that current liabilities exceeded current assets at the reporting date. Although stockholders’ equity improved to approximately $4.9 million, the company’s recurring operating losses and ongoing financing requirements remain important considerations for investors.
