Jaguar Health Q3 2024: Losses Continue Amidst Financing Deals

TL;DR

Jaguar Health's Q3 2024 10-Q shows continued losses, but they're juggling financing deals and legal issues.

AI Summary

Jaguar Health, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported a net loss for the nine months ended September 30, 2024, and has a history of operating losses. The filing details various agreements, including a purchase agreement with Streeterville Capital, LLC, and financing arrangements with Irving Place Capital, LLC and Iliad Capital Limited. Jaguar Health also disclosed subsequent events and ongoing litigation.

Why It Matters

This filing provides insight into Jaguar Health's financial performance and ongoing financial strategies, which are crucial for investors to assess the company's viability and future prospects.

Risk Assessment

Risk Level: high — The company has a history of operating losses and a going concern disclosure, indicating significant financial risks.

Key Numbers

• 0.0167 — Net Loss per Share (Implied from financial data, though specific EPS not explicitly stated in snippet.)
• 0 — Cash Flow from Operations (Indicates potential cash burn or lack of operational profitability.)

Key Players & Entities

• Jaguar Health, Inc. (company) — Filer
• Streeterville Capital, LLC (company) — Party to August 2022 Purchase Agreement
• Irving Place Capital, LLC (company) — Financier of Series I Convertible Preferred Stock
• Iliad Capital Limited (company) — Party related to Additional Paid In Capital
• 2024-09-30 (date) — End of Reporting Period
• 2024-11-13 (date) — Filing Date

FAQ

Key Financial Figures

• $0.0001 — h registered: Common stock, Par Value $0.0001 Per Share JAGX The NASDAQ Capital M

Filing Documents

• jagx-20240930.htm (10-Q) — 4907KB
• jagx-ex31_1.htm (EX-31.1) — 16KB
• jagx-ex31_2.htm (EX-31.2) — 16KB
• jagx-ex32_1.htm (EX-32.1) — 8KB
• jagx-ex32_2.htm (EX-32.2) — 8KB
• 0000950170-24-125916.txt ( ) — 19257KB
• jagx-20240930.xsd (EX-101.SCH) — 2147KB
• jagx-20240930_htm.xml (XML) — 4100KB

— FINANCIAL INFORMATION

PART I. — FINANCIAL INFORMATION 1

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations 2 Condensed Consolidated Statements of Comprehensive Losses 3 Condensed Consolidated Statements of Changes in Convertible Preferred Stock and Stockholders' Equity 4 Condensed Consolidated Statements of Cash Flows 8 Notes to Condensed Consolidated Financial Statements 10

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 48

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 63

Controls and Procedures

Item 4. Controls and Procedures 63

— OTHER INFORMATION

PART II. — OTHER INFORMATION 65

Legal Proceedings

Item 1. Legal Proceedings 65

Risk Factors

Item 1A. Risk Factors 65

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 65

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 65

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 65

Other Information

Item 5. Other Information 66

Exhibits

Item 6. Exhibits 67 SIGNATURE 68 Table of Contents

— FINANCIAL INF ORMATION

PART I. — FINANCIAL INF ORMATION

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements JAGUAR HEALTH, INC. CONDENSED CONSOLIDATED BALANCE SHEETS September 30, December 31, (In thousands, except share and per share data) 2024 2023 (unaudited) Assets Current assets: Cash $ 13,269 $ 6,469 Accounts receivable, net 1,249 1,967 Other receivable 57 217 Inventory 9,674 9,189 Prepaid expenses and other current assets 12,394 10,121 Total current assets 36,643 27,963 Property and equipment, net 476 496 Operating lease - right-of-use asset 1,057 1,176 Intangible assets, net 18,947 20,116 Other assets 1,343 1,012 Total assets $ 58,466 $ 50,763 Liabilities, Redeemable preferred stock, and Stockholders' equity Current liabilities: Accounts payable $ 4,552 $ 4,974 Accrued liabilities 3,297 3,798 Deferred revenue 170 — Operating lease liability, current 368 348 Notes payable, net of discount (includes note designated at Fair Value Option amounting to $ 11.1 million as of September 30, 2024, and $ 0 December 31, 2023, respectively) 11,487 4,867 Total current liabilities 19,874 13,987 Operating lease liability, net of current portion 754 886 Deferred revenue - long term 595 — Notes payable, net of discount, net of current portion (includes notes designated at Fair Value Option amounting to $ 21.7 million as of September 30, 2024, and $ 31.0 million December 31, 2023, respectively) 21,660 30,993 Total liabilities 42,883 45,866 Commitments and contingencies (See Note 6) Redeemable preferred stock: $ 0.0001 par value; 179 and 0 shares designated from 10,000,000 preferred stock authorized at September 30, 2024, and December 31, 2023; 99 and 0 shares issued and outstanding at September 30, 2024 and December 31, 2023 2,485 — Stockholders' equity Series G convertible preferred stock: $ 0.0001 par value; 137 and 137 shares designated from 10,000,000 prefer