Jaguar Health reports Q2 2026 results, hosts earnings call

Jaguar Health (NASDAQ: JAGX ) released second-quarter financial results and hosted an earnings call on Wednesday.

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The full earnings call is available at Summary Jaguar Health highlighted a strategic shift towards rare disease gastrointestinal programs, focusing on crofelemer for intestinal failure indications with potential market opportunities up to $8 billion annually by 2033.

The company completed a U.S. commercial out-license agreement with Future Pacific for Mytesi and Canalevia-CA1, receiving $18 million upfront and additional potential milestones totaling $17 million.

Clinical trials for crofelemer showed promising results, with reductions in parenteral support requirements for MVID and SBSIF patients, indicating significant clinical relevance.

Financial metrics showed a decrease in net revenue for prescription products by 60% compared to Q2 2025, while operational losses decreased due to reduced costs from the Future Pacific agreement.

Despite increased net loss attributable to common shareholders, the company emphasized the potential for non-dilutive funding from future partnerships and the perpetual exclusivity of crofelemer under FDA botanical guidance.

Full Transcript OPERATOR Good afternoon.

Before I turn the call over to management, I'd like to remind you that management may make forward-looking statements relating to matters such as continued growth, prospects for the company, uncertainties regarding market acceptance of products, the impact of competitive products and pricing, industry trends, and product initiatives, including products in the development stage which may not achieve scientific objectives or meet stringent regulatory requirements.

Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements.

These statements are based on currently available information and management's current assumptions, expectations, and projections about future events.

While management believes its assumptions, expectations, and projections are reasonable in view of currently available information, you are cautioned not to place undue reliance on these forward-looking statements.

The company's actual results may differ materially from those discussed during this webcast for a variety of reasons, including those described in the Forward-Looking Statements and Risk Factors section of the company's Form 10-K for the year 2025, which was filed with the SEC on April 7, 2026, and its other filings with the SEC, which are available on the Investor Relations section of Jaguar Health's website.

Except as required by law, Jaguar Health undertakes no obligation to update or revise any forward-looking statements contained in this presentation to reflect information, future events, or otherwise.

Additionally, please note that the company supplements its condensed consolidated financial statements presented on a GAAP basis by providing non-GAAP EBITDA and non-GAAP recurring EBITDA.

Jaguar Health believes that the disclosure items of these non-GAAP measures provide investors with additional information that reflects the basis upon which the company management assesses and operates the business.

These non-GAAP financial measures should not be viewed in isolation or as substitutes for GAAP net sales and GAAP net loss, and are not substitutes for or superior to measures of financial performance in conformity with GAAP.

Today's conference is being recorded.

At this time, it is now my pleasure to turn the call over to Lisa Conte, Jaguar Health Founder, President, and Chief Executive Officer.

Lisa, the floor is yours.

Lisa Conte, President and CEO Oh, thank you very much, Paul.

Hello, and thank you all for joining our investor webcast today.

My name is Lisa Conte.

As you heard, I'm the founder, President and CEO of Jaguar Health and our wholly owned subsidiary, Napo Pharmaceuticals.

I'm also the Chairman of our Italian subsidiary, Napo Therapeutics.

As usual, I may use the words Jaguar and Napo interchangeably when I'm referring to our company.

After I speak, our CFO, Carol Lysack, will provide a recap of the financial highlights for the second quarter of 2026.

The theme of today's webcast is Transformation, Near-Term Catalysts, and Sharp Strategic Focus.

As many of you who have followed this company may recall, this past January 2026 we completed a transformative transaction: the signing of a U.S. commercial out-license agreement with Future Pacific for Mytesi, the brand name of our FDA-approved tablet formulation of crofelemer for adults living with HIV/AIDS and diarrhea, and for the brand name Canalevia-CA1, our conditionally approved formulation of crofelemer for dogs with chemotherapy-induced diarrhea.

We made the strategic decision to out-license Mytesi to Future Pacific first because they had recently acquired Theratechnologies, an HIV-focused commercial company with more than four times the commercial effort of Jaguar in the U.S., including two other HIV-related and relevant products, and secondly to fulfill our strategic plan to bring in meaningful non-dilutive dollars to help fund our sharp development focus on our pivotal-stage program for our novel proprietary powder-for-oral-solution formulation of crofelemer.

So a different product of crofelemer—same active ingredient, different product, different formulation—for rare intestinal failure indications.

Rare meaning we have orphan drug designation for the intestinal failure indications in the United States and Europe.

We are now fully a rare disease GI company, with 100% of our human development efforts sharply and strategically focused on a rare disease program.

Our ultimate strategy continues to involve