10-Q · May 20, 2026
Jaguar Health, Inc. reported a significant improvement in Q1 2026, with revenue reaching $20.3 million, drastically up from $2.2 million in Q1 2025, largely due to new licensing agreements. The net income also turned…
Earnings analysis · 10-Q
JAGX earnings analysis
Filed August 19, 2026 · Our reading of the company's report
The latest report
Jaguar’s Q2 results reversed the exceptional first-quarter performance: revenue fell 58.9% year over year to $1.225 million and operating margin was approximately -620.2%, with no Woodward license revenue recognized in…
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Jaguar’s Q2 results reversed the exceptional first-quarter performance: revenue fell 58.9% year over year to $1.225 million and operating margin was approximately -620.2%, with no Woodward license revenue recognized in the quarter. EPS improved substantially year over year to $(15.70), and first-half operating cash flow turned positive at $3.492 million, but the company remains dependent on financing and reports substantial doubt about its ability to continue as a going concern. Debt reduction and the $19.0 million Woodward transaction improved the balance sheet, but revenue concentration, Nasdaq compliance, dilution, and near-term liquidity remain major risks.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-15.7
What stood out
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Q2 Revenue Reversed After Q1 License Gain
Q2 revenue was $1.225 million, down $1.754 million, or 58.9%, from $2.979 million in Q2 2025 and sharply below Q1 2026 revenue of $20.0 million. The sequential decline followed the recognition of the $19.0 million Woodward license revenue in the first half, with no Woodward license revenue recognized in Q2.
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Margins Contracted Materially
Gross margin fell to approximately 15.8% in Q2 2026 from approximately 65.2% in Q2 2025, based on revenue of $1.225 million and cost of product revenue of $1.031 million. Operating margin was approximately -620.2%, versus -268.8% in the prior-year quarter.
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EPS Loss Improved YoY, Worsened Sequentially
Diluted EPS improved to $(15.70) from $(358.94) year over year, although it deteriorated from $(13.60) in Q1 2026. Net loss attributable to common stockholders was $12.701 million in Q2 2026 versus $10.407 million in Q2 2025.
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First-Half Operating Results Improved
Six-month operating income was $2.585 million versus an operating loss of $17.428 million in the prior-year period, driven primarily by $19.0 million of Woodward license revenue. Six-month net loss improved to $4.079 million from $21.156 million.
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Operating Cash Flow Turned Positive
Operating cash flow was positive at $3.492 million for the six months ended June 30, 2026, versus negative $13.509 million in the prior-year period. No cash was used in investing activities in either period; the filing does not disclose a formal free-cash-flow measure.
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Debt Reduction Improved Capital Structure
Debt decreased to $15.559 million net of discount at June 30, 2026 from $42.523 million at December 31, 2025, primarily through $6.4 million of principal payments and exchanges of debt for equity instruments. Total stockholders’ equity improved to $4.921 million from a deficit of $18.688 million.
What to watch
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Going-Concern and Funding Risk
Management states that substantial doubt remains about the Company’s ability to continue as a going concern for the next 12 months. Cash was only $3.788 million at June 30, 2026, while accumulated deficit was $403.749 million and restricted cash of $2.802 million was unavailable for general corporate purposes.
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Nasdaq Listing Remains At Risk
The Company received a Nasdaq deficiency notice after its bid price remained below $1.00 for 30 consecutive business days, and its post-split publicly held shares were approximately 401,226 versus the 500,000-share requirement. Although compliance was regained on May 26, 2026, a mandatory panel monitor remains through May 26, 2027, creating continuing delisting risk.
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Financing and Dilution Risk
The June 9, 2026 ELOC permits issuance of up to the lesser of $40.0 million or 19.99% of outstanding shares, and the Company issued 253,995 shares plus pre-funded warrants for up to 620,557 shares as an $800,000 commitment fee. Additional financing could therefore create substantial dilution while the Company continues to report losses.
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Revenue Concentration and Volatility
Revenue concentration increased materially: approximately 88% of first-half 2026 revenue came from license revenue with Woodward, while Q2 2026 revenue was only $1.225 million after no Woodward license revenue was recognized in the quarter. The Company also states that future operations depend on successful commercialization and additional financing.
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Near-Term Secured Debt Obligations
The Streeterville secured note had a fair value of $7.726 million at June 30, 2026 and was extended to October 1, 2026; it is collateralized by restricted cash and other assets. The Company’s restricted cash was $2.802 million, and the note is a full-recourse obligation.
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Clinical Development Execution Risk
R&D spending shifted toward MVID and lyophilized crofelemer development: six-month CDD/MVID expense increased to $3.345 million from $1.570 million, while SBS-IF expense declined to $111,000 from $670,000. Clinical and regulatory outcomes remain uncertain, and management cannot determine the duration or completion costs of current or future development activities.
Management's outlook
No numeric revenue or EPS guidance was provided. Management expects continued losses and higher expenditures, and states that existing cash may not be sufficient to fund the operating plan in the next years.
Earlier filings 4
10-K · April 7, 2026
Jaguar Health (10-K for year ended 2025) remains a small, plant‑derived GI drug developer focused on crofelemer for rare and supportive‑care indications, with commercial products Mytesi (licensed) and newly launched…
10-Q · November 14, 2025
Jaguar Health's Q3 2025 results show a decline in revenue and a wider loss per share compared to the prior quarter. Revenue totaled $3.08 million, down from $3.11 million a year earlier, while EPS decreased to -$6.28…
10-K · March 31, 2025
Jaguar Health positions itself as a commercial-stage, plant-derived pharmaceuticals company centered on crofelemer (Mytesi) with development programs across cancer therapy–related diarrhea (OnTarget Phase 3), rare GI…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.