Jaguar Health's Q3 2025 Earnings Call: Contradictions Emerge on Animal Health Partnerships, Capital Raise Plans, and Revenue Growth

Date of Call: None provided

Financials Results

• Revenue: $3.1M, up ~4% vs Q2 2025 (~$3.0M); equal to Q3 2024 (~$3.1M)

Guidance:

• Two potential NDA filings targeted by end of 2026 (intestinal failure/MVID and supplemental NDA for cancer therapy–related diarrhea).
• Randomized withdrawal pivotal trial to be initiated early 2026 and completed by end of 2026.
• Seek Breakthrough designation (US) and PRIME (EU) next year for MVID pathway.
• Close animal health partnership in the near term to expand Canalevia indications and pursue EU approval.
• Pursue licensing/business development deals to generate nondilutive funding and maintain US availability of Canalevia.

Business Commentary:

* Revenue Increase: - Jaguar Health reported a combined net third quarter 2025 revenue of approximately $3.1 million for prescription and nonprescription products, increasing approximately 4% versus the net Q2 2025 revenue of approximately $3 million. - The increase was driven by various business development partnerships and a focus on key late-stage health products.

• Catalysts for Value Enhancement:
• The company highlighted that 2025 is a year of convergence of key clinical and regulatory catalysts, which are expected to be transformative for patients and stakeholders.

• These catalysts include orphan drug designations, clinical trial results, and expedited review pathways, leading to potential business development and licensing deals.

• Orphan Indications and Clinical Results:

• Crofelemer, in a distinct novel, highly concentrated liquid formulation, demonstrated a groundbreaking reduction of parenteral support of up to 37% in MVID patients and 12% in short bowel syndrome patients.

• These results, presented at NASPGHAN, are crucial for reducing toxicities associated with parenteral support and improving patient quality of life, with potential life-extending effects.

• Animal Health Business Expansion:

• Canalevia, Jaguar's prescription drug candidate for crofelemer, is FDA conditionally approved for chemotherapy-induced diarrhea in dogs, with ongoing negotiations to expand its U.S. indication and obtain EU approval for general diarrhea.
• The expansion aims to benefit animal health partners and reduce risk for late-stage drug development.
  

  Sentiment Analysis:

  Overall Tone: Positive

  • Management reported "combined net third quarter 2025 revenue of approximately $3.1 million, increased approximately 4% versus Q2 2025" and called 2025 "the year of convergence of key clinical and regulatory catalysts," stating they expect these catalysts to "lead to significant collaborations" and nondilutive funding.

Contradiction Point 1

Canalevia for Animal Health Partnerships

It involves the timeline and strategy for partnerships to commercialize Canalevia for Animal Health, impacting potential revenue streams and business development efforts.

N/A - Unknown

20251117-2025 Q3: We're in discussions with multiple potential animal health company partners... We're looking to close an animal health partnership in the very near future. - Lisa Conte(CEO)

How does the company plan to address current quarter challenges? - Unknown

2022Q4: The development of Canalevia-CA1 for exercise-induced diarrhea in dogs is under discussion with the FDA's Center of Veterinary Medicine. - Lisa Conte(CEO)

Contradiction Point 2

Financial Position and Capital Raise

It involves the company's financial position and plans for raising additional capital, which are critical for investor confidence and long-term growth.

N/A - Unknown

20251117-2025 Q3: Non-GAAP recurring EBITDA for the third quarters of 2025 and 2024 were a net loss of $8.9 million and $9.2 million respectively... Net loss attributable to common shareholders decreased by $352,000. - Carol Lizak(CFO)

Can you provide an update on the progress of the new product launch in the Asia-Pacific region? - Unknown

2022Q4: As of the filing date of Jaguar's annual report on Form 10-K for the year 2022, the company had cash of approximately $15.3 million. There is no current plan to raise additional capital. - Carol Lizak(CFO)

Contradiction Point 3

Revenue Growth and Comparison

It involves discrepancies in reported revenue growth percentages between two consecutive quarters, which are crucial for investors and stakeholders to gauge the company's financial performance.

What are the company's Q3 2025 revenue expectations and strategic focus? - Not explicitly stated

20251117-2025 Q3: Our combined net third-quarter 2025 revenue of approximately $3.1 million... increased approximately 4% versus the net Q2 2025 of approximately $3 million. - Lisa Conte(CEO)

Can you provide the key financial highlights for Q2 2025? - Not explicitly stated

2025Q2: The combined net second quarter 2025 revenue of approximately $3 million for prescription and nonprescription products, including license revenue, increased approximately 35% versus net Q1 2025, and it increased approximately 10% versus net Q2 2024. - Lisa Conte(CEO)

Contradiction Point 4

Business Development Strategy

It concerns the company's strategy for business development partnerships and the timing of potential collaborations, which are important for investor expectations and strategic planning.

What is the status of the CTD program and Canalevia for Animal Health? - Not explicitly stated

20251117-2025 Q3: We are in discussions with multiple potential animal health company partners to collaborate to bring Canalevia to regulatory approval and commercialization for general diarrhea globally... We're looking to close an animal health partnership in the very near future. - Lisa Conte(CEO)

Is 2025 the year of key clinical and regulatory catalysts for Jaguar that will deliver transformative value to stakeholders including patients and shareholders? - Not explicitly stated

2025Q2: 2025 continues to be the year of convergence of key clinical and regulatory catalysts for Jaguar... Simply put, with the recent achievement of these catalysts, our strategy is to seek, and we are seeking business development partnerships for licensed rights to the development and commercialization of Jaguar's Human and Animal Health products with the goal of generating nondilutive funding for Jaguar. - Lisa Conte(CEO)

Contradiction Point 5

Catalyst Expectations and Strategic Focus

It involves changes in expectations regarding the impact of key catalysts and the strategic focus of the company, which are critical for investor understanding of the business strategy and potential outcomes.

Not specified in the transcript. - Not specified in the transcript.

20251117-2025 Q3: 2025 continues to be the year of convergence of key clinical and regulatory catalysts for Jaguar... Simply put, with the recent achievement of these catalysts, our strategy continues to be to negotiate business development partnerships... for licensed rights to the development and commercialization of our Human and Animal late-stage health products with the goal of generating non-dilutive funding for Jaguar. - Lisa Conte(CEO)

Not specified in the transcript. - Not specified in the transcript.

2025Q1: This is the year of convergence of key catalysts for Jaguar, catalysts that we feel will be transformational in terms of the value they bring to all the stakeholders in the company. And this includes paradigm-shifting medicines and mechanisms of action to address patient supportive care, comfort, dignity, as well as disease progression modification, ability to stay on life-saving medicines and standard of care and more. - Lisa Conte(CEO)