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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from             to

Commission file number 001-36714

JAGUAR HEALTH, INC.

(Exact name of registrant as specified in its charter)

Delaware

46-2956775

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

200 Pine Street, Suite 400

San Francisco, California 94104

(Address of principal executive offices, zip code)

(415371-8300

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer 

Accelerated filer 

Non-accelerated filer 

Smaller reporting company 

Emerging growth company 

If an emerging growth company, indicate by a check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:

 

Trading Symbol(s)

 

Name of each exchange on which registered:

Common stock, Par Value $0.0001 Per Share

 

JAGX

 

The NASDAQ Capital Market

As of May 14, 2024, there were (i) 293,353,560 shares of voting common stock, par value $0.0001 per share, outstanding, and (ii) 2,120,786 shares of non-voting common stock, par value $0.0001 per share, outstanding (convertible into nine shares of voting common stock).

Page
No.

PART I. — FINANCIAL INFORMATION

1

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

6

Notes to Condensed Consolidated Financial Statements

8

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

52

Item 3. Quantitative and Qualitative Disclosures About Market Risk

63

Item 4. Controls and Procedures

63

PART II. — OTHER INFORMATION

64

Item 1. Legal Proceedings

64

Item 1A. Risk Factors

64

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

64

Item 3. Defaults Upon Senior Securities

65

Item 4. Mine Safety Disclosures

65

Item 5. Other Information

65

Item 6. Exhibits

66

SIGNATURE

67

PART I. — FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

JAGUAR HEALTH, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

March 31,

December 31,

(In thousands, except share and per share data)

    

2024

    

2023

(unaudited)

Assets

Current assets:

Cash

$

11,671

$

6,469

Accounts receivable, net

1,512

1,967

Other receivable

202

217

Inventory

9,020

9,189

Prepaid expenses and other current assets

11,309

10,121

Total current assets

 

33,714

 

27,963

Property and equipment, net

484

496

Operating lease - right-of-use asset

1,289

1,176

Intangible assets, net

19,627

20,116

Other assets

 

275

 

1,012

Total assets

$

55,389

$

50,763

Liabilities, Redeemable Preferred stock and Stockholders' equity

Current liabilities:

Accounts payable

$

3,320

$

4,974

Accrued liabilities

3,461

3,798

Deferred revenue

170

Operating lease liability, current

469

348

Notes payable, net of discount (includes note designated at Fair Value Option amounting to $10.2 million as of March 31, 2024 and $0 December 31, 2023, respectively)

 

10,394

 

4,867

Total current liabilities

 

17,814

 

13,987

Operating lease liability, net of current portion

873

886

Deferred revenue - long term

680

Notes payable, net of discount, net of current portion (includes notes designated at Fair Value Option amounting to $21.7 million as of March 31, 2024 and $31.0 million December 31, 2023, respectively)

21,719

30,993

Total liabilities

41,086

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 March 31, 2024 and December 31, 2023; 99 and 0 shares issued and outstanding at March 31, 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 preferred stock authorized at March 31, 2024 and December 31, 2023; 0 and 122 shares issued and outstanding at March 31, 2024 and December 31, 2023

Series H convertible preferred stock: $0.0001 par value; 105 and 105 shares designated from 10,000,000 preferred stock authorized at March 31, 2024 and December 31, 2023; zero shares issued and outstanding at March 31, 2024 and December 31, 2023

Series I convertible preferred stock: $0.0001 par value; 118 and 118 shares designated from 10,000,000 preferred stock authorized at March 31, 2024 and December 31, 2023; 0 and 56 shares issued and outstanding at March 31, 2024 and December 31, 2023

Common stock - voting: $0.0001 par value, 298,000,000 shares authorized at March 31, 2024 and December 31, 2023; 273,479,471 and 73,413,248 issued and outstanding at March 31, 2024 and December 31, 2023

 

27

 

7

Common stock - non-voting: $0.0001 par value, 50,000,000 shares authorized at March 31, 2024 and December 31, 2023; 9 shares issued and outstanding at March 31, 2024 and December 31, 2023

Additional paid-in capital

 

329,647

 

313,854

Noncontrolling interest

(180)

(64)

Accumulated deficit

 

(317,215)

 

(308,248)

Accumulated other comprehensive loss

(461)

(652)

Total stockholders' equity

11,818

4,897

Total liabilities, redeemable preferred stock and stockholders' equity

$

55,389

$

50,763

See accompanying notes to these unaudited condensed consolidated financial statements.

1

JAGUAR HEALTH, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months Ended

March 31,

(In thousands, except share and per share data)

2024

    

2023

Product revenue, net

$

2,351

$

1,972

Operating expenses

Cost of product revenue

430

345

Research and development

 

4,312

 

4,775

Sales and marketing

1,443

1,884

General and administrative

4,381

4,813

Total operating expenses

 

10,566

 

11,817

Loss from operations

 

(8,215)

 

(9,845)

Interest expense

 

(611)

 

(2,181)

Change in fair value of freestanding and hybrid financial instruments designated at Fair Value Option

(2,021)

(359)

Gain on extinguishment of debt

1,245

Other income (expense)

234

(12)

Loss before income tax

(9,368)

(12,397)

Income tax expense

Net loss

(9,368)

(12,397)

Net loss attributable to noncontrolling interest

$

(142)

$

(195)

Net loss attributable to common stockholders

$

(9,226)

$

(12,202)

Net loss per share, basic

$

(0.06)

$

(2.39)

Net loss per share, diluted

$

(0.06)

$

(2.39)

Weighted-average common stock outstanding, basic

 

158,842,297

5,109,609

Weighted-average common stock outstanding, diluted

158,842,297

5,109,609

See accompanying notes to these unaudited condensed consolidated financial statements.

2

JAGUAR HEALTH, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSSES

(Unaudited)

Three Months Ended

March 31,

(In thousands, except share and per share data)

2024

    

2023

Net loss

$

(9,368)

$

(12,397)

Other comprehensive gains (loss)

217

(232)

Net comprehensive loss

$

(9,151)

$

(12,629)

Common stockholders:

Net loss attributable to common stockholders

$

(9,226)

$

(12,202)

Other comprehensive loss attributable to common stockholders

Translation adjustments

191

(204)

Net comprehensive loss attributable to common stockholders

$

(9,035)

$

(12,406)

Non-controlling interests:

Net loss attributable to non-controlling interests

$

(142)

$

(195)

Other comprehensive loss attributable to non-controlling interests

Translation adjustments

26

(28)

Net comprehensive loss attributable to non-controlling interests

$

(116)

$

(223)

See accompanying notes to these unaudited condensed consolidated financial statements.

3

JAGUAR HEALTH, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES

IN CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY

(Unaudited)

 

Redeemable preferred stock

Series G
Convertible
preferred stock

Series I
Convertible
preferred stock

Common 
Stock - voting

Common 
Stock - non-voting

Additional 

Noncontrolling

Accumulated

Accumulated
other comprehensive

Total
Stockholders'

(In thousands, except share data)

    

Shares

    

Amount

    

Shares

    

Amount

    

Shares

    

Amount

    

Shares

    

Amount

    

Shares

    

Amount

    

paid-in capital

    

interest

    

deficit

    

loss

    

Equity

Balances as of January 1, 2024

$

122

$

56

$

73,413,248

$

7

9

$

$

313,854

$

(64)

$

(308,248)

$

(652)

$

4,897

Common shares issued in At The Market offering, net of issuance and offering cost of $42

130,894,636

13

11,327

11,340

Preferred shares issued to Streeterville in exchange of notes payable and accrued interest

179

4,485

Common shares issued from conversion of warrants

18,837,500

2

(2)

Common shares issued to Streeterville from exchange of Series J Preferred Stock

(80)

(2,000)

18,333,333

2

1,738

259

1,999

Common shares issued to third party in exchange of license agreement

16,666,666

2

1,148

1,150

Common shares issued to Iliad in exchange of notes payable and accrued interest

8,000,000

1

835

836

Common shares issued from conversion of Series G Preferred Stock

(122)

3,050,000

Common shares issued to Iliad from conversion of Series I Preferred Stock

(56)

2,696,456

Common shares issued to Streeterville in exchange of notes payable and accrued interest

1,587,632

166

166

Stock-based compensation

581

581

Net loss

(142)

(9,226)

(9,368)

Translation gain

26

191

217

Balances as of March 31, 2024

99

$

2,485

$

$

273,479,471

$

27

9

$

$

329,647

$

(180)

$

(317,215)

$

(461)

$

11,818

See accompanying notes to these unaudited condensed consolidated financial statements.

4

JAGUAR HEALTH, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES

IN CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY

(Unaudited)

 

Redeemable preferred stock

Series G
Convertible
preferred stock

Series I
Convertible
preferred stock

Common 
Stock - voting

Common 
Stock - non-voting

Additional 

Noncontrolling

Accumulated

Accumulated
other comprehensive

Total
Stockholders'

(In thousands, except share data)

    

Shares

Amount

Shares

    

Amount

Shares

    

Amount

Shares

Amount

Shares

Amount

paid-in capital

interest

deficit

loss

Equity

Balances as of January 1, 2023

$

$

$

2,182,084

$

9

$

$

266,971

$

(699)

$

(266,948)

$

(680)

$

(1,356)

Common stock issued in At the Market offering, net of issuance and offering costs of $30

10,463,983

1

17,864

17,865

Common stock issued to Iliad in exchange of notes payable and accrued interest

1,370,005

1,275

1,275

Common stock issued to Irving in exchange of notes payable and accrued interest

150,000

627

627

Common stock issued to third party for services

9,669

166

166

Additional investments from non-controlling interests

1,232

1,232

Stock-based compensation

480

480

Net loss

(195)

(12,202)

(12,397)

Translation loss

(28)

(204)

(232)

Balances as of March 31, 2023

$

$

$

14,175,741

$

1

9

$

$

287,383

$

310

$

(279,150)

$

(884)

$

7,660

See accompanying notes to these unaudited condensed consolidated financial statements.

5

JAGUAR HEALTH, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Three Months Ended

March 31,

(in thousands)

    

2024

    

2023

Cash flows from operating activities

Net comprehensive loss

$

(9,151)

$

(12,629)

Adjustments to reconcile net loss and comprehensive loss to net cash used in operating activities:

Change in fair value of freestanding and hybrid financial instruments designated at Fair Value Option

2,021

359

Stock-based compensation, vested and released restricted stock units and exercised stock options

 

581

 

480

Depreciation and amortization expenses

 

501

 

504

Amortization of debt issuance costs, debt discount, and non-cash interest expense

274

1,276

Amortization of operating lease - right-of-use-asset

109

47

Share in joint venture's loss

16

31

Gain on extinguishment of debt

(1,245)

Shares issued in exchange for services

166

Changes in assets and liabilities

 

 

Accounts receivable

455

892

Other receivable

10

138

Inventory

 

169

 

(1,660)

Prepaid expenses and other current assets

 

(1,136)

 

(160)

Other assets

735

(18)

Accounts payable

(1,660)

(134)

Accrued liabilities

 

531

 

816

Deferred revenue

850

Operating lease liability

(107)

(53)

Total cash used in operating activities

 

(7,047)

 

(9,945)

Cash flows from financing activities

 

 

Proceeds from issuance of shares in At the Market offering, net of issuance and offering costs of $42 and $30 in 2024 and 2023, respectively

11,340

17,865

Proceeds from issuance of common shares in exchange of License Agreement

1,150

Investment from non-controlling interest

1,232

Payment of Tempesta Note

(50)

(50)

Repayment of insurance financing

(172)

(236)

Total cash provided by financing activities