Jaguar Health Q1 2024 Financial Results

Jaguar Health, Inc. reported financial results for the first quarter of 2024, indicating a notable increase in revenue. The combined net revenue from prescription products Mytesi® and Canalevia®-CA1, along with non-prescription products, reached approximately $2.4 million. This marks a 20% increase from the $2.0 million reported in the first quarter of 2023 and a 4% rise from $2.3 million in the fourth quarter of 2023.

Lisa Conte, the CEO of Jaguar Health, emphasized the company's focus on their phase 3 OnTarget trial of crofelemer for preventing cancer therapy-related diarrhea, with results expected soon. In April 2024, Jaguar Health signed an exclusive five-year in-license agreement for Gelclair®, an FDA-approved oral mucositis product for the U.S. market, planning to launch it commercially in Q3 2024. Conte highlighted that Gelclair can be commercialized without incurring clinical development costs, expanding Jaguar's reach into cancer-related supportive care.

Jaguar Health is also supporting proof-of-concept studies for crofelemer in treating microvillus inclusion disease (MVID) and short bowel syndrome (SBS) with intestinal failure, with results anticipated in 2024. These studies could potentially allow early patient access to crofelemer in specific European countries, based on published clinical data.

For the first quarter of 2024, combined net revenue from Mytesi and Canalevia-CA1 was approximately $2.34 million, reflecting a 20% increase from the first quarter of 2023 and a 2% increase from the fourth quarter of 2023. However, Mytesi prescription volume saw a decrease of 7% compared to the fourth quarter of 2023, attributed to the annual reset of commercial and Medicare insurance deductibles. The prescription volume also slightly decreased by 2.5% compared to the first quarter of 2023.

Revenue from Neonorm™, a non-prescription product, remained minimal in both the first quarters of 2024 and 2023.

Key financial highlights for Jaguar Health in the first quarter of 2024 include a net product revenue of $2.351 million, a 20% increase from $1.972 million in the same period of 2023. Loss from operations decreased by 17%, from $9.845 million in the first quarter of 2023 to $8.215 million in the same period of 2024. The net loss attributable to common shareholders also decreased, from $12.202 million in the first quarter of 2023 to $9.226 million in the first quarter of 2024.

Total cost of product revenue rose by approximately $85,000, from $0.3 million in the first quarter of 2023 to $0.43 million in the first quarter of 2024. Research and development expenses decreased by $0.5 million, reflecting the winding down of activities related to the phase 3 OnTarget clinical trial. Sales and marketing expenses decreased by approximately $0.5 million, while general and administrative expenses saw a decrease of $0.4 million.

Jaguar Health's non-GAAP recurring EBITDA for the first quarters of 2024 and 2023 were net losses of $7.5 million and $9.0 million, respectively. The company also reported a decrease in interest expense by $1.6 million, from $2.2 million in the first quarter of 2023 to $0.6 million in the same period of 2024, primarily due to certain debt instruments being accounted for using the fair value option.

Jaguar Health continues to focus on developing novel prescription medicines derived from plants for both human and animal health, addressing conditions such as gastrointestinal distress and chronic debilitating diarrhea.