Jaguar Health Reports $39.25 Million Net Loss and 19.8% Revenue Increase for 2024

Jaguar Health, Inc. (JAGX) reported a net loss of $39.25 million for the year ended December 31, 2024, compared to a net loss of $41.9 million in 2023. Total revenue increased by 19.8% to $11.69 million, driven by an 18.4% rise in net product revenue to $11.56 million and the addition of $129,000 in license revenue. The increase in net product revenue resulted from higher Mytesi and Canalevia-CA1 prices, the launch of Gelclair, and operational efficiencies that reduced sales discounts and returns. However, Medicaid rebates and sales discounts partially offset these gains.

Research and development expenses decreased by 11% to $16.54 million due to the completion of the OnTarget Phase 3 clinical trial. Sales and marketing expenses increased by 19.1% to $7.69 million, primarily due to increased headcount and marketing efforts for Gelclair, which launched in October 2024 and generated $49,000 in revenue during the year. General and administrative expenses decreased slightly by 1.5% to $16.33 million. The company's cash balance was $8.0 million as of December 31, 2024.

Significant developments during the year included the launch of Gelclair, an oral mucositis treatment, following an exclusive licensing agreement with Venture Life Group PLC. The company also presented statistically significant positive results from a subgroup analysis of breast cancer patients in the OnTarget trial at the San Antonio Breast Cancer Symposium in December 2024. Further, Jaguar is continuing development of crofelemer for various indications, including cancer therapy-related diarrhea, irritable bowel syndrome, and rare diseases such as short bowel syndrome and microvillus inclusion disease. The company is also developing NP-300, a second-generation antidiarrheal drug.

Jaguar's outlook remains focused on the commercialization of Mytesi, Gelclair, and Canalevia-CA1, along with the continued development of its pipeline. The company acknowledges substantial doubt about its ability to continue as a going concern due to its accumulated deficit and projected future losses, emphasizing the need for additional funding to support its operations and development plans. The company is actively pursuing various financing strategies to address this concern. The company also notes several risk factors, including competition, regulatory uncertainties, and dependence on key personnel and suppliers.