Jaguar Health, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, showing notable changes in revenue, expenses, and overall financial health compared to the previous fiscal period.

For the third quarter of 2024, total revenue reached $3.1 million, a 10.5% increase from $2.8 million in Q3 2023. Product revenue specifically rose to $3.1 million from $2.8 million, driven primarily by sales of Mytesi, which accounted for the majority of revenue. For the nine months ended September 30, 2024, total revenue was $8.2 million, up 9.6% from $7.5 million in the same period last year. This increase was attributed to a new revenue stream from license agreements, which generated $85,000 in 2024.

Operating expenses for Q3 2024 decreased to $10.4 million from $11.6 million in Q3 2023, reflecting a 10.6% reduction. This decline was primarily due to lower research and development costs, which fell from $6.1 million to $4.0 million. For the nine-month period, total operating expenses decreased by 9.8% to $30.9 million from $34.2 million in 2023. The loss from operations improved to $(7.3 million) in Q3 2024, compared to $(8.8 million) in Q3 2023, and the net loss for the quarter was $(10.0 million), up from $(7.9 million) in the prior year.

The company’s total assets increased to $58.5 million as of September 30, 2024, from $50.8 million at the end of 2023, while total liabilities decreased to $42.9 million from $45.9 million. Notably, cash reserves improved significantly, rising to $13.3 million from $6.5 million at the end of 2023. The total stockholders' equity also saw a substantial increase, reaching $13.1 million compared to $4.9 million at the end of 2023.

Strategically, Jaguar Health has been active in expanding its product offerings and market reach. The company entered a license agreement with Gen Ilac Ve Saglik Urunleri Sanayi Ve Ticaret, A.S. for the commercialization of Crofelemer in Eastern Europe, which is expected to enhance revenue streams. Additionally, the company has focused on reducing costs and improving operational efficiency, as evidenced by the decrease in R&D expenses and overall operating costs.

Despite these improvements, Jaguar Health continues to face challenges, including a significant accumulated deficit of $336.6 million and ongoing liquidity concerns. The company plans to finance its operations through equity and debt financing, collaboration arrangements, and product sales, while also monitoring its capital resources closely.