Jaguar Health Inc 2025年季度报告

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period endedJune 30,2025OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fromtoCommission file number001-36714 JAGUAR HEALTH, INC. (Exact name of registrant as specified in its charter) 46-2956775(I.R.S. EmployerIdentification No.) Delaware (State or other jurisdiction ofincorporation or organization) 200 Pine Street, Suite 400San Francisco,California94104(Address of principal executive offices, zip code) (415)371-8300(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 ExchangeAct of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has beensubject 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 toRule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was requiredto 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 reportingcompany, 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 complyingwith 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: As of August 14, 2025, there were (i)2,174,841shares of voting common stock, par value $0.0001 per share, outstanding, and (ii)9shares ofnon-voting common stock, par value $0.0001 per share, outstanding. PART I. — FINANCIAL INFORMATIONItem 1. Condensed Consolidated Financial StatementsCondensed Consolidated Balance SheetsCondensed Consolidated Statements of OperationsCondensed Consolidated Statements of Comprehensive LossesCondensed Consolidated Statements of Changes in Convertible Preferred Stock and Stockholders’ EquityCondensed Consolidated Statements of Cash FlowsNotes to Condensed Consolidated Financial StatementsItem 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsItem 3. Quantitative and Qualitative Disclosures About Market RiskItem 4. Controls and ProceduresPART II. — OTHER INFORMATIONItem 1. Legal ProceedingsItem 1A. Risk FactorsItem 2. Unregistered Sales of Equity Securities and Use of ProceedsItem 3. Defaults Upon Senior SecuritiesItem 4. Mine Safety DisclosuresItem 5. Other InformationItem 6. ExhibitsSIGNATURE PART I. — FINANCIAL INFORMATION JAGUAR HEALTH, INC.CONDENSED CONSOLIDATED BALANCE SHEETS June 30,December 31,(In thousands, except share and per share data)20252024(unaudited)AssetsCurrent assets:Cash$2,207$8,002Accounts receivable, net1,1731,527Other receivable143120Inventory10,71910,345Prepaid expenses and other current assets13,66112,204Total current assets27,90332,198Property and equipment, net441464Operating lease - right-of-use asset1,138936Intangible assets, net17,54518,479Other assets1,2411,348Total assets$48,268$53,425 Current liabilities:Accounts payable$6,617$5,286Accrued liabilities3,6031,911Deferred revenue170170Operating lease liability, current256299Notes payable, net of discount (includes note designated at Fair Value Option amounting to $18.1million as ofJune 30, 2025, and $11.9million as of December 31, 2024, respectively)18,57212,038Total current liabilities29,21819,704Operating lease liability, net of current portion960686Deferred revenue, net of current portion468553Notes payable, net of discount, net of current portion (includes notes designated at Fair Value Option amounting to$10.7million as of June 30, 2025, and $21.7million as of December 31, 2024, respectively)10,74223,503Total liabilities41,38844,446 Stockholders' equitySeries G convertible preferred stock: $0.0001par value;137shares designated from10,000,000preferred stock JAGUAR HEALTH, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) JAGUAR HEALTH, INC.CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSSES (Unaudited) Three Months EndedSix Months EndedJune 30,June 30,(In thousands, except share and per share data)2025202420252024Net loss$(10,560)$(9,628)$(21