Jaguar Health, Inc.

Total net revenue for prescription products, nonprescription products, and license revenue was approximately $3.2 million in Q4 2025, versus approximately $3.1 million in Q3 2025 and approximately $3.5 million in Q4 2024. Full-year 2025 total net revenue was $11.5 million, of which approximately $11.2 million came from Mytesi and Canalevia-CA1 sales. Loss from operations was $45.9 million in 2025, compared with $30.8 million in 2024. Non-GAAP Recurring EBITDA was a net loss of $48.1 million in 2025 versus $35.9 million in 2024. Net loss attributable to common shareholders was $53.6 million in 2025 versus $38.5 million in 2024. Management did not provide next-quarter revenue or earnings guidance; instead, it pointed to continued clinical proof-of-concept milestones, business-development discussions, and a goal of securing non-dilutive funding from licensing partners through 2026 and into 2027.

Lisa Conte framed 2026 as a business-development year and repeatedly emphasized a strategic pivot toward rare-disease intestinal failure programs. She called the Future Pak deal transformative because it brings non-dilutive capital and lets Jaguar keep manufacturing crofelemer while focusing development on MVID and short bowel syndrome, where she sees a large unmet need and potential for disease-progression modification. Her tone was upbeat and confident, with repeated references to “blockbuster” opportunity, near-term catalysts, and the possibility of partnering and regulatory acceleration.

Carol Lizak focused on the financial recap and the mechanics of the Future Pak transaction. She reported Q4 2025 revenue of about $3.2 million, down about 8% year over year, and full-year operating loss of $45.9 million, net loss attributable to common shareholders of $53.6 million, and Non-GAAP Recurring EBITDA net loss of $48.1 million. She also noted that Future Pak has already paid $16 million of the upfront license fee and a $3 million payment, and that Jaguar will now earn manufacturing revenue by supplying product at a premium price while Future Pak handles U.S. commercialization.

There was no analyst Q&A segment in the transcript, so there were no management responses to external questions or pushback. The closest thing to Q&A was management’s own discussion of the rationale for the Future Pak deal, the decision to end the buy-back provision, and how the company expects the partnership to support rare-disease development. Management also addressed regulatory strategy, saying it expects to pursue FDA breakthrough designation and potentially EMA PRIME, and that the MVID NDA target is first half of 2027.