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SAN FRANCISCO - Jaguar Health, Inc. (NASDAQ:JAGX), whose stock is currently trading near its 52-week low of $2.61, announced Tuesday that it has extended the maturity date for approximately $2.57 million in convertible promissory notes from June 30, 2025 to January 30, 2026. According to InvestingPro data, the company operates with a significant debt burden, with a debt-to-equity ratio of 21.5x.
The notes were originally issued as part of a $3.448 million bridge financing that closed on March 31, 2025. Prior to the extension, five investors converted $0.866 million, including accrued interest, of the original bridge financing into equity in the company. The company’s financial health metrics from InvestingPro indicate challenges, with an EBITDA of -$30.16 million in the last twelve months and a concerning cash burn rate.
Lisa Conte, Jaguar’s Founder and CEO, stated that participants in the bridge financing who agreed to the extension are "committed to helping provide the resources needed" to support the company’s development programs for crofelemer, its plant-based prescription medicine.
The company is focusing on three core development areas for crofelemer: an intestinal failure program for orphan diseases, treatment of cancer therapy-related diarrhea in metastatic breast cancer patients, and expanding access for Canalevia (crofelemer delayed-release tablets) in dogs.
Jaguar Health is a commercial stage pharmaceutical company that develops prescription medicines derived from plants for people and animals with gastrointestinal distress. Its FDA-approved product Mytesi is used for symptomatic relief of noninfectious diarrhea in adults with HIV/AIDS on antiretroviral therapy.
Details of the extension terms are available in the Form 8-K filed by the company on Tuesday, according to the press release statement.
In other recent news, Jaguar Health reported a decrease in net revenue for Q1 2025, totaling $2.2 million, a 6% drop from the previous year. The company’s financial challenges are compounded by a significant increase in operational losses, which rose to $9.4 million. Jaguar Health is actively pursuing FDA orphan drug designation for crofelemer, targeting cancer therapy-related diarrhea in metastatic breast cancer patients. This move follows a productive meeting with the FDA, where significant results from a Phase 3 trial were discussed. Additionally, Jaguar Health announced a $1.5 million direct offering, with proceeds intended for general corporate purposes, including growth and operational expenses. The company has also reached 25% enrollment in its Phase 2 study for pediatric microvillus inclusion disease (MVID) and is progressing with trials for short bowel syndrome. Jaguar Health’s strategic focus remains on advancing its pipeline of treatments for rare diseases, with ongoing trials and potential regulatory approvals on the horizon.
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