Jaguar Animal Health (NASDAQ:JAGX) reported a sharp first-quarter revenue increase tied to a January licensing agreement with FuturePak, while management said the company is narrowing its strategic focus to developing crofelemer for rare intestinal failure indications.
Founder, President and Chief Executive Officer Lisa Conte told investors that Jaguar’s net revenue rose 816% in the first quarter of 2026 compared with the first quarter of 2025 and increased 527% from the fourth quarter of 2025. Conte described the quarter as shaped by “transformation and sharp strategic focus,” citing the company’s U.S. out-license agreement with FuturePak for Mytesi, its FDA-approved tablet formulation of crofelemer for adults with HIV/AIDS experiencing diarrhea, and Canalevia-CA1, its conditionally approved crofelemer formulation for dogs.
FuturePak deal drives revenue jump
Lizak said prescription product revenue in the quarter was approximately $1.2 million. About $174,000 came from Mytesi inventory sales during the first 11 days of the quarter, with most of the remaining prescription revenue coming from sales of Mytesi inventory to FuturePak later in the quarter.
Under the royalty-free license agreement entered in January, Lizak said all U.S. revenues from Mytesi and Canalevia-CA1 after Jan. 12, 2026, are directed to FuturePak. She said the move aligns with Jaguar’s focus on advancing its powder for oral solution formulation of crofelemer for rare disease indications related to intestinal failure in humans.
Conte said Jaguar received $16 million in non-dilutive funding upfront when the FuturePak deal closed, with $2 million due “shortly” upon completion of post-closing conditions. She also said Jaguar has received an additional $3 million under the deal terms, along with “ongoing meaningful dollars” from inventory purchases made at a profit to the company.
Company prioritizes intestinal failure program
Conte said the company’s development focus is now centered on a proprietary powder for oral solution formulation of crofelemer, distinct from the Mytesi tablet. The lead target indication is pediatric microvillus inclusion disease, or MVID, an ultra-rare intestinal failure disorder with no approved therapies.
Jaguar is pursuing a potential new drug application submission to the U.S. Food and Drug Administration in mid-2027 for crofelemer in MVID, Conte said. She added that short bowel syndrome with intestinal failure, or SBS-IF, represents a larger follow-on indication using the same oral liquid dosage form and physiological mechanism.
Conte described intestinal failure as a condition in which patients often require life-sustaining parenteral support, including total parenteral nutrition and supplemental intravenous fluids. She said parenteral support can be required up to seven days a week and sometimes for 20 hours a day or more, and can be associated with liver and kidney problems, metabolic complications, infections, cognitive impairment and growth impairment in children.
According to Conte, reducing parenteral support by even 10% to 15% can be clinically meaningful for patients. She said the cost of parenteral support is estimated at about $500,000 per year in the United States, and that complications can push healthcare system costs above $1 million per patient annually.
Clinical data and trial updates
Conte highlighted previously presented initial results from an independent proof-of-concept study of crofelemer in pediatric patients in the United Arab Emirates with intestinal failure due to MVID and SBS-IF. She said the results showed reductions in parenteral support ranging from 12% to 37%. In two pediatric intestinal failure patients who completed treatment, reductions ranged from 12.5% to 15.6%, while an MVID patient saw parenteral support needs reduced by up to 37%, she said.
Multiple patients in the UAE trial have now been treated for more than one year, and longer-term data are expected to be presented at the European Society for Paediatric Gastroenterology, Hepatology and Nutrition annual meeting in June 2026, Conte said. She also said data from an MVID infant treated under an FDA-authorized expanded access program will be presented at the same meeting.
Jaguar is also conducting a pivotal randomized, double-blind, placebo-controlled trial of the liquid formulation of crofelemer in pediatric patients with intestinal failure due to MVID. Conte said the trial is fully enrolled and that the first patient has entered a treatment-only extension phase. She said the company hopes to achieve breakthrough therapy designation from the FDA to accelerate the U.S. regulatory path.
For SBS-IF, Conte said Jaguar has a Phase 2 randomized, double-blind, placebo-controlled trial ongoing in adults at sites in Germany and Italy. She said the U.S. SBS-IF patient population is estimated at 12,500 patients.
Bottom-line results improve, but loss continues
Lizak said income from operations improved by $19.6 million, moving from a loss of $9.4 million in the first quarter of 2025 to income of $10.2 million in the first quarter of 2026. She attributed the improvement largely to license revenue recognized under the FuturePak agreement and lower operating expenses.
Non-GAAP recurring EBITDA was a loss of $6.4 million in the first quarter of 2026, compared with a loss of $9.7 million in the prior-year period. Net loss attributable to common shareholders narrowed to $7.1 million from $10.5 million a year earlier.
Lizak said interest expense increased to approximately $700,000 from $56,000 in the year-earlier quarter due to interest accrued on new notes. The company also recorded a $600,000 loss on extinguishment of debt during the quarter.
Conte said Jaguar is seeking a development and commercialization partner for the intestinal failure program, particularly to help fund final development and commercialization of crofelemer for MVID and SBS-IF outside the United States. She said the program remains the subject of business development discussions and that management views upcoming clinical and regulatory milestones as potentially transformative for both patients and the company.
About Jaguar Animal Health (NASDAQ:JAGX)
Jaguar Animal Health, Inc is a biopharmaceutical company focused on the development and commercialization of novel therapeutics for the gastrointestinal health of food-producing animals, with an emphasis on swine and poultry. The company’s research and development efforts target common enteric disorders such as post-weaning diarrhea in pigs and clostridial overgrowth in broiler chickens, aiming to provide effective alternatives to traditional antibiotic treatments.
Jaguar Animal Health was formed in early 2019 through the acquisition of the animal health business of Aratana Therapeutics by Actinium Animal Health, followed by a corporate rebranding.
