SAN FRANCISCO – Jaguar Health, Inc., a pharmaceutical company based in California, has amended its existing At the Market Offering Agreement by adding Lucid (NASDAQ:LCID) Capital Markets, LLC as a manager alongside Ladenburg Thalmann & Co. Inc. The amendment, effective as of Tuesday, will remain in place until September 30, 2024, unless further extended by mutual agreement.
The company, which operates under the ticker NASDAQ:JAGX, entered into this third amendment on July 17, 2024. The original agreement with Ladenburg dates back to December 10, 2021, and has since been amended in February and May 2024. This latest amendment sees Lucid joining as a manager for a specified term.
Under the terms of the amended agreement, Lucid will co-manage the offering with Ladenburg until the end of September. After this date, if no further amendments are made, Ladenburg will resume as the sole manager under the agreement.
This move allows Jaguar Health to potentially increase its capital through market offerings, leveraging the networks and expertise of both Ladenburg and Lucid. It is a strategic step for the company as it navigates the financial landscape of the pharmaceutical industry.
Investors should note that this report does not constitute an offer to sell or a solicitation of an offer to buy any securities, and any sales will be conducted in compliance with applicable state and jurisdictional securities laws.
This development is based on the company's SEC filing and reflects Jaguar Health's ongoing financial strategies.
In other recent news, Jaguar Health, Inc. has made several significant strides in its operations. The company reported a 20% year-over-year increase in net revenue for the first quarter of 2024, bringing total revenues to approximately $2.4 million. Jaguar Health also revealed plans to release the results of its phase 3 OnTarget clinical trial for the drug crofelemer by July 23, 2024, marking an important development in its cancer-supportive care portfolio.
In a strategic move to manage its financial liabilities, Jaguar Health has issued 455,000 shares of common stock, reducing its outstanding royalty balance by $1.85 million. This was achieved through an exchange agreement with a royalty interest holder, demonstrating the company's commitment to streamlining its capital structure.
Simultaneously, Jaguar Health has implemented a 1-for-60 reverse stock split, approved by a majority of voting power from common and Series J Perpetual Preferred stockholders. This decision is aimed at maintaining compliance with Nasdaq's listing standards and potentially attracting a broader range of investors.
Despite a decrease in prescription volume, Jaguar Health has managed to reduce its operational losses and overall net loss. These recent developments continue to shape the company's growth strategy, with a particular focus on plant-based pharmaceuticals and cancer-supportive care.
InvestingPro Insights
As Jaguar Health, Inc. (NASDAQ:JAGX) continues to refine its financial strategies, current and potential investors may find value in the latest data and analytics. According to InvestingPro, Jaguar Health's market capitalization stands at a modest $21.71 million, reflecting the size and scale of the company within the pharmaceutical industry. Despite efforts to increase capital, analysts do not expect the company to turn profitable this year, and it has not been profitable over the last twelve months. The revenue for the last twelve months as of Q1 2024 was reported at $10.14 million, with a notable gross profit margin of 79.07%. However, the company's operating income margin was deeply negative at -318.44% for the same period.
InvestingPro Tips for Jaguar Health highlight that the stock price has seen significant decline over various time frames, including the last year, three months, and five years. Moreover, the company does not pay a dividend, which may be a consideration for income-focused investors. For those looking to delve deeper into the company's financial health and stock performance, InvestingPro offers additional insights and tips, with a total of 7 additional tips available for Jaguar Health at https://www.investing.com/pro/JAGX. Furthermore, interested individuals can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, which includes comprehensive analysis and advanced metrics to guide investment decisions.
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