Jaguar Health (JAGX) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue reached $2.72 million, up 16% sequentially and 2% year-over-year, driven by both prescription and non-prescription products.

• Mytesi prescription volume rose 5.2% sequentially but declined 0.4% year-over-year.

• Net loss attributable to shareholders narrowed to $9.5 million in Q2 2024 from $12.1 million year-over-year; net loss for H1 2024 was $19.0 million, a 23% improvement from $24.7 million in the prior year period.

• The company is preparing for an October 2024 commercial launch of Gelclair, an FDA-approved product for oral mucositis.

• The pivotal Phase 3 OnTarget trial for crofelemer in cancer therapy-related diarrhea did not meet its primary endpoint but showed signals in breast and lung cancer subgroups.

Financial highlights

• Q2 2024 revenue: $2.72 million, up from $2.35 million in Q1 2024 and $2.67 million in Q2 2023; H1 2024 product revenue was $5.1 million, up 9% year-over-year.

• Mytesi net revenue was $2.64 million in Q2 2024, up 15% sequentially and 1% year-over-year.

• Loss from operations improved to $7.2 million in Q2 2024 from $8.1 million in Q2 2023.

• Non-GAAP recurring EBITDA loss was $8.8 million in Q2 2024 versus $7.7 million in Q2 2023.

• Net loss per share improved to $(4.04) from $(41.35) year-over-year.

Outlook and guidance

• Commercial launch of Gelclair in the U.S. planned for October 2024, targeting oral mucositis in cancer patients.

• Ongoing analysis of OnTarget Phase 3 trial data for crofelemer in cancer therapy-related diarrhea, with further regulatory engagement planned.

• Proof-of-concept results for crofelemer in rare diseases (MVID, SBS) expected by late 2024 and early 2025.