First Berlin Equity Research has published a research update on Jaguar Health, Inc. (ISIN: US47010C8055). Analyst Christian Orquera changed his rating and price target to UNDER REVIEW.

Abstract
Jaguar has taken further steps to restructure its balance sheet following the initial clean-up in January, including the introduction of a special Series O preferred stock dividend, amendments to existing debt agreements, and shareholder proposals enabling additional equity issuance and potential reverse stock splits. These measures aim to simplify the balance sheet, reduce near-term cash outflows and address legacy royalty-linked liabilities, but also collectively increase dilution risk. Most recently, the company restored Nasdaq compliance through a reverse stock split, executed additional Series Q preferred-to-common exchanges with Streeterville, completed the conversion of the Series O preferred into common equity on 25 June 2026, crystallising the associated dilution, and established a USD 40m Equity Line of Credit (ELOC) with C/M Capital alongside a USD 2m Series P preferred placement. While the ELOC materially reduces near-term liquidity risk and provides a meaningful financing backstop, it is structurally dilutive and the USD 1.10 floor does not cap aggregate dilution if drawn repeatedly. Despite recent progress, total notes payable stood at ~USD 33.1m as of 31 March 2026 (~USD 22.1m current), representing a significant burden relative to the company’s liquidity and ongoing cash burn. Against this backdrop, we place our rating and price target ?Under Review?. Positively, recent FDA feedback and the ESPGHAN data presented on 27 June have materially strengthened the clinical and regulatory case for crofelemer in MVID, with body weight-normalised parenteral support reductions of up to ~48%, durable efficacy beyond 12 months and a favourable safety profile. Management plans to submit a Breakthrough Therapy Designation application in Q4 2026, further supporting our view of MVID as Jaguar’s principal near-term value driver.