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

Abstract
Jaguar Health reported Q2/26 results broadly in line with our expectations. Operationally, the quarter reflected the transition to a more streamlined commercial model following the Future Pak licensing transaction, with product revenue of USD1.2m (Q2/25: USD2.9m) now representing cost plus Mytesi supply to Future Pak. Importantly, Mytesi bottle volumes increased significantly Y/Y while commercial costs were virtually eliminated, underscoring the strategic rationale of the transaction. Consequently, OpEx declined to USD8.8m (Q2/25: USD11.0m), narrowing the operating loss to USD7.6m (Q2/25: USD8.0m). More importantly, continued liability-management actions, including Series Q exchanges, the Series O conversion and Uptown/Streeterville debt-for-equity conversions materially strengthened the balance sheet, reducing notes payable from USD42.5m at YE/25 to USD15.6m at 30 June 2026 and turning shareholders’ equity from a USD18.7m deficit into positive equity of USD4.9m. Cash stood at USD3.8m at quarter-end, supplemented by USD2.8m of restricted cash and the subsequent receipt of the remaining USD2.0m Future Pak holdback payment. The October 2026 resumption of minimum royalty payments (USD 1.5m per month) and the USD6.6m secured note maturity remain the key near-term pressure point, although the USD40m ELOC provides a meaningful liquidity backstop. Management also reaffirmed completion of the MVID NDA clinical package by year-end 2026, supporting an end of Q2/27 NDA submission. Pending greater clarity on the outcome of balance sheet restructuring, our rating and price target remain under review.