Here are 1-3 brief analogies for Jaguar Health (JAGX):

• Think of it as a Zoetis for gut health medicines, with a dual focus on both animal and human treatments.
• It's a small biotech focused on developing breakthrough treatments for digestive diseases, akin to an aspiring Vertex Pharmaceuticals for gut conditions.
• Imagine a smaller, pre-breakthrough Moderna, but dedicated to gastrointestinal therapies rather than mRNA vaccines.

• Mytesi (crofelemer): A prescription drug approved for the symptomatic relief of noninfectious diarrhea in adults with HIV/AIDS on antiretroviral therapy.
• Canalevia-CA1 (crofelemer): A conditionally approved oral prescription drug for the treatment of chemotherapy-induced diarrhea in dogs.

• McKesson Corporation (NYSE: MCK)
• Cardinal Health, Inc. (NYSE: CAH)
• AmerisourceBergen Corporation (NYSE: ABC)

Lisa Conte, President, Chief Executive Officer, and Member of the Board of Directors

Lisa Conte has a strong background in the pharmaceutical industry, having served as President, Chief Executive Officer, and Member of the Board of Directors at Jaguar Health since 2014. She was also the Interim Chief Executive Officer and Director at Napo Pharmaceuticals, Inc. starting in 2001. Notably, Ms. Conte founded Shaman Pharmaceuticals, Inc. in 1989, where she was President and CEO until 2001. In July 2017, Napo Pharmaceuticals merged with Jaguar Animal Health (both founded by Ms. Conte) to form Jaguar Health. She has over 30 years of experience pioneering plant-based prescription medicine investigation and development.

Carol Lizak, Chief Financial Officer

Carol Lizak was promoted to Chief Financial Officer of Jaguar Health in April 2021, having joined the company in May 2019 as Senior Vice President of Finance and Chief Accounting Officer. She possesses over 20 years of experience in corporate controllership and financial planning & analysis under U.S. GAAP & IFRS. Prior to her tenure at Jaguar Health, Ms. Lizak held positions as senior director and corporate controller of Zosano Pharma Corporation, controller of Quantum Secure, Inc., and executive director, corporate controller of Alexza Pharmaceuticals, Inc. She also spent nine years as corporate controller of a subsidiary of HID Global Corporation.

Ian H. Wendt, Chief Commercial Officer

Ian H. Wendt has over three decades of experience in the biotechnology and pharmaceutical sectors. Before joining Jaguar Health, he held various field leadership and marketing roles at Gilead Sciences, focusing on HIV and hepatitis C therapeutic areas. His responsibilities at Gilead included leading strategy and tactical development for a national team and efforts to increase hepatitis C virus screening. Prior to Gilead, Mr. Wendt worked at Boehringer Ingelheim, where he led HIV and oncology sales teams, and at Roxane Laboratories, where he headed commercial operations.

Pravin Chaturvedi, Chief Scientific Officer & Chair of Scientific Advisory Board

Pravin Chaturvedi serves as the Chief Scientific Officer and Chair of the Scientific Advisory Board at Jaguar Health. He has been in a chief technical, scientific, or R&D officer role since January 2022.

Jonathan Wolin, Chief of Staff, Chief Compliance Officer & General Counsel

Jonathan Wolin holds the titles of Chief of Staff, Chief Compliance Officer, and General Counsel at Jaguar Health. He has been the Compliance Officer and General Counsel since January 2018, and Human Resources Officer since April 2019.

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Jaguar Health (JAGX) focuses on developing and commercializing plant-based prescription and non-prescription products for both human and animal gastrointestinal distress. The addressable markets for their main products and services are as follows:

• Mytesi (crofelemer) for HIV-related diarrhea: The estimated potential market in the U.S. is approximately $100 million in gross annual sales.
• Crofelemer for Chemotherapy-Induced Diarrhea (CID) in humans: Market size information for Mytesi for CID is available for seven major markets, including the United States, EU4 (Germany, France, Italy, and Spain), the United Kingdom, and Japan. Specific aggregated market values for these regions were not provided in the search results.
• Canalevia-CA1 (crofelemer) for Chemotherapy-Induced Diarrhea (CID) in dogs: In the U.S., between 600,000 and 1.5 million dogs receive chemotherapy annually, with 40% potentially experiencing diarrhea. The FDA estimates that fewer than 70,000 dogs in the U.S. suffer from CID annually, which qualifies it as a minor use in a major species. More recently, the "small number" threshold for CID in dogs for Minor Use in a Major Species (MUMS) designation in the U.S. is stated as 80,000.
• Canalevia (crofelemer) for general non-infectious diarrhea in dogs: Approximately 11 million dogs in the U.S. suffer from general diarrhea annually. U.S. veterinarians see about six million annual cases of acute and chronic diarrhea in dogs. The European market for dogs is estimated at approximately 140 million.
• Crofelemer for Short Bowel Syndrome with Intestinal Failure (SBS-IF) and Microvillus Inclusion Disease (MVID): SBS affects an estimated 10,000 to 20,000 people in the U.S., with a similar population size in Europe.
• Equilevia (equine gut health product): The global equine healthcare market size was estimated at USD 3.22 billion in 2024 and is projected to reach USD 6.41 billion by 2033, with a compound annual growth rate (CAGR) of 8.20% from 2025 to 2033. Another estimate places the global equine health market at USD 2.08 billion in 2024, growing to USD 3.53 billion by 2032 with a CAGR of 6.9% during the forecast period. The pharmaceuticals segment constituted the largest share of the equine healthcare market in 2024.
• Gelclair (oral mucositis): No specific addressable market size for oral mucositis or Gelclair was identified in the provided search results.

Jaguar Health (JAGX) is positioned for future revenue growth over the next 2-3 years, driven by several strategic initiatives and pipeline advancements centered around its key compound, crofelemer. The expected drivers include expansion into new therapeutic indications for crofelemer in human health, growth and expanded indications in animal health, penetration of European markets, and increased sales of its currently approved human drug through strategic partnerships.

1. Expansion of Crofelemer (Mytesi) Indications in Human Health: A significant driver of future revenue growth for Jaguar Health is the ongoing development and anticipated regulatory approvals for new indications for crofelemer. The company is actively pursuing the expansion of Mytesi for chemotherapy-related diarrhea (CTD), particularly in metastatic breast cancer patients, with potential market availability projected by 2026. Additionally, crofelemer is in advanced stages for the ultra-rare diseases Microvillus Inclusion Disease (MVID) and Short Bowel Syndrome with Intestinal Failure (SBS-IF). Initial proof-of-concept data has shown promising results in reducing the need for parenteral nutrition in these patient populations, and Jaguar Health aims for expedited FDA approval for MVID by 2026, with SBS-IF approval expected to follow.
2. Growth and Expanded Indications for Canalevia-CA1 in Animal Health: Jaguar Health's animal health segment, under the Jaguar Animal Health tradename, is expected to contribute to revenue growth. Canalevia-CA1 (crofelemer) received conditional approval in December 2021 for chemotherapy-induced diarrhea in dogs, and the company continues its launch, education, and promotional activities. Furthermore, discussions are underway to expand Canalevia-CA1's indication to treat general diarrhea in dogs, which would significantly broaden its market potential.
3. European Market Penetration for Crofelemer via Napo Therapeutics: The establishment of Napo Therapeutics in Milan, Italy, in 2021 signals Jaguar Health's strategy to expand crofelemer access in Europe. This subsidiary is focused on bringing crofelemer to European markets, specifically for orphan and rare diseases such as MVID and SBS-IF, with proof-of-concept study results anticipated throughout 2025 and planned Phase 2 trials. Successful market entry and adoption in Europe would represent a new geographical revenue stream.
4. Increased Sales of Existing Mytesi Indication and Strategic Partnerships: Continued growth in sales of Mytesi for its currently approved indication—symptomatic relief of noninfectious diarrhea in adults with HIV/AIDS on antiretroviral therapy—remains a foundational revenue driver. Jaguar Health has engaged in co-promotion agreements to extend the reach of Mytesi into the gastrointestinal medical community. Moreover, the company is actively seeking corporate partnerships and business development deals to secure non-dilutive funding and broaden market access for its products, particularly in the rare disease space, which can accelerate overall revenue growth by facilitating wider commercialization.

Share Issuance

• In April 2025, Jaguar Health completed a private placement, securing approximately $3.448 million through the issuance of convertible promissory notes and unregistered warrants.
• In May 2025, the company announced a registered direct offering and concurrent private placement expected to raise approximately $1.5 million from the sale of 246,306 shares of common stock and the issuance of unregistered warrants for up to 492,612 additional shares.
• Jaguar Health has utilized an At-the-Market (ATM) financing program, raising approximately $30.8 million in 2024 through this method, and upsizing the program by $15.3 million in April 2021 for potential future financing needs.

Inbound Investments

• In February 2023, Jaguar Health's subsidiary, Napo Therapeutics S.p.A. (in which Jaguar holds about 73.5% ownership), successfully closed an initial private placement financing round at a fully diluted valuation of approximately €55 million, with plans to raise up to €7 million to support clinical development.
• Jaguar Health received a $250,000 grant from the FDA in September 2025 for research related to chemotherapy-induced diarrhea in dogs.

Capital Expenditures

• Jaguar Health's historical capital expenditures were minimal, reported as $0 million in 2020, $0 million in 2021, $2 million in 2022, $0 million in 2023, and $0 million in 2024.
• The company's projected capital expenditures are $0 million for 2025 and $1 million annually from 2026 to 2029.
• Proceeds from a May 2025 direct offering were earmarked for general corporate purposes, including capital expenditures.