First Berlin keeps Jaguar Health rating under review, price target under review

Notes payable dropped to $15.6 million at June 30 from $42.5 million at year-end 2025, turning equity to $4.9 million.

Key pressure points flagged include:

• $1.5 million monthly minimum royalties restarting in October 2026
• $6.6 million secured note maturity
• $40 million ELOC backstop

First Berlin Equity Research kept its “Under Review” recommendation on Jaguar Health in an update.

Q2 2026 product revenue fell to $1.2 million from $2.9 million, reflecting the Future Pak licensing shift to cost-plus supply.

OpEx declined to $8.8 million from $11 million, narrowing the operating loss to $7.6 million from $8 million.