Jaguar Health Q1 Revenue Jumps 816% to $20.3M on $19M License Deal
Jaguar Health’s Q1 2026 net revenue surged 816% year-over-year to $20.27 million, driven by $19 million in license and grant fees from the Future Pak agreement. Operating income turned positive at $10.18 million, while net loss narrowed to $7.02 million and crofelemer rare-disease development continues.
1. Q1 2026 Financial Results
Jaguar Health reported Q1 2026 net revenue of $20.27 million, up 816% from $2.21 million in Q1 2025 and 527% from Q4 2025. License and grant revenue reached $19.07 million, while prescription product revenue totaled $1.20 million, down 45% year-over-year.
2. Licensing Agreement Impact
Effective January 12, 2026, Jaguar licensed U.S. commercial rights for Mytesi® and Canalevia®-CA1 to Future Pak, recognizing a $16 million initial payment and a $3 million early-termination fee in Q1. An additional $2 million is due upon completion of post-closing conditions, and $510,000 remains deferred on the balance sheet.
3. Product Revenue and Expense Changes
Prescription product net revenue declined 62% from Q4 2025 to $1.20 million as U.S. sales shifted royalty-free to Future Pak. Cost of product revenue rose to $1.20 million due to inventory transfers, while R&D expenses increased to $3.9 million and combined sales, marketing and G&A expenses fell by $2.4 million.
4. Crofelemer Development and Outlook
Jaguar is advancing its crofelemer powder formulation via lyophilization for pediatric intestinal-failure indications, with two presentations scheduled at the June ESPGHAN meeting. The company achieved operating income of $10.18 million and narrowed its net loss to $7.02 million, supporting further rare-disease R&D.