Jaguar Health, Inc. Q4 FY2025 earnings call

• Lisa Conte, founder, president, and CEO of Jaguar Health discussed the closing of a U.S. outlicense agreement with FuturePAC for Mitessi, aligning with the strategy to focus profilamer development on rare disease intestinal failure indications. The out-license agreement had $18 million upfront, with $16 million already received. • Highlighted groundbreaking results in the intestinal failure area from a proof-of-concept study with profilamer in pediatric patients, showing reduction in parental support. • Mentioned the ongoing placebo-controlled trial for MVID with a target NDA in first half of 2027, and the potential for breakthrough designation. • Carol Lizak, CFO, recapped financials: Q4 2025 net revenue ~$3.2 million, ~5% increase vs Q3 2025, ~8% decrease vs Q4 2024; 2025 total net revenue $11.5 million, ~$11.2 million from Mitessi and Canalivia CA1; loss from operations increased in 2025; non-GAAP recurring EBITDA had net loss in 2025 and 2024; net loss attributable to common shareholders increased in 2025. • Lisa also noted FuturePAC's portfolio and commercialization capability for Mitessi, allowing Jaguar to focus on rare disease program.

In the fourth quarter of 2025, combined net revenue was approximately $3.2 million for prescription and non-prescription products including license revenue, up ~5% vs Q3 2025's ~$3.1 million. In 2025, ~$11.2 million of total net revenue of $11.5 million was from sales of Mitessi and Canalivia CA1. Mitessi prescription volume decreased ~3.7% in 2025 vs 2024, ~5.8% in Q4 2025 vs Q3 2025, and ~12.2% in Q4 2025 vs same period 2024.

• Expect to provide clinical proof of concept milestones and business development discussions throughout 2026 and into 2027. • Goal to bring in non-dilutive funds from potential licensee partner or partners with the profilamer IAF program.