JAGX on Nasdaq

Jaguar Health, Inc.

Jaguar Health, Inc. is an American pharmaceutical preparations company based in San Francisco.2 Its shares trade on Nasdaq under the symbol JAGX.2

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Last updated Oct 20, 2026.

Overview

$11.5MRevenue, fiscal 20253
-$53.6MNet income, fiscal 20253

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  • TickerJAGX on Nasdaq2
  • IndustryPharmaceutical Preparations2
  • HeadquartersSan Francisco, United States2
  • Incorporated inDE4
  • Business address200 Pine Street Suite 400, San Francisco, Ca 941044
  • Filer categoryNon-accelerated filer, Smaller reporting company4
  • Legal formCorporation2
  • LEI549300DJ0Q0D9TVY5O192
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressc/o THE CORPORATION TRUST COMPANY, CORPORATION TRUST CENTER 1209 ORANGE ST, 19801 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 53476492

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Jaguar Health, Inc. (“Jaguar”), in conjunction with Jaguar family company Napo Pharmaceuticals, Inc. (“Napo”), develops novel proprietary prescription drugs sustainably derived from plants for people with complicated gastrointestinal (“GI”) disease states. Jaguar family companies Napo and Napo Therapeutics, S.p.A., an Italian corporation Jaguar was established in Milan, Italy in 2021, are focused on expanding global crofelemer access and are developing new therapies for orphan and rare GI conditions. Jaguar Animal Health is a Jaguar tradename. Magdalena Biosciences, a joint venture formed by Jaguar and Filament Health Corp., is focused on developing novel prescription medicines derived from plants for mental health indications.6 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-398.8%Operating margin3
-465.4%Net margin3
-1.5%Revenue growth, 20253

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Mytesi brought in 97% of the revenue Jaguar Health, Inc. broke down this way in fiscal 2025.

  1. Mytesi$11.0M397%down 3% from 2024
  2. License$172.0K32%up 33% from 2024
  3. Canalevia-CA1$148.0K31%down 8% from 2024
  4. Neonorm$35.0K30%up 25% from 2024
Products and services by year
Products and services20242025
Mytesi$11.3M$11.0M
License$129.0K$172.0K
Canalevia-CA1$160.0K$148.0K
Neonorm$28.0K$35.0K

Business segments

Human Health brought in 97% of the revenue Jaguar Health, Inc. broke down this way in fiscal 2025.

  1. Human Health$11.2M397%down 2% from 2024
  2. Animal Health$353.0K33%up 12% from 2024
Business segments by year
Business segments20242025
Human Health$11.4M$11.2M
Animal Health$315.0K$353.0K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue13¢$3.8M
  • Research and development87¢$25.0M
  • Interest0¢$67.0K

Out of $11.5M in revenue.3 The company lost money this year.

Financial statements

Revenue789103$11.5M in 2025+161% since 2018
0$5.0M$10.0M$15.0M2018: $4.4M$4.4M20182019: $5.8M$5.8M2019+31%2020: $9.4M$9.4M2020+63%2021: $4.3M$4.3M2021−54%2022: $12.0M$12.0M2022+176%2023: $9.8M$9.8M2023−18%2024: $11.7M$11.7M2024+20%2025: $11.5M$11.5M2025−2%
Operating income7811912103-$45.9M in 2025+49% since 2018
-$60.0M-$40.0M-$20.0M02018: -$30.8M-$30.8M20182019: -$28.9M-$28.9M2019−6%2020: -$26.6M-$26.6M2020−8%2021: -$40.7M-$40.7M2021+53%2022: -$34.4M-$34.4M2022−15%2023: -$34.3M-$34.3M2023−0%2024: -$30.8M-$30.8M2024−10%2025: -$45.9M-$45.9M2025+49%
Net income78133-$53.6M in 2025+67% since 2018
-$60.0M-$40.0M-$20.0M02018: -$32.1M-$32.1M20182019: -$38.5M-$38.5M2019+20%2020: -$33.8M-$33.8M2020−12%2021: -$52.6K-$52.6K2021−100%2022: -$48.4K-$48.4K2022−8%2023: -$41.9K-$41.9K2023−13%2024: -$38.5M-$38.5M2024+91766%2025: -$53.6M-$53.6M2025+39%

Every line of the income statement as filed: the last 2 fiscal years, latest first.3

Period ending2025-12-312024-12-31
Total revenue, net$11.5M$11.7M
Cost of product revenue$3.8M$2.0M
Research and development$25.0M$16.5M
Sales and marketing$9.2M$7.7M
General and administrative$18.6M$16.3M
Impairment loss on indefinite-lived intangible assets$800.0K
Total operating expenses$57.4M$42.5M
Loss from operations-$45.9M-$30.8M
Changes in fair value of freestanding and hybrid financial instruments designated at Fair Value Option-$6.3M-$9.5M
Gain (loss) on extinguishment of debt-$1.8M$1.2M
Interest income (expense)-$67.0K-$231.0K
Other income (expense)$43.0K$51.0K
Loss before income tax expense-$54.0M-$39.3M
Income tax expense$0$0
Net loss-$54.0M-$39.3M
Net loss attributable to noncontrolling interest-$563.0K-$759.0K
Deemed dividend to preferred stockholders-$141.0K$0
Net loss attributable to common stockholders-$53.6M-$38.5M
Net loss per share, basic-$22.97-$130.69
Net loss per share, diluted-$22.97-$130.69
Weighted-average common stock outstanding, basic2.3M shares294.5K shares
Weighted-average common stock outstanding, diluted2.3M shares294.5K shares

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Corporate structure

Jaguar Health, Inc. sits at the top of its group. 3 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Jaguar Health, Inc.

  • Joshua Mailman Filed SCHEDULE 13G/A on Jaguar Health, Inc., latest Sep 24, 2026 (5 filings since May 10, 2022)
  • Lincoln Alternative Strategies LLC Filed SCHEDULE 13G/A on Jaguar Health, Inc., latest Feb 10, 2026 (2 filings since Aug 29, 2025)
  • Iliad Research & Trading, L.P. Filed SCHEDULE 13G on Jaguar Health, Inc., latest Dec 11, 2025 (4 filings since Dec 29, 2023)
  • Streeterville Capital LLC Filed SCHEDULE 13G/A on Jaguar Health, Inc., latest Dec 11, 2025 (3 filings since Aug 26, 2022)
  • CVI Investments, Inc. Filed SCHEDULE 13G/A on Jaguar Health, Inc., latest Nov 7, 2025 (4 filings since May 28, 2025)
  • INTRACOASTAL CAPITAL, LLC Filed SCHEDULE 13G on Jaguar Health, Inc., latest May 27, 2025
  • Uptown Capital, LLC Filed SCHEDULE 13G on Jaguar Health, Inc., latest Jan 29, 2025
  • John M. Fife Filed SC 13G on Jaguar Health, Inc., latest Jul 13, 2023
  • Oasis Capital, LLC Filed SC 13G on Jaguar Health, Inc., latest Jan 11, 2022
  • Jaguar Health, Inc. San Francisco, California, United States
    • Napo Pharmaceuticals, Inc. Subsidiary · Delaware, United States
    • Napo Therapeutics S.p.A. Subsidiary · Italy

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Jaguar Health, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$1.0M3 Dec 31, 2025$977.0K3 Dec 31, 2024+4.5%
Accumulated depreciation$558.0K3 Dec 31, 2025$513.0K3 Dec 31, 2024+8.8%
Property and equipment, net$463.0K3 Dec 31, 2025$464.0K3 Dec 31, 2024−0.2%
Operating-lease assets (leased space)$1.0M3 Dec 31, 2025$936.0K3 Dec 31, 2024+6.8%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$968.0K3 Dec 31, 2025$8.0M3 Dec 31, 2024−87.9%

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)$16.0M3 Dec 31, 2025$18.5M3 Dec 31, 2024−13.3%
Finite-lived intangibles, net$12.0M3 Dec 31, 2025$13.7M10 Dec 31, 2024−12.1%

Inventory

ItemLatestA year beforeChange
Inventory, total$8.6M3 Dec 31, 2025$10.3M3 Dec 31, 2024−16.9%
Raw materials$2.0M3 Dec 31, 2025$1.9M3 Dec 31, 2024+10.3%
Work in process$7.2M3 Dec 31, 2025$7.4M3 Dec 31, 2024−2.3%
Finished goods$1.3M3 Dec 31, 2025$1.1M3 Dec 31, 2024+21.5%

Properties, in its own words

Our corporate headquarters are located at 200 Pine Street, Suite 400, San Francisco, California.

Item 2 of the 10-K filed Apr 7, 2026.6

Leadership

Who has led Jaguar Health, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Lisa A. Conte2015–now

President

  1. Lisa A. Conte2015–now

Chief financial officer

  1. John A. Kallassy2015
  2. Karen Steil Wright2015–2019
  3. Carol R. Lizak2021–now

Chief operating officer

  1. John A. Kallassy2015
20202025
Board members and other officers (19)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive OfficerSteven King named Apr 25, 2022 to Jul 1, 202640

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Napo Pharmaceuticals, Inc. Delaware5
  • Napo Therapeutics S.p.A. Italy5

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Jaguar Animal Health, Inc.Sep 5, 2013 to Jul 31, 20174

Timeline

  1. Oct 5, 20268-K Entered a material agreement; New debt or obligation; Change to shareholders' rights41
  2. Sep 28, 20268-K Entered a material agreement; Unregistered sale of shares; Other events42
  3. Sep 25, 20268-K Entered a material agreement; Ended a material agreement; Unregistered sale of shares43
  4. Sep 24, 20268-K Entered a material agreement; Unregistered sale of shares; Other events44
  5. Sep 21, 20268-K Change to shareholders' rights; Bylaws or fiscal year changed; Other events45
  6. Sep 15, 20268-K Change to shareholders' rights; Bylaws or fiscal year changed; Regulation FD disclosure46
  7. Sep 15, 20268-K Entered a material agreement; Unregistered sale of shares47
  8. Sep 4, 20268-K Other events48
  9. Aug 19, 20268-K Results of operations49
  10. Jul 14, 20268-K Entered a material agreement50
  11. Jul 1, 20268-K Other events51
  12. Jun 25, 20268-K Entered a material agreement; Other events52
  13. May 13, 2015New chief executive Lisa A. Conte becomes CEO18
  14. Jun 6, 2013Founded Jaguar Health, Inc. is founded2

Filings

389 filings to the SEC since October 2021: 8 annual reports, 15 quarterly reports, 126 major events, 97 insider forms, 22 large holders, 15 private raises, 106 other. The latest 20:

  1. Oct 8, 2026DEF 14A EDGAR
  2. Oct 5, 20268-K EDGAR
  3. Sep 29, 2026PRER14A EDGAR
  4. Sep 28, 20268-K EDGAR
  5. Sep 25, 20268-K EDGAR
  6. Sep 24, 2026424B5 EDGAR
  7. Sep 24, 20268-K EDGAR
  8. Sep 24, 2026SCHEDULE 13G/A EDGAR
  9. Sep 21, 20268-K EDGAR
  10. Sep 18, 2026PRE 14A EDGAR
  11. Sep 15, 20268-K EDGAR
  12. Sep 15, 20268-K EDGAR
  13. Sep 4, 20268-K EDGAR
  14. Sep 3, 2026424B5 EDGAR
  15. Aug 21, 2026424B3 EDGAR
  16. Aug 19, 20268-K EDGAR
  17. Aug 19, 202610-Q EDGAR
  18. Aug 14, 2026EFFECT EDGAR
  19. Aug 14, 2026NT 10-Q EDGAR
  20. Aug 11, 2026POS AM EDGAR

The 389 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

1 open-market trades by officers, directors and large owners since October 2021: 1 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Dec 31, 2022Wolin Jonathan S.See RemarksBuy317$0.03$10Form 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Jun 9, 2026Raised $2 million in a private offering of equity Form D: 2 investors so far Form D
  2. Jun 9, 2026Raised $40.8 million in a private offering of equity Form D: 1 investor so far Form D
  3. Nov 12, 2025Raised $10.8 million in a private offering of debt Form D: named in the filing: Carol Lizak, John Micek III, Jonathan Wolin, Lisa Conte, Anula Jayasuriya, Pravin Chaturvedi Form D
  4. Sep 28, 2025Raised $1 million in a private offering of equity Form D: 1 investor so far Form D
  5. Sep 10, 2025Raised $2.4 million in a private offering of equity Form D: 15 investors so far Form D
  6. May 20, 2025Raised $1.5 million in a private offering of securities Form D: 3 investors so far Form D
  7. Sep 1, 2023Raised $60,000 in a private offering of equity Form D: 1 investor so far Form D
  8. May 8, 2023Raised $1.9 million in a private offering of equity Form D: 6 investors so far Form D
  9. May 8, 2023Raised $1.8 million in a private offering of equity Form D: 3 investors so far Form D
  10. Sep 23, 2022Raised $7,140 in a private offering of equity Form D: 1 investor so far Form D
  11. Aug 24, 2022Raised $12 million in a private offering of debt Form D: 1 investor so far Form D
  12. Jun 28, 2022Raised $300,000 in a private offering of equity Form D: $10 million offered in all Form D
  13. Mar 7, 2022Raised $7,572 in a private offering of equity Form D: 1 investor so far Form D
  14. Sep 1, 2021Raised $50,820 in a private offering of equity Form D: 1 investor so far Form D
  15. Apr 5, 2021Raised $39,800 in a private offering of equity Form D: 1 investor so far Form D

SEC filer profile

How Jaguar Health, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARJaguar Health, Inc.1
  • CIK0001585608
  • Employer ID (EIN)46-29567756
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company6
  • Incorporated inDelaware6
  • Fiscal year endsDecember 311
  • Industry code (SIC)2834 Pharmaceutical Preparations1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address200 Pine Street Suite 400, San Francisco, CA 941041
  • Phone415-371-83001
  • Shares outstanding13,019,277 Common Stock Voting shares; 2,400,765 Series O Preferred Stock, Subsequent Event shares as of Apr 7, 20266
  • Public float$3.8M as of Jun 30, 20256
  • AuditorRBSM LLP, Larkspur, California PCAOB ID 587; no auditor attestation of internal control over financial reporting6
  • On EDGAR sinceSep 5, 20131
  • Filings1,106 in all: 8-K (316), 4 (181), CORRESP (55), D (42), UPLOAD (42), 10-Q (35), 424B3 (32), 424B5 (31)1
    All 51 form types

    EFFECT (30), SC 13G/A (29), 3 (28), DEF 14A (24), PRE 14A (23), SC 13G (23), DEFA14A (22), S-1/A (21), 8-K/A (17), S-8 (16), S-3 (15), S-1 (14), 10-K (11), FWP (8), 425 (7), NT 10-Q (7), SC 13D/A (7), SCHEDULE 13G (7), S-4/A (6), SCHEDULE 13G/A (6), PRER14A (5), 10-K/A (4), ARS (4), CT ORDER (4), NT 10-K (4), S-3/A (4), 4/A (3), 424B4 (3), 10-Q/A (2), 8-A12B (2), D/A (2), S-1MEF (2), SC 13D (2), 424B1 (1), CERTNAS (1), DEFR14A (1), DRS (1), DRS/A (1), DRSLTR (1), POS AM (1), RW (1), S-3MEF (1), S-4 (1)

  • Latest filingsAnnual report (10-K) Apr 7, 2026
    Quarterly report (10-Q) Aug 19, 2026
    Proxy statement (DEF 14A) Oct 8, 2026
    Latest 8-K (8-K) Oct 5, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, Par Value $0.0001 Per ShareJAGXNasdaq

From the cover page of the 10-K filed Apr 7, 2026 (Section 12(b) of the Exchange Act).6

Risk factors and legal proceedings

The risks Jaguar Health, Inc. names in Item 1A of its 10-K filed Apr 7, 2026: 72 risks under these headings, as written.6

  • Risks Related to Our Business
  • Risks Related to Our Intellectual Property
  • Risks Related to Our Common Stock
  • Risks Related to the Preferred Stock Dividend
  • We have a limited operating history, expect to incur further losses as we grow, and may be unable to achieve or sustain profitability.
  • We expect to incur significant additional costs as we continue commercialization efforts for current prescription drug candidates or other product candidates and undertake the clinical trials necessary to obtain any necessary regulatory approvals, as we focus on rare disease programs.
  • In the event that we conduct clinical trials for new indications and new products, we will need to raise substantial additional capital in the future, and we may be unable to raise such funds when needed and on acceptable terms, which would force us to limit new indications and new product development.
  • We are substantially dependent on the success of Mytesi, our current lead prescription drug product, and Canalevia-CA1, our conditionally approved prescription drug product for CID in dogs. We cannot be certain that necessary approvals will be received for planned Mytesi and Canalevia-CA1 follow-on indications or that these product candidates will be successfully commercialized, either by us or any of our partners. We cannot be certain that we will be successful in the commercialization of Gelclair.
  • We face uncertainty in the launch of Gelclair as the market for oral mucositis treatments is highly competitive, with established companies and emerging therapies. Gelclair's success depends on its ability to differentiate itself and gain market share.
  • If we are not successful in identifying, licensing, developing and commercializing additional product candidates and products, our ability to expand our business and achieve our strategic objectives could be impaired.
  • Mytesi faces significant competition from other pharmaceutical companies, both for its currently approved indication and for planned follow-on indications, and our operating results will suffer if we fail to compete effectively.
  • We may be unable to obtain, or obtain on a timely basis, regulatory approval for our existing or future human or animal prescription drug product candidates under applicable regulatory requirements, which would harm our operating results.
The other 64 risks
  • The failure to identify a reasonable regulatory pathway to make crofelemer available for breast cancer patients based on a responder analysis may lead us to pause, change or discontinue commercialization of other products within our cancer supportive care business.
  • The results of our earlier studies of Mytesi may not be predictive of the results in any future clinical trials and species-specific formulation studies, respectively, and we may not be successful in our efforts to develop or commercialize line extensions of Mytesi.
  • Development of prescription drug products is inherently expensive, time-consuming and uncertain, and any delay or discontinuance of our current or future pivotal trials would harm our business and prospects.
  • We will partially rely on third parties to conduct our development activities. If these third parties do not successfully carry out their contractual duties, we may be unable to obtain regulatory approvals or commercialize our current or future human or animal product candidates on a timely basis or at all.
  • Even if we obtain regulatory approval for planned follow-on indications of crofelemer, Canalevia, or our other product candidates, they may never achieve market acceptance. Further, even if Woodward is successful in the ongoing commercialization of Mytesi, Canalevia-CA1 and our other product candidates, we may not achieve commercial success.
  • Human and animal gastrointestinal health products are subject to unanticipated post-approval safety or efficacy concerns, which may harm our business and reputation.
  • Future federal and state legislation may result in increased exposure to product liability claims, which could result in substantial losses.
  • If we fail to retain current members of our senior management or to identify, attract, integrate, and retain additional key personnel, our business will be harmed.
  • We are dependent on two suppliers for the raw materials used to produce the active pharmaceutical ingredients in Mytesi and Canalevia-CA1. The termination of either of these contracts would result in a disruption to product development and harm our business for Mytesi, Canalevia-CA1 and Gelclair.
  • We are dependent upon third-party contract manufacturers, both for the supply of the active pharmaceutical ingredients in Mytesi and Canalevia-CA1, as well as for the supply of finished products for commercialization.
  • If we are unable to establish sales capabilities on our own or through third parties, we may not be able to market and sell our current or future human products and product candidates, if approved, and generate product or other revenue.
  • Canalevia-CA1 and our animal health prescription drug product candidates, if approved, may be marketed in the US only in the target animals and for the indications for which they are approved, and if we want to expand the approved animals or indications, it will need to obtain additional approvals, which may not be granted.
  • The misuse or extra-label use of Mytesi, Canalevia-CA1 and Gelclair and our human or animal prescription drug product candidates approved by regulatory authorities may harm our reputation or result in financial or other damages.
  • We may be unable to obtain, or obtain on a timely basis, a renewal of conditional approval for Canalevia-CA1 or to eventually obtain full regulatory approval of Canalevia-CA1, which would harm our operating results.
  • We may not maintain the benefits associated with MUMS designation, including market exclusivity.
  • The market for our human and animal products, and the gastrointestinal health market as a whole, is uncertain and may be smaller than we anticipate, which could lead to lower product revenue and harm our operating results.
  • Insurance coverage for Mytesi for its current approved indication could continue to be limited or end, or Mytesi might not receive insurance coverage for any approved follow-on indications, which could lead to lower revenue and harm our operating results.
  • We face challenges obtaining favorable reimbursement and insurance coverage for Gelclair, which limit its market adoption and commercial success.
  • We may engage in future acquisitions that increase our capital requirements, dilute our stockholders, cause us to incur debt or assume contingent liabilities and subject us to other risks.
  • Certain of the countries in which we plan to commercialize our products in the future are developing countries, some of which have potentially unstable political and economic climates.
  • Changing political environment in the US could adversely affect our business and financial performance.
  • Fluctuations in the exchange rate of foreign currencies could result in currency transaction losses.
  • Laws and regulations governing global trade compliance could adversely impact our business.
  • There are other gastrointestinal-focused human pharmaceutical companies, and we face competition in the marketplaces in which we operate or plan to operate.
  • Our obligations to Streeterville are secured by a security interest in all of Napo’s NP-300 assets, so if we default on those obligations, Streeterville could foreclose on the NP-300 assets.
  • Our royalty interests require us to make minimum royalty payments, even if we do not sell a sufficient amount of products to cover such payments, which may strain our cash resources.
  • Failure in our information technology systems, including cyber-attacks or other data security incidents, could significantly disrupt our operations.
  • Global macroeconomic conditions may negatively affect us and may magnify certain risks that affect our business.
  • Unfavorable global economic conditions could adversely affect our business, financial condition, or results of operations.
  • Substantially all of our revenue for future periods will be received from one customer.
  • Evolving expectations around corporate responsibility practices, specifically related to Environmental, Social, and Governance ("ESG") matters, may expose us to reputational and other risks.
  • The growing use of AI systems to automate processes, analyze data, and support decision-making poses inherent risks.
  • Risks Related to Intellectual Property
  • We cannot be certain that our patent strategy will be effective in protecting against competition.
  • Obtaining and maintaining our patent protection depends on compliance with various procedural requirements, document submission, fee payment, and other requirements imposed by governmental patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.
  • Third parties may initiate legal proceedings alleging that we are infringing their intellectual property rights, which would be costly and time-consuming and, if successfully asserted against us, delay or prevent the development and commercialization of our current or future products and product candidates.
  • Our proprietary position depends upon the botanical guidance of our drug approval and patents that are formulation or method-of-use patents, which do not prevent a competitor from using the same human or animal drug for another use.
  • We may be involved in lawsuits to protect or enforce our patents, which could be expensive, time-consuming, and unsuccessful, and third parties may challenge the validity or enforceability of our patents, and they may be successful.
  • If we are unable to prevent disclosure of our trade secrets or other confidential information to third parties, our competitive position may be impaired.
  • Changes in US patent law could diminish the value of patents in general, thereby impairing our ability to protect our products.
  • We may not be able to protect our intellectual property rights throughout the world, which could impair our business.
  • Our business could be harmed if we fail to obtain certain registered trademarks in the US or in other countries.
  • We may be subject to claims that our employees, consultants or independent contractors have wrongfully used or disclosed confidential information of third parties.
  • Even if we receive any of the required regulatory approvals for our current or future prescription drug product candidates and non-prescription products, we will be subject to ongoing obligations and continued regulatory review, which may result in significant additional expenses and delays.
  • Any of our current or future prescription drug product candidates or non-prescription products may cause or contribute to adverse medical events that we would be required to report to regulatory authorities and if we fail to do so, we could be subject to sanctions that would harm our business.
  • Legislative or regulatory reforms with respect to animal health may make it more difficult and costly for us to obtain regulatory clearance or approval of any of our current or future product candidates and to produce, market, and distribute our products after clearance or approval is obtained.
  • We believe that our non-prescription products are not subject to regulation by regulatory agencies in the US, but there is a risk that regulatory bodies may disagree with our interpretation or may redefine the scope of their regulatory reach in the future, which would result in additional expense and could delay or prevent the commercialization of these products.
  • Our failure to meet the continued listing requirements of The Nasdaq Capital Market could result in a delisting of our common stock.
  • If our shares become subject to the penny stock rules, it would become more difficult to trade our shares.
  • The price of our common stock could be subject to volatility related or unrelated to our operations, and purchasers of our common stock could incur substantial losses.
  • A possible “short squeeze” due to a sudden increase in demand for our common stock that largely exceeds supply may lead to further price volatility in our common stock.
  • You may not be able to resell our common stock when you wish to sell it or at a price that you consider attractive or satisfactory.
  • If securities or industry analysts do not publish research or reports about our company, or if they issue adverse or misleading opinions regarding us or our stock, our stock price and trading volume could decline.
  • You may be diluted by exercises of outstanding options and warrants, and issuances of securities pursuant to our ATM Agreement, our stockholder rights plan, or other equity arrangements.
  • Provisions in our charter documents and under Delaware law could discourage a takeover that stockholders may consider favorable and may lead to entrenchment of management.
  • Our amended and restated bylaws designate the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain actions and proceedings that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or other employees.
  • We do not intend to pay dividends on our common stock, and your ability to achieve a return on your investment will depend on appreciation in the market price of our common stock.
  • The requirements of being a public company, including compliance with the reporting requirements of the Exchange Act and the requirements of the Sarbanes-Oxley Act, may strain our resources, increase our costs, and distract management, and we may be unable to comply with these requirements in a timely or cost-effective manner.
  • We are a smaller reporting company and the reduced reporting requirements applicable to smaller reporting companies may make our common stock less attractive to investors.
  • Our issuance of additional common stock and other securities to repay debt would dilute your proportionate ownership and voting rights and could have a negative impact on the market price of our common stock.
  • *Calculated based on the shares of our Common Stock outstanding as of April 7, 2026 which was 13,019,277.
  • The Series O Preferred Stock is not freely transferable and therefore provides limited liquidity to investors.
  • The potential issuance of a large number of shares of common stock upon the conversion of our Series O Preferred Stock may have a negative effect on the trading price of our common stock as well as a significant dilutive effect.
  • *Calculated based on the shares of our common stock outstanding as of April 7, 2026 which was 13,019,277.
  • Holders of Eligible Warrants will not actually receive the Preferred Stock Dividend unless and until the exercise of the Eligible Warrants and will cease to be entitled to the Preferred Stock Dividend upon transfer of the Eligible Warrants.

Legal proceedings

From time to time, we may be subject to various legal proceedings and claims that arise in the ordinary course of our business activities. Regardless of the outcome, litigation can have a material adverse effect on us due to defense and settlement costs, diversion of our management resources, and other factors. We are not currently subject to any material legal proceedings.

The opening of Item 3, Legal Proceedings.6

Sources

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