Jaguar Health reported Q3 2025 financial results, showing net revenue of $3.1 million, a 4 % sequential increase from the $3.0 million earned in Q2 2025. The company’s core product, Mytesi, saw a 0.9 % rise in prescription volume compared with the prior quarter, but a 3.6 % decline versus the same period in 2024, underscoring a year‑over‑year headwind for the drug.
Revenue growth was driven primarily by the modest sequential lift in Mytesi sales, while other product lines remained flat. The 4 % rise in net revenue translates to $120,000 in additional sales, but the company still reported a net loss of $9.5 million, an improvement from the $9.9 million loss recorded in Q3 2024. Non‑GAAP recurring EBITDA was negative $8.9 million, reflecting ongoing investment in research and development.
Operating costs were partially offset by a $0.3 million reduction in R&D expenses, a result of completing the Phase 3 OnTarget trial, and a $0.01 million decrease in cost of product revenue. Despite these savings, the company’s net loss widened, indicating that revenue growth has not yet translated into profitability.
In addition to the earnings call, Jaguar highlighted a meeting with the U.S. Food and Drug Administration on October 2, 2025, where the company discussed an expedited approval pathway for its crofelemer candidate in microvillus inclusion disease (MVID). The meeting also addressed toxicity concerns observed in a proof‑of‑concept trial of crofelemer in infants, a critical factor for the drug’s future development.
CEO Lisa Conte emphasized that 2025 is a “year of convergence of key clinical and regulatory catalysts” for the company, noting the absence of approved treatments for MVID and the potential impact of crofelemer. CFO Carol Lizak highlighted the narrowing of losses compared with the prior year, attributing the improvement to cost discipline and the completion of the OnTarget trial. Management did not provide new forward guidance but reiterated confidence in the company’s pipeline and its strategy to secure non‑dilutive funding.
Analysts had expected Q3 revenue of $3.73 million, so the $3.1 million reported represents a $0.63 million shortfall. The miss is largely attributable to the year‑over‑year decline in Mytesi volume, which offset the sequential growth. Investors reacted cautiously, with the market remaining largely unchanged after the announcement, reflecting the balance between the company’s promising regulatory progress and its continued net loss.
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