Non-Dilutive Licensing Deal with Future Pak
Closed U.S. out-license for Mytesi and Canalevia-CA1 with $18M upfront (company reported $16M received at signing, $2M conditional), additional ~$20M in potential milestone and future payments, and roughly $3M–$4M of additional payments already received. Jaguar will continue to manufacture crofelemer and recognize manufacturing revenue; the deal provides immediate non-dilutive cash to fund rare-disease development.
Quarterly Revenue Increase Sequentially
Combined net Q4 2025 revenue of approximately $3.2M, an increase of ~5% versus Q3 2025 (~$3.1M). Full-year 2025 net revenue totaled ~$11.5M, with ~$11.2M generated by Mytesi and Canalevia-CA1.
Compelling Clinical Proof-of-Concept in Intestinal Failure
Investigator-initiated study (UAE) demonstrated reduction in parenteral support of 12%–37% (two pediatric SBS patients: 12.5%–15.6%; one MVID patient: up to 37%) with no safety issues reported. Patients treated >1 year and experienced relapse upon treatment cessation, supporting durable clinical benefit signals.
Advancing Regulatory Path and Near-Term Development Milestones
MVID placebo-controlled trial is fully enrolled with an amendment permitting treatment-only extension; target New Drug Application (NDA) for MVID in H1 2027. Company holds Orphan Designations in U.S. and EU for MVID and SBS-IF, and expects to pursue Breakthrough/PRIME designations. Company cites large addressable market for SBS (~$8B market estimate) and estimated ~12,000 U.S. SBS-IF patients (2021).
Strategic Focus on Rare-Disease Business Development
Clear corporate strategy to shift focus to late-stage crofelemer development for rare intestinal-failure indications, pursue licensing/partnerships to secure non-dilutive funding, and leverage manufacturing capability as a profit center following the Future Pak agreement.