Jaguar Health completes 1-for-15 reverse split and removes old preferred series

In a Form 8-K filed September 21, 2026, Jaguar Health, Inc. (Nasdaq: JAGX) reported two corporate actions and gave the share count that followed its reverse stock split. The company's commission file number is 001-36714. The filing covers events dated September 15, 2026, and it restates a split the company had already disclosed. The cover page lists the company's common stock, par value $0.0001 per share, as registered on The Nasdaq Stock Market under the symbol JAGX.

The reverse stock split

Jaguar effected a 1-for-15 reverse stock split of its common stock, par value $0.0001 per share, on September 17, 2026. Upon completion, the company had approximately 520,088 shares of common stock outstanding. The 8-K describes the split under Item 8.01, other events, and incorporates that description by reference into Item 3.03, which covers material modifications to the rights of security holders.

Removal of older preferred series

On September 15, 2026, Jaguar filed a Certificate of Elimination with the Secretary of State of Delaware. Effective upon filing, it removed from the company's Third Amended and Restated Certificate of Incorporation all matters set out in the certificates of designation for the listed series. Those series are Series B-2, C, D, E, F, G, H, I, J, K Junior Participating, L, M, N and O. The company refers to them collectively as the Specified Series Preferred Stock. Their shares returned to authorized but undesignated preferred stock.

The company says every outstanding share in those series had already been converted, exchanged or otherwise disposed of in line with its terms before September 15, 2026. No shares of the Specified Series were outstanding immediately before the certificates were filed. The full text of the certificate is attached to the filing as Exhibit 3.1. Exhibit 104 is the cover page interactive data file embedded in the inline XBRL document.

Background and financial position

Jaguar was founded in San Francisco as a Delaware corporation on June 6, 2013, and its principal executive offices are at 200 Pine Street, Suite 400, San Francisco, California. It was a majority-owned subsidiary of Napo until its initial public offering closed on May 18, 2015. The company's annual report describes it as a developer of novel proprietary prescription drugs sustainably derived from plants for people with complicated gastrointestinal disease states. Napo Therapeutics, S.p.A. and Napo focus on expanding global access to crofelemer.

The company's annual figures, from its annual report filed April 7, 2026, show revenue of $11.5 million for 2025, compared with $11.7 million for 2024. Research and development expense rose to $25.0 million from $16.5 million, and the net loss rose to $53.6 million from $38.5 million. Cash from operations was negative $23.7 million in 2025 and negative $29.4 million in 2024.

Year-end cash and cash equivalents were $968,000 for 2025, according to a quarterly report filed August 19, 2026, compared with $8.0 million at year-end 2024. Cash and cash equivalents were $3.8 million at June 30, 2026.

What the filing does not say

The 8-K does not describe any further corporate action or say why the split was needed. Its exhibit list includes only the Certificate of Elimination, and the approximately 520,088 share count is the only post-split figure it gives. A split of this size does not change the business: the company lost $53.6 million in 2025 on $11.5 million of revenue, used $23.7 million of cash in operations, and held $3.8 million in cash at June 30, 2026. The 8-K was signed on September 21, 2026, by Lisa A. Conte, president and chief executive officer.

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