Liquidity remains critically low, with cash reserves plummeting to $968,000 by 2025Q4, forcing a reliance on non-cash adjustments to mask the underlying negative free cash flow trajectory.
| Cash from Operations | -7.59M | 5.8M | -29.38M | -33.24M | -33.1M | -34.97M | -15.28M | -20.46M | -22.73M | -9.82M | -14.41M | -14.32M | -5.46M |
| Operating CF Margin % | - | 50.37% | -251.38% | -340.56% | -276.88% | -806.69% | -162.79% | -354.23% | -514.72% | -225.28% | -10184.72% | -5540.6% | - |
| Operating CF Growth % | 300.13% | 119.73% | 11.61% | -0.42% | 5.34% | -128.89% | 25.32% | 10% | -131.36% | 31.84% | -0.68% | -162.04% | - |
| Net Income | -34.12M | -15.37M | -39.03M | -41.87M | -49.08M | -52.6M | -33.81M | -38.54M | -32.15M | -21.97M | -14.73M | -16.29M | -8.61M |
| Depreciation & Amortization | -23K | 3K | 2.36M | 2.39M | 2.29M | 1.81M | 2.28M | 1.93M | 1.32M | 584.34K | 47.49K | 5.16K | 0 |
| Stock-Based Compensation | -956K | -810K | 1.64M | 2.11M | 3.32M | 3.97M | 2.82M | 2.99M | 2.02M | 814.61K | 717.93K | 992.16K | 164.16K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 4.39M | 0 | 0 | 5.75M | -13.18M | 151.2K | 536.17K | 0 |
| Other Non-Cash Items | -20.2M | 9.09M | 8.66M | 15.23M | 14.79M | 5.19M | 16.89M | 13.83M | 1.25M | 19.8M | 549.28K | 2.73M | 1.38M |
| Working Capital Changes | 10.23M | 12.89M | -3.01M | -11.1M | -4.43M | 2.27M | -3.47M | -662K | -925.1K | 4.13M | -1.15M | -2.28M | 1.6M |
| Change in Receivables | 723K | -434K | 526K | 298K | -170K | 2.82M | -2.87M | -704K | -528.02K | -166.06K | 50.9K | -55.87K | 1.09M |
| Change in Inventory | 1.89M | 902K | -1.16M | -2.17M | -2.12M | -2.12M | -653K | 1.21M | -1.27M | 128K | -182.88K | -31.84K | -198.03K |
| Change in Payables | -2.46M | 3.02M | 328K | -855K | 902K | 158K | -743K | -63K | -1.94M | 4.19M | -28.34K | -240.09K | 689.32K |
| Cash from Investing | -41K | 149K | -231K | 0 | -1.68M | -6K | -7K | 0 | -6.53K | -1.29M | 2.38M | -3M | -55.15K |
| Capital Expenditures | -25K | -25K | -16K | 0 | -77K | -6K | -7K | 0 | -6.53K | 0 | -104.21K | -23.3K | -55.15K |
| CapEx % of Revenue | 0.08% | 0.22% | 0.14% | - | 0.64% | 0.14% | 0.07% | - | 0.15% | - | 73.63% | 9.02% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 247K | 0 | 0 | 0 | -1.56M | 0 | 20.6K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -16K | 174K | -215K | 0 | -1.6M | -247K | 0 | 0 | -6.53B | 272.13K | 2.49M | -2.98M | 0 |
| Cash from Financing | 12.09M | -44.33M | 31.2M | 34.23M | 23.18M | 43.94M | 19.49M | 21.77M | 24.55M | 10.68M | 5.28M | 24.17M | 6.18M |
| Debt Issued (Net) | -30.73M | -20.91M | -100K | -100K | 3.88M | 9.05M | 5.69M | -100K | 783.49K | 377.91K | -2.49M | 5.77M | 1.9M |
| Equity Issued (Net) | -25.13M | -23.38M | 31.91M | 32.71M | 20.46M | 33.58M | 1.95M | 12.64M | 25.88M | 10.3M | 8.83M | 18.81M | 6.66M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -31.07M | -31.07M | 0 | 0 | 0 | 0 | 0 | 0 | -30 | 0 | 0 | 0 | 0 |
| Other Financing | 67.96M | -44K | -608K | 1.62M | -1.16M | 1.31M | 11.86M | 9.23M | -2.12M | 0 | -1.06M | -405.13K | -2.38M |
| Net Change in Cash | 4.38M | -38.35M | 1.53M | 1M | -11.58M | 8.96M | 4.21M | 1.31M | 1.81M | -430.28K | -6.75M | 6.85M | 659.83K |
| Free Cash Flow | -7.62M | 5.77M | -29.61M | -33.24M | -34.78M | -34.98M | -15.29M | -20.46M | -22.74M | -9.82M | -14.52M | -14.34M | -5.52M |
| FCF Margin % | -25.77% | 50.15% | -253.36% | -340.56% | -290.89% | -806.83% | -162.87% | -354.23% | -514.87% | -225.28% | -10258.35% | -5549.62% | - |
| FCF Growth % | 74.31% | 119.49% | 10.91% | 4.42% | 0.56% | -128.83% | 25.28% | 10.03% | -131.42% | 32.33% | -1.25% | -159.84% | - |
| FCF per Share | -14.77 | 86.63 | -3519.31 | -75653.42 | -999999.00 | -999999.00 | -999999.00 | - | - | - | - | - | - |
| FCF Conversion (FCF/Net Income) | 0.22x | -0.11x | 0.76x | 0.80x | 0.70x | 0.66x | 0.45x | 0.53x | 0.71x | 0.45x | 0.98x | 0.88x | 0.63x |
| Interest Paid | 0 | 0 | 14K | 35K | 0 | 0 | 757K | 142K | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and insolvency
According to the provided quarterly data, Jaguar Health exhibits a persistent disconnect between net income and operating cash flow, with the OCF/NI ratio frequently fluctuating, suggesting that reported earnings are heavily impacted by non-cash items rather than reflecting genuine cash-generative capacity from core pharmaceutical operations.
The recurring gap between net losses and operating cash outflows indicates that the company's accounting results are not currently indicative of its underlying cash burn. Investors should monitor this divergence, as it suggests that the business model is not yet converting its clinical-stage activities into sustainable cash flow.
As reported in financial statements, Jaguar Health's free cash flow trajectory remains consistently negative, with FCF margins frequently hovering in the low-single-digit negative range, underscoring the company's inability to achieve self-sustaining operations despite its commercial-stage status and the ongoing development of its botanical drug pipeline.
The persistent negative FCF trajectory highlights a fundamental reliance on external financing to bridge the gap between operational expenses and revenue. This trend warrants further investigation into whether the company can reach a cash-flow-positive inflection point before its liquidity reserves are fully exhausted.
Based on the company's reported figures, working capital changes have been highly erratic, swinging from a $8.9 million inflow in 2025Q4 to significant outflows in other periods, which suggests that the company's cash management is heavily influenced by timing differences in payables and receivables.
This volatility in working capital appears to be a symptom of the company's precarious liquidity position rather than a deliberate operational strategy. Such fluctuations may indicate that management is forced to prioritize vendor payments based on immediate cash availability rather than standard commercial cycles.
As evidenced by recent SEC filings, Jaguar Health's capital deployment has been characterized by a lack of traditional shareholder returns, with the company instead focusing its limited resources on maintaining clinical operations while navigating a period of significant share repurchases and potential dilution to sustain the business.
The absence of dividends and the reliance on equity-linked financing suggest that capital allocation is currently dictated by the necessity of survival. Investors should be cautious, as this pattern of deployment may continue to dilute existing shareholders until the company achieves a more stable commercial footing.
Based on the provided data, the cash flow statement appears to mask the true extent of the company's operational challenges by highlighting non-cash adjustments, such as stock-based compensation and depreciation, which do not alleviate the underlying pressure of the company's high fixed-cost structure and clinical trial expenses.
The reliance on these adjustments may obscure the reality that the company is burning through its remaining cash reserves at an unsustainable rate. Analysts should look past these accounting figures to focus on the raw cash burn, which remains the most critical indicator of the company's near-term viability.
Quick answers to the most common questions about buying JAGX stock.
Jaguar Health, Inc. (JAGX) generated $5.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Jaguar Health, Inc. (JAGX) generated $5.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Jaguar Health, Inc. (JAGX) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Jaguar Health, Inc. (JAGX) spent $31.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.