Jaguar Health, Inc. — Form S-1/A
Filed July 24, 2026 · analyzed by the Registration Agent
S-1/A
— Neutral
significance 78/100
What the filing says
On June 9, 2026, Jaguar Health (market cap ~$3.8M) entered into an equity line of credit (ELOC) with C/M Capital Master Fund, LP, committing to purchase up to $40 million of common stock at the company's discretion. The company also issued $800,000 of Commitment Shares upfront and $2.0 million of Series P Preferred Stock to investors including C/M Capital. Up to 41 million common shares are registered for resale (89.3% of current shares outstanding as of July 10, 2026). The structure includes Fixed Purchases, VWAP Purchases, and Additional VWAP Purchases at market-linked prices (minimum 5% discount), subject to a $1.10 floor price and 4.99% beneficial ownership cap.
Why this rating
Massive relative dilution (41M shares vs. 4.9M outstanding, ~84% additional), severe near-term trading pressure, and substantial shareholder dilution create high risk. However, $40M is critical liquidity for ~$3.8M company. Positive cash access; negative stock impact.
Extracted items
- 2.02 results / earnings
- 7.01 Reg FD disclosure
See more from July 24, 2026.
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