Jaguar Health(US:JAGX)2021-08-13 10:07Financial Performance - For the six months ended June 30, 2021, total revenue decreased by 59.7% to $1.625 million from $4.036 million in the same period of 2020 [326]. - The net loss for the six months ended June 30, 2021, was $26.090 million, a 51.9% increase from a net loss of $17.174 million in 2020 [326]. - Product revenue for the three months ended June 30, 2021, was $385,000, a decrease of $2.8 million or 87.8% compared to $3.2 million in the same period in 2020 [342]. - The net loss attributable to common shareholders for the three months ended June 30, 2021, was $14.1 million, an increase of $3.5 million or 32.9% from $10.6 million in the same period in 2020 [342]. - For the six months ended June 30, 2021, the company reported a net loss of $26.1 million, compared to a net loss of $17.2 million for the same period in 2020, indicating an increase in losses of approximately 51.4% [359]. Expenses - Research and development expenses increased by 110.4% to $6.285 million compared to $2.987 million for the same period in 2020 [326]. - Sales and marketing expenses rose by 35.4% to $4.330 million from $3.199 million in the prior year [326]. - General and administrative expenses rose by $1.6 million to $8.5 million in 2021, largely due to increased public company expenses and personnel costs [335]. - Interest expense increased by $3.2 million to $3.9 million in 2021, primarily due to costs associated with royalty interest agreements [339]. - Research and development expenses surged by 110.4% to $6.3 million in 2021, with clinical and contract manufacturing costs increasing by 234.4% [332]. - Sales and marketing expenses increased by 35.4% to $4.3 million in 2021, driven by higher direct marketing fees [334]. - Operating expenses totaled $11.965 million for Q2 2021, a slight increase of $175,000 or 1.5% compared to $11.618 million in Q2 2020 [342]. Revenue and Sales - Gross product sales for the six months ended June 30, 2021, were $9.5 million, a 24.6% increase from $7.6 million in 2020 [327]. - Mytesi sales increased to $9.5 million in 2021, driven by a 230% increase in sales price, despite a 13% decrease in bottles sold [328]. - Sales discounts and returns rose to $4.4 million in 2021 from $2.2 million in 2020, largely due to higher government rebates [329]. - Gross product sales decreased from $6.3 million in Q2 2020 to $4.9 million in Q2 2021, reflecting a decline of $1.4 million or 21.8% [344]. - Sales discounts and returns increased to $2.6 million in Q2 2021 from $1.9 million in Q2 2020, an increase of $742,000 or 39.1% [346]. Cash Flow and Liquidity - Cash used in operating activities for the six months ended June 30, 2021, was $16.6 million, up from $8.3 million in the same period in 2020, reflecting a 100% increase in cash outflow [363]. - The company had cash of $31.9 million as of June 30, 2021, which includes restricted cash of $9.9 million, indicating a strong liquidity position [360]. - Total cash provided by financing activities for the six months ended June 30, 2021, was $40.4 million, significantly higher than $7.4 million for the same period in 2020, representing a 445% increase [367]. Future Outlook - The company expects to continue incurring significant research and development expenses as it expands product development activities [310]. - The company anticipates an increase in sales and marketing expenses as it focuses on expanding market access for Mytesi and crofelemer [319]. - The company has not yet generated enough revenue to achieve break-even or positive cash flows [310]. - The company expects to incur additional losses in the near term, with an accumulated deficit of $193.0 million as of June 30, 2021 [359]. - The company plans to finance operations through equity and/or debt financing and revenue from future product sales, but there is no assurance that additional funding will be available on acceptable terms [362]. - The company anticipates continued increases in expenditures as it develops its products and pipeline in the near term [361]. Stock and Financing - The company issued Series 3 Warrants valued at $1.5 million in January 2021 as part of a financing arrangement [337]. - The company issued 4,437,870 shares of common stock at an offering price of $3.38 per share for net proceeds of approximately $13.5 million in January 2021 [360].