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- Going Concern (worsened) — Auditor added explicit going-concern paragraph; management states $18M Future Pak payment insufficient to alleviate substantial doubt through March 2027 (extended from March 2026 baseline).
- Asset Impairment (new) — Recorded $800K impairment on in-process R&D intangible asset triggered by market capitalization decline, first write-down since business combination.
- Delisting (new) — Nasdaq issued deficiency notice March 2026 for sub-$1 bid price; company ineligible for standard compliance period due to prior reverse splits, appealed but outcome uncertain.
Jaguar licenses Mytesi to Future Pak for $18M, shifts to rare-disease R&D amid going-concern warning
Filed April 7, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 31, 2025 · ~2 min read
Key Changes
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Licensed US rights for Mytesi and Canalevia-CA1 to Future Pak in Jan 2026 for $16M upfront plus $2M post-closing and up to $20M in milestones; company retains manufacturing but exits direct commercialization, creating single-customer revenue dependency.
Business: Future Pak licensing agreement verify on EDGAR → -
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Cash collapsed 88% to $968K at year-end 2025; stockholders' equity swung from +$6.5M to -$18.7M deficit; auditor added explicit going-concern paragraph stating $18M Future Pak payment insufficient to alleviate substantial doubt through March 2027.
MD&A: Cash position / Notes: Going concern verify on EDGAR → -
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Net loss rose 39% to $54.4M driven by 51% R&D expense increase ($25M total) for MVID/SBS-IF trials; company presented proof-of-concept data showing up to 37% parenteral support reduction in pediatric intestinal failure patients on crofelemer for >1 year.
MD&A: Net loss / Business: MVID POC data verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Source-verified from EDGAR · Narrative written by AI · Jun 3, 2026 · How we verify