Good afternoon. Before I turn the call over to management, I'd like to remind you that management may make forward-looking statements relating to matters such as continued growth prospects for the company, uncertainties regarding market acceptance of products, the impact of competitive products and pricing, industry trends, and product initiatives, including products in the development stage which may not achieve scientific objectives or meet stringent regulatory requirements. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements. These statements are based on currently available information and management's current assumptions, expectations, and projections about future events. While management believes its assumptions, expectations, and projections are reasonable in view of currently available information, you are cautioned not to place under reliance on these forward-looking statements. The company's action results may differ materially from those discussed during this webcast for a variety of reasons, including those described in the forward-looking statements and risk factors section of the company's Form 10-K for the year 2025. which was filed with the SEC on April 7, 2026 and its other filings with the SEC, which are available on the investor relations section of Jaguar's website. Except as required by law, Jaguar undertakes no obligation to update or revise any forward-looking statements contained in this presentation to reflect new information, future events, or otherwise. Additionally, please note that the company supplements its condensed consolidated financial statements presented on a GAAP basis by providing non-GAAP EBITDA and non-GAAP recurring EBITDA. Jaguar believes that the disclosure items of these non-GAAP measures provide investors with additional information that reflects the basis upon which the company management assesses and operates the business. These non-GAAP financial measures should not be viewed in isolation or as substitutes for GAAP net sales and GAAP net loss and are not substitutes for or superior to measures of financial performance in conformity with GAAP. Today's conference is being recorded. At this time, it is now my pleasure to turn the call over to Lisa Conte, Jaguar Health's founder, president, and chief executive officer. Lisa, the floor is yours.

Oh, thank you very much, Paul. Hello, and thank you all for joining our investor webcast today. My name is Lisa Conte, as you heard. I'm the founder, president, and CEO of Jaguar Health and our wholly owned subsidiary, NAPO Pharmaceuticals. I'm also the chairman of our Italian subsidiary, NAPO Therapeutics. As usual, I may use the words Jaguar and NAPO interchangeably when I'm referring to our company. After I speak, our CFO, Carol Lizak, will provide a recap of the financial highlights for the second quarter of 2026. The theme of today's webcast is transformation, near-term catalysts, and sharp strategic focus. As many of you who have followed this company may recall, This past January, January 2026, we completed a transformative transaction, the signing of a U.S. commercial out-license agreement with FuturePAC for Mitessi, the brand name of our FDA-approved tablet formulation of Cofelomer for adults living with HIV, AIDS, and diarrhea, and for the brand name Canalivia CA-1, our conditionally approved formulation of Cofelomer for dogs with chemotherapy-induced diarrhea. We made the strategic decision to outlicense My Tessie to FuturePak first because they had recently acquired Thera Technologies, an HIV-focused commercial company with more than four times the commercial effort of Jaguar in the U.S., including two other HIV-related and relevant products. And secondly, to fulfill our strategic plan to bring in meaningful, non-dilutive dollars to help fund our sharp development focus on our pivotal stage program for our novel proprietary powder for oral solution formulation of crofilomer, so a different product of crofilomer. Same active ingredient, different product, different formulation. for rare intestinal failure indications. Rare meaning we have orphan drug designation for the intestinal failure indications in the United States and Europe. We are now fully a rare disease GI company with 100% of our human development efforts sharply and strategically focused on our rare disease program.

Our ultimate strategy

continue to involve identifying a development and commercialization partner for this program. Just to put this in perspective, the Outlicensed to Future PAC was $18 million upfront, primarily for the US HIV market, a market with peak annual market opportunity of maybe to $50 to $70 million annually. Intestinal failure has an annual peak market opportunity assessed by third parties of approximately $8 billion. To comment for a moment on two recent third-party transactions of interest, in June of 2026, Eli Lilly licensed Hamni's Phase II GLP antagonist, GLP-2, not GLP-1, not the weight loss thing, GLP-2, which is for an intestinal failure, short bowel syndrome, In fact, for the rare disease of short bowel syndrome and a deal worth up to $1.26 billion, including $75 million up front and up to $1.185 billion in milestones plus royalties. In August of 2026, just a week ago, Jazz Pharmaceuticals agreed to acquire Actio Biosciences for $820 million up front. plus up to 500 million in milestones, a potential $1.32 billion deal centered on a proof of concept clinical stage. It's called a KCNTI1 inhibitor for an ultra rare genetic epilepsy. Remarkably analogous to the program we have going on in intestinal failure. So we are now focused on identifying a potential partner for rare disease indications that have a global market estimated to be in the multi-billions with analogous deals that have proof of concept that is earlier stage than what we have in hand. The near-term value drive in our intestinal failure development program is our lead target indication, pediatric microvirus inclusion disease. I'm going to refer to that as MVID. and ultra rare disorder, ultra rare with no approved therapies and a lethal natural history. We've embarked on an ongoing clinical path toward a potential clinical package to be finalized by the end of 2026. So we're talking, you know, just a couple of months away and an NDA submission in mid next year, 2027. Short Bell syndrome, which you'll hear me refer to as SBS with intestinal failure, SBSIF, represents a larger follow-on indication using the same dosage form and physiological mechanism as intestinal failure with MVID patients, still a rare orphaned indication. Our intestinal failure program represents a blockbuster global market opportunity in terms of addressing this catastrophic unmet medical need in patients and blockbuster in terms of beneficial impact to morbidity, Mortality, and the cost to the healthcare system. And then the financial return opportunity for all stakeholders, including, of course, shareholders. And this return opportunity is especially important to a potential corporate partner. The global market for short bowel syndrome with intestinal failure is, as I mentioned, is estimated to reach approximately $8 billion. In 2033, and this is according to a third-party market research, and that same, a different third-party, but a third-party estimates the value of the global MBID marketplace, which is an ultra-rare indication at over $1 billion in 2033, for which there are no treatments and nothing in clinical development other than profilamide. So I want to take a moment to describe the catastrophic impact of intestinal failure on patients and what this means for their caregiving community, which includes the healthcare professionals, the family members, and others. Intestinal failure is a debilitating condition that often requires patients to receive life-sustaining fluids, electrolytes, through IV administration, IV administration for the nutrients in life, which is all encompassed in something called TPN, total parenteral nutrition with supplemental intravenous fluids. And overall TPN with fluids is called PN, parenteral support, IV support for your nutrients of life. Many intestinal failure patients require parental support, IV nutrition, up to seven days a week and sometimes for 20 hours a day or more. So obviously this is a catastrophic situation for the patient's health care quality of life. While it is supportive, it's palliative, and it is necessary for life sustenance, it's also associated with serious complications including liver and kidney toxicities, compromised cognitive function can have negative impact on growth and survival. And the cost is meaningful. It's estimated about $500,000 a year in the United States per patient, but the cost to the healthcare system with the inevitable complications, if you can imagine being on IV nutrition every single day, So the complications of infections and keeping that balance of the nutrients of life correct can top over a million dollars per year per patient. And in addition, the mortality risk. MD&D is a congenital disease. So the patient is born and has massive diarrhea and unable to absorb nutrients of life. Often these patients just die right away. If the patient's not diagnosed immediately, that's what happens. If the patient is diagnosed, they will be on parental support for the rest of their life, again, seven days a week, 20 hours a day. The key of what we're looking for in providing adjunctive therapy to these patients is a reduction in the amount of time that they are on parental support. Reducing that parental support can have a significant impact on the massive toxicities and comorbidities that are life-shortening for these patients. Life-sustaining parental support that is life-shortening because of the toxicities associated with them. So the endpoint in the clinical development is the possibility to reduce parental support by even 10 to 15%. that from a quality of life perspective would allow the patient to receive most of their parental support at night while sleeping, preserving some quality of life, the ability to go to school during waking hours, and the patient would not need to be attached to an IV to go through some of the normal daily living activities. So remember that number, 10 to 15%. This past June, We presented groundbreaking results at the 58th annual, it's called the European Society for Pediatric Gastroenterology, Hepatology, and Nutrition Meeting, F-SCAN. And it was in Lille, France. We presented at F-SCAN the results of the liquid oral prophylamer, so the formulation specifically for intestinal failure, to demonstrate substantial reductions in PS. And PS in particular, because these are children who are growing, normalized to body weight in pediatric intestinal fatty patients that were dosed orally for more than one year with no significant clinical or laboratory abnormalities, so basically clean, clean safety. In one MVID patient, the weekly parenteral support requirements normalized to body weight were reduced by up to 48%. Remember the 10% to 15% I mentioned. We're talking about up to 48% following more than 12 months of profilamer therapy. In the two SPS-IF patients, the PS requirements normalized the body weight were reduced by up to 40%, again, for over a year of treatment. This is a stunning result.

It's hard to express.

how clinically relevant this is. As I mentioned, even a 10% reduction would have been considered clinically relevant. What was also really powerful is that after these patients were treated for about three months, they were, per protocol, taken off crofilomer and they immediately relapsed and needed to be put back on crofilomer. So one of the strongest trial design parameters to demonstrate the true efficacy of our product. So these patients have now continued to be treated for over a year and we expect they'll be on crofilomer for the rest of their lives and we take great pride in providing the product for that. There have been no crofilomer related safety issues in our intestinal failure patients or any patient treated with crofilomer. and very consistent with the crofilomer that is in thousands of patients that have been in clinical trials for other disorders. As a reminder, drugs are approved by the FDA on their benefit-risk ratio. When the risk is zero, the benefit exists into perpetuity. Now, we have an additional NVID patient in compassionate use being treated with oral crofilomer under an FDA-authorized expanded access program. And safety and efficacy data regarding this infant was also presented at the same F-scan meeting this June in Leo. And this is a fascinating situation where the patient was diagnosed with MDI-D right after birth, but was too young to enroll in the enrollment criteria imposed by the FDA on NAPO's clinical trial. So with the expanded access to Crofilomer, the child was able to, at three months of age or a little less, was able to get on to Crofilomer. The child is now a year old, thriving, has a very active Instagram site, and is almost at the 30% level in the growth curve. So in what was otherwise a catastrophic diagnosis with a lethal natural history, this child is The patient has started to eat a little bit orally and is down to only 22 hours of parental support or down from 22 hours from 22 hours on parental support just the first year of life down down to 18 hours. So we are committed to providing our novel corfellumar formulation as an investigational drug as deemed medically necessary by the physician or caregiver for patients in these expanded access programs intended for mitigating the sequelae from MBID disease progression. The participation in expanded access programs allows us to develop relationships with this very small community of physicians institutions, patients who are addressing intestinal failure, intestinal failure in particular associated with the ultra rare disease of NVID before the product is approved and commercially launched. Simultaneously, we are conducting a blinded clinical trial to evaluate the safety and efficacy of this formulation of crofilomer in pediatric patients with intestinal failure due to MVID. So a blinder trial simultaneously different than the results that I just spoke to, which are treatment only and unblinded, and we can see the results. So this pivotal randomized double-blind placebo-controlled trial is fully enrolled and taking place at clinical trial sites in the United States, Italy, and the UAE. in support of our plan new drug application filing based on patients in this trial, we submitted an amendment and received FDA authorization for a treatment only extension phase of the trial. So after the blinded part is over, patients can continue in treatment only extension if deemed relevant for the patients by a safety committee of which we are not a member of that remains blighted, as well as the treating physician, the family. Every single patient was deemed relevant to go into the treatment-only extension phase. So the first NVID patients have entered the treatment-only extension, and with the patients from this treatment-only extension, the early patient access result patients that were presented, for example, at F-scan, and the investigator-initiated trial in UAE, we're talking about the opportunity to file for a new drug application for a prophylamer, for MVID, an ultra-rare disease for which we have orphan designation in the United States and Europe with essentially a single-digit number of patients. Including the patients in our blinded trial and the MVID patients in the expanded access and investigator-initiated trials, We estimate that we're treating approximately 4% of the patient population. So while it may sound bold that we're filing with a single digit number of patients, it's relevant to other diseases given the percentage of the affected patients that we are treating. We are confident and we're passionate to bring the benefit of profilamer to approval for all MVID patients as expeditiously as possible. This would give us the opportunity for a review upon filing the new drug application of perhaps just four months after we file the NDA. The clinical package to file the NDA is expected to be ready by the end of 2026 with the actual submission of the NDA in the second quarter, late in the second quarter of 2027. So with breakthrough designation, We could be approved in the U.S. by the end of 2027 for MVID. Europe would be a bit later. That would be in 2028 based on European Medicines Agency and some of the requirements there on reimbursement as well as risk-benefit analysis. Intestinal failure in MVID is the same situation as intestinal failure in short bowel syndrome. Short bowel syndrome, patients with intestinal failure, they're unable to absorb the nutrients of life because they literally have a short bowel. There's not enough surface area. A normal intestine is about 20 to 25 feet. An SPSIF intestine may be five feet or less. So there's literally just not enough surface area. And they too may end up on parental support up to 20 hours a day, seven days a week. and they have the same comorbidities, the same horrendous toxicities that you see with parental support in NVID patients. We have ongoing right now a phase two randomized double-blind placebo-controlled trial with the same formulation, the liquid formulation of crofilomer in adult SPSIS patients and it's going on at various sites in Germany and Italy. This is still an orphan indication, and we do have orphan designation in the US and Europe for short bowel syndrome, just as we do for MVID in the US and Europe. Though it is a larger patient population than MVID, which MVID arises from congenital abnormalities, SPS could be congenital abnormalities, surgical resection due to conditions like Crohn's disease, and many more. In the United States the population is about 12,500. We're targeting the NDA filing of profilamere for MVID in mid-2027, and we expect this NDA filing to be coincident with the timing of the availability of results from the Phase II blighted study for SBS. Because our development program for MVID involves the same formulation, this plan provides CMC, Chemistry Manufacturing Controls, basically the manufacturing stepping stone to our planned pathway for ultimate approval of profilamer for SBS after MVID and it will be years after MVID. But the safety would be the same, the manufacturing would be the same. So in the competition world, there's nothing for MVID. There's nothing out there in development. There's nothing for these patients. In SBS, there is a product approved, and it's a GLP-2 approach. Not GLP-1. That's the weight loss thing. GLP-2 is essentially a growth hormone. And what GLP-2 does is attempts to grow the intestine a bit so that parental support can be reduced by 10% to 15%. If you remember... Those numbers are what's considered clinically irrelevant. Again, we blew those away with the 40 to 45% in MVID. GLP-2 growth hormone for SPS is not standard of care. There are many side effects, and it's a growth hormone. You can't use a growth hormone. For example, you don't want to encourage growth in cancer patients or anybody with a hyperproliferative abnormal situation. and that is about a third of the SPS patients. But nevertheless, what GLP-2 has done is established a business model and a regulatory approval benchmark. GLP-2s are reimbursed at about a half a million dollars a year per patient in the United States. We are seeking to have Curfellimer become the standard of care for intestinal failure in both MBID and SPS. GLP-2s are only used in about 5% to 7% of patients. They can't be used on a lifelong chronic basis, whereas crofilomer could. Crofilomer could even be used in conjunction with GLP-2s. So crofilomer is really a paradigm-shifting opportunity to increase quality of life, potentially extend patients' life, and have important physiological benefits and reduction of potential toxicities. So what I've been talking about in our rare disease program, intestinal failure program, is profilamer. Profilamer is the active ingredient in Mitessi, but our intestinal failure program is not Mitessi. It is a different formulation, a different product. Mitessi is a pill. With intestinal failure, a pill would just go right through the patient. High throughput, high transit times, it would land in the toilet bowl. The oral liquid formulation, a highly concentrated lyophilized formulation of curfilomer, is a non-growth hormone and is a drug candidate that would be used as adjunctive therapy to parental support through a first-in-class physiological mechanism of action, reducing liquid stool output and therefore reducing parental support needs and the associated toxicity associated with that. It's also important to note that profilamer is defined as an anti-secretory, first-in-class anti-secretory drug. It's not an anti-diarrheal. It's locally acting on intestinal chloride ion channel and normalization, reduces intestinal chloride-driven fluid accumulation. And so we're getting a bit technical here, but it results in reduction of the electrolyte and the fluid losses and the Concordant Parental Support Reductions, which is the clinically relevant endpoint in both MVID and short bowel syndrome intestinal failure. We established our ability to perform and close an important non-dilutive business development deal in January with the Future Pack deal, as I mentioned. We were provided $16 million. Non-dilutive capital in January upon closing of the agreement. We satisfied some specific post-closing conditions and received an additional non-dilutive $2 million, which was part of the upfront fee from FuturePAC. We continue to be the manufacturer of Crofellimer for Mitessi and the Candilevia formulations for FuturePAC. and per the terms of the opportunity, and that is at a profit, so it's a profit center for us. We're a centralized manufacturer. And per the terms of the agreement, we have an opportunity to receive up to another $17 million in additional milestone payments, future payments, again, non-dilutive. The intestinal failure market that we are now sharply focused on is considered to be approximately 100 times larger than the HIV Diarrhea Market. So with those numbers that I told you, basically $18 million up front, 17 million additional milestones, we're talking about a market opportunity 100 times larger. With the clinical proof of concept data we have in hand and the very near-term clinical and regulatory milestones ongoing, we're confident in our ability to execute our business development goals in our intestinal failure program to further the opportunity to bring in serious, meaningful, valuable, non-dilutive dollars commensurate with the market size, the serious medical need, and driven first and foremost by the benefit and the benefit risk, with risk being nearly zero that we are providing to the patients with no alternative treatment. Just briefly, I should mention, it's the major Focus of our business is human health, of course, and our rare disease program is 100% of our human focus. We do have a small business in animal health, and we're pleased to announce recently that we're planning for the anticipated commercial launch, very, very shortly, of a product called Neonorm Dog. It's a new extension of Jaguar's non-prescription Neonorm franchise for companion animals. Neonorm Dog is designed to provide dog owners with access to a plant-based, non-prescription product intended to support normal stool consistency, GI fluid balance in dogs. It's also an anti-secretory mechanism of action. And what we're doing is leveraging the relationships that we built when we were conducting the promotion and the education around Canolevia CA1 before it was licensed to FuturePak. Canolevia CA1, again, was our FDA conditionally approved prescription drug for the treatment of chemotherapy-induced diarrhea in dogs. The Neonorm franchise currently includes other Neonorms, non-prescription products for foals and for calves, plant-based products to support proper hydration and bowel health in pre-weaned foals and calves. Many of the vets that we spoke with when we were Educating and promoting around chemotherapy-induced diarrhea indicated a strong unmet need for addressing general watery diarrhea in dogs of any cause. And now with Neonorm Doggie, we will have something to offer them and to the doggy parents with easy availability of Neonorm Dogs through online and animal health retail channels, not just from their vet, including Amazon and Chewy, which is an absolutely fantastic place for animal health products. So with that description, you can hear that we're very excited, very enthused about what we're doing. And I'm going to hand the discussion over to Carol Lizak, now our CFO, for her recap of the financial highlights of the second quarter of 2026. And just before I turn it over, to remind everybody that for many years we were selling Mytesi, you know, ultimately into the distributors and had a sales force promoting directly to the physicians who are prescribing to patients. At this point, we are supplying to FuturePAC, and so there's a much different impact on the sales and the revenue numbers that we are reporting. Carol, let me turn it over to you.

Good afternoon, Lisa, and thank you to all of you who have joined our webcast today. I'll begin my review of our financials for the second quarter of 2026. License and grant revenue, as Lisa mentioned, Jaguar entered a U.S. commercial licensing agreement with FuturePak in January 2026. And FuturePak is now the exclusive U.S. marketer for the company's Mitessi and Canalevia CA1 products. Licensed revenues for the initial $16 million upfront payment, in addition to the $3 million payment for early termination of the buyback option under disagreement, were recognized by the company in the first quarter of 2026. As announced in August 2026, Jaguar has satisfied the closing conditions required to receive payment of the non-dilutive 2 million holdback amount of the upfront fee from FuturePak. NAPO remains the manufacturer of Cofelmer and Mitessi and supplies the product to FuturePak at cost plus terms. Additionally, the company recognized license fees of 43,000 in the second quarter of 2026 from the securities purchase agreement with a European partner, which was supported by a binding term sheet. Approximately 43,000 of license fees were consistently recognized in each of the quarters of 2025 under this agreement. As of June 30, 2026, the total deferred revenue associated with this contract amounts to $468,000. Federal grant revenue recognized in the second quarter of 2026 for the clinical trial study related to the treatment of chemotherapy induced diarrhea or CID in dogs was $25,520 and non last year. For prescription product revenue net, the total net revenue for the company's prescription products that's Mitessi, Gelclare, and Canalevia CA1 was approximately $1.2 million in the second quarter of 2026, which was comprised primarily of sales of Mitessi at cost plus to FuturePak. In January 2026, Jaguar entered into a royalty-free license agreement with FuturePak. Again, under disagreement, all revenues generated in the United States from Mitessi and cantilever CA-1, effective from January 12, 2026, are directed to Future PAC. Future PAC is privately held and does not report Mitessi sales. Compared to the second quarter of 2025, The number of Mitessi bottles the company sold in the second quarter of 2026 increased significantly and commercial costs were substantially decreased. The decision to enter a commercial license agreement with FuturePak aligns with Jaguar's strategic focus on advancing the development of its powder for oral solution formulation of carfellumar for rare disease indications related to intestinal failure in humans. The total net revenue for the company's prescription products in the second quarter of 2026 represents a decrease of approximately 2% compared to the first quarter of 2026 when total net revenue for prescription products was approximately 1.2 million. Additionally, Prescription products net revenue decreased by 60% compared to the second quarter of 2025 when total revenues amounted to about $2.9 million. The loss from operations decreased, however, by about $400,000. Going from a loss of $8 million in the quarter ended June 30, 2025, to a loss of $7.6 million in the quarter ended June 30, 2026. This change was primarily due to a $1.7 million decrease in product net revenue but was offset by a reduction in operating expenses of approximately $2.1 million, largely attributed to the Future PAC licensing agreement. for non-GAAP recurring EBITDA for the second quarters of 2026 and 2025 were a net loss of about $8.4 million and $7.9 million respectively. Net loss attributable to common shareholders increased by approximately 2.3 million from a loss of 10.4 million in the quarter ended June 30, to a loss of 12.7 million in the quarter ended June 30, 2026. In addition to the loss from operations, interest expense increased by 176,000 for more 15,000 interest income for the quarter ended June 30, 2025 to about 161,000 in the quarter ended June 30, 2026. due to interest expenses accrued on notes. The fair value of financial and hybrid instrument designated as FVO or fair value option increased by about 900,000 from a loss of 1.1 million in the quarter ended June 30, 2025 to a loss of 1.9 million in the quarter ended June 30, 2026. and again, primarily due to fair value adjustments in liability classified warrants and notes payable designated as FVL. Loss and extinguishment of debt increased by 1.7 million from loss of 1.8 million in the quarter ended June 30, 2025 to a loss of 3.5 million during the three months ended June 30, 2026 due to significant modifications to qualify for extinguishment accounting with non-recording in the same period in 2025. Well, that concludes my recap of high-level financials for the second quarter of 2026. I will now hand the discussion back to Lisa. Thank you.

Thanks, Carol. We'll wrap this up quickly. As a recap, our Intentional Failure Program will continue to provide clinical proof-of-concept milestones and is the subject of ongoing business development discussions with the potential to bring in meaningful non-diluted dollars from potential licensee partners. Importantly, Grofellimer's status as the first and only oral prescription drug approved by the FDA under botanical guidance functions as a de facto and perpetual IP intestinal protection shield, exclusivity shield, as there is no practical pathway to bring a generic to market. So even though we have a very robust and expensive IP patent strategy, just like any other pharmaceutical company, it's sort of the price of being in the business, we do have approximately 185 issued patents. We essentially have exclusivity perpetually to infinity and beyond. which is very powerful when doing terminal value calculations with, for example, potential commercial partners. You don't have that patent cliff that you often hear about and read about with other companies. So as you can probably tell, all members of the Jaguar, NAPO, NAPO Therapeutics family are fully engaged, fully energized, and excited about the multiple near-term expected catalysts on the regulatory and clinical side for Cofelomer. and on the business side, all of which we view as significant, extremely value enhancing and potentially transformative for patients and for diseases with completely unmet medical needs. Everything we do at Jaguar, NAPO and NAPO Therapeutics is rewarding and our efforts to address such truly devastating rare intestinal failure diseases has really provided satisfaction on another level. This concludes our webcast for today. Thank you very much for joining, and we'll see you the next quarter.

This concludes today's conference. We thank you again for your participation.

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