JAGX has entered an extraordinary stretch of dislocation — the stock is down 64% on the week and nearly 79% over the past month, trading at $3.01 after a brutal post-reverse-split unwind that has compressed the market cap to barely $1.2 million.
The reverse split is the story. On April 30, Jaguar Health executed a 1-for-35 split. These events typically signal capital distress, and the market reaction has been emphatic. Before the split, short interest sat well above 500,000 shares. In the fortnight since, it has collapsed to roughly 106,000 shares — down 85% over the month — as positions were resized, closed, or mechanically adjusted post-consolidation. That plunge in raw shorts looks dramatic but is largely a structural artefact. On a percentage-of-float basis, ORTEX now estimates short interest at approximately 2.8% — a fraction of where it stood, though recent daily estimates have been volatile and should be read with caution given the ongoing post-split normalisation.
The lending market tells a more charged story. Borrow availability has tightened sharply to just 15.3% — meaning for every share currently shorted, fewer than one-in-six additional shares remain available to lend. That is firmly in "very tight" territory. Cost to borrow has risen 43% over the week to 27.6% annualised, its highest level in the 30-day window. Together, these two signals suggest the remaining shorts are paying a real cost to stay in, and new entrants face a constrained supply of borrowable stock. The ORTEX short score has climbed to 83.1 — near the top of the range — while the utilisation rank sits in the 6th percentile of the universe, meaning 94% of stocks have more slack in their lending markets. The RSI has collapsed to 17, deep in oversold territory.
Full-year 2025 results, released April 10, showed revenue of $11.5 million — essentially flat with the prior year's $11.7 million — while net loss widened to $53.4 million from $38.5 million. That deterioration of roughly $15 million on the loss line, against a flat top line, captures the core tension: the commercial trajectory for Mytesi, the company's approved GI therapy, has not demonstrated the inflection management has sought. Loss per share on a post-split basis was reported at over $800, reflecting the tiny share count created by the consolidation. The next earnings event is set for May 14, which narrows the current window considerably.
US-listed peers paint a mixed picture for small-cap pharma this week. Closest correlated name PRFX dropped a further 5.4% on the week, while VERU gave back 3.5%. Neither approaches the scale of JAGX's dislocation, underscoring how company-specific the move has been rather than a sector-wide event.
Institutional ownership data is thin — the largest identified holder, Joshua Mailman, is reported at just 4.2% of shares, with Iliad Management at 3.1%. These figures are from late 2025 filings and should be treated as indicative at best, given how dramatically the share structure has changed since the split. Insider activity in the disclosed window has been limited to equity awards at zero cost, with no open-market buying from management in the available record — a notable absence given the scale of the decline.
The May 14 earnings print is the next hard catalyst. With the stock down nearly 91% year-to-date, a borrow market that has tightened to historically constrained levels, and a net loss still widening, the question for that report will centre less on headline revenue and more on whether the company has a credible path to managing its cash position and avoiding further dilution.
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