Executive Summary

Q1 2015 was Jaguar’s first reported quarter as a development-stage animal health company; revenue was $62,387, driven by Neonorm distributor sell-through, while net loss was $(3,937,383) and EPS was $(1.43) as R&D, G&A, and financing-related expenses weighed on results .
No formal Q1 2015 earnings press release (8‑K 2.02) or earnings call transcript was available; the May 18, 2015 8‑K addressed IPO-related charter/bylaw changes rather than financial results .
Operational milestones included a statistically significant Canalevia proof-of-concept result (91% formed stool vs 50% placebo), approximately $450,000 of Neonorm Calf shipped to distributors, and initiation of a rolling NADA for canine CID .
Liquidity improved post quarter from the IPO ($15.1M net proceeds) and a $1.0M Dechra note; however, management disclosed substantial doubt about going concern absent additional financing before IPO proceeds, and expects continued losses as R&D and commercialization scale .
Street consensus (S&P Global) was unavailable at request time; no estimate beat/miss can be assessed. The stock’s near-term narrative catalysts were IPO completion, Canalevia clinical progress, and Neonorm commercialization .

What Went Well and What Went Wrong

What Went Well
- Canalevia clinical proof-of-concept achieved statistical significance (91% vs 50% placebo), strengthening the path to FDA approval for CID and broader acute canine indications: “supporting the conclusion that Canalevia treatment is superior to placebo” .
- Neonorm commercialization advanced, with approximately $450,000 shipped to distributors, indicating early market traction in dairy calves .
- Capital access improved with the IPO ($15.1M net proceeds) and Dechra’s $1.0M convertible note and warrant, augmenting cash runway for R&D and launch initiatives .
What Went Wrong
- Elevated financing costs and non-cash charges pressured results: interest expense $(933,032) and warrant fair value change $(328,516), contributing to the $(3,937,383) net loss .
- Operating expenses rose materially YoY as the company scaled: G&A $1,093,687 (vs $494,955), R&D $1,423,043 (vs $1,458,375), and initiation of sales & marketing $190,303 .
- Going-concern uncertainty was disclosed (pre-IPO), with management expecting continued losses and noting dependency on financing and commercialization execution .

Financial Results

Income statement comparison (YoY):

Metric ($USD)	Q1 2014	Q1 2015
Revenue	$0	$62,387
Cost of Revenue	$0	$34,298
Research & Development	$1,458,375	$1,423,043
Sales & Marketing	$0	$190,303
General & Administrative	$494,955	$1,093,687
Total Operating Expenses	$1,953,330	$2,741,331
Loss from Operations	$(1,953,330)	$(2,678,944)
Interest Expense (net)	$(13,150)	$(933,032)
Change in Fair Value of Warrants	$0	$(328,516)
Net Loss	$(1,966,480)	$(3,937,383)
EPS (Basic/Diluted)	$(0.73)	$(1.43)
Weighted Avg Shares	2,793,573	2,874,330

Balance sheet (sequential):

Metric ($USD)	Dec 31, 2014	Mar 31, 2015
Cash & Cash Equivalents	$845,192	$746,343
Accounts Receivable	$0	$8,140
Inventory	$198,029	$314,214
Deferred Revenue	$23,802	$388,940
Accounts Payable	$698,318	$1,764,143
Convertible Notes Payable (Current)	$424,674	$786,150
Warrant Liability	$601,889	$977,884
Total Liabilities	$5,436,964	$9,206,551
Accumulated Deficit	$(9,410,778)	$(13,348,161)

KPIs and operational metrics:

KPI	Q1 2015	Note
Neonorm Calf shipped to distributors	~$450,000	Early commercialization indicator
Distributor sell-through recognition	Revenue recognized upon distributor sell-through	Drives deferred revenue
Deferred revenue	$388,940 (vs $23,802 at 12/31/14)	Reflects pipeline sell-through timing

Segment disclosure: Jaguar operates in one segment .

Estimate comparison: Wall Street consensus via S&P Global was unavailable at request time; no beat/miss assessment can be made.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Napo License Fee	One-time fee	$2,000,000 (original license fee)	$1,750,000 amended; $1,625,000 remaining payable on a schedule (see below)	Lowered and accelerated
Napo License Fee Payment Schedule	2015–2016	N/A	$25k (Amendment Date); $25k (Mar 31, 2015); $150k (Jun 30, 2015); $500k (Sep 30, 2015); $500k (Dec 31, 2015); $425k (Mar 31, 2016)	Formal schedule adopted
Royalty Terms (Croton lechleri products)	Post-IPO	8% up to $30M, then 10%	Reduced to 2% (Rx) and 1% (Non-Rx) upon IPO ≥$10M; no milestones for Croton products	Reduced royalties post-IPO
Indena Manufacturing Fees	2015	Initial deadlines	Payment deadlines delayed; start-up €500k and other fees rescheduled; €500k start-up and €215k transfer paid in May 2015	Timing adjusted; partial payments completed
Liquidity runway	Through April 2016	N/A	Management expects IPO net proceeds + cash will fund operations through April 2016	Informational runway disclosure

No quantitative revenue/margin/OpEx guidance was provided; management framed operational milestones and liquidity expectations .

Earnings Call Themes & Trends

No Q1 2015 earnings call transcript was located. Themes below reflect prior disclosures (S‑1/A) versus current quarter MD&A.

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q1 2015)	Trend
Canalevia clinical/Regulatory	Expected PoC data Q4 2014; initiate rolling NADA for CID; expand to general acute diarrhea	Achieved statistically significant PoC (91% vs 50%); rolling NADA initiated	Positive execution momentum
Neonorm commercialization	Launch Neonorm Calf; distributor build-out; ~$1.0M launch spend plan	~$450k shipped to distributors; initial sell-through underway	Early commercialization traction
Manufacturing/Supply chain	Indena MoUs to establish crofelemer/botanical supply; fee schedule	Payment timing amended; partial fee payments completed in May 2015	Progress with adjusted timelines
Financing/Capital markets	Planned IPO; warrants/bridge facilities disclosed	IPO completed ($15.1M net); Dechra $1.0M note + warrant; warrant liabilities increased	Balance sheet strengthened; non-cash volatility persists
License economics	Original $2.0M fee; higher royalty rates	Fee cut to $1.75M; post-IPO reduced royalties; payment schedule set	Improved long-term economics

Management Commentary

“We achieved statistically significant results in a canine proof-of-concept study completed in February 2015, supporting the conclusion that Canalevia treatment is superior to placebo, with 91% of the Canalevia-treated dogs achieving a formed stool during the study versus 50% of the placebo-treated dogs.”
“We have already shipped approximately $450,000 of Neonorm Calf to distributors.”
“We believe the net proceeds from our initial public offering, together with our existing cash and cash equivalents, will be sufficient to fund our operating plan through April 2016…”
“We have not generated any material revenue to date and expect to continue to incur significant research and development and other expenses.”

Q&A Highlights

No Q1 2015 earnings call/Q&A transcript was available to review .

Estimates Context

S&P Global (Capital IQ) consensus EPS and revenue estimates for Q1 2015 were unavailable at request time due to access limits; therefore, we cannot assess beats/misses or implication for estimate revisions.

Key Takeaways for Investors

Clinical validation de-risks Canalevia’s path for CID in dogs and supports broader acute indications; regulatory momentum with rolling NADA should sustain medium-term narrative strength .
Neonorm’s ~$450k shipped and rising deferred revenue indicate an emerging commercialization flywheel, but sell-through timing governs revenue recognition; watch distributor pipeline and conversion .
Financing profile improved post quarter (IPO net $15.1M; Dechra $1.0M note), extending runway to April 2016; monitor cash burn from R&D, manufacturing commitments, and launch spend .
Elevated interest expense and warrant liability remeasurement create P&L volatility; absent non-cash items, operating loss reflects deliberate investment in R&D and commercialization .
License amendments (reduced fee/royalties) and manufacturing progress improve long-term unit economics and supply readiness; execution on payment schedules and supply qualification remains key .
Near-term catalysts: additional Canalevia data/filings, Neonorm sell-through evidence, supply chain milestones, and potential partnerships; absence of formal financial guidance suggests focusing on operational KPIs and cash runway .

Notes:

No Q1 2015 earnings press release (Item 2.02) or call transcript was found; analysis is based on the Q1 2015 Form 10‑Q and related filings – .
Street estimates from S&P Global were unavailable at request time; no beat/miss analysis provided.

Jaguar Health, Inc. (JAGX)·Q1 2015 Earnings Summary