SAN FRANCISCO – Jaguar Health, Inc. (NASDAQ:JAGX) has announced its intention to appeal a potential delisting from the Nasdaq Stock Market, following concerns over its share price. The pharmaceutical company, which specializes in plant-based medicines for gastrointestinal distress, confirmed that a hearing has been scheduled to discuss its continued listing.
Jaguar was initially notified on May 10, 2023, by Nasdaq's Listing Qualifications Staff that its common stock had not met the minimum $1.00 bid price requirement over the preceding 30 business days. The company was given until May 6, 2024, to regain compliance with Nasdaq's listing standards.
On February 15, 2024, Jaguar received further correspondence from Nasdaq indicating that the company's stock had closed at $0.10 or less for 10 consecutive trading days. This triggered Nasdaq's "Low Priced Stocks Rule," and the company was informed of Nasdaq's intention to delist its securities on February 26, 2024, unless Jaguar requested an appeal.
President and CEO Lisa Conte stated, "The Company's common stock will continue to trade on Nasdaq under the symbol ‘JAGX' pending the ultimate decision of any appeal process." She also emphasized the board's commitment to comply with Nasdaq's standards.
In the midst of these developments, Jaguar continues its work on the Phase 3 OnTarget trial of crofelemer, a plant-based prescription drug for the preventative treatment of cancer therapy-related diarrhea. Crofelemer is derived from the sap of the Croton lechleri tree in the Amazon (NASDAQ:AMZN) Rainforest, and its harvesting is conducted under sustainable and fair trade practices.
Jaguar Health and its family of companies, including Napo Pharmaceuticals and Napo Therapeutics, focus on developing and commercializing gastrointestinal pharmaceuticals. The company's efforts also extend to mental health indications through Magdalena Biosciences, a joint venture with Filament Health Corp.
There is no guarantee that Jaguar will receive an extension from the Nasdaq Hearings Panel to regain compliance.
This news is based on a press release statement from Jaguar Health, Inc.
InvestingPro Insights
As Jaguar Health, Inc. (NASDAQ:JAGX) navigates the challenges of meeting Nasdaq's listing standards, recent data from InvestingPro provides a more detailed look into the company's financial health. With a market capitalization of just $2.89 million, Jaguar's size is a critical factor for investors to consider. The company's revenue for the last twelve months as of Q3 2023 stood at $10.72 million, with a notable revenue decline of 0.51% during the same period.
InvestingPro Tips indicate that Jaguar operates with a significant debt burden and is quickly burning through cash, which are important considerations given its current appeal against Nasdaq delisting. The stock's performance has also taken a considerable hit, with a price that has fallen significantly over the last year, including a 97.63% drop in the one-year price total return as of early 2024.
Analysts do not anticipate Jaguar will be profitable this year, and the Relative Strength Index (RSI) suggests the stock is currently in oversold territory. With the stock trading near its 52-week low and the price per share at the previous close sitting at $0.07, the company's financial strategy in the upcoming months will be crucial for its survival on the stock market.
For those looking for more comprehensive analysis, InvestingPro offers additional insights on Jaguar Health, Inc. Readers can use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which includes a total of 16 InvestingPro Tips to further inform investment decisions.
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