Jaguar Health swaps 91 Series M Preferred shares for 440K common shares and 1.6M pre-funded warrants

Jaguar Health, Inc.

On Dec 9, exchanged 75 Series M Preferred for 400K common shares and warrant for 1,304,545 shares at $0.001.
On Dec 11, exchanged 16 Series M Preferred for 40K common shares and warrant for 304,827 shares at $0.001.
Total 91 Series M Preferred shares cancelled; pre-funded warrants exercisable immediately with 9.99% beneficial ownership blocker.
Transaction executed with Iliad Research and Trading, L.P. via private exchange agreements under Section 3(a)(9).
Issuance reduces preferred liquidation preference; adds ~2.05M fully diluted shares to existing common.

item 1.01 item 3.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.8

Jaguar Health, Inc. entered into First Exchange Agreement with Iliad Research and Trading, L.P. (effective 2025-12-09).

Action: entry
Agreement: equity purchase
Counterparty: Iliad Research and Trading, L.P.
Effective: 2025-12-09

Exact text from the filing

On December 9, 2025, the Company entered into a privately negotiated exchange agreement with Iliad (the “First Exchange Agreement”), pursuant to which the Company issued (i) 400,000 shares (the “First Exchange Shares”) of the Company’s common stock, par value $0.0001 (the “Common Stock”) and (ii) a pre-funded common stock purchase warrant to purchase 1,304,545 shares of Common Stock (the “First Pre-Funded Warrant”) to Iliad in exchange for 75 shares of Series M Preferred Stock held by Iliad

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.8

Jaguar Health, Inc. entered into Second Exchange Agreement with Iliad Research and Trading, L.P. (effective 2025-12-11).

Action: entry
Agreement: equity purchase
Counterparty: Iliad Research and Trading, L.P.
Effective: 2025-12-11

Exact text from the filing

On December 11, 2025, the Company entered into another privately negotiated exchange agreement with Iliad (the “Second Exchange Agreement” and together with the First Exchange Agreement, collectively the “Exchange Agreements”), pursuant to which the Company issued (i) 40,000 shares of Common Stock (the “Second Exchange Shares” and together with the First Exchange Shares, collectively the “Exchange Shares”) and (ii) a pre-funded common stock purchase warrant to purchase 304,827 shares of Common Stock (the “Second Pre-Funded Warrant” and together with the First Pre-Funded Warrant, collectively the “Pre-Funded Warrants”) to Iliad in exchange for 16 shares of Series M Preferred Stock held by Iliad

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72 material agreements filed in the last 30 days. Browse all material agreements →

Jaguar Health, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-25-317693

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