---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-317693"
form_type: "8-K"
ticker: "JAGX"
cik: "0001585608"
company_name: "Jaguar Health, Inc."
filed_at: "2025-12-12T23:59:59+00:00"
generated_at: "2026-05-16T13:21:23.715082+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-317693
- form_type: 8-K
- ticker: JAGX
- cik: 0001585608
- company_name: Jaguar Health, Inc.
- filed_at: 2025-12-12T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1585608/000119312525317693/0001193125-25-317693-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1585608/000119312525317693/jagx-20251212.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-317693
- JSON: https://secwatch.observer/filing/0001193125-25-317693.json
- Plain text: https://secwatch.observer/filing/0001193125-25-317693.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.