The sharp decline in JAGX's stock price from the $34.46 reference to $8.91 suggests the ATM program is being executed into a falling market, accelerating dilution. Monitor daily volume and ATM sales disclosures for pace of share issuance; the remaining $9.82M capacity could be drawn down quickly if the stock remains under pressure.
Price Chart
Executive Summary
Jaguar Health filed Supplement No. 8 to its ATM prospectus, disclosing that it has approximately $9.82 million remaining capacity for at-the-market common stock sales under General Instruction I.B.6 of Form S-3, based on a non-affiliate market value of ~$44.2 million and prior sales of ~$4.9 million in the trailing 12 months. The stock closed at $8.91 on September 23, 2026, down sharply from the $34.46 reference price used for the capacity calculation, indicating significant dilution pressure.
Key Facts
- Remaining ATM capacity of approximately $9,824,188 as of September 24, 2026.
- Non-affiliate market value calculated at ~$44.2 million based on 1,281,839 shares at $34.46 per share (September 22 close).
- Prior 12-month sales under I.B.6 totaled ~$4.9 million.
- Stock price dropped from $34.46 reference to $8.91 close on September 23, 2026.
- Ladenburg Thalmann is the sole sales agent; Lucid Capital Markets' term expired December 31, 2025.
Financial Impact
Up to $9.82 million in additional common stock sales at current depressed prices (~$8.91), representing potential dilution of ~1.1 million shares at that price, or ~86% of the non-affiliate float.
Risk Factors
- Continued dilution from ATM sales at low prices will further pressure the stock.
- Limited remaining shelf capacity under I.B.6 may force alternative financing if cash needs persist.
- Low stock price and small non-affiliate float (~1.28M shares) make the stock vulnerable to volatility.
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001193125-26-400348 |
| Document: 0001193125-26-400348-index-headers.html | 0001193125-26-400348 |
| Document: 0001193125-26-400348-index.html | 0001193125-26-400348 |
| Document: 0001193125-26-400348.txt | 0001193125-26-400348 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 5d ago | S-3 | $2.04 | awaiting T+60 | — | $2.24 (−9.80%) |
Oct 8, 2026 19d ago | DEF 14A | $4.79 | awaiting T+60 | — | $2.24 (+53.24%) |
Oct 5, 2026 22d ago | 8-K | $4.73 | awaiting T+60 | — | $2.24 (+52.64%) |
Sep 28, 2026 29d ago | 8-K | $6.02 | awaiting T+60 | — | $2.24 (+62.79%) |
Sep 24, 2026 4w ago | SC 13G/A | $7.70 | awaiting T+60 | — | $2.24 (+70.91%) |
Sep 24, 2026 4w ago | 424B5 | $7.06 | awaiting T+60 | — | $2.24 (+68.27%) |
Sep 24, 2026 4w ago | 8-K | $7.06 | awaiting T+60 | — | $2.24 (+68.27%) |
Sep 21, 2026 5w ago | 8-K | $34.46 | awaiting T+60 | — | $2.24 (−93.50%) |
Sep 15, 2026 6w ago | 8-K | $0.2246 | awaiting T+60 | — | $2.24 (−897.33%) |
Sep 3, 2026 7w ago | 424B5 | $10.41 | awaiting T+60 | — | $2.24 (+78.48%) |
US Market Status
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