The ATM remains open but has been barely used — the real risk is that any future drawdown at current sub-$1 prices would be massively dilutive. Monitor daily volume and any 8-K disclosing ATM sales. The heavy historical dilution pattern (20 offerings in 24 months) suggests the company may need to tap this facility if cash runs low.
Price Chart
Executive Summary
Jaguar Health filed Supplement No. 7 to its ATM prospectus, reducing the remaining capacity under its at-the-market offering program to approximately $4.78 million due to Form S-3 General Instruction I.B.6 limitations. The company has sold only ~$215,000 under this instruction in the prior 12 months, and the stock closed at $0.7299 on September 2, 2026, well below the $2.81 reference price used for the non-affiliate market value calculation. This filing is a routine administrative update to a standing ATM program for a micro-cap biotech with a $4M market cap and a history of heavy dilution (20 offering filings in 24 months).
Key Facts
- Remaining ATM capacity reduced to ~$4.78 million (from ~$14.99M non-affiliate market value).
- Only ~$214,660 sold under I.B.6 in prior 12 months — minimal execution to date.
- Stock price $0.7299 on Sept 2, 2026 vs. $2.81 reference price — 74% decline implies massive dilution if shares are sold at current levels.
- 20 offering/registration filings in last 24 months — persistent dilution pattern.
- Market cap ~$4M — any ATM sales at current price would be highly dilutive.
Financial Impact
Up to $4.78M in potential additional dilution at current ~$0.73 price would require ~6.5M new shares (~122% of the 5.34M non-affiliate float), though actual sales have been minimal to date.
Risk Factors
- Potential massive dilution if company sells shares at current ~$0.73 price.
- Micro-cap biotech with $4M market cap — high bankruptcy/cash-runway risk.
- Persistent ATM program since 2021 with minimal disclosed use suggests ongoing capital needs.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001193125-26-381113 |
| Document: 0001193125-26-381113-index-headers.html | 0001193125-26-381113 |
| Document: 0001193125-26-381113-index.html | 0001193125-26-381113 |
| Document: 0001193125-26-381113.txt | 0001193125-26-381113 |
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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