Jaguar Health, Inc. Segments Disclosure
15. Segment Data
The Company has two reportable segments: animal health and human health. The animal health segment is focused on developing and commercializing prescription and non-prescription products for companion and production animals. The human health segment is focused on developing and commercializing human products and the ongoing commercialization of Mytesi, which the US FDA approves for the symptomatic relief of non-infectious diarrhea in adults with HIV/AIDS on antiretroviral therapy. The Company has not disclosed revenue by geographic location as its revenues are distributed across multiple regions without significant concentration in any single area.
The accounting policies used in the segment reporting are the same as those described in the summary significant accounting policies (Note 2). The Company’s is the chief financial officer. The CODM primarily utilizes segment's net comprehensive profit or loss as the key indicator in assessing the segment's performance and allocating resources.
The Company's reportable segments' net revenues and net loss for the years ended December 31, 2025 and 2024 consisted of the following:
|
|
Year Ended |
|
||||||||||||
(in thousands) |
|
December 31, 2025 |
|
||||||||||||
|
|
Human Health |
|
|
Animal Health |
|
|
Total |
|
||||||
External revenue |
|
$ |
|
11,158 |
|
|
$ |
|
353 |
|
|
$ |
|
11,511 |
|
Less: Segment expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cost of revenue |
|
|
|
3,733 |
|
|
|
|
41 |
|
|
|
|
3,774 |
|
Research and development |
|
|
|
22,370 |
|
|
|
|
2,596 |
|
|
|
|
24,966 |
|
Sales and marketing |
|
|
|
8,856 |
|
|
|
|
379 |
|
|
|
|
9,235 |
|
General and administrative |
|
|
|
8,999 |
|
|
|
|
11,649 |
|
|
|
|
20,648 |
|
Impairment loss on indefinite-lived intangible assets |
|
|
|
800 |
|
|
|
|
— |
|
|
|
|
800 |
|
Interest |
|
|
|
114 |
|
|
|
|
(47 |
) |
|
|
|
67 |
|
Other segment items* |
|
|
|
1,123 |
|
|
|
|
7,349 |
|
|
|
|
8,472 |
|
Segment expenses |
|
|
|
45,995 |
|
|
|
|
21,967 |
|
|
|
|
67,962 |
|
Segment net comprehensive loss |
|
$ |
|
(34,837 |
) |
|
$ |
|
(21,614 |
) |
|
$ |
|
(56,451 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Reconciliation of net comprehensive loss |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Adjustments and reconciling items** |
|
|
|
|
|
|
|
|
|
|
|
2,043 |
|
||
Consolidated net comprehensive loss |
|
|
|
|
|
|
|
|
|
$ |
|
(54,408 |
) |
||
|
|
Year Ended |
|
||||||||||||
(in thousands) |
|
December 31, 2024 |
|
||||||||||||
|
|
Human Health |
|
|
Animal Health |
|
|
Total |
|
||||||
External revenue |
|
$ |
|
11,374 |
|
|
$ |
|
315 |
|
|
$ |
|
11,689 |
|
Less: Segment expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cost of revenue |
|
|
|
1,900 |
|
|
|
|
55 |
|
|
|
|
1,955 |
|
Research and development |
|
|
|
13,952 |
|
|
|
|
2,590 |
|
|
|
|
16,542 |
|
Sales and marketing |
|
|
|
7,381 |
|
|
|
|
311 |
|
|
|
|
7,692 |
|
General and administrative |
|
|
|
8,949 |
|
|
|
|
9,307 |
|
|
|
|
18,256 |
|
Interest |
|
|
|
113 |
|
|
|
|
118 |
|
|
|
|
231 |
|
Other segment items* |
|
|
|
(386 |
) |
|
|
|
8,340 |
|
|
|
|
7,954 |
|
Segment expenses |
|
|
|
31,909 |
|
|
|
|
20,721 |
|
|
|
|
52,630 |
|
Segment net comprehensive loss |
|
$ |
|
(20,535 |
) |
|
$ |
|
(20,406 |
) |
|
$ |
|
(40,941 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Reconciliation of net comprehensive loss |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Adjustments and reconciling items** |
|
|
|
|
|
|
|
|
|
|
|
1,907 |
|
||
Consolidated net comprehensive loss |
|
|
|
|
|
|
|
|
|
$ |
|
(39,034 |
) |
||
* Other segment items for each reportable segment include:
** Adjustments and reconciling items include intercompany elimination entries
The Company’s reportable segments assets consisted of the following:
|
|
December 31, |
|
|||||||
|
|
2025 |
|
|
2024 |
|
||||
Segment assets |
|
|
|
|
|
|
|
|||
Human Health |
|
$ |
|
28,321 |
|
|
$ |
|
44,117 |
|
Animal Health |
|
|
|
185,511 |
|
|
|
|
174,803 |
|
Total |
|
$ |
|
213,832 |
|
|
$ |
|
218,920 |
|
For the years ended December 31, 2025 and 2024, the Company’s operations were divided into two geographical locations, Europe and the US. The carrying value of long-term assets in Europe totaled approximately $87,000 and $230,000, respectively, pertaining to a right-of-use asset for the Napo Therapeutics office and vehicle lease. In the US, the carrying value of long-term assets totaled approximately $18.2 million and $19.6 million, respectively, composed of property, plant, and equipment, right-of-use- assets, and intangible assets.
The reconciliation of segments assets to the consolidated assets is as follows:
|
|
December 31, |
|
|||||||
(in thousands) |
|
2025 |
|
|
2024 |
|
||||
Total assets for reportable segments |
|
$ |
|
213,832 |
|
|
$ |
|
218,920 |
|
Less: Investment in subsidiary |
|
|
|
(29,231 |
) |
|
|
|
(29,232 |
) |
Less: Intercompany loan |
|
|
|
(146,278 |
) |
|
|
|
(136,263 |
) |
Consolidated Totals |
|
$ |
|
38,323 |
|
|
$ |
|
53,425 |
|
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Apr 7, 2026 | Showing above |
| 2024 | Mar 31, 2025 | |
| 2023 | Apr 1, 2024 | |
| 2022 | Mar 24, 2023 | |
| 2021 | Mar 11, 2022 | |
| 2020 | Mar 31, 2021 | |
| 2019 | Apr 3, 2020 | |
| 2018 | Apr 10, 2019 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.