Key Highlights

● Jaguar Health issued 729,989 shares to Streeterville Capital on September 23, 2026 to pay down two secured promissory notes.

● The exchange cut $1,678,320 off a 2021 note and fully retired a $10.81 million note issued in November 2025.

● The shares issued represent roughly half of Jaguar Health's approximately 1,463,958 total shares outstanding as of September 24, 2026.

● The filing does not disclose the share pricing methodology or Jaguar Health's remaining Debt obligations to Streeterville.

Jaguar Health, Inc. (NASDAQ:JAGX) disclosed in a Form 8-K filed September 25, 2026 that it issued a combined 729,989 shares of common stock to Streeterville Capital on September 23, 2026 to pay down and, in one case, fully retire two separate secured promissory notes. The transactions cut $1,678,320 off a 2021 note and fully paid off and cancelled a $10.81 million note originally issued in November 2025, leaving the company with approximately 1,463,958 shares outstanding as of September 24, 2026.

Two Notes, Two Outcomes

According to the filing, Jaguar Health issued 182,091 shares to Streeterville Capital to reduce the balance of a note originally issued in 2021, with an original principal amount of $6,220,812.50, cutting $1,678,320 off that balance through the exchange. Separately, the company issued 547,898 shares to fully pay off and cancel a second note, issued November 12, 2025 with an original principal amount of $10,810,000, through a reduction of $5,049,909.26. Unlike the 2021 note, which remains outstanding after the partial paydown, the 2025 note is now fully satisfied and cancelled following this transaction.

A Small Number of Shares Outstanding

The combined 729,989 shares issued to Streeterville Capital across both transactions are notable in the context of the company's total share count: Jaguar Health reports approximately 1,463,958 shares of common stock outstanding as of September 24, 2026. That means the shares issued to Streeterville in this single transaction represent roughly half of the company's entire outstanding share count immediately following the issuance, underscoring how small the company's total float has become. The filing does not explain the low overall share count, though such levels are often the result of a prior reverse stock split, which the filing does not describe in connection with this transaction.

What Streeterville Capital's Role Suggests

Streeterville Capital is a specialty lender that has historically provided secured Debt Financing to smaller public companies, at times structured with the ability to convert or exchange debt into Equity as a repayment mechanism. Using stock issuances rather than cash to reduce and retire these two notes let Jaguar Health avoid a cash outlay while satisfying its lender, an arrangement companies sometimes use when they prefer to preserve cash; the filing does not state the company's reasons for structuring the transaction this way.

What the Filing Doesn't Address

The 8-K does not disclose Jaguar Health's remaining debt obligations to Streeterville Capital or other lenders beyond the reduced 2021 note, nor does it specify the exact share price or valuation methodology used to determine how many shares were needed to satisfy the disclosed dollar reductions. It also does not include a description of Jaguar Health's Business operations, clinical programs or recent financial results, since the filing is focused narrowly on the debt-for-equity exchange transactions under Items 1.01 and 3.02 covering unregistered equity sales.

Jaguar Health's Business

Jaguar Health is a Nasdaq-listed company trading under the ticker JAGX, identified in its own name and industry classification as operating in the pharmaceutical and biotechnology space. The filing itself provides no further detail on the company's products, pipeline or revenue.

Why Debt-for-Equity Exchanges Happen

Companies facing secured debt obligations they cannot or would rather not repay in cash sometimes negotiate exchanges in which a lender agrees to accept newly Issued Shares valued at a discount, or tied to a formula referencing the market price, in place of a cash paydown. These arrangements let a borrower reduce its debt load and associated interest expense without a cash outlay, at the cost of issuing additional shares that dilute existing holders. The filing does not disclose whether the shares issued to Streeterville Capital in this transaction were priced at a fixed value or a formula tied to the Market Price of Jaguar Health's stock at the time of issuance.

Tracking the Remaining Note and Share Count

Whether Jaguar Health discloses further transactions with Streeterville Capital involving the remaining balance of the 2021 note is one thing to watch, along with any future filings disclosing Jaguar Health's total outstanding debt obligations following these two exchanges. Changes in Jaguar Health's total shares outstanding in subsequent filings, given how significantly this issuance affected the company's share count, would also be worth tracking.