Jaguar Health Inc (JAGX) 2025 Q1 法說會逐字稿

Greetings, and welcome to Jaguar Health's May 15, 2025, investor webcast. Before I turn the call over to management, I'd like to remind you that management may look -- forward-looking statements relating to such matters as continued growth prospects for the company, uncertainties regarding market acceptance of products, the impact of competitive products and pricing, industry trends, and product initiatives, including product development stage, which may not achieve scientific objectives or meet stringent regulatory requirements.

您好，歡迎收聽 Jaguar Health 2025 年 5 月 15 日的投資者網路廣播。在我將電話轉給管理層之前，我想提醒您，管理層可能會考慮與公司持續成長前景、產品市場接受度的不確定性、競爭產品和定價的影響、行業趨勢和產品計劃（包括產品開發階段）等事項相關的前瞻性陳述，這些陳述可能無法實現科學目標或滿足嚴格的監管要求。

Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements. These statements are based on currently available information and management's current assumptions, expectations and projections about future events. While management believes its assumptions, expectations, and projections are reasonable in view of currently available information, you are cautioned not to place undue reliance on these forward-looking statements.

前瞻性陳述受風險和不確定性的影響，可能導致實際結果與前瞻性陳述中預期的結果有重大差異。這些聲明是基於目前可用的資訊以及管理層對未來事件的當前假設、預期和預測。儘管管理層認為根據目前可用的信息，其假設、預期和預測是合理的，但請注意不要過度依賴這些前瞻性陳述。

The company's actual results may differ materially from those discussed during this webcast for a variety of reasons, including those described in the forward-looking statements and Risk Factors sections of the company's Form 10-K for the year 2024, which was filed March 31, 2025, and its other filings with the SEC, which are available on the Investor Relations section of Jaguar's website. Except as required by law, Jaguar undertakes no obligation to update or revise any forward-looking statements contained in this presentation to reflect new information, future events or otherwise.

由於多種原因，本公司的實際結果可能與本次網路廣播中討論的結果存在重大差異，包括公司 2024 年 10-K 表格（於 2025 年 3 月 31 日提交）的前瞻性陳述和風險因素部分以及公司向美國證券交易委員會提交的其他文件（可在捷豹網站的投資者關係部分查閱）。除法律要求外，捷豹不承擔更新或修改本簡報中任何前瞻性陳述以反映新資訊、未來事件或其他情況的義務。

Additionally, please note that the company supplements its condensed consolidated financial statements presented on a GAAP basis by providing non-GAAP EBITDA and non-GAAP recurring EBITDA. Jaguar believes that the disclosure items of these non-GAAP measures provide investors with additional information that reflects the basis upon which company management assesses operates the business. These non-GAAP financial measures should not be viewed in isolation or a substitute for GAAP net sales and GAAP net loss and are not substitute for or superior to measures of financial performance in conformity with GAAP.

此外，請注意，本公司透過提供非 GAAP EBITDA 和非 GAAP 經常性 EBITDA 來補充其以 GAAP 為基礎呈現的簡明合併財務報表。捷豹認為，這些非公認會計準則指標的揭露項目為投資者提供了額外的信息，反映了公司管理層評估業務運營的基礎。這些非 GAAP 財務指標不應被孤立地看待或取代 GAAP 淨銷售額和 GAAP 淨虧損，也不能替代或優於符合 GAAP 的財務績效指標。

Today's conference is being recorded. At this time, it's my pleasure to turn the call over to your host, Lisa Conte, Jaguar Health's Founder, President and Chief Executive Officer. Lisa, the floor is yours.

今天的會議正在錄製中。現在，我很高興將電話轉給主持人、Jaguar Health 的創辦人、總裁兼執行長 Lisa Conte。麗莎，現在輪到你了。

Thank you very much. Rob, and thank you for the introduction. Again, my name is Lisa Conte. And I -- as usual, I may use the words Jaguar and Nepo interchangeably to refer to our company. After I speak, our CFO, Carol Lizak, will provide a recap of the financial highlights for the first quarter of 2025.

非常感謝。羅布，謝謝你的介紹。再次聲明，我的名字是 Lisa Conte。像往常一樣，我可能會交替使用 Jaguar 和 Nepo 這兩個詞來指我們的公司。在我發言之後，我們的財務長 Carol Lizak 將回顧 2025 年第一季的財務亮點。

While our net revenue decreased in Q1 2025 versus Q4 2024. This was mostly driven by increased sales and higher distribution chain inventory levels in the fourth quarter of 2024, which resulted in fewer purchases in Q1 of 2025. This is in contrast to dispensed prescriptions for Mytesi, crofelemer which I am pleased to announce increased in the first quarter of 2025 versus the first quarter of 2024 by approximately 2%. This is an indication of increased demand and that more patients are receiving treatment for HIV-related diarrhea from Mytesi.

而我們的淨收入在 2025 年第一季與 2024 年第四季相比有所下降。這主要是由於 2024 年第四季銷售額增加和分銷鏈庫存水準上升，導致 2025 年第一季的購買量減少。這與 Mytesi、Crofelemer 的處方量形成了鮮明對比，我很高興地宣布，2025 年第一季與 2024 年第一季相比，該藥物的處方量增加了約 2%。這表明需求增加，並且越來越多的患者正在接受 Mytesi 治療 HIV 相關腹瀉。

To move on to the bigger picture for Jaguar. This is the year of convergence of key catalysts for Jaguar. Catalysts that we feel will be transformational in terms of the value they bring to all the stakeholders in the company. and this includes paradigm-shifting medicines and mechanisms of action to address patient supportive care, comfort, dignity, as well as disease progression modification, ability to stay on life-saving medicines and standard of care and more.

展望捷豹的更大前景。這是捷豹關鍵催化劑匯聚的一年。我們認為，這些催化劑將為公司所有利害關係人帶來變革性的價值。這包括範式轉換藥物和作用機制，以解決患者的支持性護理、舒適度、尊嚴、以及疾病進展的改變、繼續使用救命藥物的能力和護理標準等。

To recap our -- both our recent and upcoming catalysts, on April 30, we released initial results from an independent proof-of-concept study in pediatric patients of a novel liquid formulation of crofelemer, a highly concentrated liquid formulation, which is distinct product from Mytesi, and crofelemer, of course, is our first-in-class plant-based prescription drug and this was for intestinal failure associated with MVID, microvillus inclusion disease.

回顧我們最近和即將推出的催化劑，4 月 30 日，我們發布了針對兒科患者進行的獨立概念驗證研究的初步結果，該研究針對一種新型液體製劑 Crofelemer，這是一種高濃度液體製劑，與 Mytesi 不同，當然，Crofelemer 是我們一流的植物性處方藥，用於治療與 MVID（微絨毛包症）相關的絨毛包體。

I'm going to refer to this as MVID. It's an ultra-rare disease. And also results that we released on that same date April 30 for intestinal failure associated with short bowel syndrome, which I'll refer to SBS-IF, another rare disease.

我將把它稱為 MVID。這是一種極為罕見的疾病。我們還在 4 月 30 日同一天公佈了與短腸綜合徵相關的腸衰竭的結果，我將其稱為 SBS-IF，另一種罕見疾病。

Okay, what is intestinal failure? Intestinal failure is the condition where patients cannot adequately absorb the necessary nutrients of life: carbohydrates, protein, fats, vitamins, electrolytes, et cetera. The necessary absorption to sustain life.

好的，什麼是腸衰竭？腸衰竭是指患者無法充分吸收生命必需的營養素：碳水化合物、蛋白質、脂肪、維生素、電解質等。維持生命所必需的吸收。

Patients with intestinal failure due to MVID and often short bowel syndrome, but with MVID required total parenteral nutrition, TPN, up to 7 days a week for more than 20 hours a day, and also are suffering from devastating diarrhea like everything that goes in, goes right out, the dehydration associated with that, electrolyte imbalance and more complications.

由於 MVID 和經常發生的短腸症候群而導致腸衰竭的患者，但 MVID 需要完全腸外營養 (TPN)，每週 7 天，每天超過 20 小時，並且還患有嚴重的腹瀉，就像所有吃進去的東西都會排出來一樣，還會出現與之相關的脫水、電解質失衡和更多併發症。

TPN, total parenteral nutrition, to be graphic here, it's a medical feeding method where nutrients are delivered directly into a vein through an IV line bypassing the digest system. So chronic TPN has the risk of morbidity and mortality, infections from the lines, metabolic implications, LER and kidney disease problems, neurodevelopment delay, it's a catastrophic chronic situation.

TPN，即全腸外營養，形像地說，是一種醫療餵食方法，其中營養物質繞過消化系統，透過靜脈輸液管直接輸送到靜脈。因此，慢性 TPN 具有發病率和死亡率、線路感染、代謝影響、LER 和腎臟疾病問題、神經發育遲緩的風險，這是一種災難性的慢性疾病。

And it impacts in addition to all these medical issues, obviously, quality of life of both patients and their caregiver community. These patients are in a highly fragile state and children, in particular, with intestinal failure are off nor curves failing to thrive and MVID patients have a short life. They typically die at age of 11 or 12.

除了這些醫療問題之外，它顯然還會影響患者及其照護者的生活品質。這些患者處於高度脆弱的狀態，尤其是患有腸衰竭的兒童，身體曲線會偏離正常，無法茁壯成長，而 MVID 患者的壽命很短。他們通常在 11 或 12 歲時死亡。

For MVID patients, again, TPN is necessary from the first day of birth to survive. If they are not initially diagnosed and not put on TPN, they do not survive. There are no approved drug treatments for MVID or anything that we're aware of in development. The biggest impact we could have on a patient with intestinal failure, is an achievement of reduction in the quality and the time on TPN.

對於 MVID 患者，同樣，從出生第一天起就需要 TPN 來維持生命。如果他們沒有得到初步診斷並且沒有接受 TPN 治療，他們就無法存活。目前尚無針對 MVID 或我們所知正在研發的任何藥物已獲得批准的治療方法。我們對腸衰竭患者所能做出的最大貢獻是降低 TPN 的品質並減少其治療時間。

The initial proof-of-concept results that we issued on April 30 showed that crofelemer reduced TPN in the first MVID patient to participate in the study by up to 27%, and for the first pediatric SBS patients by up to 12.5%. And I should say so far, there's -- these patients will continue on an open-label basis on crofelemer for some time.

我們在 4 月 30 日發布的初步概念驗證結果顯示，Crofelemer 使參與研究的第一位 MVID 患者的 TPN 減少了高達 27%，使第一位兒科 SBS 患者的 TPN 減少了高達 12.5%。我應該說，到目前為止，這些患者將繼續以開放標籤的方式使用 Crofelemer 一段時間。

These results are groundbreaking. And they have the opportunity to modify disease progression for this catastrophic patient condition internal failure. These initial results are potentially transformative for the patients in their caregiving community, and it's not possible to overstate the significance of reduction in TPN.

這些成果具有開創性。他們有機會改變這種災難性的病患病情內部衰竭的進展。這些初步結果可能會對病患及其照護社群產生變革作用，而且，減少 TPN 的重要性怎麼強調也不為過。

The results were presented April 26, 2025, at the Annual Elite Ped-Gi Conference, which was hosted by Dr. Mohamad Miqdady, he also presented the results, and he is a recognized leader in pediatric gastroenterology. This is conference, his brain trial that he established over 12 years ago. I think this was the 13, 14, 15 annual, and he serves as the Chief of Pediatric Gastroenterology, Hepatology and Nutrition at the Sheikh Khalifa Medical City in Abu Dhabi.

研究結果於 2025 年 4 月 26 日在年度精英兒胃腸會議上公佈，該會議由 Mohamad Miqdady 博士主持，他也發表了該研究結果，他是公認的兒科胃腸病學領軍人物。這是他 12 年前創立的大腦試驗會議。我想這是第 13、14、15 屆了，他擔任阿布達比謝赫哈利法醫療城的兒科胃腸病學、肝病學和營養學主任。

He is the principal investigator for this ongoing exploratory single-arm, open-label, nonrandomized study for MVID and pediatric SBS patients and he's a member of our Scientific Advisory Board. This conference was a major international event, there were over 150 health care professionals participating.

他是這項針對 MVID 和兒科 SBS 患者的正在進行的探索性單臂、開放標籤、非隨機研究的首席研究員，也是我們科學顧問委員會的成員。此次會議是重大國際盛會，共有超過150名醫療保健專業人員參加。

Right after his presentation on April 26, Dr. Miqdady and his colleague, (inaudible) took part in an extemporaneous fireside chat to discuss the initial findings of this study. And in a few minutes, we're going to replay the recording for you of that fireside chat in case anyone participating today did not take part or did not get a chance to hear this fireside chat in our April 30 Investor Webcast.

4 月 26 日演講結束後，Miqdady 博士和他的同事 (聽不清楚) 參加了即席爐邊談話，討論了這項研究的初步發現。幾分鐘後，我們將為您重播那次爐邊談話的錄音，以防今天參加的人沒有參加或沒有機會在 4 月 30 日的投資者網絡廣播中聽到這次爐邊談話。

The fireside chat was moderated by my longtime colleague in Jaguar's long term colleague, Dr. Province Davidi, the Chief Scientific Officer of Jaguar and Napo and the Chair of our Scientific Advisory Board. (inaudible) is the founder of the Pediatric Gastrointestinal Department at (inaudible), Children's Specialty Hospital in Dubai.

爐邊談話由我的長期同事、捷豹的長期同事、捷豹和納波的首席科學官兼科學顧問委員會主席 Province Davidi 博士主持。 (聽不清楚) 是杜拜兒童專科醫院 (聽不清楚) 兒科胃腸科的創辦人。

And an Adjunct Clinical Assistant Professor at Mohamad Bin Rashid University of Medicine and Health in Dubai. He is also an investigator and key opinion leader in another trial of -- and as I said, you're going to see the real time medical reaction to these extraordinary results.

同時也擔任杜拜穆罕默德·本·拉希德醫藥與健康大學的兼職臨床助理教授。他也是另一項試驗的研究員和關鍵意見領袖——正如我所說，您將看到醫學界對這些非凡結果的即時反應。

This fireside chat was just moments after those results were presented.

這次爐邊談話就發生在這些結果公佈之後不久。

Our rare disease programs have been in the works at Jaguar for close to 8 years. And we have been developing close working relationships with KOLs, principal investigators around the world conducting regulatory interactions, developing protocols and endpoint definition, formulation development. These first proof-of-concept results are also catalyst to enhance potential business development plans for partnering with a goal of achieving funding through access and license fees for the extraordinary based development and success Jaguar has achieved over the years.

我們的罕見疾病計畫已在捷豹開展近 8 年。我們一直與世界各地的 KOL、首席研究員建立密切的工作關係，進行監管互動、制定協議和終點定義以及配方開發。這些初步的概念驗證結果也將成為加強潛在業務發展計劃的催化劑，旨在透過訪問費和許可費為捷豹多年來的非凡發展和成功提供資金。

These important results put us in a position to close collaboration -- potentially close collaborations with receipt of nondilutive dollars, as I mentioned, access fees and license fees. And there are many large deal precedents in the orphan drug space and several with much less clinical data, even preclinical opportunities at the time of deal closing.

這些重要的成果使我們能夠密切合作——潛在的密切合作並獲得非稀釋性的美元，正如我所提到的，訪問費和許可費。孤兒藥領域有許多大型交易先例，其中一些交易的臨床數據少得多，甚至在交易完成時還有臨床前機會。

Well, short bowel syndrome affects approximately 10,000 to 20,000 people in Europe and roughly the same in the United States. MVID in that is an orphan designation, and we do have orphan designation for short bowel syndrome. MVID for which we also have orphan designation is an ultra-rare condition with an estimated prevalence of just a couple of hundred patients globally.

嗯，短腸症候群影響了歐洲大約 10,000 到 20,000 人，美國大約同樣多的人患有短腸症候群。MVID 是一種孤兒藥，我們確實有針對短腸症候群的孤兒藥稱號。MVID 也獲得了我們的孤兒藥資格認定，是一種極為罕見的疾病，全球患病人數估計僅有幾百人。

Given this situation, initial results in a very small number of MVID patients showing benefit with crofelemer may allow us to lower pathways for expedited regulatory approval for this indication including the FDA of Europe, European Medicine Agency's program for expedited and assisted regulatory approval, full approval in the 27 countries of the EU and FDA's Breakthrough Therapy program for expedited regulatory approval in the United States, and we've already had preliminary interactions with PRIME officials at the EMA.

鑑於這種情況，極少數 MVID 患者初步結果顯示 crofelemer 有益，這可能使我們能夠降低該適應症的快速監管批准途徑，包括歐洲 FDA、歐洲藥品管理局的快速和輔助監管批准計劃、歐盟 27 個國家的全面批准和美國 FDA 的突破性治療計劃快速監管批准，並且我們已經與 EMA 的 PRIME 官員進行了初步互動。

In Jaguar in collaboration with Napo Therapeutics in Italy is currently supporting 2 ongoing proof-of-concept investigator-initiated trials in addition to the one that we've mentioned with Dr. Miqdady and also conducting 2 levo-controlled Phase II trials with crofelemer, one for MVID and one for adult short bowel syndrome intestinal failure, these trials are global in the U.S., Europe and MENA region, as you typically do with orphan-designated indications.

Jaguar 目前正與義大利的 Napo Therapeutics 合作，支持兩項正在進行的概念驗證研究者發起的試驗，此外還有我們與 Miqdady 博士提到的試驗，並且還在進行兩項 crofelemer 左旋對照 II 期試驗，一項針對 MVID，另一項針對成人短腸綜合徵腸衰竭，這些試驗在美國、歐洲和中東和北非地區通常是全球性的，就像您對孤兒的地區一樣。

So in addition to Dr. Miqdady, there is an investigator-initiated trial in adult patients with short bowel syndrome intestinal failure at Cleveland Clinic. And between these 2 studies, we expect to have proof of concept results from these investigator-initiated trials throughout 2025 and potentially even into 2026. At the same time, simultaneously running are the placebo-controlled Phase II trials for MVID and SBS, and they are expected to conclude and have results in the first half of 2026. So a lot, a lot, a lot of news associated with our rare disease program.

因此，除了米克達迪醫師之外，克利夫蘭診所還針對患有短腸症候群腸衰竭的成年患者進行了一項由研究者發起的試驗。在這兩項研究中，我們預計這些由研究人員發起的試驗將在 2025 年甚至 2026 年獲得概念驗證結果。同時，MVID和SBS的安慰劑對照II期試驗也在同步進行，預計2026年上半年結束並得出結果。因此，有很多很多新聞與我們的罕見疾病項目有關。

And again, a convergence of results and important news based on almost 8 years of planning and development work on the part of the company.

再次，這是公司近 8 年規劃和開發工作成果和重要新聞的匯聚。

So moving on to our other core crofelemer development program, which also has a convergence of catalyst happening right now. OnTarget, was a global Phase III prophylactic clinical trial conducted by Jaguar, again, prophylaxis for diarrhea in adult patients with solid tumors receiving targeted therapy with or without standard chemotherapy. It was a big (inaudible) study, a big hug around the cancer community, including all solid tumor types, 24 different targeted agents again, with or without cytotoxic chemotherapy.

接下來我們討論我們的另一個核心 Crofelemer 開發項目，現在也正在發生催化劑的融合。OnTarget 是捷豹進行的一項全球 III 期預防性臨床試驗，同樣針對接受標靶治療（無論是否合併標準化療）的實體瘤成年患者的腹瀉進行預防。這是一項大型（聽不清楚）研究，對癌症界來說是一個很大的挑戰，包括所有實體腫瘤類型，再次使用了 24 種不同的標靶藥物，無論是否合併使用細胞毒性化療。

What are targeted agents? Those are those agents that targeted [ CDK4/6 ] epidermal growth factor receptor antibodies, tyrosine kinase inhibitors, taken chronically, by metastatic patients and often 9 to 18 months in a cure the situation to keep the cancer at bay. We did not achieve statistical significance in this big bold study. However, the analysis in adult breast cancer patient indicates that crofelemer achieved significant results, statistically significant results in this prespecified subgroup the patients with breast cancer accounted for approximately 65% or 183 of the 287 participants in this study.

什麼是標靶藥劑？這些藥物針對的是 [ CDK4/6 ] 表皮生長因子受體抗體、酪胺酸激酶抑制劑，轉移性患者需要長期服用，通常需要 9 至 18 個月才能治愈，從而控制癌症的進展。我們在這項大膽的研究中並未取得統計意義。然而，在成年乳癌患者中的分析顯示Crofelemer取得了顯著的效果，在這個預先指定的亞組中，乳癌患者約佔本研究287名參與者的65%或183名。

The results in breast cancer patients were the subject of an accepted poster presentation in December 2024 at the acclaimed San Antonio Breast Cancer Symposium, an additional significant results in adult breast cancer patients from this OnTarget study have been accepted for presentation at the Multinational Association of Supportive Care and Conference, MASCC annual meeting next month in Seattle.

2024 年 12 月，在備受讚譽的聖安東尼奧乳癌研討會上，乳癌患者的研究結果是被接受的海報展示的主題，這項 OnTarget 研究針對成年乳癌患者的其他重要結果已被接受在下個月在西雅圖舉行的跨國支持護理和會議協會 MASCC 年會上展示。

The FDA has granted Jaguar, Jaguar-Napo again, we use those were named interchangeably -- a Type C meeting now the second quarter of 2025. To discuss the responder analysis, the statistical analysis in this prespecified subgroup of patients with breast cancer with prophylaxis with crofelemer for diarrhea, targeted therapy in the OnTarget trial. Our goal for the meeting is to discuss the most efficient pathway to make crofelemer available this patient population for cancer therapy-related diarrhea in the United States. And this is for the formulation currently known as Mytesi.

FDA 再次批准了 Jaguar、Jaguar-Napo（我們交替使用這些名稱）——C 類會議將於 2025 年第二季度舉行。討論應答者分析，即在 OnTarget 試驗中對使用 Crofelemer 預防腹瀉、接受標靶治療的乳癌患者預先指定的亞組進行統計分析。我們這次會議的目標是討論如何以最有效的方式讓美國癌症治療相關腹瀉患者群體能夠使用 Crofelemer。這是目前稱為 Mytesi 的配方。

And I want to contrast this with what we were talking about in the rare disease program, which is a new formulation, a new product into a different business model. This is literally the same formulation of crofelemer as Mytesi currently on the market.

我想將此與我們在罕見疾病項目中討論的內容進行對比，這是一種新的配方，一種新的產品，融入不同的商業模式。這與目前市面上的 Mytesi 的 Crofelemer 配方完全相同。

Diarrhea is a unfortunately, a very common side effect of targeted cancer therapies. There's about 21 unmet needs in supportive care area for cancer treatment. And adjusting this supportive care is important not only for patient comfort and dignity as important as this are, but also diarrhea can lead to dose changes, treatment delays or often even cancellation, cessation of treatment altogether, which now is having an impact on the outcome of the patient's cancer treatment.

不幸的是，腹瀉是癌症標靶治療的一個非常常見的副作用。癌症治療支持護理領域約有 21 個未滿足的需求。調整這種支持性護理不僅對患者的舒適度和尊嚴很重要，而且腹瀉還可能導致劑量改變、治療延遲或甚至取消、完全停止治療，這對患者的癌症治療結果產生了影響。

I will now hand the over to Carol Lizak, our Chief Financial Officer for her recap of the financial highlights for the first quarter 2025. Carol, take it away.

現在，我將把時間交給我們的財務長 Carol Lizak，請她回顧 2025 年第一季的財務亮點。卡羅爾，把它拿走。

Good afternoon, Lisa, and thank you to all of you who have joined our webcast today. I'll begin my review of our financials for the first quarter of 2025. The total net revenue for the company's prescription products, Mytesi, Gelclair and Canalevia-CA1, nonprescription products and license revenue was approximately $2.2 million in the first quarter of 2025 a decrease of approximately 6% versus the first quarter of 2024. Revenue of $2.4 million and 37% versus net fourth quarter 2024 revenue of $3.5 million.

下午好，麗莎，感謝今天參加我們網路直播的所有人。我將開始審查我們 2025 年第一季的財務狀況。2025 年第一季度，該公司處方產品 Mytesi、Gelclair 和 Canalevia-CA1、非處方產品和授權收入的總淨收入約為 220 萬美元，比 2024 年第一季下降約 6%。營收為 240 萬美元，年增 37%，而 2024 年第四季淨收入為 350 萬美元。

Mytesi prescription volume increased by approximately 1.8% in the first quarter of 2025 over the first quarter of 2024 and decreased by approximately 13.5% in the first quarter of 2025 and over the fourth quarter of '24. Prescription volume differs from invoice sales volume, which reflects, among other factors, varying buying patterns among specialty pharmacies in the closed network as they manage their inventory levels.

2025 年第一季度，Mytesi 處方量比 2024 年第一季增加了約 1.8%，比 2024 年第四季減少了約 13.5%。處方量與發票銷售量不同，這反映了封閉網路中的專業藥局在管理庫存水準時不同的購買模式等因素。

Loss from operations increased by $1.2 million from $8.2 million in the quarter ended March 31, 2024 to $9.4 million during the same period in 2025. Non-GAAP recurring EBITDA for the first quarter of 2025 and 2024, were a net loss of $9.7 million and $8.8 million, respectively. Net loss attributable to common shareholders increased by approximately $1.2 million from $9.2 million in the quarter ended March 31, 2024 to $10.4 million in the same period in 2025.

營業虧損從 2024 年 3 月 31 日止季度的 820 萬美元增加 120 萬美元至 2025 年同期的 940 萬美元。2025 年和 2024 年第一季的非 GAAP 經常性 EBITDA 分別為淨虧損 970 萬美元和 880 萬美元。歸屬於普通股股東的淨虧損從截至 2024 年 3 月 31 日的季度的 920 萬美元增加約 120 萬美元至 2025 年同期的 1,040 萬美元。

That concludes my recap of high-level financials for the first quarter of 2025 and I will now hand the discussion back to Lisa Conte.

這就是我對 2025 年第一季高層財務狀況的回顧，現在我將討論交還給 Lisa Conte。

Thanks, Carol. So all members of Jaguar, Napo Pharmaceuticals, Napo Therapeutics in Italy, all of us in this family are energized and excited about the multiple expected near-term and recently completed catalysts throughout 2025 and beginning of 2026, all of which we view as important value-enhancing and potentially transformative for all our stakeholders, including, first and foremost, our patients.

謝謝，卡羅爾。因此，捷豹、Napo Pharmaceuticals、義大利 Napo Therapeutics 的所有成員，我們這個大家庭中的所有成員都對 2025 年和 2026 年初預期的近期和最近完成的多個催化劑感到充滿活力和興奮，我們認為所有這些都對我們所有的利益相關者（首先包括我們的患者）具有重要變革的價值和潛在的變革。

These catalysts, as I said, represent the convergence of key potential inflection points in our two major programs that have been in development for years, and we expect these catalysts to lead to important collaborations, business development and license deals and the opportunity to bring in nondilutive dollars to support these late-stage products and programs and get them to regulatory approval and reimbursed patient access.

正如我所說，這些催化劑代表了我們多年來開發的兩個主要項目中關鍵潛在拐點的融合，我們預計這些催化劑將帶來重要的合作、業務發展和許可交易，以及帶來機會引入非稀釋性資金來支持這些後期產品和項目，並使它們獲得監管部門的批准和患者報銷。

There's also another potential business development opportunity that I do want to mention. Our crofelemer product approved for chemotherapy-induced diarrhea in dogs use Canalevia-CA1 conditionally approved for chemotherapy-induced diarrhea in dogs the subject of business development conversations as well to support bringing the approval to include all noninfectious acute diarrhea in dogs. And it's really a very interesting situation at this time. If you are a patient in the United States with cancer and diarrhea, and you have 4 legs, we can educate and promote crofelemer as a dog, but not to a human, but not yet, and we're committed to make that happen.

我還想提一下另一個潛在的業務發展機會。我們的 crofelemer 產品已獲批用於治療犬化療引起的腹瀉，使用 Canalevia-CA1 有條件地獲批用於治療犬化療引起的腹瀉，這也是業務發展對話的主題，以支持將該批准應用於治療所有非感染性犬急性腹瀉。這確實是一個非常有趣的情況。如果你是美國的一名患有癌症和腹瀉的患者，而且你有四條腿，我們可以對狗進行 Crofelemer 的教育和推廣，但還不能對人類進行教育和推廣，但現在還不行，我們致力於實現這一點。

So we'll now play the recording for you of the fireside chat from the Elite Ped-Gi conference, which was the first of the really important catalysts for this year. It's about 12 minutes long. After the replay finishes, it will be the end of today's webcast. I will say my goodbyes and thank you and my gratitude for your participation at this time.

我們現在將為您播放 Elite Ped-Gi 會議爐邊談話的錄音，這是今年真正重要的催化劑之一。大約12分鐘長。重播結束後，今天的網路直播就結束了。我將向你們道別，並感謝你們此時的參與。

Peter, I'll let you take it away and play the webcast.

彼得，我讓你把它拿走，然後播放網路直播。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。現在您可以斷開線路，感謝您的參與。