SCHEDULE 13G: CVI Investments and Heights Capital Management Disclose 9.9% Passive Stake in Jaguar Health

CVI Investments, Inc., managed by Heights Capital Management, Inc., has disclosed a passive 9.9% beneficial ownership stake in Jaguar Health, Inc., totaling 103,912 shares.

Summary

• CVI Investments, Inc. and Heights Capital Management, Inc. have filed a Schedule 13G, disclosing their beneficial ownership in Jaguar Health, Inc.
• The reporting persons collectively beneficially own 103,912 shares of Jaguar Health, Inc. common stock.
• This represents 9.9% of the company's common stock outstanding.
• Heights Capital Management, Inc. serves as the investment manager to CVI Investments, Inc. and exercises shared voting and dispositive power over these shares.
• The beneficial ownership includes 82,102 existing shares and shares issuable upon the exercise of warrants, subject to a 9.99% beneficial ownership limitation.
• As of May 22, 2025, Jaguar Health, Inc. had 1,264,658 shares outstanding, excluding shares underlying warrants, as indicated in the company's Prospectus Supplement.

Sentiment

Score: 5

Explanation: The document is a factual regulatory disclosure of a passive investment stake and contains no explicit positive or negative sentiment regarding the issuer's performance or outlook.

Positives

• The disclosure indicates an institutional investor, CVI Investments, Inc., holds a significant passive stake in Jaguar Health, Inc., which can be viewed as a vote of confidence.

Risks

• The warrants held by the reporting persons are subject to a 9.99% beneficial ownership limitation, meaning they cannot be exercised if it would cause the reporting person's total beneficial ownership to exceed this threshold.

Future Outlook

NA

Management Comments

• "Heights Capital Management, Inc. is the investment manager to CVI Investments, Inc. and as such may exercise voting and dispositive power over the shares reported as beneficially owned by CVI Investments, Inc. herein."
• "Each of the Reporting Persons hereby disclaims any beneficial ownership of any such Shares, except for their pecuniary interest therein."
• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11."

Industry Context

This is a standard disclosure of a passive investment stake by an institutional investor in a publicly traded company. It reflects a common practice where investment managers hold shares on behalf of funds or clients.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant passive institutional shareholder, potentially offering some confidence in the stock.
• Management: Awareness of a large passive investor holding.

Key Dates

Keywords

Jaguar Health Inc, CVI Investments Inc, Heights Capital Management Inc, Schedule 13G, beneficial ownership, common stock, passive investment, institutional investor, SEC filing, warrants