SCHEDULE: CVI Investments Reports 4.6% Stake in Jaguar Health

CVI Investments, Inc. and Heights Capital Management, Inc. disclose a 4.6% beneficial ownership stake in Jaguar Health, Inc. common stock.

Summary

• CVI Investments, Inc. and Heights Capital Management, Inc. (collectively, the "Reporting Persons") have filed an Amendment No. 3 to Schedule 13G regarding their beneficial ownership in Jaguar Health, Inc.
• The Reporting Persons collectively beneficially own 164,204 shares of Jaguar Health, Inc. common stock.
• This ownership represents 4.6% of the class of common stock outstanding.
• The beneficially owned shares consist of shares issuable upon the exercise of warrants.
• The warrants are not exercisable to the extent that beneficial ownership would exceed 9.99%.
• Heights Capital Management, Inc. serves as the investment manager to CVI Investments, Inc. and may exercise voting and dispositive power over the reported shares.
• As of October 1, 2025, Jaguar Health, Inc. had 3,399,735 shares outstanding, excluding shares underlying pre-funded warrants, as indicated in a Form 8-K.

Sentiment

Score: 5

Explanation: This is a neutral, factual filing about beneficial ownership. It neither indicates positive nor negative sentiment for the issuer, but simply reports a stake.

Future Outlook

NA

Industry Context

This filing is a routine disclosure of institutional ownership, indicating a significant but non-controlling stake by CVI Investments and Heights Capital Management in Jaguar Health, Inc. It does not provide broader industry trends or competitive analysis.

Stakeholder Impact

• Shareholders: Provides transparency regarding significant institutional ownership and potential warrant exercise, which could impact share float over time.

Key Dates

Keywords

Jaguar Health Inc, CVI Investments Inc, Heights Capital Management Inc, Schedule 13G, beneficial ownership, common stock, warrants, institutional ownership