SCHEDULE: Iliad Research & Trading Discloses 9.8% Stake in Jaguar Health

Iliad Research & Trading, L.P. and affiliated entities have disclosed a 9.8% beneficial ownership stake in Jaguar Health, Inc. common stock.

Summary

• Iliad Research & Trading, L.P., along with Iliad Management, LLC, Fife Trading, Inc., and John M. Fife, collectively reported beneficial ownership of 440,000 shares of Jaguar Health, Inc. common stock.
• This ownership represents 9.8% of Jaguar Health, Inc.'s outstanding common stock.
• The percentage is calculated based on 4,497,108 shares outstanding as of December 10, 2025.
• The reporting persons hold sole voting power and sole dispositive power over all 440,000 shares.
• The filing certifies that the securities were not acquired for the purpose of changing or influencing control of Jaguar Health, Inc., nor in connection with any transaction having that purpose or effect, other than activities solely in connection with a nomination under Rule 240.14a-11.

Sentiment

Score: 6

Explanation: The sentiment is moderately positive due to the disclosure of a significant institutional stake, which can be interpreted as a vote of confidence, especially given the explicit statement against seeking control. However, it's a factual ownership disclosure, not a performance report, limiting strong sentiment.

Positives

• A significant institutional investor, Iliad Research & Trading, L.P., has taken a substantial 9.8% stake in Jaguar Health, Inc., potentially signaling confidence in the company's long-term prospects.
• The reporting persons explicitly state that the shares were not acquired for the purpose of changing or influencing control, which may reduce concerns about potential activist campaigns or disruptive corporate actions.

Negatives

• NA

Risks

• While the filing states no intent to influence control, a large ownership stake by an investment firm could still lead to future engagement with management or board, potentially impacting strategic direction.
• The concentration of a significant portion of the company's stock (9.8%) in the hands of a single group of investors could lead to increased volatility if that group decides to significantly alter its position.

Future Outlook

This filing is a disclosure of beneficial ownership and does not contain any forward-looking statements or guidance from Jaguar Health, Inc. or the reporting persons regarding the company's future performance or strategic direction.

Management Comments

• John Fife, President of Iliad Research & Trading, L.P., Iliad Management, LLC, and Fife Trading, Inc., and also a reporting person, certified that the information set forth in the statement is true, complete, and correct to the best of his knowledge and belief.

Industry Context

This Schedule 13G filing primarily concerns a change in beneficial ownership and does not provide specific insights into broader industry trends or competitive landscape for Jaguar Health, Inc. It indicates an investment firm's interest in the pharmaceutical or biotechnology sector, where Jaguar Health operates.

Stakeholder Impact

• Shareholders: The disclosure of a significant 9.8% stake by an investment firm could be viewed positively, potentially increasing investor confidence and attracting further institutional interest. It also provides transparency regarding a major shareholder.
• Management: The explicit statement that the shares were not acquired to influence control may reassure current management regarding their strategic autonomy, though a large shareholder always warrants attention.

Key Dates

Keywords

Jaguar Health Inc, Iliad Research & Trading, Beneficial Ownership, Schedule 13G, Common Stock, Institutional Investor, Equity Stake, SEC Filing