Jaguar Health(US:JAGX)2023-05-15 19:36Financial Data and Key Metrics Changes - Prescription product net revenue for Q1 2023 was approximately $2 million, a decrease of 40% compared to Q4 2022's $3.3 million and a decrease of approximately 25% compared to Q1 2022's $2.6 million [72] - Net loss attributable to common shareholders decreased from $18 million in Q1 2022 to $12 million in Q1 2023, a reduction of approximately $6 million [73] - Loss from operations decreased by $2 million from $11.8 million in Q1 2022 to about $9.8 million in Q1 2023 [98] Business Line Data and Key Metrics Changes - Mytesi prescription volume decreased approximately 9% in Q1 2023 compared to Q4 2022 and decreased 1% compared to Q1 2022 [98] - The company has shifted to a specialty pharmacy distribution model, improving gross-to-net revenues by decreasing distribution costs and enhancing payer mix [10] Market Data and Key Metrics Changes - The aging population of adults living with HIV-AIDS is impacting sales, with nearly 50% of those living with HIV in the U.S. being age 50 and older [11] - The Inflation Reduction Act is expected to reduce prescription abandonment due to lower out-of-pocket expenses for patients starting in 2024, which should benefit the Mytesi brand [12] Company Strategy and Development Direction - The company is focusing on the potential introduction of crofelemer for cancer therapy-related diarrhea, targeting a much larger oncology market with an estimated 1.8 million new cancer diagnoses annually in the U.S. [13] - The OnTarget trial for crofelemer has been fully enrolled, aiming to address the prophylactic treatment of cancer therapy-related diarrhea [15] - The company is prioritizing late-stage clinical development programs and learning from patient voices to enhance its market strategies [70] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a decrease in prescription product sales as a learning moment, emphasizing the need to better incorporate patient voices into their strategies [9] - The company is optimistic about the provisions in the Inflation Reduction Act and their potential positive impact on sales in the future [12] - Management expressed confidence in their ability to reach key clinical milestones in 2023, which they believe will be transformative for the company's value [75] Other Important Information - The company has approximately $14.3 million in cash at the end of Q1 2023, with an average monthly burn rate of about $3 million [76] - The company is planning to submit an investigational new drug application for microvillus inclusion disease (MVID) in Q2 2023 [94] Q&A Session Summary Question: How many shares are currently outstanding and what is the cash position? - The last reported cash at the end of Q1 is approximately $14.3 million, with about 19 million shares outstanding [76] Question: What is the expected date of readout from the OnTarget trial? - The expected date for top-line results from the OnTarget trial is in October of this year [76] Question: How does the company plan to address the challenges faced in Q1? - The company noted that Q1 challenges are common due to deductible resets and emphasized their co-pay program to assist commercially insured patients [80][81] Question: What is the company's strategy regarding the Chewy partnership? - The partnership with Chewy aims to enhance access to Canalevia for pet owners, making it more convenient for veterinarians to prescribe the product [102][103]