Jaguar Health (JAGX) 10-Q 13 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 13, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-36714
Entity Registrant Name	JAGUAR HEALTH, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-2956775
Entity Address, Address Line One	200 Pine Street, Suite 400
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94104
City Area Code	415
Local Phone Number	371-8300
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common stock, Par Value $0.0001 Per Share
Trading Symbol	JAGX
Security Exchange Name	NASDAQ
Entity Central Index Key	0001585608
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common stock - voting
Document and Entity Information
Entity Common Stock, Shares Outstanding		11,798,288
Common stock - non-voting
Document and Entity Information
Entity Common Stock, Shares Outstanding		0

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash	$ 13,269	$ 6,469
Accounts receivable, net	1,249	1,967
Other receivable	57	217
Inventory	9,674	9,189
Prepaid expenses and other current assets	12,394	10,121
Total current assets	36,643	27,963
Property and equipment, net	476	496
Operating lease - right-of-use asset	1,057	1,176
Intangible assets, net	18,947	20,116
Other assets	1,343	1,012
Total assets	58,466	50,763
Current liabilities:
Accounts payable	4,552	4,974
Accrued liabilities	3,297	3,798
Deferred revenue	170
Operating lease liability, current	368	348
Notes payable, net of discount (includes note designated at Fair Value Option amounting to $11.1 million as of September 30, 2024, and $0 December 31, 2023, respectively)	11,487	4,867
Total current liabilities	19,874	13,987
Operating lease liability, net of current portion	754	886
Deferred revenue - long term	595
Notes payable, net of discount, net of current portion (includes notes designated at Fair Value Option amounting to $21.7 million as of June 30, 2024, and $31.0 million December 31, 2023, respectively)	21,660	30,993
Total liabilities	42,883	45,866
Commitments and contingencies (See Note 6)
Redeemable preferred stock: $0.0001 par value; 179 and 0 shares designated from 10,000,000 preferred stock authorized at September 30, 2024, and December 31, 2023; 99 and 0 shares issued and outstanding at September 30, 2024 and December 31, 2023	2,485
Stockholders' equity
Additional paid-in capital	350,859	313,861
Noncontrolling interest	(514)	(64)
Accumulated deficit	(336,561)	(308,248)
Accumulated other comprehensive loss	(687)	(652)
Total stockholders' equity	13,098	4,897
Total liabilities, redeemable preferred stock and stockholders' equity	58,466	50,763
Series G convertible preferred stock
Stockholders' equity
Preferred stock value
Series H convertible preferred stock
Stockholders' equity
Preferred stock value
Series I convertible preferred stock
Stockholders' equity
Preferred stock value
Common stock - voting
Stockholders' equity
Common stock value	$ 1

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current notes designated at Fair Value Option	$ 11.1	$ 0
Non-current notes designated at Fair Value Option	$ 21.7	$ 31
Redeemable preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Redeemable preferred stock, designated from authorized preferred stock	179	0
Redeemable preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Redeemable preferred stock, shares issued (in shares)	99	0
Redeemable preferred stock, shares outstanding (in shares)	99	0
Convertible preferred stock, shares designated (in shares)	7,535,013	7,534,834
Convertible preferred stock, shares issued (in shares)	99	178
Convertible preferred stock, shares outstanding (in shares)	99	178
Series G convertible preferred stock
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Convertible preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Convertible preferred stock, shares designated (in shares)	137	137
Convertible preferred stock, shares issued (in shares)	0	122
Convertible preferred stock, shares outstanding (in shares)	0	122
Series H convertible preferred stock
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Convertible preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Convertible preferred stock, shares designated (in shares)	105	105
Convertible preferred stock, shares issued (in shares)	0	0
Convertible preferred stock, shares outstanding (in shares)	0	0
Series I convertible preferred stock
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Convertible preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Convertible preferred stock, shares designated (in shares)	118	118
Convertible preferred stock, shares issued (in shares)	0	56
Convertible preferred stock, shares outstanding (in shares)	0	56
Common Stock | Common stock - voting
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	298,000,000	298,000,000
Common stock, shares issued (in shares)	10,420,964	1,223,553
Common stock, shares outstanding (in shares)	10,420,964	1,223,553
Common Stock | Common stock - non-voting
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	9	9
Common stock, shares outstanding (in shares)	9	9

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue
Total revenue, net	$ 3,108	$ 2,813	$ 8,180	$ 7,461
Operating expenses
Cost of product revenue	541	514	1,398	1,350
Research and development	4,043	6,081	12,008	15,133
Sales and marketing	2,010	1,472	4,977	4,929
General and administrative	3,776	3,533	12,471	12,783
Total operating expenses	10,370	11,600	30,854	34,195
Loss from operations	(7,262)	(8,787)	(22,674)	(26,734)
Interest income (expense)	162	(500)	(341)	(6,134)
Changes in fair value of freestanding and hybrid financial instruments designated at Fair Value Option	(3,089)	(2,244)	(6,920)	(3,365)
Gain on extinguishment of debt		3,697	1,245	3,697
Other income (expense)	168	(70)	(327)	(56)
Loss before income tax expense	(10,021)	(7,904)	(29,017)	(32,592)
Income tax expense		0	0	0
Net loss	(10,021)	(7,904)	(29,017)	(32,592)
Net loss attributable to noncontrolling interest	(167)	(126)	(445)	(462)
Net loss attributable to common stockholders	$ (9,854)	$ (7,778)	$ (28,572)	$ (32,130)
Net loss per share, basic	$ (1.05)	$ (22.5)	$ (4.89)	$ (132.49)
Net loss per share, diluted	$ (1.05)	$ (22.5)	$ (4.89)	$ (132.49)
Weighted-average common stock outstanding, basic	9,370,136	345,657	5,848,903	242,504
Weighted-average common stock outstanding, diluted	9,370,136	345,657	5,848,903	242,504
Product revenue, net
Revenue
Total revenue, net	$ 3,066	$ 2,813	$ 8,095	$ 7,461
License revenue
Revenue
Total revenue, net	$ 42		$ 85

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSSES - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSSES
Net loss	$ (10,021)	$ (7,904)	$ (29,017)	$ (32,592)
Other comprehensive loss	(164)	(83)	(40)	(132)
Net comprehensive loss	(10,185)	(7,987)	(29,057)	(32,724)
Common stockholders:
Net loss attributable to common stockholders	(9,854)	(7,778)	(28,572)	(32,130)
Other comprehensive loss attributable to common stockholders
Translation adjustments	(145)	(73)	(35)	(116)
Net comprehensive loss attributable to common stockholders	(9,999)	(7,851)	(28,607)	(32,246)
Noncontrolling interests:
Net loss attributable to noncontrolling interest	(167)	(126)	(445)	(462)
Other comprehensive loss attributable to noncontrolling interests
Translation adjustments	(19)	(10)	(5)	(16)
Net comprehensive loss attributable to noncontrolling interests	$ (186)	$ (136)	$ (450)	$ (478)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY - USD ($)	Total	Streeterville	Irving	Iliad	Redeemable preferred stock	Redeemable preferred stock Streeterville	Series J convertible preferred stock	Series G convertible preferred stock	Series H convertible preferred stock	Series I convertible preferred stock	Preferred Stock Series G convertible preferred stock	Preferred Stock Series H convertible preferred stock	Preferred Stock Series H convertible preferred stock Streeterville	Preferred Stock Series H convertible preferred stock Irving	Preferred Stock Series I convertible preferred stock	Preferred Stock Series I convertible preferred stock Irving	Preferred Stock Series I convertible preferred stock Iliad	Common Stock Series G convertible preferred stock	Common Stock Series I convertible preferred stock Iliad	Common Stock Common stock - voting	Common Stock Common stock - voting Streeterville	Common Stock Common stock - voting Irving	Common Stock Common stock - voting Iliad	Common Stock Common stock - non-voting	Additional paid-in capital	Additional paid-in capital Streeterville	Additional paid-in capital Irving	Additional paid-in capital Iliad	Noncontrolling Interest	Accumulated deficit	Accumulated deficit Streeterville	Accumulated other comprehensive loss	At The Market Offering	At The Market Offering Common Stock Common stock - voting	At The Market Offering Additional paid-in capital	PIPE financing	PIPE financing Preferred Stock Series G convertible preferred stock	PIPE financing Additional paid-in capital	Warrants issued and outstanding Common Stock Common stock - voting	Royalty Interest Global Amendment Warrants Streeterville	Royalty Interest Global Amendment Warrants Irving	Royalty Interest Global Amendment Warrants Iliad	Royalty Interest Global Amendment Warrants Additional paid-in capital Streeterville	Royalty Interest Global Amendment Warrants Additional paid-in capital Irving	Royalty Interest Global Amendment Warrants Additional paid-in capital Iliad
Beginning Balance at Dec. 31, 2022	$ (1,359,000)																								$ 266,969,000				$ (699,000)	$ (266,949,000)		$ (680,000)
Beginning Balance (in shares) at Dec. 31, 2022																				36,368				9
Increase (decrease) in Stockholders' Equity (Deficit)
Issuance of common stock			$ 2,022,000	$ 1,276,000																							$ 2,022,000	$ 1,276,000					$ 20,846,000		$ 20,846,000
Issuance of common stock (in shares)																						34,311	22,833											298,845
Common shares issued from conversion(in shares)													(25)								20,833
Preferred stock issued in exchange of notes payable and accrued interest		$ 1,730,000	2,202,000																							$ 1,730,000	2,202,000									$ 611,000		$ 611,000
Preferred stock issued in exchange of notes payable and accrued interest (shares)													73	32		118																					137
Additional investment from noncontrolling interests	1,233,000																												1,233,000
Common stock issued upon exercise of restricted stock units	9,000																								9,000
Common stock issued upon exercise of restricted stock units (in shares)																				219
Common stock issued to other third party for services	166,000																								166,000
Common stock issued to other third party for services (in shares)																				164
RSUs issued (in shares)																				22
Warrants issued			1,934,000	535,000																							1,934,000	535,000								$ 1,235,000		$ 1,235,000		$ 59,000	$ 61,000	$ 54,000	$ 59,000	$ 61,000	$ 54,000
Stock-based compensation	1,526,000																								1,526,000
Net loss	(32,592,000)																												(462,000)	(32,130,000)
Translation loss	(132,000)																												(16,000)			(116,000)
Ending Balance at Sep. 30, 2023	1,416,000																								301,235,000				56,000	(299,079,000)		(796,000)
Ending Balance (in shares) at Sep. 30, 2023											137	80			118					413,595				9
Beginning Balance at Jun. 30, 2023	5,830,000																								297,662,000				192,000	(291,301,000)		(723,000)
Beginning Balance (in shares) at Jun. 30, 2023											137	105								318,620				9
Increase (decrease) in Stockholders' Equity (Deficit)
Issuance of common stock																																	1,428,000		1,428,000
Issuance of common stock (in shares)																																		74,120
Common shares issued from conversion(in shares)													(25)								20,833
Preferred stock issued in exchange of notes payable and accrued interest			$ 1,443,000																								$ 1,443,000
Preferred stock issued in exchange of notes payable and accrued interest (shares)																118
RSUs issued (in shares)																				22
Warrants issued																																								$ 59,000	$ 61,000	$ 54,000	$ 59,000	$ 61,000	$ 54,000
Stock-based compensation	528,000																								528,000
Net loss	(7,904,000)																												(126,000)	(7,778,000)
Translation loss	(83,000)																												(10,000)			(73,000)
Ending Balance at Sep. 30, 2023	$ 1,416,000																								301,235,000				56,000	(299,079,000)		(796,000)
Ending Balance (in shares) at Sep. 30, 2023											137	80			118					413,595				9
Increase (decrease) in Stockholders' Equity (Deficit)
Preferred stock value
Issued	178							122	0	56
Beginning Balance, Redeemable preferred stock (in shares) at Dec. 31, 2023	0						0
Ending Balance, Redeemable preferred stock at Sep. 30, 2024	$ 2,485,000				$ 2,485,000
Ending Balance, Redeemable preferred stock (in shares) at Sep. 30, 2024	99				99		99
Beginning Balance at Dec. 31, 2023	$ 4,897,000																								313,861,000				(64,000)	(308,248,000)		(652,000)
Beginning Balance (in shares) at Dec. 31, 2023											122				56					1,223,553				9
Increase (decrease) in Stockholders' Equity (Deficit)
Issuance of common stock																																	27,759,000	$ 1,000	27,758,000
Issuance of common stock (in shares)																																		6,925,806
Common shares issued from conversion		1,999,000				$ (2,000,000)																				1,740,000					$ 259,000
Common shares issued from conversion(in shares)						(80)					(122)						(56)	50,833	44,941		305,556																		313,958
Common shares issued to third party in exchange of license agreement	1,150,000																								1,150,000
Common shares issued to third party in exchange of license agreement (in shares)																				277,778
Shares issued in exchange of notes payable and accrued interest		$ 166,000		$ 4,906,000																						$ 166,000		$ 4,906,000
Shares issued in exchange of notes payable and accrued interest (in shares)																					26,461		1,182,034
Preferred stock issued in exchange of notes payable and accrued interest						$ 4,485,000
Preferred stock issued in exchange of notes payable and accrued interest (shares)						179
Common stock issued to other third party for services	9,000																								9,000
Common stock issued to other third party for services (in shares)																				45,719
RSUs issued (in shares)																				24,325
RSUs issued	78,000																								78,000
Stock-based compensation	1,191,000																								1,191,000
Net loss	(29,017,000)																												(445,000)	(28,572,000)
Translation loss	(40,000)																												(5,000)			(35,000)
Ending Balance at Sep. 30, 2024	13,098,000																			$ 1,000					350,859,000				(514,000)	(336,561,000)		(687,000)
Ending Balance (in shares) at Sep. 30, 2024																				10,420,964				9
Beginning Balance, Redeemable preferred stock at Jun. 30, 2024					$ 2,485,000
Beginning Balance, Redeemable preferred stock (in shares) at Jun. 30, 2024					99
Ending Balance, Redeemable preferred stock at Sep. 30, 2024	$ 2,485,000				$ 2,485,000
Ending Balance, Redeemable preferred stock (in shares) at Sep. 30, 2024	99				99		99
Beginning Balance at Jun. 30, 2024	$ 16,578,000																								344,155,000				(328,000)	(326,707,000)		(542,000)
Beginning Balance (in shares) at Jun. 30, 2024																				7,827,609				9
Increase (decrease) in Stockholders' Equity (Deficit)
Issuance of common stock																																	$ 3,751,000	$ 1,000	$ 3,750,000
Issuance of common stock (in shares)																																		1,914,242
Common shares issued from conversion	2,649,000																								2,649,000
Common shares issued from conversion(in shares)																				655,000
RSUs issued (in shares)																				24,113
RSUs issued	78,000																								78,000
Stock-based compensation	227,000																								227,000
Net loss	(10,021,000)																												(167,000)	(9,854,000)
Translation loss	(164,000)																												(19,000)			(145,000)
Ending Balance at Sep. 30, 2024	$ 13,098,000																			$ 1,000					$ 350,859,000				$ (514,000)	$ (336,561,000)		$ (687,000)
Ending Balance (in shares) at Sep. 30, 2024																				10,420,964				9
Increase (decrease) in Stockholders' Equity (Deficit)
Preferred stock value
Issued	99							0	0	0

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (Parenthetical) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
At The Market Offering
Stock Transactions, Parenthetical Disclosures
Issuance costs	$ 177
PIPE financing
Stock Transactions, Parenthetical Disclosures
Offering costs	$ 12

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net comprehensive loss	$ (29,057,000)	$ (32,724,000)
Adjustments to reconcile net comprehensive loss to net cash used in operating activities:
Changes in fair value of freestanding and hybrid financial instruments designated at Fair Value Option	6,920,000	3,365,000
Depreciation and amortization expenses	1,422,000	1,511,000
Stock-based compensation, vested and released restricted stock units, and exercised stock options	1,269,000	1,535,000
Amortization of operating lease - right-of-use-asset	343,000	286,000
Amortization of debt issuance costs, debt discount, and non-cash interest expense	274,000	11,496,000
Share in joint venture's loss	78,000	42,000
Shares issued in exchange for services	9,000	166,000
Gain on extinguishment of debt	(1,245,000)	(3,697,000)
Changes in assets and liabilities
Accounts receivable	718,000	205,000
Other receivable	160,000	417,000
Inventory	(485,000)	(1,355,000)
Prepaid expenses and other current assets	(1,703,000)	(2,620,000)
Other assets	(331,000)	(20,000)
Accounts payable	(423,000)	(670,000)
Accrued liabilities	65,000	(3,428,000)
Deferred revenue	765,000
Operating lease liability	(337,000)	(300,000)
Total cash used in operating activities	(21,558,000)	(25,791,000)
Cash flows from investing activity
Purchase of equipment	(16,000)
Total cash used in investing activity	(16,000)
Cash flows from financing activities
Proceeds from issuance of shares in At the Market offering, net of issuance and offering costs of $127 and $177 in 2024 and 2023, respectively	27,759,000	20,847,000
Proceeds from issuance of common shares in exchange for License Agreement	1,150,000
Payment of Tempesta Note	(100,000)	(50,000)
Repayment of insurance financing	(437,000)	(293,000)
Investment from noncontrolling interest		1,227,000
Proceeds from issuance of warrants in PIPE financing		1,235,000
Proceeds from issuance of preferred stock in PIPE financing, net of issuance and offering costs of $12		611,000
Total cash provided by financing activities	28,372,000	23,577,000
Effects of foreign exchange rate changes on assets and liabilities	2,000	(29,000)
Net increase (decrease) in cash	6,800,000	(2,243,000)
Cash at beginning of the year	6,469,000	5,469,000
Cash at end of the year	13,269,000	3,226,000
Supplemental schedule of cash flow information
Cash paid for interest	14,000	23,000
Supplemental schedule of non-cash financing and investing activities
First Insurance Financing	519,000
Recognition of operating lease - right-of-use asset and operating lease liability	219,000	30,000
Umbrella Insurance Financing	52,000	93,000
Streeterville
Supplemental schedule of non-cash financing and investing activities
Warrants issued due to Royal Interest Global Amendment		59,000
Streeterville | Preferred Stock
Supplemental schedule of non-cash financing and investing activities
Shares issued in exchange of notes payable and accrued interest	4,485,000	1,730,000
Streeterville | Common Stock
Supplemental schedule of non-cash financing and investing activities
Shares issued in exchange of notes payable and accrued interest	166,000
Shares issued in exchange of preferred stock	1,999,000
Irving
Supplemental schedule of non-cash financing and investing activities
Warrants issued in exchange of Standstill		1,934,000
Warrants issued due to Royal Interest Global Amendment		60,000
Irving | Preferred Stock
Supplemental schedule of non-cash financing and investing activities
Shares issued in exchange of notes payable and accrued interest		2,201,000
Irving | Common Stock
Supplemental schedule of non-cash financing and investing activities
Shares issued in exchange of notes payable and accrued interest		2,022,000
Iliad
Supplemental schedule of non-cash financing and investing activities
Warrants issued in exchange of Standstill		535,000
Warrants issued due to Royal Interest Global Amendment		54,000
Iliad | Common Stock
Supplemental schedule of non-cash financing and investing activities
Shares issued in exchange of notes payable and accrued interest	$ 4,906,000	$ 1,275,000

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
At The Market Offering
Issuance costs	$ 18	$ 65	$ 127	$ 177
PIPE Purchase Agreement
Issuance costs			$ 12	$ 12

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (9,854)	$ (7,778)	$ (28,572)	$ (32,130)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization and Business

Organization and Business	9 Months Ended
	Sep. 30, 2024
Organization and Business
Organization and Business	1. Organization and Business Jaguar Health, Inc. (“Jaguar” or the “Company”) was founded in San Francisco, California, as a Delaware corporation on June 6, 2013 (inception). The Company was a majority-owned subsidiary of Napo Pharmaceuticals, Inc. (“Napo”) until the close of the Company’s initial public offering on May 18, 2015. The Company was formed to develop and commercialize first-in-class prescription and non-prescription products for companion animals. On July 31, 2017, Jaguar completed a merger with Napo pursuant to the Agreement and Plan of Merger dated March 31, 2017, by and among Jaguar, Napo, Napo Acquisition Corporation (“Merger Sub”), and Napo’s representative (the “Merger Agreement”). In accordance with the terms of the Merger Agreement, upon the completion of the merger, Merger Sub merged with and into Napo, with Napo surviving as the wholly owned subsidiary (the “Merger” or “Napo Merger”). Immediately following the Merger, Jaguar changed its name from “Jaguar Animal Health, Inc.” to “Jaguar Health, Inc.” Napo now operates as a wholly owned subsidiary of Jaguar focused on human health, including the ongoing development of crofelemer and commercialization of Mytesi. On March 15, 2021, Jaguar established Napo EU S.p.A (which changed its name in December 2021 to “Napo Therapeutics”) in Milan, Italy as a subsidiary of Napo. Napo Therapeutics’ core mission is to provide access to crofelemer in Europe to address significant rare/orphan disease indications, including, initially, two key orphan target indications: short bowel syndrome (“SBS”) with intestinal failure and congenital diarrheal disorders (“CDD”). The Company manages its operations through two segments – human health and animal health – and is headquartered in San Francisco, California. Nasdaq Communication and Compliance Minimum Bid Price Requirement On May 10, 2023, the Listing Qualifications Staff (the “Staff”) of The Nasdaq Stock Market LLC issued to the Company a notification citing its failure to comply with the $ 1.00 minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Requirement”). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company was initially provided 180 calendar days, or until November 6, 2023, and was subsequently granted an additional 180 calendar day period, or until May 6, 2024, to regain compliance with the Minimum Bid Price Requirement. However, on February 15, 2024, the Company received a delisting determination letter from the Staff in accordance with Nasdaq Listing Rule 5810(c)(3)(A)(iii) due to the Company’s securities having a closing bid price of $ 0.10 or less for ten consecutive trading days. Accordingly, on February 29, 2024, the Company requested a hearing before the Nasdaq Hearings Panel (the “Panel”), which automatically stayed the delisting of the Company’s common stock from Nasdaq pending a decision from the Panel. Pursuant to a review process, the Panel provided notice on April 5, 2024, granting the Company’s request to extend the period for it to regain compliance with the Minimum Bid Price Requirement until August 13, 2024. On June 25, 2024, the Company received a letter from the Nasdaq Office of General Counsel notifying the Company that the minimum bid price deficiency had been cured and that The Nasdaq Stock Market LLC had determined to continue the listing of the Company’s common stock on The Nasdaq Stock Market. Liquidity and Going Concern The Company, since its inception, has incurred recurring operating losses and negative cash flows from operations and has an accumulated deficit of $ 336.6 million as of September 30, 2024. The Company expects to incur substantial losses and negative cash flows in future periods. Further, the Company’s future operations, which include the satisfaction of current obligations, are dependent on the success of the Company’s ongoing development and commercialization efforts, as well as securing additional financing and generating positive cash flows from operations. There is no assurance that the Company will have adequate cash balances to maintain its operations. Although the Company plans to finance its operations and cash flow needs through equity and/or debt financing, collaboration arrangements with other entities, license royalty agreements, as well as revenue from future product sales, the Company does not believe its current cash balances are sufficient to fund its operating plan through one year from the issuance of these unaudited condensed consolidated financial statements. There can be no assurance that additional funding will be available to the Company on acceptable terms or on a timely basis, if at all, or that the Company will generate sufficient cash from operations to adequately fund operating needs. If the Company is unable to obtain an adequate level of financing needed for the long-term development and commercialization of the products, the Company will need to curtail planned activities and reduce costs. Doing so will likely have an adverse effect on the ability to execute the Company’s business plan; accordingly, there is substantial doubt about the ability of the Company to continue in existence as a going concern. The accompanying unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and on a basis consistent with the annual consolidated financial statements, and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair presentation of the periods presented. These interim financial results are not necessarily indicative of the results to be expected for the year ending December 31, 2024, or for any other future annual or interim period. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Annual Report on Form 10-K for the year ended December 31, 2023. The condensed consolidated balance sheet at December 31, 2023, has been derived from the audited consolidated financial statements at that date but does not include all disclosures, including notes, required by U.S. GAAP for complete financial statements. There has been no material change to the Company's significant accounting policies during the nine months ended September 30, 2024, as compared to the significant accounting policies described in Note 2 of the “Notes to Condensed Consolidated Financial Statements” in the Company's Annual Report on Form 10-K as of and for the year ended December 31, 2023, which was filed to SEC on April 1, 2024, and amended on April 17, 2024. Except as noted above, the unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all adjustments of a normal recurring nature considered necessary to present fairly the financial position as of September 30, 2024, results of operations for the three and nine months ended September 30, 2024 and 2023, changes in convertible preferred stock and stockholders' equity for the three and nine months ended September 30, 2024 and 2023, and cash flows for the nine months ended September 30, 2024 and 2023 . The interim results are not necessarily indicative of the results for any future interim periods or for the entire year. Principles of Consolidation The consolidated financial statements have been prepared in accordance with U.S. GAAP and applicable rules and regulations of the Securities and Exchange Commission (“SEC” ) and include the accounts of the Company and its subsidiaries with controlling interest. All inter-company transactions and balances have been eliminated in consolidation. The Company's reporting currency is the U.S. dollar. Noncontrolling interest The Company consolidates the results of Napo Therapeutics, which was owned 89 % by the Company and 11 % by private investors as of September 30, 2024 and December 31, 2023 . The potential voting rights with a certainty of being exercised in its shares are included in the ownership percentage. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires the Company’s management to make judgments, assumptions and estimates that affect the amounts reported in its unaudited condensed consolidated financial statements and the accompanying notes. The accounting policies that reflect the Company’s more significant estimates and judgments and that the Company believes are the most critical to aid in fully understanding and evaluating its reported financial results are the valuation of stock options, restricted stock units (“RSUs”), freestanding and hybrid instruments designated at fair value option (“FVO”), warrant liabilities, acquired in-process research and development (“IPR&D” ), and useful lives assigned to long-lived assets; impairment assessment of non-financial assets; valuation adjustments for excess and obsolete inventory; allowance for doubtful accounts; deferred taxes and valuation allowances on deferred tax assets; evaluation and measurement of contingencies; and recognition of revenue, including estimates for product returns. Those estimates could change, and as a result, actual results could differ materially from those estimates. Cash The Company’s cash on deposit may exceed United States federally insured limits at certain times during the year. The Company maintains cash accounts with certain major financial institutions in the United States. The Company does not have cash equivalents as of September 30, 2024 and December 31, 2023 . Accounts Receivable, net Accounts receivable is recorded net of allowances for discounts for prompt payment and credit losses. Upon adoption of ASU No. 2013-13 (“ASC 326”), the Company began utilizing a loss rate approach under the Current Expected Credit Losses (“CECL”) model to determine its lifetime expected credit losses on receivables from customers. This method calculates an estimate of credit losses based on historical experience, credit quality, age of the accounts receivable balances, and current and forecasted economic and business conditions that may affect a customer’s ability to pay. In determining the loss rates, the Company evaluates information related to its historical losses, adjusted for existing conditions, and further adjusted for the period of time that can reasonably be forecasted. The facts and circumstances as of the balance sheet date are used to adjust the estimate for periods beyond those that can reasonably be forecasted. The past due status of accounts receivable is determined based on the contractual due dates for payments. Receivable is deemed past due when payment has not been received 30 days after the contractual due date. The credit loss allowance was immaterial as of September 30, 2024 and December 31, 2023 . The corresponding expense for the credit loss allowance is reflected in general and administrative expenses. Current Expected Credit Losses The Company recognizes an allowance for credit losses for financial assets carried at amortized cost to present the net amount expected to be collected as of the balance sheet date. Such allowance is based on credit losses that are expected to arise over the contractual term of the asset, which includes consideration of historical credit loss information adjusted for current conditions and reasonable and supportable forecasts. Changes in the allowance for credit losses are recorded as provision of (or reversal of) credit loss expense. Assets are written off when the Company determines that such are deemed uncollectible. Write-offs are recognized as a deduction from the allowance for credit losses. Expected recoveries of amounts previously written off, not to exceed the aggregate of the amount previously written off, are included in determining the necessary allowance at the balance sheet date. Concentrations Cash is the financial instrument that potentially subjects the Company to a concentration of credit risk as cash is deposited with a bank, and cash balances generally exceed Federal Deposit Insurance Corporation (“FDIC”) insurance limits. For the three and nine months ended September 30, 2024 and 2023 , substantially all of the Company’s revenue was derived from the sale of Mytesi. In looking at sales by the Company to specialty pharmacies whose net revenue percentage of total net revenue was equal to or greater than 10 % for fiscal years 2024 and 2023 , the Company earned Mytesi revenue primarily from two specialty pharmacies located in the United States. Revenue earned from each major customer as a percentage of total revenue is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Customer 1 35 % 27 % 33 % 27 % Customer 2 55 % 55 % 51 % 53 % The Company is subject to credit risk from its accounts receivable related to its sales. The Company generally does not perform evaluations of customers' financial condition and generally does not require collateral. Accounts receivable balance of the significant customers as a percentage of total accounts receivable is as follows: September 30, December 31, 2024 2023 Customer 1 43 % 32 % Customer 2 42 % 57 % The Company is subject to concentration risk from the single third-party contract manufacturer, Glenmark. Other Risks and Uncertainties The Company’s future operations results involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations including, but not limited to, war, rapid technological change, obtaining second source suppliers and manufacturers, regulatory approval from the US Food and Drug Administration (“FDA”) or other regulatory authorities, the results of clinical trials and the achievement of milestones, market acceptance of the Company’s product candidates, competition from other products and larger companies, protection of proprietary technology, strategic relationships and dependence on key individuals. Other Global Events Macroeconomic conditions worldwide are subject to constant change, influenced by several factors, including persistently high inflation, structural weaknesses in the labor market, low productivity growth, adverse weather conditions, and possible political unrest in certain regions. Despite these global economic challenges, no significant changes have occurred in the Company's operations. Fair Value The Company’s financial instruments include accounts receivable, net, other receivable, accounts payable, accrued liabilities, operating lease liability, and debt. The recorded carrying amount of accounts receivable, other receivable, accounts payable, and accrued liabilities reflect their fair value due to their short-term nature. Other financial liabilities are initially recorded at fair value, and subsequently measured at fair value or amortized cost using the effective interest method. See Note 3 for the fair value measurements. Fair Value Option ASC 825-10, Financial Instruments (“ASC 825-10”), provides an FVO election that allows companies an irrevocable election to use fair value as the initial and subsequent accounting measurement attribute for certain financial assets and liabilities. ASC 825-10 permits entities to elect to measure eligible financial assets and liabilities at fair value on an ongoing basis. Unrealized gains and losses on items for which the FVO has been elected are reported in earnings. The decision to elect the FVO is determined on an instrument-by-instrument basis, must be applied to an entire instrument, and is irrevocable once elected. Assets and liabilities measured at fair value pursuant to ASC 825-10 are required to be reported separately from those instruments measured using another accounting method. In accordance with the options presented in ASC 825-10, the Company elected to present the aggregate of fair value and non-fair-value amounts in the same line item in the condensed consolidated balance sheets and parenthetically disclose the amount measured at fair value in the aggregate amount. The fair values of the Company's financial instruments reflect the amounts that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The fair value estimates presented in these financial statements are based on information available to the Company as of September 30, 2024 and December 31, 2023 . Inventory Inventory is stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method. Cost is initially recorded at the invoiced amount of services or API provided by third-party processors, Probos and Corfasac, including the sum of qualified expenditures and charges for bringing the inventory to its existing condition and location. Inventory is categorized into raw materials, work-in-process, and finished goods. Raw materials consist of Crude Plant Latex (“CPL” ), recognized as inventory upon harvest and valued at cost, including acquisition and harvest expenditures. Work-in-process inventory is recognized only when CPL has been transformed into API and is in transit to Patheon, with costs comprising direct materials, labor, and applicable overheads. Finished goods represent completed Crofelemer tablets ready for sale, valued at cost, which includes direct materials, labor, and manufacturing overhead allocated during production. The Company calculates inventory valuation adjustments when conditions indicate that net realizable value is less than cost due to physical deterioration, usage, obsolescence, reductions in estimated future demand, or reductions in selling price. Inventory write-downs are measured as the difference between the cost of inventory and net realizable value. The Company does no t have an allowance for inventory obsolescence as of September 30, 2024 and December 31, 2023 . Inventory costs are removed from inventory and recorded in the cost of goods sold upon delivery of the tablets to customers. Prelaunch Inventory The Company’s policy is to capitalize costs for prelaunch inventories within the drug development phase, which is evidence that the product’s reasonably likely critical attributes for success are present and feasible, and the key causes of failures are absent based on management’s assumptions. The costs that can be capitalized for pre-launch inventory are recorded as “Prepaid expenses and other current assets.” Property and Equipment Land is stated at cost, reflecting the fair value of the property at July 31, 2017, the date of the Napo merger. Equipment is stated at cost, net of accumulated depreciation. Equipment begins to be depreciated when it is placed into service. Depreciation is calculated using the straight-line method over estimated useful lives ranging between three to ten years . Expenditures for repairs and maintenance of assets are charged to expenses as incurred. Costs of major additions and betterments are capitalized and depreciated on a straight-line basis over their estimated useful lives. Upon retirement or sale, the cost and related accumulated depreciation of assets disposed of are removed from the accounts, and any resulting gain or loss is included in the unaudited condensed consolidated statements of operations. Software Developed for Internal Use The Company capitalizes the costs of developing software for internal use. These costs include both purchased software and internally developed software. Costs of developing software are expensed until technological feasibility has been established. Thereafter, all costs are capitalized and are carried at the lower of unamortized cost or net realizable value. Internally developed and purchased software costs are generally amortized over five years . The Company evaluated the carrying value of its internal use software costs as at December 31, 2023, in accordance with ASC 360-10, Impairment of Long-lived Assets to be Held or Used . Based on the evaluation, the Company determined that the internal use software costs – registry's carrying value as of December 31, 2023, were no longer recoverable and recorded a corresponding impairment loss. The impairment loss was calculated as the difference between the registry's carrying value and its estimated fair value on December 31, 2023. The fair value was determined using a discounted cash flow (“DCF”) model, a Level 3 evaluation technique under ASC 820, Fair Value Measurements (“ASC 820”). The DCF model utilized entity-specific assumptions regarding future sales volume, pricing, and costs. These assumptions considered factors such as the continuity of existing customer relationships, potential shifts in economic conditions, and other relevant market influences. The net cash flows generated by the model were then discounted to present value using a rate reflective of the time value of money and the inherent use associated with the expected cash flows. The discount rate was based on the comparable debt instrument deemed appropriate by management. Given the changing market conditions, there is a reasonable possibility that the estimates used to determine the registry's fair value may require adjustments in the near future. Any such changes in assumptions could result in further impairment charges. The Company recognized an expense for the year ended December 31, 2023 , and a corresponding reduction in the carrying value of the internal use software-registry as a result of the impairment. Long-lived Assets The Company regularly reviews the carrying value and estimated lives of all of its long-lived assets, including property and equipment and definite-lived intangible assets, to determine whether indicators of impairment exist that warrant adjustments to carrying values or estimated useful lives. The determinants used for this evaluation include management’s estimate of the asset’s ability to generate positive income from operations and positive cash flow in future periods, as well as the strategic significance of the assets to the Company’s business objectives. If the Company determines that events or changes in circumstances indicate that the carrying amount of the asset group may not be recoverable, the Company evaluates the realizability of its long-lived assets (asset group) based on a comparison of projected undiscounted cash flows from use and eventual disposition with the carrying value of the related asset. Any write-downs (measured based on the difference between the fair value and the asset's carrying value) are treated as permanent reductions in the carrying amount of the assets (asset group). None of the Company’s long-lived assets were deemed impaired as of September 30, 2024 . Indefinite-lived Intangible Assets Acquired IPR&D are intangible assets acquired in the July 2017 Napo merger. Under ASC 80, Business Combination , IPR&D are initially recognized at fair value and classified as indefinite-lived assets until the successful completion or abandonment of the associated research and development efforts. During the development period, these assets will not be amortized as charges to earnings; instead, these assets will be tested for impairment on an annual basis or more frequently if impairment indicators are identified. An impairment loss is measured based on the excess of the carrying amount over the asset’s fair value. The Company recorde d no impairment f or the three and nine months ended September 30, 2024 and 2023 . Leases The Company accounts for its leases in accordance with ASC 842, Leases (“ASC 842”). At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected lease term. Because the interest rate implicit in lease contracts is typically not readily determinable, the Company utilizes its incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. Certain adjustments to the right-of-use asset may be required for items such as initial direct costs paid or incentives received. The Company elected to include both the lease and non-lease components as a single component and account for it as a lease. Lease Modification ASC 842 defines lease modification as a change to the terms and conditions of a contract that results in a change in the scope of or the consideration for a lease. A lease modification can result in either a separate new contract that is accounted for separately from the original contract or a single modified contract. The Company shall account for a modification to a contract as a separate contract when the modification grants the lessee an additional right of use not included in the original lease and the lease payments increase commensurate with the standalone price for the additional right of use, adjusted for the circumstances of the particular contract. When the Company concludes that a lease modification should be accounted for as a new contract that is separate and apart from the original lease, the new contract should be evaluated for whether it is a lease or contains an embedded lease. If the new contract is a lease or contains an embedded lease, the new lease should be accounted for as any other new lease. The new lease is recorded on the commencement date of the new lease, which is the date the lessee has access to the leased asset. If a lease modification is not accounted for as a separate contract, the Company should reassess whether the contract contains a lease. If the modified contract is a lease or contains an embedded lease, a lessee should reallocate contract consideration, reassess the lease classification, remeasure the lease liability, and adjust the right-of-use asset. Research and Development Expense Research and development expense consists of expenses incurred in performing research and development activities, including related salaries, clinical trials, and related drug and non-drug product costs, contract services, and other outside service expenses. Research and development expenses are charged to operating expenses during the period incurred. Clinical Trial Accruals Clinical trial costs are a component of research and development expenses. The Company accrues and expenses for clinical trial activities performed by third parties based upon actual work completed in accordance with agreements established with clinical research organizations and clinical sites. The Company determines the costs to be recorded based upon validation with the external service providers as to the progress or stage of completion of trials or services and the agreed-upon fee to be paid for such services. Revenue Recognition The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”). The Company’s policy typically permits returns if the product is damaged, defective, or otherwise cannot be used when received by the customer if the product has expired. Returns are accepted for products that will expire within three months or that have expired up to one year after their expiration dates. Estimates for expected returns of expired products are based primarily on an ongoing analysis of our historical return patterns. The Company recognizes revenue in accordance with the core principle of ASC 606 or when there is a transfer of control of promised goods or services to customers in an amount that reflects the consideration that the Company expects to be entitled to in exchange for those goods or services. The Company recognizes the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the Company otherwise would have recognized is one year or less. The Company does not adjust the amount of consideration for the effects of a significant financing component if, at contract inception, the expected period between the transfer of promised goods or services and customer payment is one year or less. The Company has elected to treat shipping and handling activities as fulfillment costs. Additionally, the Company elected to record revenue net of sales and other similar taxes. Contracts - Distributor The Company's Canalevia-CA1 and Neonorm products are primarily sold to distributor, who then sell the products to the end customers. Since 2021, the Company has entered into one distribution agreements with established distributor to distribute the Company’s animal health products in the United States. The distribution agreement and the related purchase orders together meet the contract existence criteria under ASC 606. The Company sells directly to its customers without the use of an agent. Performance obligations For animal health products sold by the Company, the single performance obligation identified above is the Company’s promise to transfer the Company’s animal health products to distributors based on specified payment and shipping terms in the arrangement. Product warranties are assurance-type warranties that do not represent a performance obligation. For the Company’s human health product, Mytesi, the single performance obligation identified above is the Company’s promise to transfer Mytesi to specialty pharmacies based on specified payment and shipping terms as outlined in the Exclusive Distribution Agreement entered into by the Company and Cardinal Health as of January 16, 2019. Transaction price For contracts with Cardinal Health and other distributors, the transaction price is the amount of consideration that which the Company expects to collect in exchange for transferring the promised goods or services. The transaction price of Mytesi is the Wholesaler Acquisition Cost (“WAC”), and the transaction price of Canalevia-CA1 and Neonorm is the manufacturer’s list price, net of discounts, returns, and price adjustments. Allocate transaction price For contracts with distributor, the entire transaction price is allocated to the single performance obligation contained in each contract. Revenue recognition For contracts with Cardinal Health, a single performance obligation is satisfied at a point in time upon each contract's free on board (“FOB”) terms when control, including title and all risks, has transferred to the customer. Disaggregation of Product Revenue Human Sales of Mytesi are recognized as revenue at a point in time when the products are delivered to the specialty pharmacies. Net revenues from the sale of Mytesi were $ 3.0 million and $ 2.8 million for the three months ended September 30, 2024 and 2023, respectively. Net revenues from the sale of Mytesi were $ 8.0 million and $ 7.3 million for the nine months ended September 30, 2024 and 2023, respectively. Animal The Company recognized Canalevia-CA1 products revenues of $ 49,000 and $ 24,000 for the three months ended September 30, 2024 and 2023, respectively, and Neonorm revenues of $ 4,000 and $ 7,000 for the three months ended September 30, 2024 and 2023, respectively. The Company recognized Canalevia-CA1 products revenues of $ 115,000 and $ 91,000 for the nine months ended September 30, 2024 and 2023, respectively, and Neonorm revenues of $ 27,000 and $ 35,000 for the nine months ended September 30, 2024 and 2023, respectively. Revenues are recognized at a point in time upon shipment when title and control are transferred to the buyer. Sales of Canalevia-CA1, Neonorm Calf, and Foal to distributors are made under agreements that may provide distributor price adjustments and rights of return under certain circumstances. Contracts – Specialty Pharmacies Effective October 1, 2020, the Company engaged a private company as an authorized specialty pharmacy provider of the Company’s Mytesi product. Under the Specialty Product Distribution Agreement, the Company shall supply the products directly to the private company’s specialty pharmacies in such amounts as may be ordered. There is no minimum purchase or inventory requirement. The specialty pharmacies were authorized distributors of record for all National Drug Codes of Mytesi. Effective April 20, 2021, the Company engaged another private company as an authorized specialty pharmacy provider of Mytesi. Under the Specialty Pharmacy Distribution and Services Agreement, the private company shall sell and dispense Mytesi directly ordered from the Company at the agreed price to patients within the territories identified in the agreement. The Company has entered into agreements with a total of five different specialty pharmacy chains that are authorized to provide Mytesi to patients. Performance obligations The single performance obligation is the Company’s promise to transfer Mytesi to specialty pharmacies, based on specified payment and shipping terms outlined in the agreements. Transaction price The transaction price is the amount of consideration the Company expects to collect in exchange for transferring the promised goods or services. The transaction price of Mytesi is the WAC, net of estimated discounts, returns, and price adjustments. Allocate transaction price The entire transaction price is allocated to the single performance obligation contained in each contract. Revenue recognition The single performance obligation is satisfied at a point in time, upon the FOB terms of each contract, when control, including title and all risks, has been transferred to the customer. Product Revenue Sales of Mytesi are recognized as revenue at a point in time when the products are delivered to the specialty pharmacies. Net revenues from the sale of Mytesi to the specialty pharmacies were $ 3.0 million and $ 2.8 million for the three months ended September 30, 2024 and 2023, respectively. Net revenues from the sale of Mytesi to the specialty pharmacies were $ 8.0 million and $ 7.3 million for the nine months ended September 30, 2024 and 2023 , respectively. Contracts – License Agreement Effective March 18, 2024, the Company engaged in a securities purchased agreement, supplemented by a binding term sheet, with Gen Ilac Ve Saglik Urunleri Sanayi Ve Ticaret, A.S. (“GEN”) (“Licensee”). The Company grants GEN a right to access its intellectual properties for the Company's FDA-approved prescription drug Crofelemer and commercialize Crofelemer finished product in licensed Eastern Europe territories for a consideration including license fees, royalties and product sales. The agreement and binding term sheet collectively qualifies as a valid contract under ASC 606. Performance obligations The Company identified two promises, namely (1) the grant of license to manufacture and commercialize pharmaceutical products that utilize Crofelemer (the “Licensing Transaction”) and (2) the supply of Crofelemer Active Pharmaceutical Ingredient (“API”). Licensee cannot benefit from the license alone without the API as the latter comes from a plant exclusive to the Company. No other entities can produce the API. Consequently, the grant of license and the supply API are not distinct, and accounted as a single performance obligation. Transaction price Transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties. The transaction price in the contract with GEN includes both fixed and variable considerations. For the Licensing Transaction, the fixed consideration is measured as the difference between the proceeds from the related share issuance and the fair value of the shares issued. The variable consideration, in the form of royalty, is based on a percentage of the Licensee's revenue from the sale of pharmaceutical products utilizing Crofelemer. For the supply of Crofelemer API, the variable consideration is determined using the expected value of a wide range of possible amounts. Allocate transaction price The entire transaction price is allocated to the single performance obligation contained in the contract. Revenue recognition The single performance obligation is satisfied over-time, throughout the five-year license period, based on the expiration dates of the licensed patents. License Revenue For the three and nine months ended September 30, 2024, license fees recognized from the contract with GEN amounted to $ 42,000 and $ 85,000 , respectively. As of September 30, 2024 , the total deferred revenue associated with this contract amounted to $ 765,000 . Collaboration Revenue Revenue recognition for collaboration agreements requires significant judgment. The Company’s assessments and estimates are based on contractual terms, historical experience, and general industry practice. Revisions in these values or estimations increase or decrease collaboration revenue in the period of revision. On September 24, 2018, the Company entered into a Distribution, License, and Supply Agreement (“License Agreement”) with Knight Therapeutics (“Knight”). The License Agreement has a term of 15 years (with automatic renewals) and provides Knight with an exclusive right to commercialize current and future Jaguar human health products (including crofelemer, NP-300, and any product containing a proanthocyanidin or with an anti-secretory mechanism) in Canada and Israel. Knight forfeited its right of first negotiation for expansion to Latin America. Under t

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
Fair Value Measurements
Fair Value Measurements	3. Fair Value Measurements ASC 820, Fair Value Measurements , defines fair value, establishes a framework for measuring fair value under U.S. GAAP and enhances disclosures about fair value measurements. Fair value is defined under ASC 820 as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following: • Level 1 – Observable inputs such as quoted prices (unadjusted) for identical instruments in active markets. • Level 2 – Observable inputs such as quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, or model-derived valuations whose significant inputs are observable. • Level 3 – Unobservable inputs that reflect the reporting entity’s own assumptions. The following tables set forth the fair value of the Company’s financial instruments that were measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023. September 30, 2024 (unaudited) (in thousands) Level 1 Level 2 Level 3 Total Iliad $ — $ — $ 4,812 $ 4,812 Uptown — — 8,854 8,854 Streeterville 2 — — 7,994 7,994 Streeterville Note — — 11,131 11,131 Total fair value $ — $ — $ 32,791 $ 32,791 December 31, 2023 (in thousands) Level 1 Level 2 Level 3 Total Iliad $ — $ — $ 6,862 $ 6,862 Uptown — — 7,473 7,473 Streeterville 2 — — 6,815 6,815 Streeterville Note — — 9,793 9,793 Total fair value $ — $ — $ 30,943 $ 30,943 The change in the estimated fair value of Level 3 liabilities is summarized below: Nine Months Ended September 30, 2024 (unaudited) (in thousands) Iliad Uptown Streeterville 2 Streeterville Note Beginning fair value of Level 3 liability $ 6,862 $ 7,473 $ 6,815 $ 9,793 Additions — — — — Exchanges ( 4,906 ) — ( 166 ) — Settlements — — — — Change in fair value 2,856 1,381 1,345 1,338 Ending fair value of Level 3 liability $ 4,812 $ 8,854 $ 7,994 $ 11,131 Year Ended December 31, (in thousands) Iliad Uptown Streeterville 2 Streeterville Note Beginning fair value of Level 3 liability $ — $ — $ — $ 7,839 Additions 6,580 7,478 6,154 — Exchanges ( 789 ) ( 1,444 ) — — Change in fair value 1,071 1,439 661 1,954 Ending fair value of Level 3 liability $ 6,862 $ 7,473 $ 6,815 $ 9,793 The fair value of the Streeterville Note recognized as a Level 3 liability at the date of issuance and as of September 30, 2024 , amounted to $ 7.8 million and $ 11.1 million, respectively. The fair value of the remaining Level 3 liabilities at the extinguishment date and as of September 30, 2024 , amounted to $ 20.2 million and $ 21.7 million. The fair values were based on the weighted average discounted expected future cash flows representing the terms of the notes, discounting them to their present value equivalents. The notes were classified as Level 3 fair values in the fair value hierarchy due to the use of unobservable inputs, including the Company’s own credit risk. The Company determined and performed the valuations with the assistance of an independent valuation service provider. On a quarterly basis, the Company considers the main Level 3 inputs for hybrid instruments used derived as follows: • Discount rate which was determined using a comparison of various effective yields on bonds as of the valuation date • Market indications for vouchers, which affect the Return Bonus from the sale of Tropical Disease Priority Review Voucher (“TDPRV”) • Weighted probability of cash outflows which was estimated based on the entity's knowledge of the business and how the current economic environment is likely to impact the timing of the cash outflows, attributed to the different repayment features of the notes The following table summarizes the quantitative information about the significant unobservable inputs used in Level 3 fair value measurement for the Streeterville Note: Range of Inputs (probability-weighted average) Relationship of unobservable inputs Unobservable Inputs 2024 2023 to fair value Risk Adjusted Discount Rate 8.0 %- 26.09 % ( 26.09 %) 9.02 %- 24.59 % ( 24.59 %) If the discount rate is adjusted to a total of additional 100 basis points (bps), the fair value would have decreased by $ 427,000 . 100 bps, the fair value would have increased by $ 427,000 . Sales Proceeds: Amount of comparable TDPRV $ 67.5 million to $ 350 million ($ 100 million) $ 67.5 million to $ 350 million ($ 100 million) If expected cash flows by Management were considered the highest amount of market indications for vouchers, FV would have decreased by $ 1.53 million. 11.87 million. Range of Probability for Timing of Cash Flows: 0.00 %- 14.25 % 0.10 %- 73.27 % If expected cash flows by management were considered the scenario with the least indicated value, FV would have decreased by $ 6.39 million. 0.01 million. For the additional notes designated at FVO that are freestanding, the Company considers only the discount rate which was determined using a comparison of various effective yields on bonds as of valuation date. The following table summarizes the quantitative information about the significant unobservable inputs used in Level 3 fair value measurement for the remaining instruments that are not classified as hybrid instruments: Range of Inputs (probability-weighted average) Relationship of unobservable inputs Unobservable Inputs 2024 2023 to fair value Risk Adjusted Discount Rate 8.0 %- 26.09 % ( 26.09 %) 9.02 %- 26.59 % ( 26.59 %) If the discount rate is adjusted to a total of an additional 100 basis points (bps), the fair value would have decreased by $ 419,000 . 100 bps, the fair value would have increased by $ 429,000 . Fair Value Option The Company elected to apply the FVO accounting to certain freestanding instruments and to the entire class of hybrid instruments, including structured notes, of which there are assessed embedded derivatives that would be eligible for bifurcation, to align the measurement attributes of those instruments under U.S. GAAP and to simplify the accounting model applied to these financial instruments. The valuations of these instruments were predominantly driven by the discount rate and the derivative features embedded within the instruments. The Company determined and performed the valuations of the freestanding and hybrid instruments with the assistance of an independent valuation service provider. The valuation methodology utilized is consistent with the income approach for estimating the fair value of the interest-bearing portion of the instruments and the related derivatives. Cash flows of the financial instruments in their entirety, including the embedded derivatives, are discounted at an appropriate rate for the applicable duration of the instrument. Interests on the interest-bearing portion of the instruments held to maturity and mark-to-market adjustments are aggregated in the change in fair value of freestanding and hybrid financial instruments designated at FVO in the unaudited condensed consolidated statements of operations. As of September 30, 2024 and December 31, 2023, the Company did not note any fair value movement on FVO liabilities attributable to any instrument-specific credit risk, which should be recorded in other comprehensive income (loss). The following tables summarize the fair value and outstanding balance for items the Company accounts for under FVO: (in thousands) Fair value Unpaid Principal Balance Accrued Interest Fair Value Over (Under) Outstanding Balance At September 30, 2024 Iliad $ 4,812 $ 2,243 $ 6,787 $ ( 4,218 ) Uptown 8,854 7,994 5,011 ( 4,151 ) Streeterville 2 7,994 10,094 2,910 ( 5,010 ) Streeterville Note 11,131 6,000 760 4,371 (in thousands) Fair value Unpaid Principal Balance Accrued Interest Fair Value Over (Under) Outstanding Balance At December 31, 2023 Iliad $ 6,862 $ 7,292 $ 3,621 $ ( 4,051 ) Uptown 7,473 7,994 4,058 ( 4,579 ) Streeterville 2 6,815 10,273 950 ( 4,408 ) Streeterville Note 9,793 6,000 546 3,247

Balance Sheet Components

Balance Sheet Components	9 Months Ended
	Sep. 30, 2024
Balance Sheet Components
Balance Sheet Components	4. Balance Sheet Components Inventory Inventory at September 30, 2024 and December 31, 2023 consisted of the following: September 30, December 31, 2024 2023 (in thousands) (unaudited) Raw material $ 1,900 $ 2,057 Work in process 7,009 6,517 Finished goods 765 615 Inventory $ 9,674 $ 9,189 Prelaunch Inventory Costs capitalized for the Company’s lyophilized drug amounting to $ 3.7 million and $ 2.8 million as of September 30, 2024 and December 31, 2023, respectively, are included in the prepaid expenses and other current assets account. The Company’s proof‑of‑concept (“POC”) data is expected to be completed by the end of 2024. Upon approval, the prelaunch inventory shall be reclassified as part of the Company’s inventory. Property and Equipment, net Property and equipment, net at September 30, 2024 and December 31, 2023, consisted of the following: September 30, December 31, 2024 2023 (in thousands) (unaudited) Land $ 396 $ 396 Lab equipment 477 477 Software 63 63 Furniture and fixtures 18 18 Computers and peripherals 23 7 Total property and equipment at cost 977 961 Accumulated depreciation ( 501 ) ( 465 ) Property and equipment, net $ 476 $ 496 Depreciation and amortization expenses were $ 12,000 and $ 36,000 for the three and nine months ended September 30, 2024, respectively. Depreciation and amortization expenses were $ 15,000 and $ 46,000 for the three and nine months ended September 30, 2023, respectively. Intangible Assets, net Intangible assets consisted of the following: September 30, December 31, 2024 2023 (in thousands) (unaudited) Developed technology $ 25,000 $ 25,000 Accumulated developed technology amortization ( 11,944 ) ( 10,694 ) Developed technology, net 13,056 14,306 In-process research and development 4,800 4,800 In process research and development, net 4,800 4,800 Trademarks 301 300 Accumulated trademark amortization ( 143 ) ( 128 ) Trademarks, net 158 172 Internal use software costs - registry 1,237 1,236 Accumulated internal use software costs impairment ( 371 ) ( 371 ) Accumulated internal use software costs amortization ( 477 ) ( 370 ) Internal use software costs - registry, net 389 495 Patents 361 361 Accumulated patents amortization ( 32 ) ( 18 ) Patents, net 329 343 License 215 — Accumulated license amortization — — License, net 215 — Total intangible assets, net $ 18,947 $ 20,116 Amortization expense of finite-lived intangible assets was $ 461,000 and $ 1.4 million for the three and nine months ended September 30, 2024 , respectively. Amortization expense of finite-lived intangible assets was $ 489,000 and $ 1.5 million for the three and nine months ended September 30, 2023, respectively. The following table summarizes the Company’s estimated future amortization expense of intangible assets with finite lives as of September 30, 2024: (in thousands) Amounts Remainder of 2024 $ 450 2025 1,798 2026 1,798 2027 1,798 2028 1,798 Thereafter 6,505 $ 14,147

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions
Related Party Transactions	5. Related Party Transactions Board of Directors (“BOD”) Cash Compensation The Company makes BOD cash compensation quarterly based on the Director Compensation Program. For the three months ended September 30, 2024 and 2023, the Company paid its directors approximately $ 103,000 and $ 68,000 in cash compensation, respectively. For the nine months ended September 30, 2024 and 2023 , the Company paid its directors approximately $ 321,000 and $ 204,000 in cash compensation, respectively.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies
Commitments and Contingencies	6. Commitments and Contingencies Commitments Leases On April 6, 2021, the Company entered into an office lease agreement of approximately 10,526 square feet of office space in San Francisco, inclusive of office space covered under the previous sublease agreement. The term of the lease began on September 1, 2021, and will expire on February 28, 2025, unless terminated earlier. The lease had an early occupancy provision which entitled the Company to use a portion of the leased premises on June 1, 2021, free of rent obligation. In addition, the Company has the option to extend the lease for one three-year period after the expiration date. This option was not included as part of the lease term as the Company was not reasonably certain to exercise it; hence, the lease term only includes the noncancellable period of three years plus the period of early occupancy. The base rent under the lease office was $ 42,000 monthly for the first 12 months, $ 43,000 monthly for the next 12 months, and $ 45,000 for the last twelve months. The lease agreement only contained one lease component, which is the lease of the office space. Non-lease components such as payment of building operating costs and share in real property taxes were accounted for separately and were not considered as part of the total lease payments. The lease was classified as an operating lease. On October 7, 2021, the Company entered an agreement for the lease of office premises from November 1, 2021, to April 30, 2022, subject to automatic renewal for subsequent periods until terminated by either party. Base rent amounted to € 10,000 or approximately $ 10,500 . If the contract was not terminated within 12 months, the lease amount would be increased in line with the index of relevant inflation at each annual expiration of the contract's start date. The lessor had the right to decline the renewal of the contract. Upon the happening of certain specified events, the lessor might immediately withdraw from the contract. The Company was required to leave the occupied spaces immediately in the same condition in which they were found in the event of contract termination or expiry. The Company paid a deposit of € 20,000 , or approximately $ 21,000 , to the lessor. On January 26, 2022, the lease agreement was amended, whereby the term was extended by 20 months from May 1, 2022 to December 31, 2023. All other contract provisions remained the same. On October 25, 2023, the Company entered a second amendment to extend the lease of the office premises whereby Suite 600 shall extend until February 28, 2025, while Suite 400 shall be accounted for as a separate lease commencing on September 1, 2023, and expiring on August 31, 2030. Under the second lease amendment, the office lease premises were remeasured separately, with Suite 400 measuring approximately 5,735 square feet while Suite 600 measuring 5,263 square feet. The base rent for Suite 400 was $ 18,000 monthly in the first two years, $ 18,000 monthly in the third and fourth years, $ 19,000 monthly in the fifth and sixth years, $ 20,000 monthly in the seventh and eighth years, and $ 21,000 in the last year. Accordingly, Suite 600’s base rent was amended to $ 22,000 monthly on its remaining terms. The option to renew at the end of the lease term was amended into a one -to- five-year period from the original one -to- three-year period. All other contract provisions remained the same. On October 10, 2021, the Company also entered a short-term office lease in Milan, Italy. The term of the lease began on November 1, 2021, subject to automatic renewal equal to the present term until terminated by mutual agreement. On January 26, 2022, the lease agreement was amended, whereby the term was extended by 20 months from May 1, 2022 to December 31, 2023. The Company recognized rent expense on a straight-line basis over the non-cancellable lease period. On September 12, 2023, the Company entered into a second lease amendment whereby the term was extended by another year from January 1, 2024 to December 31, 2024. The Company recognized rent expense on a straight-line basis over the non-cancellable lease period. On December 31, 2023, the Company elected not to renew the lease agreement for October 10, 2021. On December 8, 2023, the Company entered a two-year office lease in Milan, Italy. The lease term began on January 1, 2024, until December 31, 2025. The Company recognizes rent expense on a straight-line basis over the non-cancellable lease period. On December 22, 2021, the Company entered an agreement for the lease of two separate vehicles for 48 months , expiring on November 30, 2025. The total monthly lease payment amounted to € 2,000 or approximately $ 2,100 , payable in advance. The Company elected to include both the lease and non-lease components as a single component and account for it as a lease. The Company also paid a total deposit of € 19,000 or approximately $ 20,000 , exclusive of VAT. Early termination of the contracts requires the payment of specified amounts. On January 25, 2022, the Company entered an agreement for the lease of office premises from March 1, 2022, to December 31, 2023, subject to automatic renewal for subsequent periods until terminated by either party. Base rent amounted to € 4,000 or approximately $ 4,200 . A similar agreement was entered with the lessor for the lease of premises to be used as office space from November 1, 2022, to December 31, 2023, subject to automatic renewal for subsequent periods until terminated by either party. Base rent amounted to € 3,817 or approximately $ 4,000 . If the contracts are not terminated within 12 months, the lease amounts will be increased in line with the index of relevant inflation at each annual expiration of the contract's start date. The lessor has the right to decline the renewal of the contracts. Upon the happening of certain specified events, the lessor may immediately withdraw from the contracts. The Company is required to leave the occupied spaces immediately in the same conditions in which they were found in the event of contract termination or expiry. The Company paid a deposit of € 9,000 , or approximately $ 9,500 , to the Lessor. In May 2022, the Company entered an agreement for the lease of one vehicle for 48 months , expiring on April 30, 2026. The total monthly lease payment amounted to € 833 or approximately $ 880 , payable in advance. The Company elected to include both the lease and non-lease components as a single component and account for it as a lease. The Company also paid a total deposit of € 21,000 or approximately $ 22,000 , exclusive of VAT. Early termination of the contracts requires the payment of specified amounts. In October 2022, the Company entered an agreement for the lease of three vehicles for 48 months , expiring on September 30, 2026. The total monthly lease payment amounted to € 2,094 or approximately $ 2,200 , payable in advance. The Company elected to include both the lease and non-lease components as a single component and account for it as a lease. In November 2022, the Company entered an agreement for the lease of two vehicles for 48 months , expiring on October 31, 2026. The monthly lease payment amounted to € 1,459 or approximately $ 1,500 , payable in advance. The Company elected to include both the lease and non-lease components as a single component and account for it as a lease. The table below provides additional details of the office space and vehicle leases presented in the unaudited condensed consolidated balance sheet as of September 30, 2024, and December 31, 2023: September 30, December 31, 2024 2023 (in thousands) (unaudited) Operating lease - right-of-use asset - office space 921 982 Operating lease - right-of-use asset - vehicles 136 194 Total $ 1,057 $ 1,176 Weighted-average remaining life (years) 4.10 4.76 Weighted-average discount rate 20.03 % 21.34 % Lease costs included in general and administrative expenses in the unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2024, were approximately $ 296,000 and $ 648,000 , respectively. Lease cost included in general and administrative expenses in the unaudited consolidated statements of operations for the three and nine months ended September 30, 2023, was approximately $ 240,000 and $ 614,000 , respectively For the nine months ended September 30, 2024 and 2023, respectively, cash paid for operating lease liabilities recognized under operating cash flows amounted to $ 337,000 a nd $ 300,000 , respectively. Non-cash investing and financing activities for the nine months ended September 30, 2024 and 2023, including addition to right-of-use assets obtained from new and modified operating liabilities, amount to $ 219,000 an d $ 30,000 , respectively. The following table summarizes the undiscounted cash payment obligations for operating lease liability as of September 30, 2024 and December 31, 2023. September 30, December 31, 2024 2023 (in thousands) (unaudited) 2024 $ 529 $ 562 2025 314 346 2026 233 266 2027 238 233 2028 245 240 2029 231 247 2030 — 168 Total undiscounted operating lease payments 1,790 2,062 Imputed interest expenses ( 668 ) ( 828 ) Total operating lease liability 1,122 1,234 Less: Operating lease liability, current 368 348 Operating lease liability, net of current portion $ 754 $ 886 Purchase Commitment On September 3, 2020, the Company entered into a manufacturing and supply agreement (the “Agreement”) with Glenmark Life Sciences Limited (“Glenmark”), pursuant to which Glenmark will continue to serve as the Company’s manufacturer of crofelemer for use in Mytesi, the Company’s human prescription drug product approved by the FDA, and for other crofelemer-based products manufactured by the Company or its affiliates for human or animal use. The term of the Agreement is approximately 2.5 years (i.e., until March 31, 2023) and may be extended for successive two-year renewal terms upon mutual agreement between the parties thereto. Pursuant to the terms of the Agreement, Glenmark will supply crofelemer to the Company. The Agreement contains provisions regarding the rights and responsibilities of the parties with respect to manufacturing specifications, forecasting and ordering, delivery arrangements, payment terms, confidentiality and indemnification, and other customary provisions. The Agreement includes a commitment to purchase from Glenmark a minimum quantity of 500 kilograms of crofelemer per year, pro-rated for partial years, where the Company may be obligated to pay any shortfall. Either party may terminate the Agreement for any reason with 12 months prior written notice to the other party. In addition, either party may terminate the Agreement upon written notice as a result of a material breach of the Agreement that remains uncured for a period of 90 days . If the Company terminates the Agreement due to a material breach caused by Glenmark, the Company will not be obligated to pay for any minimum quantity shortfall. As of September 30, 2024 , the remaining commitment is 250 kilograms. Master Services Agreement On October 5, 2020, the Company entered into an MSA for clinical research organization services (the “2020 MSA”) and a service order under such 2020 MSA with Integrium, LLC (“Integrium”). The service order covers the Company’s upcoming pivotal Phase 3 clinical trial for cancer-therapy-related diarrhea. As consideration for its services, the Company would pay Integrium a total amount of up to approximately $ 12.4 million, later reduced to approximately $ 6.0 million, which would be paid over the term of the engagement and based on the achievement of certain milestones. The 2020 MSA will terminate upon the satisfactory performance of all services to be provided thereunder unless earlier terminated by the parties . For the nine months ended September 30, 2024 and 2023, the Company paid Integrium $ 505,000 a nd $ 1.2 million, respectively. Asset Transfer and Transition Commitment On September 25, 2017, the Company entered into the Termination, Asset Transfer, and Transition Agreement with Glenmark dated September 22, 2017. As a result of the agreement, the Company now controls commercial rights for Mytesi for all indications, territories, and patient populations globally and also holds commercial rights to the existing regulatory approvals for crofelemer in Brazil, Ecuador, Zimbabwe, and Botswana. In exchange, the Company agrees to pay Glenmark 25 % of any payment it receives from a third party to whom the Company grants a license or sublicense or with whom the Company partners in respect of or sells or otherwise transfers any of the transferred assets, subject to certain exclusions until Glenmark has received a total of $ 7.0 million. For the nine months ended September 30, 2024 and 2023, the Company paid Glenm ark $ 1.0 million and $ 1.9 million, respectively. Revenue Sharing Commitment Update On December 14, 2017, the Company announced its entry into a collaboration agreement with Seed Mena Businessmen Services LLC (“SEED”) for Equilevia™, the Company's non-prescription, personalized, premium product for total gut health in equine athletes. According to the terms of the Agreement, the Company will pay SEED 15 % of total revenue generated from any clients or partners introduced to the Company by SEED in the form of fees, commissions, payments, or revenue received by the Company or its business associates or partners, and the agreed-upon revenue percentage increases to 20 % after the first million dollars of revenue. In return, SEED will provide the Company access to its existing United Arab Emirates (“UAE”) network and contacts and assist the Company with any legal or financial requirements. The agreement became effective on December 13, 2017 and will continue indefinitely until terminated by either party pursuant to the terms of the Agreement. No payments have been made to date. Joint Venture - Magdalena Biosciences, Inc. In January 2023, Jaguar and Filament Health (“Filament”), with Funding from One Small Planet, formed the U.S.-based joint venture Magdalena Biosciences, Inc. (“Magdalena”). Magdalena’s focus is on the development of novel, natural prescription medicines derived from plants for mental health indications, including, initially, attention-deficit/hyperactivity disorder (“ADHD”) in adults. The goal of the collaboration is to extend the botanical drug development capabilities of Jaguar and Filament in order to develop pharmaceutical-grade, standardized drug candidates for mental health disorders and to partner with a potential future licensee to develop and commercialize these novel plant-based drugs. This venture aligns with Jaguar's mental health Entheogen Therapeutics Initiative (“ETI”) and Filament's corporate mission to develop novel, natural prescription medicines from plants. Magdalena will leverage Jaguar's proprietary medicinal plant library and Filament's proprietary drug development technology. Jaguar’s library of 2,300 highly characterized medicinal plants and 3,500 plant extracts, all from firsthand ethnobotanical investigation by Jaguar and members of the ETI Scientific Strategy Team, is a key asset Jaguar has generated over 30 years that bridges the knowledge of traditional healers and Western medicine. Magdalena holds an exclusive license to plants and plant extracts in Jaguar's library, not including any sources of crofelemer or NP-300, for specific indications and is in the process of identifying plant candidates in the library that may prove beneficial for addressing indications such as ADHD. The Company accounted for its 40 % investment in Magdalena under the equity method. The summarized income statement information for the nine months ended September 30, 2024, of Magdalena is as follows: Nine Months Ended September 30, 2024 (in thousands) (unaudited) Revenue $ — Operating expenses ( 196 ) Loss before income tax ( 196 ) Income tax expense — Net loss $ ( 196 ) Net loss attributable to the Company $ ( 78 ) Securities Purchase and Licensing Agreement On March 18, 2024, the Company entered into a privately negotiated securities purchase agreement with Gen Ilac Ve Saglik Urunleri Sanayi Ve Ticaret, A.S., ("Gen") pursuant to which the Company issued 277,778 shares of the Company’s common stock at $ 0.12 per share for gross proceeds of approximately $ 2.0 million. The sale of the securities was consummated in connection with the licensing transaction covering the exclusive license and commercialization agreement for the Company's FDA-approved prescription drug Crofelemer with purchasers in certain Eastern European countries. The Company determined that the issuance of shares and the license grant should be accounted for as a single arrangement under ASC 606. The fair value of the common stock issued was excluded from the consideration allocated to the revenue unit of account following the separation and initial measurement requirements. The deferred revenue amounting to $ 850,000 will be recognized as revenue evenly over a period of five years , which represents the approximate term of the license period considering the license patents' expiration dates. For the nine months ended September 30, 2024, the Company recognized $ 85,000 related to the license granted. April 2024 Agreement for Gelclair On April 12, 2024, the Company entered into an exclusive 5-year in-license agreement with United Kingdom-based Venture Life Group PLC (“Venture Life”), an international consumer health company focused on the global self-care market for Venture Life's 510(k) cleared oral mucositis prescription product, Gelclair for the U.S. market. The agreement grants the Company the exclusive rights to market Venture Life's FDA-approved oral mucositis prescription product, Gelclair , within the U.S. market. The agreement will automatically be renewed for an additional five-year term, totaling ten years, if the Company meets all Minimum Purchase Obligations (“MPOs”) and minimum net sales obligations. The Company paid a non-refundable license fee of € 200,000 (equivalent to $ 215,040 , excluding value-added-tax) to Venture Life. Additionally, the Company will pay Venture Life a running royalty based on a percentage of the net sales throughout the agreement term. The non-refundable license fee has been capitalized as License under Intangible Assets, while the running royalty will be recognized as royalty expense. The Company commenced the commercial launch of Gelclair in October 2024. Consequently, no amortization expense and royalty expense were recognized for the nine months ended September 30, 2024. Contingencies From time to time, the Company may become a party to various legal actions, both inside and outside the U.S., arising in the ordinary course of its business or otherwise. The Company accrues amounts, to the extent they can be reasonably estimated, that the Company believes will result in a probable loss (including, among other things, probable settlement value) to adequately address any liabilities related to legal proceedings and other loss contingencies. A loss or a range of loss is disclosed when it is reasonably possible that a material loss will incur and can be estimated or when it is reasonably possible that the amount of a loss, when material, will exceed the recorded provision. The Company did not have any material accruals for any currently active legal action in its unaudited condensed consolidated balance sheets as of September 30, 2024 , as the Company could not predict the ultimate outcome of these matters or reasonably estimate the potential exposure.

Debt

Debt	9 Months Ended
	Sep. 30, 2024
Debt
Debt	7. Debt Notes payable at September 30, 2024 and December 31, 2023 consisted of the following: September 30, December 31, 2024 2023 (in thousands) (unaudited) Notes designated at Fair Value Option $ 32,791 $ 30,943 Insurance Financing 306 172 Tempesta Note 50 150 Royalty Interest* — 5,635 Total 33,147 36,900 Less: Unamortized discount and debt issuance costs — ( 1,040 ) Note payable, net of discount $ 33,147 $ 35,860 Notes payable - non-current, net $ 21,660 $ 30,993 Notes payable - current, net $ 11,487 $ 4,867 Weighted average interest rate on short-term borrowings 8.23 % 5.04 % *Notes with royalty interest not designated at FVO. The Company paid $ 14,000 and $ 23,000 in interest on its debt for the nine months ended September 30, 2024 and 2023, respectively. All notes payable not designated at FVO are expected to mature in 2026. Future maturities are based on contractual minimum payments. The timing of maturities may fluctuate based on future revenue. Sale of Future Royalty Interest October 2020 Purchase Agreement On October 8, 2020, the Company entered into a royalty interest purchase agreement (the “October 2020 Purchase Agreement”) with Iliad Research and Trading, L.P. (“Iliad”), pursuant to which the Company sold to Iliad a royalty interest entitling Iliad to receive $ 12.0 million of future royalties on sales of Mytesi and certain up-front license fees and milestone payments from licensees and distributors (the “Royalty Repayment Amount”) for an aggregate purchase price of $ 6.0 million. Until the Royalty Repayment Amount has been paid in full, the Company will pay Iliad 10 % of the Company’s net sales on included products and 10 % of worldwide revenues related to upfront licensing fees and milestone payments from licensees and distributors, but specifically excluding licensing fees and milestone payments that are reimbursements of clinical trial expenses (the “Royalty Payments”). Beginning on the six-month anniversary of the delivery of the October 2020 Purchase Agreement to the Company (the “Purchase Price Date”) and continuing until the 12-month anniversary of the Purchase Price Date, the monthly Royalty Payment shall be the greater of (a) $ 250,000 , and (b) the actual Royalty Payment amount Iliad is entitled to for such month. Beginning on the 12-month anniversary of the Purchase Price Date and continuing until the 18-month anniversary of the Purchase Price Date, the monthly Royalty Payment shall be the greater of (a) $ 400,000 and (b) the actual Royalty Payment amount Iliad is entitled to for such month. Beginning on the 18-month anniversary of the Purchase Price Date and continuing until 24 - month anniversary of the Purchase Price Date, the monthly Royalty Payment shall be the greater of (a) $ 600,000 and (b) the actual Royalty Payment amount Iliad is entitled to for such month. Beginning on the 24-month anniversary of the Purchase Price Date and continuing until the Royalty Repayment Amount has been paid in full, the monthly Royalty Payment shall be the greater of (a) $ 750,000 , and (b) the actual Royalty Payment amount Iliad is entitled to for such month. The Royalty Interest amount of $ 12.0 million was classified as debt, net of a $ 6.0 million discount, at initial recognition. Under ASC 470-10-35-3, Debt—Overall—Subsequent Measurement (“ASC 470-10-35-3”), Royalty Payments to Iliad will be amortized under the interest method per ASC 835-30, Interest—Imputation of Interest (“ASC 835-30”). The discount rate is variable because there is no set interest rate, and because the royalty payments are variable. After each royalty payment, the Company will use a prospective method to determine a new discount rate based on the revised estimate of remaining cash flows. The new rate is the discount rate that equates the present value of the revised estimate of remaining cash flows with the carrying amount of the debt, and it will be used to recognize interest expense for the remaining periods. At issuance, based on projected cash outflows from future revenue streams, the discount rate was 34.51 %. Pursuant to the October 2020 Purchase Agreement, if the weekly volume weighted average price (“VWAP”) of the Company’s common stock is not equal to or greater than the minimum VWAP of $ 0.9105 at least twice during each calendar month during the six months beginning on November 1, 2020, then the Royalty Repayment Amount will be automatically increased by $ 6.0 million at the end of such six-month period. During the observation period starting November 1, 2020, the Company’s weekly VWAP failed to reach the minimum VWAP of $ 0.9105 . On November 13, 2020, the Company concluded that the contingent clause had been met, warranting an additional $ 6.0 million Royalty Repayment Amount to be added to the outstanding balance commencing on May 10, 2021, for the purpose of cash interest calculation. The change in the Royalty Repayment Amount was accounted for as a debt modification and resulted in a new discount rate of 45.42 %. The company entered into several exchange agreements from April 13, 2021, to March 9, 2022, whereby the Company agreed to partition $ 8.0 million from the original outstanding balance of the royalty interest and exchange for a total of 1,910 shares of the Company’s common stock. The period between the first and last exchanges from February 11, 2022 to March 9, 2022 , occurred within a 12-month period and each was individually assessed as a modification, the debt terms that existed prior to the February 13 exchange were used in applying the 10% test on the cumulative assessment performed. The exchanges were cumulatively accounted for as an extinguishment and resulted in a loss of $ 2.2 million. On April 14, 2022, the Company entered into amendments (the “Royalty Interest Global Amendments”) to its existing royalty interests, including the Royalty Interest in the original principal amount of $ 12.0 million under the October 2020 Royalty Interest. The amendment grants the Company, at its sole discretion, the right to exchange from time to time, all or any portion of the Royalty Interests for shares of the Company’s common stock at a price per share equal to the Nasdaq Minimum Price (as defined in Nasdaq Listing Rule 5635(d)) as of the date of the applicable exchange. Under the Royalty Interest Global Amendments, the Company’s ability to exchange the Royalty Interests for shares of the Company’s common stock is subject to certain limitations, on which the Company will not have such right and issue any common stock to investors if such limitations were not followed. The Company entered into several exchange agreements after the Royalty Interest Global Amendments from May 13, 2022, to November 18, 2022, whereby the Company agreed to partition $ 1.9 million from the outstanding balance of the royalty interest and exchange for a total of 2,002 shares of the Company’s common stock. These exchange agreements were individually assessed and accounted for as debt modification. On March 17 and 23, 2023, the Company entered into another exchange agreement with Iliad, pursuant to which the parties agreed to partition $ 992,000 and $ 227,000 , respectively, from the outstanding balance of the royalty interest and exchange for 242 and 62 shares, respectively, of the Company’s stock. The exchanges that occurred within the 12 months before the May 13, 2022 exchange were previously accounted for as extinguishment; therefore, cumulative assessment was no longer performed. On May 8, 2023, the Company entered into a standstill agreement (as amended, the “Standstill Agreement”) with Iliad, Uptown Capital, LLC (f/k/a Irving Park Capital, LLC) (“Uptown”) and Streeterville Capital, LLC (“Streeterville”, and together with Iliad and Uptown, collectively, “Investor”) to allow the Company to refrain from making royalty payments with respect to four outstanding royalty interests issued by the Company to Investor dated October 8, 2020, December 22, 2020, March 8, 2021, and August 24, 2022, respectively (each, a “Royalty Interest” and collectively, the “Royalty Interests”), including any royalty payments due and payable as of May 8, 2023 (the ”Standstill Date”), and refrain from buying, selling, or otherwise trading in the Company’s common stock for a period beginning on the Standstill Date and ending on the earliest of (a) the date that is six months following the Standstill Date (b) the date of the public announcement of the probability value in Jaguar’s OnTarget Phase 3 clinical trial of crofelemer for prophylaxis of cancer therapy-related diarrhea (c) and the date of any offering or sale of any debt or equity securities, including without limitation any at-the-market offering (the “Standstill Period”), but excluding any exempt issuances. As a material inducement and consideration for Investor’s agreement to enter into the Standstill Agreement, the Company issued (i) Iliad warrants to purchase up to 13,779 shares of the common stock, (ii) Uptown warrants to purchase up to 18,296 shares of the common stock, and (iii) Streeterville warrants to purchase up to 31,547 shares of the common stock, at an exercise price of $ 28.8 per share. On June 28, 2023, the Company entered into the first amendment to the Standstill Agreement, pursuant to which the Standstill Agreement was amended to, among other things, permit (i) the Company to issue an aggregate of 105 shares of the Company’s Series H Convertible Preferred Stock to Investor in exchange for a $ 756,992 reduction in the outstanding balance of the December 2020 Royalty Interest and a $ 1,726,888 reduction in the outstanding balance of the August 2022 Royalty Interest (the “Exchange Transaction”) without triggering the termination of the Standstill Period, and (ii) Investor to (A) consummate the Exchange Transaction during the Standstill Period and (B) sell all shares of the Company’s common stock beneficially owned by Investor immediately prior to the consummation of the Exchange Transaction during the Standstill Period. On June 30, 2023, the Company entered into a binding memorandum of understanding (the “Binding MOU”) with the Investor to modify the allocation of the warrants as set forth in the Standstill Agreement such that the Company issued (i) Iliad warrants to purchase up to 28,533 shares of the common stock and (ii) Uptown warrants to purchase up to 35,089 shares of the common stock, and no warrants were issued to Streeterville under the Standstill Agreement. On August 14, 2023, the Company entered into an amendment (“the Second Amendment”) to the Standstill Agreement with Iliad and Uptown (together, “Standstill Investor”) to (i) permit the Company to offer and sell securities without triggering the termination of the Standstill Period, and (ii) remove the restriction on Standstill Investor’s ability to buy, sell, or otherwise trade in shares of the Company’s common stock during the Standstill Period. On September 29, 2023, the Company entered into the Global Amendment No. 2 to the October 2020 Royalty Interest with Iliad, pursuant to which, beginning on January 1, 2026, the monthly Royalty Payment under the October 2020 Royalty Interest shall be the greater of (a) $ 750,000.00 , and (b) the actual Royalty Payment amount Iliad is entitled to for such month pursuant to the terms of the October 2020 Royalty Interest. As a material consideration for Iliad’s agreement to enter into this amendment, the Company agreed to issue Iliad warrants to purchase up to 3,875 shares of the Company’s common stock at an exercise price of $ 22.2 per share. Such warrants may be exercisable for cash or on a cashless basis at any time and from time to time during the period commencing on September 29, 2023 (the “Issuance Date”) and ending on the five-year anniversary of the Issuance Date. Pursuant to an analysis of the indicators provided in ASC 470-60-55-8, Debt—Troubled Debt Restructurings by Debtors—Implementation Guidance and Illustrations (“ASC 470-60-55-8”), the Company is not deemed to be experiencing financial difficulty. The debt restructuring is, therefore, not considered a TDR. The cumulative effect of the exchanges to the October 2020 Royalty Interest resulted in significant modifications and was accounted for as extinguishment. The Company recorded an extinguishment gain in the unaudited condensed consolidated statements of operations amounting to $ 2.0 million. The extinguishment triggered a remeasurement event under ASC 825-10 and created an election date on whether to account for the October 2020 Royalty Interest under the FVO. The Company irrevocably elected to initially and subsequently apply the FVO accounting to the entire royalty interest. The Company used the valuation report from an independent valuation service provided to measure the reporting date fair value of the royalty interest. On December 28, 2023, the Company entered into a privately negotiated exchange agreement with Iliad, pursuant to which the Company issued an aggregate of 81,250 shares of the Company’s Common Stocks to Iliad in exchange for a $ 789,000 reduction in the outstanding balance of the October 2020 Royalty Interest. The effect of the exchange was accounted for as a debt modification. On January 29, 2024, the Company entered into a privately negotiated exchange agreement with Iliad pursuant to which the Company issued an aggregate of 133,333 shares of the Company’s common stock to Iliad in exchange for a $ 836,000 reduction in the outstanding balance of the royalty interest dated October 8, 2020, Royalty Interest. The effect of the exchange was accounted for as a debt modification. On June 7, 2024, the Company entered into an exchange agreement with Iliad, pursuant to which the parties agreed to partit ion $ 1,500,000 from the outstanding balance of the royalty interest dated October 8, 2020. This reduced the outstanding balance of the original royalty interest. The partitioned royalty was exchanged for 6,562 shares of the Company’s common stock. On July 15, 2024, the Company entered into a privately negotiated exchange agreement with Iliad pursuant to which the Company issued an aggregate of 455,000 shares of the Company's common stock to Iliad in exchange for a $ 1.9 million reduction in the outstanding balance of the original royalty interest. The effect of the exchange was accounted for as a debt modification. On July 18, 2024, the Company entered into a privately negotiated exchange agreement with Iliad pursuant to which the Company issued an aggregate of 200,000 shares of the Company's common stock to Iliad in exchange for $ 819,000 reduction in the outstanding balance of the original royalty interest. The effect of the exchange was accounted for as a debt modification. On September 30, 2024 and December 31, 2023, the fair value of Iliad's royalty interests was determined to be $ 4.8 million and $ 6.9 million. For the three and nine months ended September 30, 2024 , the net change in the fair value of Iliad's royalty interests was $ 1.3 million and $ 2.9 million, respectively. The net change in fair value was recorded in the changes in fair value of freestanding and hybrid financial instruments designated at FVO in the unaudited condensed consolidated statements of operations. December 2020 Purchase Agreement On December 22, 2020, the Company entered into a royalty interest purchase agreement (the “December 2020 Purchase Agreement”) with Uptown Capital, LLC(f/k/a Irving Park Capital, LLC) (“Uptown”), a company affiliated with CVP, pursuant to which the Company sold to Uptown a royalty interest entitling Uptown to receive $ 12.0 million of future royalties on sales of Mytesi and certain up-front license fees and milestone payments from licensees and distributors (the “Royalty Repayment Amount”) for an aggregate purchase price of $ 6.0 million (the “December 2020 Royalty Interest”). Until such time as the Royalty Repayment Amount has been paid in full, the Company will pay Uptown 10 % of the Company’s Net Sales on Included Products and 10 % of worldwide revenues related to upfront licensing fees and milestone payments from licensees and distributors, but specifically excluding licensing fees and milestone payments that are reimbursements of clinical trial expenses (the “Royalty Payments”). Beginning on the payment start date of March 8, 2024, and continuing until the 12-month anniversary of the Purchase Price Date, the monthly Royalty Payment shall be the greater of (a) $ 750,000 and (b) the actual Royalty Payment amount Uptown is entitled to for such month. At initial recognition, the December 2020 Royalty Interest amount of $ 12.0 million is classified as debt, net of a $ 6.0 million discount. Under ASC 470-10-35-3, royalty payments to Uptown will be amortized under the interest method per ASC 835-30. Because there is no set interest rate and the royalty payments are variable, the discount rate is variable. After each royalty payment, the Company will use a prospective method to determine a new discount rate based on the revised estimate of remaining cash flows. The new rate is the discount rate that equates the present value of the revised estimate of remaining cash flows with the carrying amount of the debt, and it will be used to recognize interest expense for the remaining periods. At issuance, based on projected cash outflows from future revenue streams, the discount rate was 23.70 %. On April 14, 2022, under the Royalty Interest Global Amendments, the Company was granted, at its sole discretion, the right to exchange, from time to time, all or any of the Royalty Interest under the original principal amount of $ 12.0 million or any portion of the December 2020 Purchase Agreement for shares of the Company’s common stock at a price per share equal to the Nasdaq Minimum Price (as defined in Nasdaq Listing Rule 5635(d)) as of date of the applicable exchange, subject to certain limitations. On February 8, 2023, the Company entered into an exchange agreement with Uptown, pursuant to which the parties agreed to partition $ 675,000 from the outstanding balance of the royalty interest. The parties further agreed to exchange the partitioned royalty for 2,500 shares of the Company’s stock. On May 8, 2023, the Company entered into an exchange agreement with Uptown to (i) partition a new royalty interest in the royalty repayment amount of $ 1.1 million from the outstanding balance of the royalty interest and exchange for 31,811 shares of the Company’s common stock. On the same date, the Company entered into the Standstill Agreement as described above, pursuant to which the Company may refrain from making royalty payments on the December 2020 Royalty Interest during the Standstill Period. On September 29, 2023, the Company entered into the Global Amendment No. 2 to the December 2020 Royalty Interest with Uptown, pursuant to which, beginning on January 1, 2026, the monthly Royalty Payment under the December 2020 Royalty Interest shall be the greater of (a) $ 750,000.00 , and (b) the actual Royalty Payment amount Uptown is entitled to for such month pursuant to the terms of the December 2020 Royalty Interest. As a material consideration for Uptown’s agreement to enter into this amendment, the Company agreed to issue to Uptown warrants to purchase up to 4,375 shares of the Company’s common stock at an exercise price of $ 22.2 per share. Such warrants may be exercisable for cash or on a cashless basis at any time and from time to time during the period commencing on September 29, 2023 (the “Issuance Date”) and ending on the five-year anniversary of the Issuance Date. Pursuant to an analysis of the indicators provided in ASC 470-60-55-8, the Company is not deemed to be experiencing financial difficulty. The debt restructuring is, therefore, not considered a TDR. On the same date, the Company entered into a privately negotiated exchange agreement with Uptown (the “Exchange Agreement”), pursuant to which the Company issued an aggregate of 118 shares of the Company’s newly authorized Series I Convertible Preferred Stock (the “Series I Preferred Stock” or “Preferred Stock”) to Uptown, at an effective exchange price per share equal to the market price (defined as the Minimum Price under Nasdaq Listing Rule 5635(d)) as of the date of the Exchange Agreement, in exchange for a $ 1,500,000.00 reduction in the outstanding balance of the December 2020 Royalty Interest (“Partitioned Royalty”) (the “Exchange Transaction”). Subject to the terms of the Series I Preferred Stock, each share of Series I Preferred Stock is convertible into shares of the Company’s Common Stock (the “Conversion Shares”). The cumulative effect of the exchanges to the December 2020 Royalty Interest resulted in significant modifications and was accounted for as extinguishment. The Company recorded an extinguishment gain in the unaudited condensed consolidated statements of operations amounting to $ 2.7 million. The extinguishment triggered a remeasurement event under ASC 825-10 and created an election date on whether to account for the December 2020 Royalty Interest under the FVO accounting. The Company irrevocably elected to initially and subsequently apply the FVO accounting to the entire royalty interest. The Company used the valuation report from an independent valuation service provided to measure the reporting date fair value of the royalty interest. On September 30, 2024 and December 31, 2023, the fair value of Uptown's royalty interests was determined to be $ 8.9 million and $ 7.5 million. For the three and nine months ended September 30, 2024, the net change in the fair value of Uptown's royalty interests was $ 619,000 and $ 1.4 million, respectively. The net change in fair value was recorded in the change in fair value of financial instruments and hybrid instr uments designated at FVO in the unaudited condensed consolidated statements of operations. March 2021 Purchase Agreement On March 8, 2021, the Company entered into a purchase agreement (the “March 2021 Purchase Agreement”) with Streeterville Capital, LLC (“Streeterville”), a company affiliated with CVP, pursuant to which the Company sold a royalty interest entitling Streeterville to $ 10.0 million and any interest, fees, and charges as royalty repayment amount for an aggregate purchase price of $ 5.0 million (the “March 2021 Royalty Interest”). Interest will accrue on the royalty repayment amount at a rate of 5 % per annum, compounding quarterly, and will increase to 10 % per annum, compounding quarterly on the 12-month anniversary of the closing date. The Company will be obligated to make minimum royalty payments on a monthly basis beginning at the earlier of (a) 36 months following the closing date or (b) 30 days following the satisfaction of all existing royalties to Streeterville, and its affiliates namely Iliad and Uptown, but not earlier than 18 months following the closing date in an amount equal to the greater of (i) $ 250,000 beginning on the royalty payment start date and continuing until either the royalty repayment amount has been paid in full or the 6-month anniversary of the royalty payment start date, $ 400,000 beginning on the 6-month anniversary of the royalty payment start date and continuing until either the royalty repayment amount has been paid in full or the 12-month anniversary of the royalty payment start date, $ 600,000 beginning on the 12-month anniversary of the royalty payment start date and continuing until either the royalty repayment amount has been paid in full or the 18-month anniversary of the royalty payment start date, $ 750,000 beginning on the 18-month anniversary of the royalty payment start date and continuing until the royalty repayment amount has been paid in full, and (ii) 10 % of the Company’s net sales on included products, 10 % of worldwide revenues related to upfront licensing fees and milestone payments from licensees and/or distributors but specifically excluding licensing fees and/or milestone payments that are reimbursements of clinical trial expenses or associated with the license of Included Products from the Company to Napo EU, including but not limited to the upfront fee payable by Napo EU to Napo for included products and Crofelemer for other indications; and 50 % of royalties collected from licenses of the included products to third parties. At initial recognition, the March 2021 Royalty Interest amount of $ 10.0 million is classified as debt, net of a $ 5.0 million discount. Under ASC 470-10-35-3, royalty payments to Streeterville will be amortized under the interest method per ASC 835-30. Because there is no set interest rate and the royalty payments are variable, the discount rate is variable. After each royalty payment, the Company will use a prospective method to determine a new discount rate based on the revised estimate of remaining cash flows. The new rate is the discount rate that equates the present value of the revised estimate of remaining cash flows with the carrying amount of the debt, and it will be used to recognize interest expense for the remaining periods. At issuance, based on projected cash outflows from future revenue streams, the discount rate was 19.36 %. On April 14, 2022, under the Royalty Interest Global Amendments, the Company is granted, at its sole discretion, the right to exchange, from time to time, all or any of the Royalty Interest under the original principal amount of $ 10.0 million of the March 2021 Purchase Agreement for shares of the Company’s common stock at a price per share equal to the Nasdaq Minimum Price (as defined in Nasdaq Listing Rule 5635(d)) as of date of the applicable exchange, subject to certain limitations. The Company entered into several exchange agreements after the Royalty Interest Global Amendments from August 17, 2022, to September 30, 2022, whereby the Company agreed to partition $ 5.4 million from the outstanding balance of the royalty interest and exchange for a total of 5,170 shares of the Company’s common stock with a par value of $ 0.0001 in accordance with the term of the Royalty Interest Exchange Agreement. These exchange agreements were collectively assessed and accounted for as debt modification. On March 1, 2024, the Company entered into a privately negotiated exchange agreement with Streeterville, pursuant to which the Company issued an aggregate of 179 shares of Series J Preferred Stock to Streeterville in exchange for the surrender of the March 2021 Royalty Interest by Streeterville. Upon completion of the CVP Exchange Transaction, all outstanding balance of the March 2021 Royalty Interest was fully paid, and the March 2021 Royalty Interest was terminated. The exchanges of Series J Preferred Stock were accounted for as extinguishment. Because the fair value of the common stock transferred is less than the carrying amount of the Series J Preferred Stock surrendered, the difference was credited to retained earnings and added to earnings available to common shareholders. Interest expenses we re $ 0 and $ 448,000 for the three and nine months ended September 30, 2024, respectively. Interest expenses for the three and nine months ended September 30, 2023 , were, $ 531,000 and $ 1.5 million, respectively. As of September 30, 2024, and December 31, 2023 , the carrying value of the debt was $ 0 and $ 4.6 million, respectively. August 2022 Purchase Agreement On August 24, 2022, the Company entered into another royalty interest purchase agreement (the “August 2022 Purchase Agreement”) with Streeterville, pursuant to which the Company sold Streeterville a royalty interest to receive $ 12.0 million (the “August 2022 Royalty Interest”) of future royalties on sales of Mytesi® (crofelemer) for any indications that could cannibalize crofelemer indications or any other chronic indication and certain up-front license fees and milestone payments from licensees and/or distributors for an aggregate purchase price of $ 4.0 million (“the Royalty Financing”). The Company will use the proceeds to support the ongoing pivotal Phase 3 clinical trial of crofelemer for prophylaxis of diarrhea in adults receiving targeted cancer therapy. Interest will accrue on the Royalty Repayment Amount at a rate of 5 % per annum from the closing of the Royalty Financing until the one-year anniversary of such closing and 10 % per annum thereafter, simple interest computed based on a 360-day year comprised of twelve 30-day months. The Company will be obligated to make minimum royalty payments on a monthly basis beginning on January 1, 2024 in an amount equal to the greater of (A) $ 250,000 (which increases to $ 400,000 beginning 6 months following the closing of the Royalty Financing, $ 600,000 beginning 12 months following the closing of the Royalty Financing, and $ 750,000 beginning 18 months following the closing of the Royalty Financing) and (B) the royalty payments to which Investor is entitled, consisting of (1) 10 % of the Company’s net sales of crofelemer for any indications that could cannibalize crofelemer indications or any other chronic indication (including any improvements, modifications and follow-on products, collectively referred to as “Included Products”) (2) 10 % of worldwide revenues related to upfront licensing fees and milestone payments from licensees and/or distributors, but specifically excluding licensing fees and/or milestone payments that are (A) reimbursements of clinical trial expenses or (B) associated with the license of the of the Included Products from the Company to Napo Therapeutics and (3) 50 % of royalties collected from licenses of the Included Products to third parties. Pursuant to the terms of the August 2022 Royalty Interest, the Company has the right to exchange from time to time at the Company’s sole discretion all or any portion of the Royalty Interest for shares of common stock at a price per share equal to the Nasdaq Minimum Price (as defined in Nasdaq Listing Rule 5635(d)) as of the date of the applicable exchange. At issuance, based on projected cash outflows from future revenue streams, the discount rate was 55.97 %. On September 29, 2023, the Company entered into a Global Amendment No. 2 (the “Global Amendment”) with the Investor as described further above, such that the Company issued Streeterville warrants to purchase 255,000 shares of the common stock the Global Amendment No. 1 and Global Amendment No. 2 to the August 2022 Royalty Interest with Streeterville, pursuant to which, (a) beginning on January 1, 2026, the monthly Royalty Payment under the August 2022 Royalty Interest shall be the greater of (x) $ 750,000.00 , and (y) the actual Royalty Payment amount Streeterville is entitled to for such month pursuant to the terms of the August 2022 Royalty Interest, and (b) the Company is prohibited from making prepayments of the Royalty Repayment Amount under the August 2022 Royalty Interest. As a material consideration for Streeterville’s agreement to enter into these amendments, the Company agreed to issue Streeterville warrants to purchase up to 4,250 shares of the Company’s common stock at an exercise price of $ 22.20 per share. Such warrants may be exercisable for cash or on a cashless basis at any time and from time to time during the period commencing on September 29, 2023 (the “Issuance Date”) and ending on the five-year anniversary of the Issuance Date. Pursuant to an analysis of the indicators provided in ASC 470-60-55-8, the Company is not deemed to be experiencing financial difficulty. The debt restructuring is, therefore, not considered a TDR. The cumulative effect of the exchanges to the August 2022 Royalty Interest resulted in significant modifications, which were accounted for as extinguishment. The Company recorded an extinguishment loss in the unaudited condensed consolidated statements of operations amounting to $ 1.0 million The extinguishment triggered a remeasurement event under ASC 825-10 and created an election date on whether to account for the August 2022 Royalty Interest resulted under the FVO accounting. The Company irrevocably elected to initially and subsequently apply the FVO accounting to the entire royalty interest. The Company used the valuation report from an independent valuation service provided to measure the reporting date fair value of the royalty interest. On January 29, 2024, the Company entered into a privately negotiated exchange agreement with Streeterville pursuant to which the Company issued 26,461 shares of the Company’s common stock, par value $ 0.0001 to Streeterville in exchange for a $ 165,000 reduction in the outstanding balance of the royalty interest dated August 24, 2022. On September 30, 2024 and December 31, 2023

Warrants

Warrants	9 Months Ended
	Sep. 30, 2024
Warrants
Warrants	8. Warrants The following table summarizes information about warrants outstanding and exercisable into shares of the Company’s common stock as of September 30, 2024, and December 31, 2023: September 30, December 31, 2024 2023 (unaudited) Warrants outstanding, beginning balance 201,830 125 Issuances — 201,705 Exercises ( 125,632 ) — Expirations and cancelations ( 69 ) — Warrants outstanding, ending balance 76,129 201,830 As of September 30, 2024 and 2023, the Company’s outstanding warrants have an exercise price rangin g from $ 22 to $ 25,000 per common stock an d generally expires prior to December 31, 2024. PIPE Warrants On May 8, 2023, the Company entered into a Securities Purchase Agreement (the “PIPE Purchase Agreement”) with certain investors named therein (collectively, the “Purchasers”), pursuant to which the Company agreed to issue and sell to the Purchasers in a private placement an aggregate of (i) 137 shares (the “Preferred Shares”) of Series G Convertible Preferred Stock, par value $ 0.0001 per share, of the Company (“Series G Preferred Stock”) and (ii) warrants to purchase up to 114,167 shares of the Company’s common stock, at an exercise price of $ 28.8 per share (the “PIPE Warrants”), for an aggregate purchase price of approximately $ 1.86 million (the “Private Placement”). The Company intends to use the proceeds from the Private Placement for working capital and general corporate purposes. The PIPE Warrants may be exercisable for cash or on a cashless basis at any time and from time to time during the period commencing on the later of (i) January 1, 2024, and (ii) the date on which the approval by the Company’s stockholders (the “Stockholder Approval”) to remove both the Voting Cap and the Conversion Cap (both as defined below) is obtained (the “PIPE Warrants Initial Exercise Date”) and ending on the fifth anniversary of the PIPE Warrants Initial Exercise Date. On May 10, 2023, the Company issued warrants equivalent to 114,167 shares of the Company’s common stock in relation to the PIPE Purchase Agreement. The PIPE Purchase Agreement provides that during the period commencing on the signing of the PIPE Purchase Agreement and ending October 22, 2023, the Company will not affect or enter into any agreement to (i) issue securities in exchange for any securities of the Company issued and outstanding on the date of the PIPE Purchase Agreement pursuant to Section 3(a)(9) of the Securities Act of 1933, as amended (the “Securities Act”), or (ii) effect issuance by the Company of common stock or Common Stock Equivalents (as defined in the PIPE Purchase Agreement), subject to certain customary exceptions set forth in the PIPE Purchase Agreement including, among others, issuance of shares of common stock pursuant to the At The Market Offering Agreement, dated December 10, 2021, by and between the Company and Ladenburg Thalmann & Co. Inc., as amended (the “Ladenburg Thalmann ATM”), provided that such issuance in the Ladenburg Thalmann ATM has consented. On August 14, 2023, the Company entered into an amendment (“the First Amendment”) to the PIPE Purchase Agreement with certain holders (the “Holders”) named in the PIPE Purchase Agreement, pursuant to which the parties agreed to terminate the restriction on subsequent equity sales by the Company. In exchange for the Holders’ agreement to enter into the First Amendment, the Company agreed to issue the Holders warrants to purchase 11,417 shares of the Company’s common stock (the “PIPE Amendment Warrants”) in a private placement pursuant to Section 4(a)(2) of the Securities Act. The PIPE Amendment Warrants are substantially the same as the PIPE Warrants and have an exercise price of $ 28.8 per share. The PIPE Amendment Warrants may be exercisable for cash or on a cashless basis at any time and from time to time during the period commencing on January 1, 2024 (the “PIPE Amendment Warrants Initial Exercise Date”) and ending on the five-year anniversary of the PIPE Amendment Warrants Initial Exercise Date. At the date of the PIPE Amendment Warrants, the warrants were valued at $ 1.2 million using the Black-Scholes option pricing model as follows: exercise price of $ 28.8 per share, stock price of $ 43.2 per share, expected life of five years, volatility of 145.95 % and a risk-free rate of 3.37 %. The warrants were classified in additional paid-in capital. On February 27, 2024, pursuant to the PIPE Purchase Agreement, each of the PIPE investors entered into an exchange agreement with the Company (each, a “PIPE Warrant Exchange Agreement” and collectively, the “PIPE Warrant Exchange Agreements”). Pursuant to the PIPE Warrant Exchange Agreements, the Company agreed to exchange the PIPE Warrants for shares of common stock at an exchange ratio of 1 -for-2.5 (“PIPE Warrant Exchange Transaction”). Upon completion of the PIPE Warrant Exchange Transaction, the Company exchanged the PIPE Warrants to purchase up to 125,583 shares of Common Stock for 313,958 shares of Common Stock (the “PIPE Exchange Shares”), and the PIPE Warrants were terminated. The PIPE Exchange Shares would be subject to a twelve-month lock-up, and any other equity security of the Company other than the PIPE Exchange Shares owned by the PIPE investors as of the date of the PIPE Warrant Exchange Agreement would be subject to a six-month lock-up. On February 29, 2024, the PIPE investors converted 122 shares of Series G preferred stock into 50,833 shares of common stock subject to a six-month lock-up. Standstill Agreement Pursuant to the Company’s entry in the Standstill Agreement, as amended by the Binding MOU, as described further above, the Company agreed to issue (i) Iliad warrants to purchase up to 28,533 shares of the Company's common stock, and (ii) Uptown warrants to purchase up to 35,089 shares of the Company's common stock, at an exercise price of $ 28.8 per share (the “Standstill Warrants”). The Standstill Warrants may be exercisable for cash or on a cashless basis at any time and from time to time during the period commencing on the later of (i) January 1, 2024, and (ii) the date on which the Stockholder Approval is obtained (the “Standstill Warrant Initial Exercise Date”) and ending on the five-year anniversary of the Standstill Warrant Initial Exercise Date. As of September 30, 2024 , 63,622 shares of the Company's common stock are still exercisable and outstanding. At the date of the Standstill Agreement, the warrants were valued at $ 2.5 million using the Black-Scholes option pricing model as follows: exercise price of $ 28.8 per share, stock price of $ 43.8 per share, expected life of five years, volatility of 118.88 % and a risk-free rate of 3.49 %. The warrants were classified in additional paid-in capital. Royalty Interest Global Amendments On September 29, 2023, the Company entered into amendments Royalty Interest Global Amendments to (i) the October 2020 Royalty Interest with Iliad, (ii) the December 2020 Royalty Interest with Uptown, and (iii) the August 2022 Royalty Interest with Streeterville, pursuant to which, among other things, the Company agreed to issue to (i) Iliad warrants to purchase up to 3,875 shares of the Company’s common stock, (ii) Uptown warrants to purchase up to 4,375 shares of the common stock, and (iii) Streeterville warrants to purchase up to 4,250 shares of the Common Stock, at an exercise price of $ 22.2 per share (collectively, the “Royalty Interest Global Amendment Warrants”). The Royalty Interest Global Amendment Warrants may be exercisable for cash or on a cashless basis at any time and from time to time during the period commencing on September 29, 2023 (the “Royalty Interest Global Amendment Initial Exercise Date”) and ending on the five-year anniversary of the Royalty Interest Global Amendment Initial Exercise Date. As of September 30, 2024 , 12,500 shares of the Company's common stock are still exercisable and outstanding. At the date of the Royalty Interest Global Amendments, the warrants were valued at $ 173,000 using the Black-Scholes option pricing model as follows: exercise price of $ 22.2 per share, stock price of $ 15.6 per share, expected life of five years, volatility of 139.53 % and a risk-free rate of 4.6 %. The warrants were classified in additional paid-in capital.

Preferred Stock

Preferred Stock	9 Months Ended
	Sep. 30, 2024
Preferred Stock
Preferred Stock	9. Preferred Stock As at September 30, 2024 and December 31, 2023, preferred stock consisted of the following: September 30, 2024 Liquidation (in thousands, except share and per share data) Shares Issued and Carrying Preference Series Designated Outstanding Value per Share A 5,524,926 — $ — $ — B 11,000 — — — B-1 63 — — — B-2 10,165 — — — C 1,011,000 — — — D 977,300 — — — E 10 — — — F 10 — — — G 137 — — — H 105 — — — I 118 — — — J 179 99 — — Total 7,535,013 99 $ — $ — December 31, 2023 Liquidation (in thousands, except share and per share data) Shares Issued and Carrying Preference Series Designated Outstanding Value per Share A 5,524,926 — $ — $ — B 11,000 — — — B-1 63 — — — B-2 10,165 — — — C 1,011,000 — — — D 977,300 — — — E 10 — — — F 10 — — — G 137 122 — — H 105 — — — I 118 56 — — Total 7,534,834 178 $ — $ — The Company is authorized to issue a total of 10,000,000 shares of its preferred stock as of September 30, 2024 and December 31, 2023, with a total of 7,535,013 shares and 7,534,834 shares designated to specific Series as of September 30, 2024 and December 31, 2023, respectively. Series G Preferred Stock On May 8, 2023, the Company entered into a securities purchase agreement with certain investors, pursuant to which the Company agreed to issue to such investors (i) 137 shares of Series G Convertible Preferred Stock, par value $ 0.0001 per share, of the Company (“Series G Preferred Stock”) and (ii) warrants to purchase up to 114,167 shares of the Company’s common stock, at an exercise price of $ 28.8 per share (the “PIPE Warrants”), for an aggregate purchase price of approximately $ 1.9 million (the “Private Placement”). On February 29, 2024, the PIPE investors converted 122 shares of Series G preferred stock into 50,833 shares of common stock subject to a six-month lock-up. Series H Preferred Stock On June 28, 2023, the Company entered into privately negotiated exchange agreements with Uptown and Streeterville, under which the Company issued 32 and 73 shares of the Company’s newly authorized Series H Convertible Preferred Stock (the “Series H Preferred Stock”) to Uptown and Streeterville, respectively, at an effective exchange price per share equal to the market price (defined as the Minimum Price under Nasdaq Listing Rule 5635(d)) as of the date of the exchange agreements, in exchange for a $ 757,000 reduction in the outstanding balance of the December 2020 Royalty Interest and a $ 1.7 million reduction in the outstanding balance of the August 2022 Royalty Interest, respectively. Series I Preferred Stock On September 29, 2023, the Company entered into a privately negotiated exchange agreement with Uptown, pursuant to which the Company issued an aggregate of 118 shares of the Company’s newly authorized Series I Preferred Stock to Uptown at an effective exchange price per share equal to the market price (defined as the Minimum Price under Nasdaq Listing Rule 5635(d)) as of the date of the Exchange Agreement, in exchange for a $ 1,500,000.00 reduction in the outstanding balance of the December 2020 Royalty Interest. On January 15, 2024, Uptown converted 56 shares of Series I Preferred Stock into 44,941 shares of common stock.

Temporary Equity

Temporary Equity	9 Months Ended
	Sep. 30, 2024
Temporary Equity
Temporary Equity	10. Temporary Equity On March 1, 2024, the Company entered into a privately negotiated exchange agreement with Streeterville, pursuant to which the Company issued an aggregate of 179 shares of Series J Preferred Stock to Streeterville in exchange for the surrender of the March 2021 Royalty Interest by Streeterville (the “CVP Exchange Transaction”). Upon completion of the CVP Exchange Transaction, all outstanding balance of the March 2021 Royalty Interest was fully paid, and the March 2021 Royalty Interest was terminated. At its sole discretion, the Company reserves the right to exchange a portion or all of the outstanding shares of Series J Preferred Stock held by investors for common stock at the stated value of $ 25,000 per share, divided by the applicable exchange price. The exchange price will be determined based on the lower of the Nasdaq official closing price and the 5-day average Nasdaq official closing price of the common stock immediately preceding the exchange date. The preferences, rights, limitations, and other matters relating to the Series J Preferred Stock are outlined in the Certificate of Designation, which the Company filed with the Secretary of State of the State of Delaware on March 1, 2024. The Company determined that the nature of the Series J Preferred Stock host was more analogous to a debt instrument and that the economic characteristics and risks of the embedded redemption features were clearly and closely related to the Series J Preferred Stock host. As such, the redemption features were not required to be bifurcated under ASC 815, Derivatives and Hedging . Since the Series J Preferred Stock is redeemable in certain circumstances upon the occurrence of an event that is not solely within the Company’s control, they have been classified as mezzanine equity in the condensed consolidated balance sheets. On March 5, 2024, the Company entered into a privately negotiated exchange agreement with Streeterville, pursuant to which the Company issued 166,667 shares of the Company’s common stock in exchange for the surrender and cancellation of 40 shares of Series J Perpetual Preferred Stock. On March 19, 2024, the Company entered into another privately negotiated exchange agreement with Streeterville, pursuant to which the Company issued 138,889 shares of the Company’s common stock in exchange for the surrender and cancellation of 40 shares of Series J Perpetual Preferred Stock based on an effective exchange price of $ 7.2 per share of common stock. As of September 30, 2024 and December 31, 2023 , the Company had 99 and zero shares of Series J preferred stock outstanding, respectively.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2024
Stockholders' Equity
Stockholders' Equity	11. Stockholders' Equity As of September 30, 2024 and December 31, 2023, the Company had reserved shares of common stock, on an as-if converted basis, for issuance as follows: September 30, December 31, 2024 2023 (unaudited) Options issued and outstanding 384 26,357 Inducement options issued and outstanding 20 1,534 Options available for grant under stock option plans 1,367,231 120,033 Restricted stock unit awards issued and outstanding 20,852 47,998 Warrants issued and outstanding 76,129 7,505 Total 1,464,616 203,427 Common Stock The holders of common stock are entitled to one vote for each share of common stock held. The common stockholders are also entitled to receive dividends whenever funds and assets are legally available and when declared by the BOD. The holders of non-voting common stock are not entitled to vote, except on an as-converted basis with respect to any change of control of the Company that is submitted to the stockholders of the Company for approval. Shares of the Company's non-voting common stock have the same rights to dividends and other distributions and are convertible into shares of the Company's common stock on a one -for-one basis. At a special meeting of stockholders of Jaguar Health, Inc. held on September 30, 2022 to effect an increase in the number of authorized shares of the Company’s voting common stock, par value $ 0.0001 per share (the “Common Stock”), from 150,000,000 to 298,000,000 shares of Common Stock (the “Authorized Share Increase”) on September 30, 2022. The Company is now authorized to issue a total number of 358,000,000 shares of stock, of which 298,000,000 shares are common stock, 50,000,000 shares are non-voting common stock, and 10,000,000 shares are preferred stock. Reverse Stock Split On May 17, 2024, the Company approved an eighth amendment to the Company’s Third Amended and Restated Certificate of Incorporation to effect a 1 -for-60 reverse stock split of the Company’s issued and outstanding shares of voting common stock, effective May 23, 2024. The reverse stock split reduces the number of shares of common stock issuable upon the conversion of the Company’s outstanding non-voting common stock and the exercise or vesting of its outstanding stock options and warrants in proportion to the ratio of the reverse stock split and causes a proportionate increase in the conversion and exercise prices of such non-voting common stock, stock options, and warrants. In addition, the number of shares reserved for issuance under the Company’s equity compensation plans immediately prior to the effective time will be reduced proportionately. The reverse stock split did not change the total number of authorized shares of common stock or preferred stock. All share and per share amounts of the Company’s common stock, as well as stock options and restricted stock units (“RSUs”), included in the accompanying condensed consolidated financial statements have been retroactively adjusted to give effect to the reverse stock split for all periods presented, unless indicated otherwise. At the Market Offering (“ATM”) December 2021 ATM Agreement On December 10, 2021, the Company entered into an ATM Agreement (as amended, the “December 2021 ATM Agreement”) with Ladenburg, pursuant to which the Company may offer and sell, from time to time through Ladenburg, shares of common stock having an aggregate offering price of up to $ 15.0 million, subject to the terms and conditions of the December 2021 ATM Agreement. The offering will terminate upon the earlier of (i) December 10, 2024, and (ii) termination of the December 2021 ATM Agreement as permitted therein. On February 2, 2022, the Company entered into an amendment to the December 2021 ATM Agreement, pursuant to which, the aggregate offering amount of the shares of the Company’s common stock which the Company may sell and issue through Ladenburg, as the sales agent, was increased from $ 15.0 million to $ 75.0 million. On May 17, 2024, the Company entered into an amendment to the December 2021 ATM Agreement, pursuant to the February 2, 2022 amendment, the previous $ 75 million limit on the aggregate offering amount of shares of the Company’s common stock which the Company may sell and issue through Ladenburg, as the sales agent, was removed such that the amount issuable under the December 2021 ATM Agreement is limited solely by certain limitations as specified in the May 17, 2024 amendment. On July 17, 2024, the Company entered into an amendment to the December 2021 ATM Agreement with Ladenburg and Lucid Capital Markets, LLC (“Lucid”). Pursuant to the July 17, 2024 amendment, Lucid was added as a party and manager under the agreement, effective beginning July 17, 2024 and ending on September 30, 2024, unless extended by the parties to the agreement. If not amended or extended prior to September 30, 2024, then after such date Ladenburg will be the sole manager, and Lucid will no longer be a manager under the agreement. The agreement was not amended nor extended as of September 30, 2024. During the nine months ended September 30, 2024, the Company issued an aggregate o f 6,925,806 shares un der the ATM Agreement for total net procee ds of $ 27.8 million. Noncontrolling Interest As a result of the merger on November 3, 2021 between Napo EU and Dragon SPAC, the Company assumed a noncontrolling interest amounting to $ 242,000 as of December 31, 2021 which represents noncontrolling interest held by an investor in Napo Therapeutics. During the three and nine months ended September 30, 2024, noncontrolling interest decreased b y $ 186,000 a nd $ 450,000 , respectively. During the three and nine months ended September 30, 2023 , noncontrolling interest decreased by $ 136,000 and increased by $ 755,000 , respectively.

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Sep. 30, 2024
Stock-based Compensation
Stock-based Compensation	12. Stock-based Compensation 2013 Equity Incentive Plan In November 2013, the Company's BOD and sole stockholder adopted the Jaguar Health, Inc. 2013 Equity Incentive Plan (the “2013 Plan”). The 2013 Plan allows the Company's BOD to grant stock options, restricted stock awards, and RSUs to employees, officers, directors, and consultants. Following the effective date of the Initial Public Offering (“IPO”) and after the effectiveness of any grants under the 2013 Plan contingent on the IPO, no additional stock awards will be granted under the 2013 Plan. Outstanding grants continue to be exercisable; however, any unissued shares under the plan and any forfeitures of outstanding options do not roll over to the 2014 Stock Incentive Plan. There were zero shares outstanding as of September 30, 2024 and December 31, 2023. 2014 Stock Incentive Plan Effective May 12, 2015, the Company adopted the Jaguar Health, Inc. 2014 Stock Incentive Plan (“2014 Plan”). The 2014 Plan provides options, restricted stock, and RSUs to eligible employees, directors, and consultants to purchase the Company's common stock. The term of an incentive stock option may not exceed 10 years , except that with respect to any participant who owns more than 10% of the voting power of all classes or our outstanding stock, the term must not exceed 5 years . The 2014 Plan provides for automatic share increases on the first day of each fiscal year in the amount of 2 % of the outstanding number of shares of the Company's common stock on the last day of the preceding calendar year. The 2014 Plan replaced the 2013 Plan except that all outstanding options under the 2013 Plan remain outstanding until exercised, canceled, or expired. On April 13, 2022, the BOD of the Company approved a Registration Statement to register an additional 2,417,660 shares of the Company’s common stock for issuance pursuant to the awards granted under the 2014 Plan. As of September 30, 2024 , 384 options were outstanding, and 867,251 options were available for grant. As of December 31, 2023 , 385 options were outstanding, and 2,155 options were available for grant. 2020 New Employee Inducement Award Plan Effective June 16, 2020, the Company adopted the Jaguar Health, Inc. New Employee Inducement Award Plan (“2020 Inducement Award Plan”) and, subject to the adjustment provisions of the Inducement Award Plan, reserved 2,222 shares of the Company’s common stock for issuance pursuant to equity awards granted under the Inducement Award Plan. The term of an incentive stock option may not exceed 10 years , except that with respect to any participant who owns more than 10% of the voting power of all classes or our outstanding stock, the term must not exceed 5 years . The 2020 Inducement Award Plan grants non-statutory stock options, RSUs, restricted stock, and performance shares. The 2020 Inducement Award Plan was adopted without Stockholder Approval pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. The terms and conditions of the 2020 Inducement Award Plan are substantially similar to the Company’s 2014 Stock Incentive Plan but with such other terms and conditions intended to comply with the Nasdaq inducement award rules. In accordance with Rule 5635(c)(4) of the Nasdaq Listing Rules, the only persons eligible to receive grants of equity awards under the Inducement Award Plan are individuals who were not previously an employee or director of the Company or following a bona fide period of non-employment, as an inducement material to such persons entering into employment with the Company. On April 13, 2022, the BOD of the Company approved an amendment to the 2020 Inducement Award Plan to reserve an additional 471,833 shares of the Company’s common stock for issuance pursuant to equity awards granted under the Inducement Award Plan, thereby increasing the number of shares of the Company’s common stock issuable thereunder from 500,000 shares to 971,833 shares. On May 15, 2023, the BOD of the Company approved an amendment to the 2020 Inducement Award Plan to reserve an additional 499,171 shares of the Company’s common stock for issuance pursuant to equity awards granted under the Inducement Award Plan, thereby increasing the number of shares of the Company’s common stock issuable thereunder from 971,833 shares to 1,471,004 shares. On August 13, 2024, the BOD of the Company approved an amendment to the 2020 Inducement Award Plan to reserve an additional 493,017 shares of the Company’s common stock for issuance pursuant to equity awards granted under the Inducement Award Plan, thereby increasing the number of shares of the Company’s common stock issuable thereunder from 1,471,004 shares to 1,964,021 shares. As of September 30, 2024, 20 options were outstanding, and 499,980 options were available for grant. As of December 31, 2023 , 20 options were outstanding, and 8,308 options were available for grant. Stock Options and Restricted Stock Units (“RSUs”) The following table summarizes the incentive plan activity for the nine months ended September 30, 2024, and the year ended December 31, 2023: Weighted Weighted Shares Stock Average Remaining Aggregate Available Options RSUs Stock Option Contractual Life Intrinsic (in thousands, except share and per share data) for Grant Outstanding Outstanding Exercise Price (Years) Value* Outstanding at January 1, 2023 2,045 454 557 $ 35,564.08 7.19 $ — Additional shares authorized 52,772 — — — — — Options granted — — — — — — Options exercised — — — — — — Options canceled 49 ( 49 ) — 19,668.87 — — RSUs granted ( 44,853 ) — 44,853 — — — RSUs vested and released 363 — ( 363 ) — — — RSUs cancelled 87 — ( 87 ) — — — Outstanding at December 31, 2023 10,463 405 44,960 $ 35,738.63 6.21 $ — Additional shares authorized 1,332,659 — — — — — Options granted — — — — — — Options exercised — — — — — — Options canceled 1 ( 1 ) — 23,355.00 — — RSUs granted ( 1,111 ) — 1,111 — — — RSUs exercised 25,076 — ( 25,076 ) — — — RSUs cancelled 143 — ( 143 ) — — — Outstanding at September 30, 2024 1,367,231 404 20,852 $ 21,057.18 5.63 $ — Exercisable at September 30, 2024 404 $ 21,057.18 5.63 $ — Vested and expected to vest at September 30, 2024 404 $ 21,057.18 5.63 $ — * The fair market value of Jaguar stock on September 30, 2024, was $ 1.36 per share. The intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair market value of the Company's common stock for in-the-money options. The number of options exercised during the nine months ended September 30, 2024, and the year ended December 31, 2023, were zero . The weighted average grant date fair value of stock options granted wa s zero dollar per share during the nine months ended September 30, 2024, for the year ended December 31, 2023. The number of options that were vested for the nine months ended September 30, 2024, and for the year ended December 31, 2023, wa s 8 and 25 , respectively. The grant date weighted average fair value of options that were vested for the nine months ended September 30, 2024 and for the year ended December 31, 2023 , was $ 20,069 and $ 16,417 , respectively. Stock-Based Compensation The following table summarizes stock-based compensation expenses related to stock options, inducement stock options, and RSUs for the three and nine months ended September 30, 2024 and 2023, and are included in the unaudited condensed consolidated statements of operations as follows: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2024 2023 2024 2023 (unaudited) (unaudited) Research and development expense $ 97 $ 272 $ 562 $ 756 Sales and marketing expense 32 40 104 175 General and administrative expense 181 225 608 604 Total $ 310 $ 537 $ 1,274 $ 1,535 As of September 30, 2024 , the Company had zero unrecognized stock-based compensation expense for options, inducement options, and RSUs outstanding. No range of assumptions was set forth and used in calculating the fair value of options granted during the nine months ended September 30, 2024 and 2023, respectively. 401(k) Plan The Company sponsors a 401(k) defined contribution plan covering all employees. No employer contributions were made to the plan from plan inception through September 30, 2024 .

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 2024
Net Loss Per Share
Net Loss Per Share	13. Net Loss Per Share The following table presents the calculation of basic and diluted net loss per share of common stock for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (In thousands, except share and per share data) 2024 2023 2024 2023 (unaudited) (unaudited) Net loss attributable to common stockholders $ ( 9,854 ) $ ( 7,778 ) $ ( 28,572 ) $ ( 32,130 ) Shares used to compute net loss per common stock, basic and diluted 9,370,136 345,657 5,848,903 242,504 Net loss per share attributable to common stockholders, basic and diluted $ ( 1.05 ) $ ( 22.50 ) $ ( 4.89 ) $ ( 132.49 ) Basic net loss per share is calculated by dividing net loss by the weighted average number of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock, convertible preferred stock, and certain common stock equivalents outstanding for the period. Common stock equivalents are only included when their effect is dilutive. The Company's potential securities, including warrants, convertible preferred series stock and other common stock equivalents, were excluded because their effect is anti-dilutive. For the prior periods presented, there is no difference in the number of shares used to compute basic and diluted shares outstanding. The following are the other common stock equivalents of the Company for the nine months ended September 30, 2024 and for the year ended December 31, 2023: September 30, December 31, 2024 2023 (unaudited) Options issued and outstanding 384 26,357 Inducement options issued and outstanding 20 1,534 Restricted stock units issued and outstanding 20,852 47,998 Warrants issued and outstanding 76,129 7,505 Total 97,385 83,394 As of November 13, 2024 , 1,434,368 shares of common stock were issued after September 30, 2024, the balance sheet date.

Segment Data

Segment Data	9 Months Ended
	Sep. 30, 2024
Segment Data
Segment Data	14. Segment Data The Company has two reportable segments: animal health and human health. The animal health segment is focused on developing and commercializing prescription and non-prescription products for companion and production animals. The human health segment is focused on developing and commercializing human products and the ongoing commercialization of Mytesi, which the U.S. FDA approves for the symptomatic relief of non-infectious diarrhea in adults with HIV/AIDS on antiretroviral therapy. The Company has not disclosed revenue by geographic location as its revenues are distributed across multiple regions without significant concentration in any single area. The accounting policies used in the segment reporting are the same as those described in the summary significant accounting policies (Note 2). The Company’s CODM is the chief financial officer. The CODM primarily utilizes segment's net comprehensive profit or loss as the key indicator in assessing the segment's performance and allocating resources. The Company's reportable segments net revenues and net loss for the three and nine months ended September 30, 2024 and 2023, consisted of the following: Nine Months Ended Nine Months Ended September 30, 2024 September 30, 2023 (in thousands) (unaudited) (unaudited) Human Health Animal Health Total Human Health Animal Health Total External revenue $ 7,954 $ 226 $ 8,180 $ 7,335 $ 126 $ 7,461 Less: Segment expenses Cost of revenue 1,356 42 1,398 1,306 44 1,350 Research and development 10,000 2,011 12,011 13,052 2,074 15,126 Sales and marketing 4,768 209 4,977 4,697 232 4,929 General and administrative 6,700 7,222 13,922 6,809 7,397 14,206 Interest 87 338 425 25 6,132 6,157 Other segment items* 354 5,697 6,051 168 ( 373 ) ( 205 ) Segment expenses 23,265 15,519 38,784 26,057 15,506 41,563 Segment net comprehensive loss $ ( 15,311 ) $ ( 15,293 ) $ ( 30,604 ) $ ( 18,722 ) $ ( 15,380 ) $ ( 34,102 ) Reconciliation of net comprehensive loss Adjustments and reconciling items** 1,547 1,378 Consolidated net comprehensive loss $ ( 29,057 ) $ ( 32,724 ) Three Months Ended Three Months Ended September 30, 2024 September 30, 2023 (in thousands) (unaudited) (unaudited) Human Health Animal Health Total Human Health Animal Health Total External revenue $ 3,014 $ 94 $ 3,108 $ 2,782 $ 31 $ 2,813 Less: Segment expenses Cost of revenue 527 14 541 501 13 514 Research and development 3,599 446 4,045 5,436 641 6,077 Sales and marketing 1,946 64 2,010 1,401 71 1,472 General and administrative 2,288 1,983 4,271 1,997 2,013 4,010 Interest 32 ( 163 ) ( 131 ) 24 500 524 Other segment items* 117 3,141 3,258 118 ( 1,448 ) ( 1,330 ) Segment expenses 8,509 5,485 13,994 9,477 1,790 11,267 Segment net comprehensive loss $ ( 5,495 ) $ ( 5,391 ) $ ( 10,886 ) $ ( 6,695 ) $ ( 1,759 ) $ ( 8,454 ) Reconciliation of net comprehensive loss Adjustments and reconciling items** 701 467 Consolidated net comprehensive loss $ ( 10,185 ) $ ( 7,987 ) *Other segment items for each reportable segment include: • Human Health - realized gain/loss on foreign exchange transactions, change in fair value of warrants, gain/loss on debt extinguishment and share in net income or loss in joint venture. • Animal Health - realized and unrealized gain/loss on foreign exchange transactions. **Adjustments and reconciling items include intercompany elimination entries The Company's reportable segments assets consisted of the following: September 30, December 31, 2024 2023 (in thousands) (unaudited) Segment assets Human Health $ 44,193 $ 42,289 Animal Health 174,466 153,190 Total $ 218,659 $ 195,479 The reconciliation of segments assets to the consolidated assets is as follows: September 30, December 31, 2024 2023 (in thousands) (unaudited) Total assets for reportable segments $ 218,659 $ 195,479 Less: Investment in subsidiary ( 29,232 ) ( 29,232 ) Less: Intercompany loan ( 130,961 ) ( 115,484 ) Consolidated Totals $ 58,466 $ 50,763

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events
Subsequent Events	15. Subsequent Events December 2021 ATM Agreement From October 1, 2024 to November 13, 2024, the Company issued an aggrega te of 1,434,368 shares of common stock under the December 2021 ATM Agreement for total net proceeds of $ 1.7 million.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and on a basis consistent with the annual consolidated financial statements, and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair presentation of the periods presented. These interim financial results are not necessarily indicative of the results to be expected for the year ending December 31, 2024, or for any other future annual or interim period. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Annual Report on Form 10-K for the year ended December 31, 2023. The condensed consolidated balance sheet at December 31, 2023, has been derived from the audited consolidated financial statements at that date but does not include all disclosures, including notes, required by U.S. GAAP for complete financial statements. There has been no material change to the Company's significant accounting policies during the nine months ended September 30, 2024, as compared to the significant accounting policies described in Note 2 of the “Notes to Condensed Consolidated Financial Statements” in the Company's Annual Report on Form 10-K as of and for the year ended December 31, 2023, which was filed to SEC on April 1, 2024, and amended on April 17, 2024. Except as noted above, the unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all adjustments of a normal recurring nature considered necessary to present fairly the financial position as of September 30, 2024, results of operations for the three and nine months ended September 30, 2024 and 2023, changes in convertible preferred stock and stockholders' equity for the three and nine months ended September 30, 2024 and 2023, and cash flows for the nine months ended September 30, 2024 and 2023 . The interim results are not necessarily indicative of the results for any future interim periods or for the entire year.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements have been prepared in accordance with U.S. GAAP and applicable rules and regulations of the Securities and Exchange Commission (“SEC” ) and include the accounts of the Company and its subsidiaries with controlling interest. All inter-company transactions and balances have been eliminated in consolidation. The Company's reporting currency is the U.S. dollar.
Noncontrolling interest	Noncontrolling interest The Company consolidates the results of Napo Therapeutics, which was owned 89 % by the Company and 11 % by private investors as of September 30, 2024 and December 31, 2023 . The potential voting rights with a certainty of being exercised in its shares are included in the ownership percentage.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires the Company’s management to make judgments, assumptions and estimates that affect the amounts reported in its unaudited condensed consolidated financial statements and the accompanying notes. The accounting policies that reflect the Company’s more significant estimates and judgments and that the Company believes are the most critical to aid in fully understanding and evaluating its reported financial results are the valuation of stock options, restricted stock units (“RSUs”), freestanding and hybrid instruments designated at fair value option (“FVO”), warrant liabilities, acquired in-process research and development (“IPR&D” ), and useful lives assigned to long-lived assets; impairment assessment of non-financial assets; valuation adjustments for excess and obsolete inventory; allowance for doubtful accounts; deferred taxes and valuation allowances on deferred tax assets; evaluation and measurement of contingencies; and recognition of revenue, including estimates for product returns. Those estimates could change, and as a result, actual results could differ materially from those estimates.
Cash	Cash The Company’s cash on deposit may exceed United States federally insured limits at certain times during the year. The Company maintains cash accounts with certain major financial institutions in the United States. The Company does not have cash equivalents as of September 30, 2024 and December 31, 2023 .
Accounts Receivable, net	Accounts Receivable, net Accounts receivable is recorded net of allowances for discounts for prompt payment and credit losses. Upon adoption of ASU No. 2013-13 (“ASC 326”), the Company began utilizing a loss rate approach under the Current Expected Credit Losses (“CECL”) model to determine its lifetime expected credit losses on receivables from customers. This method calculates an estimate of credit losses based on historical experience, credit quality, age of the accounts receivable balances, and current and forecasted economic and business conditions that may affect a customer’s ability to pay. In determining the loss rates, the Company evaluates information related to its historical losses, adjusted for existing conditions, and further adjusted for the period of time that can reasonably be forecasted. The facts and circumstances as of the balance sheet date are used to adjust the estimate for periods beyond those that can reasonably be forecasted. The past due status of accounts receivable is determined based on the contractual due dates for payments. Receivable is deemed past due when payment has not been received 30 days after the contractual due date. The credit loss allowance was immaterial as of September 30, 2024 and December 31, 2023 . The corresponding expense for the credit loss allowance is reflected in general and administrative expenses.
Current Expected Credit Losses	Current Expected Credit Losses The Company recognizes an allowance for credit losses for financial assets carried at amortized cost to present the net amount expected to be collected as of the balance sheet date. Such allowance is based on credit losses that are expected to arise over the contractual term of the asset, which includes consideration of historical credit loss information adjusted for current conditions and reasonable and supportable forecasts. Changes in the allowance for credit losses are recorded as provision of (or reversal of) credit loss expense. Assets are written off when the Company determines that such are deemed uncollectible. Write-offs are recognized as a deduction from the allowance for credit losses. Expected recoveries of amounts previously written off, not to exceed the aggregate of the amount previously written off, are included in determining the necessary allowance at the balance sheet date.
Concentrations	Concentrations Cash is the financial instrument that potentially subjects the Company to a concentration of credit risk as cash is deposited with a bank, and cash balances generally exceed Federal Deposit Insurance Corporation (“FDIC”) insurance limits. For the three and nine months ended September 30, 2024 and 2023 , substantially all of the Company’s revenue was derived from the sale of Mytesi. In looking at sales by the Company to specialty pharmacies whose net revenue percentage of total net revenue was equal to or greater than 10 % for fiscal years 2024 and 2023 , the Company earned Mytesi revenue primarily from two specialty pharmacies located in the United States. Revenue earned from each major customer as a percentage of total revenue is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Customer 1 35 % 27 % 33 % 27 % Customer 2 55 % 55 % 51 % 53 % The Company is subject to credit risk from its accounts receivable related to its sales. The Company generally does not perform evaluations of customers' financial condition and generally does not require collateral. Accounts receivable balance of the significant customers as a percentage of total accounts receivable is as follows: September 30, December 31, 2024 2023 Customer 1 43 % 32 % Customer 2 42 % 57 % The Company is subject to concentration risk from the single third-party contract manufacturer, Glenmark.
Other Risks and Uncertainties	Other Risks and Uncertainties The Company’s future operations results involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations including, but not limited to, war, rapid technological change, obtaining second source suppliers and manufacturers, regulatory approval from the US Food and Drug Administration (“FDA”) or other regulatory authorities, the results of clinical trials and the achievement of milestones, market acceptance of the Company’s product candidates, competition from other products and larger companies, protection of proprietary technology, strategic relationships and dependence on key individuals. Other Global Events Macroeconomic conditions worldwide are subject to constant change, influenced by several factors, including persistently high inflation, structural weaknesses in the labor market, low productivity growth, adverse weather conditions, and possible political unrest in certain regions. Despite these global economic challenges, no significant changes have occurred in the Company's operations.
Fair Value	Fair Value The Company’s financial instruments include accounts receivable, net, other receivable, accounts payable, accrued liabilities, operating lease liability, and debt. The recorded carrying amount of accounts receivable, other receivable, accounts payable, and accrued liabilities reflect their fair value due to their short-term nature. Other financial liabilities are initially recorded at fair value, and subsequently measured at fair value or amortized cost using the effective interest method. See Note 3 for the fair value measurements.
Fair Value Option	Fair Value Option ASC 825-10, Financial Instruments (“ASC 825-10”), provides an FVO election that allows companies an irrevocable election to use fair value as the initial and subsequent accounting measurement attribute for certain financial assets and liabilities. ASC 825-10 permits entities to elect to measure eligible financial assets and liabilities at fair value on an ongoing basis. Unrealized gains and losses on items for which the FVO has been elected are reported in earnings. The decision to elect the FVO is determined on an instrument-by-instrument basis, must be applied to an entire instrument, and is irrevocable once elected. Assets and liabilities measured at fair value pursuant to ASC 825-10 are required to be reported separately from those instruments measured using another accounting method. In accordance with the options presented in ASC 825-10, the Company elected to present the aggregate of fair value and non-fair-value amounts in the same line item in the condensed consolidated balance sheets and parenthetically disclose the amount measured at fair value in the aggregate amount. The fair values of the Company's financial instruments reflect the amounts that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The fair value estimates presented in these financial statements are based on information available to the Company as of September 30, 2024 and December 31, 2023 .
Inventory	Inventory Inventory is stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method. Cost is initially recorded at the invoiced amount of services or API provided by third-party processors, Probos and Corfasac, including the sum of qualified expenditures and charges for bringing the inventory to its existing condition and location. Inventory is categorized into raw materials, work-in-process, and finished goods. Raw materials consist of Crude Plant Latex (“CPL” ), recognized as inventory upon harvest and valued at cost, including acquisition and harvest expenditures. Work-in-process inventory is recognized only when CPL has been transformed into API and is in transit to Patheon, with costs comprising direct materials, labor, and applicable overheads. Finished goods represent completed Crofelemer tablets ready for sale, valued at cost, which includes direct materials, labor, and manufacturing overhead allocated during production. The Company calculates inventory valuation adjustments when conditions indicate that net realizable value is less than cost due to physical deterioration, usage, obsolescence, reductions in estimated future demand, or reductions in selling price. Inventory write-downs are measured as the difference between the cost of inventory and net realizable value. The Company does no t have an allowance for inventory obsolescence as of September 30, 2024 and December 31, 2023 . Inventory costs are removed from inventory and recorded in the cost of goods sold upon delivery of the tablets to customers.
Prelaunch Inventory	Prelaunch Inventory The Company’s policy is to capitalize costs for prelaunch inventories within the drug development phase, which is evidence that the product’s reasonably likely critical attributes for success are present and feasible, and the key causes of failures are absent based on management’s assumptions. The costs that can be capitalized for pre-launch inventory are recorded as “Prepaid expenses and other current assets.”
Property and Equipment	Property and Equipment Land is stated at cost, reflecting the fair value of the property at July 31, 2017, the date of the Napo merger. Equipment is stated at cost, net of accumulated depreciation. Equipment begins to be depreciated when it is placed into service. Depreciation is calculated using the straight-line method over estimated useful lives ranging between three to ten years . Expenditures for repairs and maintenance of assets are charged to expenses as incurred. Costs of major additions and betterments are capitalized and depreciated on a straight-line basis over their estimated useful lives. Upon retirement or sale, the cost and related accumulated depreciation of assets disposed of are removed from the accounts, and any resulting gain or loss is included in the unaudited condensed consolidated statements of operations.
Software Developed for Internal Use	Software Developed for Internal Use The Company capitalizes the costs of developing software for internal use. These costs include both purchased software and internally developed software. Costs of developing software are expensed until technological feasibility has been established. Thereafter, all costs are capitalized and are carried at the lower of unamortized cost or net realizable value. Internally developed and purchased software costs are generally amortized over five years . The Company evaluated the carrying value of its internal use software costs as at December 31, 2023, in accordance with ASC 360-10, Impairment of Long-lived Assets to be Held or Used . Based on the evaluation, the Company determined that the internal use software costs – registry's carrying value as of December 31, 2023, were no longer recoverable and recorded a corresponding impairment loss. The impairment loss was calculated as the difference between the registry's carrying value and its estimated fair value on December 31, 2023. The fair value was determined using a discounted cash flow (“DCF”) model, a Level 3 evaluation technique under ASC 820, Fair Value Measurements (“ASC 820”). The DCF model utilized entity-specific assumptions regarding future sales volume, pricing, and costs. These assumptions considered factors such as the continuity of existing customer relationships, potential shifts in economic conditions, and other relevant market influences. The net cash flows generated by the model were then discounted to present value using a rate reflective of the time value of money and the inherent use associated with the expected cash flows. The discount rate was based on the comparable debt instrument deemed appropriate by management. Given the changing market conditions, there is a reasonable possibility that the estimates used to determine the registry's fair value may require adjustments in the near future. Any such changes in assumptions could result in further impairment charges. The Company recognized an expense for the year ended December 31, 2023 , and a corresponding reduction in the carrying value of the internal use software-registry as a result of the impairment.
Long-lived Assets	Long-lived Assets The Company regularly reviews the carrying value and estimated lives of all of its long-lived assets, including property and equipment and definite-lived intangible assets, to determine whether indicators of impairment exist that warrant adjustments to carrying values or estimated useful lives. The determinants used for this evaluation include management’s estimate of the asset’s ability to generate positive income from operations and positive cash flow in future periods, as well as the strategic significance of the assets to the Company’s business objectives. If the Company determines that events or changes in circumstances indicate that the carrying amount of the asset group may not be recoverable, the Company evaluates the realizability of its long-lived assets (asset group) based on a comparison of projected undiscounted cash flows from use and eventual disposition with the carrying value of the related asset. Any write-downs (measured based on the difference between the fair value and the asset's carrying value) are treated as permanent reductions in the carrying amount of the assets (asset group). None of the Company’s long-lived assets were deemed impaired as of September 30, 2024 .
Indefinite-lived Intangible Assets	Indefinite-lived Intangible Assets Acquired IPR&D are intangible assets acquired in the July 2017 Napo merger. Under ASC 80, Business Combination , IPR&D are initially recognized at fair value and classified as indefinite-lived assets until the successful completion or abandonment of the associated research and development efforts. During the development period, these assets will not be amortized as charges to earnings; instead, these assets will be tested for impairment on an annual basis or more frequently if impairment indicators are identified. An impairment loss is measured based on the excess of the carrying amount over the asset’s fair value. The Company recorde d no impairment f or the three and nine months ended September 30, 2024 and 2023 .
Leases	Leases The Company accounts for its leases in accordance with ASC 842, Leases (“ASC 842”). At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected lease term. Because the interest rate implicit in lease contracts is typically not readily determinable, the Company utilizes its incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. Certain adjustments to the right-of-use asset may be required for items such as initial direct costs paid or incentives received. The Company elected to include both the lease and non-lease components as a single component and account for it as a lease. Lease Modification ASC 842 defines lease modification as a change to the terms and conditions of a contract that results in a change in the scope of or the consideration for a lease. A lease modification can result in either a separate new contract that is accounted for separately from the original contract or a single modified contract. The Company shall account for a modification to a contract as a separate contract when the modification grants the lessee an additional right of use not included in the original lease and the lease payments increase commensurate with the standalone price for the additional right of use, adjusted for the circumstances of the particular contract. When the Company concludes that a lease modification should be accounted for as a new contract that is separate and apart from the original lease, the new contract should be evaluated for whether it is a lease or contains an embedded lease. If the new contract is a lease or contains an embedded lease, the new lease should be accounted for as any other new lease. The new lease is recorded on the commencement date of the new lease, which is the date the lessee has access to the leased asset. If a lease modification is not accounted for as a separate contract, the Company should reassess whether the contract contains a lease. If the modified contract is a lease or contains an embedded lease, a lessee should reallocate contract consideration, reassess the lease classification, remeasure the lease liability, and adjust the right-of-use asset.
Research and Development Expense	Research and Development Expense Research and development expense consists of expenses incurred in performing research and development activities, including related salaries, clinical trials, and related drug and non-drug product costs, contract services, and other outside service expenses. Research and development expenses are charged to operating expenses during the period incurred.
Clinical Trial Accruals	Clinical Trial Accruals Clinical trial costs are a component of research and development expenses. The Company accrues and expenses for clinical trial activities performed by third parties based upon actual work completed in accordance with agreements established with clinical research organizations and clinical sites. The Company determines the costs to be recorded based upon validation with the external service providers as to the progress or stage of completion of trials or services and the agreed-upon fee to be paid for such services.
Revenue Recognition	Revenue Recognition The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”). The Company’s policy typically permits returns if the product is damaged, defective, or otherwise cannot be used when received by the customer if the product has expired. Returns are accepted for products that will expire within three months or that have expired up to one year after their expiration dates. Estimates for expected returns of expired products are based primarily on an ongoing analysis of our historical return patterns. The Company recognizes revenue in accordance with the core principle of ASC 606 or when there is a transfer of control of promised goods or services to customers in an amount that reflects the consideration that the Company expects to be entitled to in exchange for those goods or services. The Company recognizes the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the Company otherwise would have recognized is one year or less. The Company does not adjust the amount of consideration for the effects of a significant financing component if, at contract inception, the expected period between the transfer of promised goods or services and customer payment is one year or less. The Company has elected to treat shipping and handling activities as fulfillment costs. Additionally, the Company elected to record revenue net of sales and other similar taxes. Contracts - Distributor The Company's Canalevia-CA1 and Neonorm products are primarily sold to distributor, who then sell the products to the end customers. Since 2021, the Company has entered into one distribution agreements with established distributor to distribute the Company’s animal health products in the United States. The distribution agreement and the related purchase orders together meet the contract existence criteria under ASC 606. The Company sells directly to its customers without the use of an agent. Performance obligations For animal health products sold by the Company, the single performance obligation identified above is the Company’s promise to transfer the Company’s animal health products to distributors based on specified payment and shipping terms in the arrangement. Product warranties are assurance-type warranties that do not represent a performance obligation. For the Company’s human health product, Mytesi, the single performance obligation identified above is the Company’s promise to transfer Mytesi to specialty pharmacies based on specified payment and shipping terms as outlined in the Exclusive Distribution Agreement entered into by the Company and Cardinal Health as of January 16, 2019. Transaction price For contracts with Cardinal Health and other distributors, the transaction price is the amount of consideration that which the Company expects to collect in exchange for transferring the promised goods or services. The transaction price of Mytesi is the Wholesaler Acquisition Cost (“WAC”), and the transaction price of Canalevia-CA1 and Neonorm is the manufacturer’s list price, net of discounts, returns, and price adjustments. Allocate transaction price For contracts with distributor, the entire transaction price is allocated to the single performance obligation contained in each contract. Revenue recognition For contracts with Cardinal Health, a single performance obligation is satisfied at a point in time upon each contract's free on board (“FOB”) terms when control, including title and all risks, has transferred to the customer. Disaggregation of Product Revenue Human Sales of Mytesi are recognized as revenue at a point in time when the products are delivered to the specialty pharmacies. Net revenues from the sale of Mytesi were $ 3.0 million and $ 2.8 million for the three months ended September 30, 2024 and 2023, respectively. Net revenues from the sale of Mytesi were $ 8.0 million and $ 7.3 million for the nine months ended September 30, 2024 and 2023, respectively. Animal The Company recognized Canalevia-CA1 products revenues of $ 49,000 and $ 24,000 for the three months ended September 30, 2024 and 2023, respectively, and Neonorm revenues of $ 4,000 and $ 7,000 for the three months ended September 30, 2024 and 2023, respectively. The Company recognized Canalevia-CA1 products revenues of $ 115,000 and $ 91,000 for the nine months ended September 30, 2024 and 2023, respectively, and Neonorm revenues of $ 27,000 and $ 35,000 for the nine months ended September 30, 2024 and 2023, respectively. Revenues are recognized at a point in time upon shipment when title and control are transferred to the buyer. Sales of Canalevia-CA1, Neonorm Calf, and Foal to distributors are made under agreements that may provide distributor price adjustments and rights of return under certain circumstances. Contracts – Specialty Pharmacies Effective October 1, 2020, the Company engaged a private company as an authorized specialty pharmacy provider of the Company’s Mytesi product. Under the Specialty Product Distribution Agreement, the Company shall supply the products directly to the private company’s specialty pharmacies in such amounts as may be ordered. There is no minimum purchase or inventory requirement. The specialty pharmacies were authorized distributors of record for all National Drug Codes of Mytesi. Effective April 20, 2021, the Company engaged another private company as an authorized specialty pharmacy provider of Mytesi. Under the Specialty Pharmacy Distribution and Services Agreement, the private company shall sell and dispense Mytesi directly ordered from the Company at the agreed price to patients within the territories identified in the agreement. The Company has entered into agreements with a total of five different specialty pharmacy chains that are authorized to provide Mytesi to patients. Performance obligations The single performance obligation is the Company’s promise to transfer Mytesi to specialty pharmacies, based on specified payment and shipping terms outlined in the agreements. Transaction price The transaction price is the amount of consideration the Company expects to collect in exchange for transferring the promised goods or services. The transaction price of Mytesi is the WAC, net of estimated discounts, returns, and price adjustments. Allocate transaction price The entire transaction price is allocated to the single performance obligation contained in each contract. Revenue recognition The single performance obligation is satisfied at a point in time, upon the FOB terms of each contract, when control, including title and all risks, has been transferred to the customer. Product Revenue Sales of Mytesi are recognized as revenue at a point in time when the products are delivered to the specialty pharmacies. Net revenues from the sale of Mytesi to the specialty pharmacies were $ 3.0 million and $ 2.8 million for the three months ended September 30, 2024 and 2023, respectively. Net revenues from the sale of Mytesi to the specialty pharmacies were $ 8.0 million and $ 7.3 million for the nine months ended September 30, 2024 and 2023 , respectively.
Collaboration Revenue	Collaboration Revenue Revenue recognition for collaboration agreements requires significant judgment. The Company’s assessments and estimates are based on contractual terms, historical experience, and general industry practice. Revisions in these values or estimations increase or decrease collaboration revenue in the period of revision. On September 24, 2018, the Company entered into a Distribution, License, and Supply Agreement (“License Agreement”) with Knight Therapeutics (“Knight”). The License Agreement has a term of 15 years (with automatic renewals) and provides Knight with an exclusive right to commercialize current and future Jaguar human health products (including crofelemer, NP-300, and any product containing a proanthocyanidin or with an anti-secretory mechanism) in Canada and Israel. Knight forfeited its right of first negotiation for expansion to Latin America. Under the License Agreement, Knight is responsible for applying for and obtaining necessary regulatory approvals in the territory of Canada and Israel, as well as marketing, sales, and distribution of the licensed products. Knight will pay a transfer price for all licensed products, and upon achievement of certain regulatory and sales milestones, the Company may receive payments from Knight in an aggregate amount of up to approximately $ 18.0 million, payable throughout the initial 15 -year term of the agreement . The Company did no t have any license revenues for the three and nine months ended September 30, 2024 and 2023 .
Modifications to Liability-classified Instruments	Modifications to Liability-classified Instruments In accounting for debt modifications and exchange transactions, it is the Company’s policy first to determine whether it qualifies as a troubled debt restructuring (“TDR”) pursuant to the guidance provided in ASC 470-60, Debt—Troubled Debt Restructurings by Debtors (“ASC 470-60”). A debt modification or exchange transaction that is not within the scope of the ASC 470-60 is accounted for under ASC 470-50, Modification and Extinguishments (“ASC 470-50”), to determine if the transaction is a mere modification or an extinguishment. For the nine months ended September 30, 2024 and September 30, 2023, the Company has entered amendments to the terms of its royalty interests and purchase agreements. The cumulative impact of these amendments resulted to certain extinguishments and modifications (See Note 7).
Modifications to Equity-classified Instruments	Modifications to Equity-classified Instruments In accounting for modifications of equity-classified warrants, the Company’s policy is to determine the impact by analogy to the share-based compensation guidance of ASC 718, Compensation-Stock Compensation (“ASC 718”). The model for a modified share-based payment award that is classified as equity and remains classified in equity after the modification is addressed in ASC 718-20-35-3, Compensation-Stock Compensation—Awards Classified as Equity—Subsequent Measurement . Pursuant to that guidance, the incremental fair value from the modification is recognized as an expense in the statements of operations to the extent the modified instrument has a higher fair value; however, in certain circumstances, such as when an entire class of warrants is modified, the measured increase in fair value may be more appropriately recorded as a deemed dividend, depending upon the nature of the warrant modification. The Company did not modify any equity-classified warrants for the three and nine months ended September 30, 2024 and 2023. In accounting for amendments to preferred stock, the Company’s policy is to measure the impact by analogy to ASC 470-50 in determining if such an amendment is an extinguishment or a modification. If the amendment results in an extinguishment, the Company follows the SEC staff guidance in ASC 260-10-S99-2, Earnings Per Share—Overall—SEC Materials , and ASC 470-20, Debt—Debt with Conversion and Other Options . If the amendment results in a modification, the Company follows the model in either ASC 718 or ASC 470-50, depending on the nature of the amendment. The Company did not modify any equity-classified preferred stock for the three and nine months ended September 30, 2024 and 2023 .
Stock-based Compensation	Stock-based Compensation The Company's Stock Incentive Plan (See Note 12) provides for the grant of stock options, restricted stock, and restricted stock unit awards. The Company measures stock awards granted to employees, non-employees, and directors at estimated fair value on the date of grant and recognizes the corresponding compensation expense of the awards, net of estimated forfeitures, over the requisite service periods, which correspond to the vesting periods of the awards. If necessary, forfeitures are estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from those estimates. The Company issues stock awards with only service-based vesting conditions and records compensation expenses for these awards using the straight-line method. The Company uses its common stock's grant date fair market value to determine the grant date fair value of options granted to employees, non-employees, and directors. The Company measures and recognizes compensation expense for all stock options and RSUs granted to its employees and directors based on the estimated fair value of the award on the grant date. The Company uses the Black-Scholes valuation model to estimate the fair value of stock option awards. The fair value is recognized as an expense, net of estimated forfeitures, over the requisite service period, which is generally the vesting period of the respective award, on a straight-line basis. The Company believes that the fair value of stock options granted to non-employees is more reliably measured than the fair value of the services received. The determination of the grant date fair value of options using an option pricing model is affected by the Company’s estimated common stock fair value and requires management to make a number of assumptions, including the expected life of the option, the volatility of the underlying stock, the risk-free interest rate and expected dividends. The Company estimates the fair value of stock options using the Black-Scholes option valuation model. The fair value of employee stock options is being amortized on a straight-line basis over the requisite service period of the awards. The fair market value of common stock is based on the closing price of the Company’s common stock as reported on the date of the grant.
Income Taxes	Income Taxes The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and the tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. The Company has adopted the provisions of ASC 740, Income Taxes . Under these principles, tax positions are evaluated in a two-step process. The Company first determines whether it is more likely than not that a tax position will be sustained upon examination. If a tax position meets the more-likely-than-not recognition threshold, it is then measured to determine the amount of benefit to be recognized in the financial statements. The tax position is the most significant benefit, with a greater than 50 percent likelihood of being realized upon ultimate settlement. The Company files a consolidated tax return for its related entities.
Foreign Currency Remeasurement and Translation	Foreign Currency Remeasurement and Translation The functional currency of Napo Therapeutics is the Euro. The Company follows ASC 830, Foreign Currency Matters (“ASC 830”). ASC 830 requires the assets, liabilities, and results of operations of a foreign operation to be measured using the functional currency of that foreign operation. Exchange gains or losses from remeasuring transactions and monetary accounts in a currency other than the functional currency are included in current earnings or losses. For certain subsidiaries, translation adjustments result from translating the functional currency of subsidiary financial statements into the U.S. Dollar reporting currency. These translation adjustments are reported separately and accumulated in the unaudited condensed consolidated balance sheets as a component of accumulated other comprehensive gain or loss.
Comprehensive Loss	Comprehensive Loss The Company follows ASC 220, Income Statement—Reporting Comprehensive Income , which establishes standards for reporting and displaying comprehensive income and its components (revenue, expenses, gains, and losses) in a full set of general-purpose financial statements. For the three months ended September 30, 2024 and 2023, the other comprehensive losses from translation adjustments were $ 164,000 and $ 83,000 , respectively. For the nine months ended September 30, 2024 and 2023, the other comprehensive losses from translation adjustments were $ 40,000 and $ 132,000 , respectively.
Basic and Diluted Net Loss Per Share of Common Stock	Basic and Diluted Net Loss Per Share of Common Stock Basic net loss per share of common stock is computed by dividing net loss attributable to common stockholders for the year by the weighted average number of common stock outstanding during the year. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders for the year by the weighted average number of common stock, including potential dilutive shares of common stock assuming the dilutive effect of potential dilutive securities. The Company uses the treasury stock method to calculate diluted net loss per share. For years in which the Company reports a net loss, diluted net loss per share is the same as basic net loss per share because their impact would be anti-dilutive to the calculation of net loss per share. For the three and nine months ended September 30, 2023, the Company reports a combined basic net loss and diluted loss per share of common stock. Diluted net loss per share of common stock is the same as basic net loss per share of common stock for the three and nine months ended September 30, 2024 .
Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements Segment Reporting In November 2023, FASB issued ASU 2023-07, Segment Reporting – Improvements to Reportable Segment Disclosures which amends Topic 280 by enhancing segment reporting by requiring more detailed expense information for each reportable segment. Under the guidance, public entities are required to disclose (1) significant expense categories and amounts as those regularly provided to the chief operating decision maker (“CODM”) for each reportable segment and how the CODM uses the reported measures of a segment’s profit or loss to assess segment performance and decide how to allocate resources (2) the amount and composition of other segment items included in reported segment profit or loss, and (3) the CODM’s position and title. Additionally, multiple measures of a segment’s profit or loss may be reported, under certain conditions, and single reportable segment entities must apply Topic 280 in its entirety. The ASU requires all segment profit or loss and assets disclosures to be provided on an annual and interim basis. For each interim period, the total of the reportable segments’ amount for the measures of profit or loss is to be reconciled to the public entity's consolidated income before income taxes and discontinued operations. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company early adopted the ASU on its interim period reporting as of and for the period ended September 30, 2024. Debt with Conversion and Other Options In August 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-06, titled “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity.” This update simplifies the accounting for convertible instruments by removing the requirement to separate the debt and equity components of such instruments. This ASU has no impact in the Company’s financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted Stock Compensation In March 2024, the FASB issued ASU 2024-01, Compensation – Stock Compensation (Topic 718): Scope Application of Profit Interest and Similar Awards. This update clarifies how companies account for profit interest and similar awards given to employees or non-employees, which helps determine whether such award fall under stock compensation or general compensation accounting standards. The amendments in this update are effective for annual periods beginning after December 15, 2025, and interim periods within those annual periods for entities other than public business entities. The Company has elected not to early adopt but will monitor the effects of the additional disclosures. Joint Venture Formations In August 2023, the FASB issued ASU 2023-05, Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement. This update outlines the recognition and initial measurement requirements for these joint ventures. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company has elected not to early adopt but will monitor the impact of the additional disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables) - Customer risk	9 Months Ended
	Sep. 30, 2024
Total net revenue
Schedule of concentration risk	Revenue earned from each major customer as a percentage of total revenue is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Customer 1 35 % 27 % 33 % 27 % Customer 2 55 % 55 % 51 % 53 %
Total accounts receivable
Schedule of concentration risk	Accounts receivable balance of the significant customers as a percentage of total accounts receivable is as follows: September 30, December 31, 2024 2023 Customer 1 43 % 32 % Customer 2 42 % 57 %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Measurements
Summary of Information About The Company's Financial Instruments That Were Measured At Fair Value On A Recurring Basis	The following tables set forth the fair value of the Company’s financial instruments that were measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023. September 30, 2024 (unaudited) (in thousands) Level 1 Level 2 Level 3 Total Iliad $ — $ — $ 4,812 $ 4,812 Uptown — — 8,854 8,854 Streeterville 2 — — 7,994 7,994 Streeterville Note — — 11,131 11,131 Total fair value $ — $ — $ 32,791 $ 32,791 December 31, 2023 (in thousands) Level 1 Level 2 Level 3 Total Iliad $ — $ — $ 6,862 $ 6,862 Uptown — — 7,473 7,473 Streeterville 2 — — 6,815 6,815 Streeterville Note — — 9,793 9,793 Total fair value $ — $ — $ 30,943 $ 30,943
Summary of Change In The Estimated Fair Value Of Level 3 Liabilities	The change in the estimated fair value of Level 3 liabilities is summarized below: Nine Months Ended September 30, 2024 (unaudited) (in thousands) Iliad Uptown Streeterville 2 Streeterville Note Beginning fair value of Level 3 liability $ 6,862 $ 7,473 $ 6,815 $ 9,793 Additions — — — — Exchanges ( 4,906 ) — ( 166 ) — Settlements — — — — Change in fair value 2,856 1,381 1,345 1,338 Ending fair value of Level 3 liability $ 4,812 $ 8,854 $ 7,994 $ 11,131 Year Ended December 31, (in thousands) Iliad Uptown Streeterville 2 Streeterville Note Beginning fair value of Level 3 liability $ — $ — $ — $ 7,839 Additions 6,580 7,478 6,154 — Exchanges ( 789 ) ( 1,444 ) — — Change in fair value 1,071 1,439 661 1,954 Ending fair value of Level 3 liability $ 6,862 $ 7,473 $ 6,815 $ 9,793
Summary of Information About The Significant Unobservable Inputs Used In Level 3 Fair Value Measurements	The following table summarizes the quantitative information about the significant unobservable inputs used in Level 3 fair value measurement for the Streeterville Note: Range of Inputs (probability-weighted average) Relationship of unobservable inputs Unobservable Inputs 2024 2023 to fair value Risk Adjusted Discount Rate 8.0 %- 26.09 % ( 26.09 %) 9.02 %- 24.59 % ( 24.59 %) If the discount rate is adjusted to a total of additional 100 basis points (bps), the fair value would have decreased by $ 427,000 . 100 bps, the fair value would have increased by $ 427,000 . Sales Proceeds: Amount of comparable TDPRV $ 67.5 million to $ 350 million ($ 100 million) $ 67.5 million to $ 350 million ($ 100 million) If expected cash flows by Management were considered the highest amount of market indications for vouchers, FV would have decreased by $ 1.53 million. 11.87 million. Range of Probability for Timing of Cash Flows: 0.00 %- 14.25 % 0.10 %- 73.27 % If expected cash flows by management were considered the scenario with the least indicated value, FV would have decreased by $ 6.39 million. 0.01 million.
Summary of Information About The Significant Unobservable Inputs Used In Level 3 Fair Value Measurements For Instruments Not Classified As Hybrid Instruments	The following table summarizes the quantitative information about the significant unobservable inputs used in Level 3 fair value measurement for the remaining instruments that are not classified as hybrid instruments: Range of Inputs (probability-weighted average) Relationship of unobservable inputs Unobservable Inputs 2024 2023 to fair value Risk Adjusted Discount Rate 8.0 %- 26.09 % ( 26.09 %) 9.02 %- 26.59 % ( 26.59 %) If the discount rate is adjusted to a total of an additional 100 basis points (bps), the fair value would have decreased by $ 419,000 . 100 bps, the fair value would have increased by $ 429,000 .
Summary of The Fair Value And Unpaid Principal Balance For Items The Company Accounts For Under FVO	The following tables summarize the fair value and outstanding balance for items the Company accounts for under FVO: (in thousands) Fair value Unpaid Principal Balance Accrued Interest Fair Value Over (Under) Outstanding Balance At September 30, 2024 Iliad $ 4,812 $ 2,243 $ 6,787 $ ( 4,218 ) Uptown 8,854 7,994 5,011 ( 4,151 ) Streeterville 2 7,994 10,094 2,910 ( 5,010 ) Streeterville Note 11,131 6,000 760 4,371 (in thousands) Fair value Unpaid Principal Balance Accrued Interest Fair Value Over (Under) Outstanding Balance At December 31, 2023 Iliad $ 6,862 $ 7,292 $ 3,621 $ ( 4,051 ) Uptown 7,473 7,994 4,058 ( 4,579 ) Streeterville 2 6,815 10,273 950 ( 4,408 ) Streeterville Note 9,793 6,000 546 3,247

Balance Sheet Components (Table

Balance Sheet Components (Tables)	9 Months Ended
	Sep. 30, 2024
Balance Sheet Components
Schedule of inventory	Inventory at September 30, 2024 and December 31, 2023 consisted of the following: September 30, December 31, 2024 2023 (in thousands) (unaudited) Raw material $ 1,900 $ 2,057 Work in process 7,009 6,517 Finished goods 765 615 Inventory $ 9,674 $ 9,189
Schedule of property and equipment, net	Property and equipment, net at September 30, 2024 and December 31, 2023, consisted of the following: September 30, December 31, 2024 2023 (in thousands) (unaudited) Land $ 396 $ 396 Lab equipment 477 477 Software 63 63 Furniture and fixtures 18 18 Computers and peripherals 23 7 Total property and equipment at cost 977 961 Accumulated depreciation ( 501 ) ( 465 ) Property and equipment, net $ 476 $ 496
Schedule of intangible assets	Intangible assets consisted of the following: September 30, December 31, 2024 2023 (in thousands) (unaudited) Developed technology $ 25,000 $ 25,000 Accumulated developed technology amortization ( 11,944 ) ( 10,694 ) Developed technology, net 13,056 14,306 In-process research and development 4,800 4,800 In process research and development, net 4,800 4,800 Trademarks 301 300 Accumulated trademark amortization ( 143 ) ( 128 ) Trademarks, net 158 172 Internal use software costs - registry 1,237 1,236 Accumulated internal use software costs impairment ( 371 ) ( 371 ) Accumulated internal use software costs amortization ( 477 ) ( 370 ) Internal use software costs - registry, net 389 495 Patents 361 361 Accumulated patents amortization ( 32 ) ( 18 ) Patents, net 329 343 License 215 — Accumulated license amortization — — License, net 215 — Total intangible assets, net $ 18,947 $ 20,116
Schedule of estimated future amortization expense of intangible assets with finite lives	The following table summarizes the Company’s estimated future amortization expense of intangible assets with finite lives as of September 30, 2024: (in thousands) Amounts Remainder of 2024 $ 450 2025 1,798 2026 1,798 2027 1,798 2028 1,798 Thereafter 6,505 $ 14,147

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies
Schedule of Additional Details of Office Space Lease	The table below provides additional details of the office space and vehicle leases presented in the unaudited condensed consolidated balance sheet as of September 30, 2024, and December 31, 2023: September 30, December 31, 2024 2023 (in thousands) (unaudited) Operating lease - right-of-use asset - office space 921 982 Operating lease - right-of-use asset - vehicles 136 194 Total $ 1,057 $ 1,176 Weighted-average remaining life (years) 4.10 4.76 Weighted-average discount rate 20.03 % 21.34 %
Schedule of Undiscounted Cash Payment Obligations	The following table summarizes the undiscounted cash payment obligations for operating lease liability as of September 30, 2024 and December 31, 2023. September 30, December 31, 2024 2023 (in thousands) (unaudited) 2024 $ 529 $ 562 2025 314 346 2026 233 266 2027 238 233 2028 245 240 2029 231 247 2030 — 168 Total undiscounted operating lease payments 1,790 2,062 Imputed interest expenses ( 668 ) ( 828 ) Total operating lease liability 1,122 1,234 Less: Operating lease liability, current 368 348 Operating lease liability, net of current portion $ 754 $ 886
Schedule of Summarized Income Statement Information Using Equity Method	The summarized income statement information for the nine months ended September 30, 2024, of Magdalena is as follows: Nine Months Ended September 30, 2024 (in thousands) (unaudited) Revenue $ — Operating expenses ( 196 ) Loss before income tax ( 196 ) Income tax expense — Net loss $ ( 196 ) Net loss attributable to the Company $ ( 78 )

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt
Schedule of notes payable	Notes payable at September 30, 2024 and December 31, 2023 consisted of the following: September 30, December 31, 2024 2023 (in thousands) (unaudited) Notes designated at Fair Value Option $ 32,791 $ 30,943 Insurance Financing 306 172 Tempesta Note 50 150 Royalty Interest* — 5,635 Total 33,147 36,900 Less: Unamortized discount and debt issuance costs — ( 1,040 ) Note payable, net of discount $ 33,147 $ 35,860 Notes payable - non-current, net $ 21,660 $ 30,993 Notes payable - current, net $ 11,487 $ 4,867 Weighted average interest rate on short-term borrowings 8.23 % 5.04 % *Notes with royalty interest not designated at FVO.

Warrants (Tables)

Warrants (Tables)	9 Months Ended
	Sep. 30, 2024
Warrants
Summary of warrant activity	The following table summarizes information about warrants outstanding and exercisable into shares of the Company’s common stock as of September 30, 2024, and December 31, 2023: September 30, December 31, 2024 2023 (unaudited) Warrants outstanding, beginning balance 201,830 125 Issuances — 201,705 Exercises ( 125,632 ) — Expirations and cancelations ( 69 ) — Warrants outstanding, ending balance 76,129 201,830

Preferred Stock (Tables)

Preferred Stock (Tables)	9 Months Ended
	Sep. 30, 2024
Preferred Stock
Schedule of convertible preferred stock	As at September 30, 2024 and December 31, 2023, preferred stock consisted of the following: September 30, 2024 Liquidation (in thousands, except share and per share data) Shares Issued and Carrying Preference Series Designated Outstanding Value per Share A 5,524,926 — $ — $ — B 11,000 — — — B-1 63 — — — B-2 10,165 — — — C 1,011,000 — — — D 977,300 — — — E 10 — — — F 10 — — — G 137 — — — H 105 — — — I 118 — — — J 179 99 — — Total 7,535,013 99 $ — $ — December 31, 2023 Liquidation (in thousands, except share and per share data) Shares Issued and Carrying Preference Series Designated Outstanding Value per Share A 5,524,926 — $ — $ — B 11,000 — — — B-1 63 — — — B-2 10,165 — — — C 1,011,000 — — — D 977,300 — — — E 10 — — — F 10 — — — G 137 122 — — H 105 — — — I 118 56 — — Total 7,534,834 178 $ — $ —

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Stockholders' Equity
Schedule of common reserved shares of common stock for issuance	As of September 30, 2024 and December 31, 2023, the Company had reserved shares of common stock, on an as-if converted basis, for issuance as follows: September 30, December 31, 2024 2023 (unaudited) Options issued and outstanding 384 26,357 Inducement options issued and outstanding 20 1,534 Options available for grant under stock option plans 1,367,231 120,033 Restricted stock unit awards issued and outstanding 20,852 47,998 Warrants issued and outstanding 76,129 7,505 Total 1,464,616 203,427

Stock-based Compensation (Table

Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Stock-based Compensation
Summary of incentive plan activity	The following table summarizes the incentive plan activity for the nine months ended September 30, 2024, and the year ended December 31, 2023: Weighted Weighted Shares Stock Average Remaining Aggregate Available Options RSUs Stock Option Contractual Life Intrinsic (in thousands, except share and per share data) for Grant Outstanding Outstanding Exercise Price (Years) Value* Outstanding at January 1, 2023 2,045 454 557 $ 35,564.08 7.19 $ — Additional shares authorized 52,772 — — — — — Options granted — — — — — — Options exercised — — — — — — Options canceled 49 ( 49 ) — 19,668.87 — — RSUs granted ( 44,853 ) — 44,853 — — — RSUs vested and released 363 — ( 363 ) — — — RSUs cancelled 87 — ( 87 ) — — — Outstanding at December 31, 2023 10,463 405 44,960 $ 35,738.63 6.21 $ — Additional shares authorized 1,332,659 — — — — — Options granted — — — — — — Options exercised — — — — — — Options canceled 1 ( 1 ) — 23,355.00 — — RSUs granted ( 1,111 ) — 1,111 — — — RSUs exercised 25,076 — ( 25,076 ) — — — RSUs cancelled 143 — ( 143 ) — — — Outstanding at September 30, 2024 1,367,231 404 20,852 $ 21,057.18 5.63 $ — Exercisable at September 30, 2024 404 $ 21,057.18 5.63 $ — Vested and expected to vest at September 30, 2024 404 $ 21,057.18 5.63 $ — * The fair market value of Jaguar stock on September 30, 2024, was $ 1.36 per share.
Summary of stock-based compensation expense	The following table summarizes stock-based compensation expenses related to stock options, inducement stock options, and RSUs for the three and nine months ended September 30, 2024 and 2023, and are included in the unaudited condensed consolidated statements of operations as follows: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2024 2023 2024 2023 (unaudited) (unaudited) Research and development expense $ 97 $ 272 $ 562 $ 756 Sales and marketing expense 32 40 104 175 General and administrative expense 181 225 608 604 Total $ 310 $ 537 $ 1,274 $ 1,535

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Net Loss Per Share
Schedule of calculation of basic and diluted net loss per common share	The following table presents the calculation of basic and diluted net loss per share of common stock for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (In thousands, except share and per share data) 2024 2023 2024 2023 (unaudited) (unaudited) Net loss attributable to common stockholders $ ( 9,854 ) $ ( 7,778 ) $ ( 28,572 ) $ ( 32,130 ) Shares used to compute net loss per common stock, basic and diluted 9,370,136 345,657 5,848,903 242,504 Net loss per share attributable to common stockholders, basic and diluted $ ( 1.05 ) $ ( 22.50 ) $ ( 4.89 ) $ ( 132.49 )
Schedule of other common stock equivalents	The following are the other common stock equivalents of the Company for the nine months ended September 30, 2024 and for the year ended December 31, 2023: September 30, December 31, 2024 2023 (unaudited) Options issued and outstanding 384 26,357 Inducement options issued and outstanding 20 1,534 Restricted stock units issued and outstanding 20,852 47,998 Warrants issued and outstanding 76,129 7,505 Total 97,385 83,394

Segment Data (Tables)

Segment Data (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Data
Schedule of reportable segments net revenue and net loss	The Company's reportable segments net revenues and net loss for the three and nine months ended September 30, 2024 and 2023, consisted of the following: Nine Months Ended Nine Months Ended September 30, 2024 September 30, 2023 (in thousands) (unaudited) (unaudited) Human Health Animal Health Total Human Health Animal Health Total External revenue $ 7,954 $ 226 $ 8,180 $ 7,335 $ 126 $ 7,461 Less: Segment expenses Cost of revenue 1,356 42 1,398 1,306 44 1,350 Research and development 10,000 2,011 12,011 13,052 2,074 15,126 Sales and marketing 4,768 209 4,977 4,697 232 4,929 General and administrative 6,700 7,222 13,922 6,809 7,397 14,206 Interest 87 338 425 25 6,132 6,157 Other segment items* 354 5,697 6,051 168 ( 373 ) ( 205 ) Segment expenses 23,265 15,519 38,784 26,057 15,506 41,563 Segment net comprehensive loss $ ( 15,311 ) $ ( 15,293 ) $ ( 30,604 ) $ ( 18,722 ) $ ( 15,380 ) $ ( 34,102 ) Reconciliation of net comprehensive loss Adjustments and reconciling items** 1,547 1,378 Consolidated net comprehensive loss $ ( 29,057 ) $ ( 32,724 ) Three Months Ended Three Months Ended September 30, 2024 September 30, 2023 (in thousands) (unaudited) (unaudited) Human Health Animal Health Total Human Health Animal Health Total External revenue $ 3,014 $ 94 $ 3,108 $ 2,782 $ 31 $ 2,813 Less: Segment expenses Cost of revenue 527 14 541 501 13 514 Research and development 3,599 446 4,045 5,436 641 6,077 Sales and marketing 1,946 64 2,010 1,401 71 1,472 General and administrative 2,288 1,983 4,271 1,997 2,013 4,010 Interest 32 ( 163 ) ( 131 ) 24 500 524 Other segment items* 117 3,141 3,258 118 ( 1,448 ) ( 1,330 ) Segment expenses 8,509 5,485 13,994 9,477 1,790 11,267 Segment net comprehensive loss $ ( 5,495 ) $ ( 5,391 ) $ ( 10,886 ) $ ( 6,695 ) $ ( 1,759 ) $ ( 8,454 ) Reconciliation of net comprehensive loss Adjustments and reconciling items** 701 467 Consolidated net comprehensive loss $ ( 10,185 ) $ ( 7,987 ) *Other segment items for each reportable segment include: • Human Health - realized gain/loss on foreign exchange transactions, change in fair value of warrants, gain/loss on debt extinguishment and share in net income or loss in joint venture. • Animal Health - realized and unrealized gain/loss on foreign exchange transactions. **Adjustments and reconciling items include intercompany elimination entries
Schedule of reportable segments assets	The Company's reportable segments assets consisted of the following: September 30, December 31, 2024 2023 (in thousands) (unaudited) Segment assets Human Health $ 44,193 $ 42,289 Animal Health 174,466 153,190 Total $ 218,659 $ 195,479
Schedule of reconciliation of segments assets to the consolidated assets	The reconciliation of segments assets to the consolidated assets is as follows: September 30, December 31, 2024 2023 (in thousands) (unaudited) Total assets for reportable segments $ 218,659 $ 195,479 Less: Investment in subsidiary ( 29,232 ) ( 29,232 ) Less: Intercompany loan ( 130,961 ) ( 115,484 ) Consolidated Totals $ 58,466 $ 50,763

Organization and Business (Deta

Organization and Business (Details)	9 Months Ended
	Sep. 30, 2024 Segment
Organization and Business
Number of operations segments	2

Organization and Business - Nas

Organization and Business - Nasdaq Communication and Compliance (Details) - $ / shares	Feb. 15, 2024	May 10, 2023
Grace period	180 days	180 days
Consecutive business days in grace period	10 days
Minimum
Share Price		$ 1
Maximum
Share Price	$ 0.1

Organization and Business - Liq

Organization and Business - Liquidity and Going Concern (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization and Business
Accumulated deficit	$ (336,561)	$ (308,248)

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Non-Controlling Interest (Details)	Sep. 30, 2024	Dec. 31, 2023
Napo Therapeutics
Percentage of ownership interest by parent	89%
Private Investors
Percentage of ownership interest by non-controlling owners		11%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Accounts receivable and Concentrations (Details) - Customer risk - Distributor	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Total net revenue | Customer 1
Concentrations
Concentration risk (as a percentage)	35%	27%	33%	27%
Total net revenue | Customer 2
Concentrations
Concentration risk (as a percentage)	55%	55%	51%	53%
Total net revenue | Three major pharmaceutical distributors
Concentrations
Number of major distributors	2	2	2	2
Total net revenue | Minimum
Concentrations
Threshold for calculating concentration risk percentage	10%	10%	10%	10%
Total accounts receivable | Customer 1
Concentrations
Concentration risk (as a percentage)			43%		32%
Total accounts receivable | Customer 2
Concentrations
Concentration risk (as a percentage)			42%		57%

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Inventory (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Summary of Significant Accounting Policies
Allowance for inventory obsolescence	$ 0	$ 0

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Property and Equipment and Indefinite-lived Intangible Assets (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill impairment charges
Impairment of long lived assets			$ 0
Impairment of indefinite-lived intangible assets	$ 0	$ 0	$ 0	$ 0
Internal use software costs - registry
Goodwill
Intangible asset amortization period	5 years		5 years
Napo (Member) | Equipment | Minimum
Goodwill
Estimated useful lives	3 years		3 years
Napo (Member) | Equipment | Maximum
Goodwill
Estimated useful lives	10 years		10 years

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Revenue Recognition (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) Item	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Item Agreement	Sep. 30, 2023 USD ($)
Disaggregation of Product Revenue
Number of distribution agreements | Agreement			1
Mytesi
Disaggregation of Product Revenue
Product revenue	$ 3,000,000	$ 2,800,000	$ 8,000,000	$ 7,300,000
Number of specialty pharmacies. | Item	5		5
Mytesi | Specialty Pharmacies
Disaggregation of Product Revenue
Product revenue	$ 3,000,000	2,800,000	$ 8,000,000	7,300,000
Canalevia-CA1
Disaggregation of Product Revenue
Product revenue	49,000	24,000	115,000	91,000
Neonorm
Disaggregation of Product Revenue
Product revenue	$ 4,000	$ 7,000	$ 27,000	$ 35,000

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Revenue Recognition - Collaboration Revenue (Details)		3 Months Ended		9 Months Ended
	Sep. 24, 2018 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Promise	Sep. 30, 2023 USD ($)
Stockholders' Equity
Number of promises | Promise				2
Initial term of contract				5 years
license fees recognized		$ 42,000		$ 85,000
Deferred revenue				765,000
Collaboration revenue		$ 0	$ 0	$ 0	$ 0
Knight
Stockholders' Equity
License agreement term (in years)	15 years
Transfer price receivable upon achievement of certain regulatory and sales milestones	$ 18,000,000

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Comprehensive Loss (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Summary of Significant Accounting Policies
Translation loss	$ 164,000	$ 83,000	$ 40,000	$ 132,000

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Jan. 13, 2021
Fair value of liabilities measured on a recurring basis
Total fair value	$ 32,791	$ 30,943
Level 3
Fair value of liabilities measured on a recurring basis
Fair value	21,700		$ 20,200
Total fair value	32,791	30,943
Iliad
Fair value of liabilities measured on a recurring basis
Fair value	4,812	6,862
Iliad | Level 3
Fair value of liabilities measured on a recurring basis
Fair value	4,812	6,862
Uptown
Fair value of liabilities measured on a recurring basis
Fair value	8,854	7,473
Uptown | Level 3
Fair value of liabilities measured on a recurring basis
Fair value	8,854	7,473
Streeterville 2
Fair value of liabilities measured on a recurring basis
Fair value	7,994	6,815
Streeterville 2 | Level 3
Fair value of liabilities measured on a recurring basis
Fair value	7,994	6,815
Streeterville Note
Fair value of liabilities measured on a recurring basis
Fair value	11,131	9,793
Streeterville Note | Level 3
Fair value of liabilities measured on a recurring basis
Fair value	$ 11,131	$ 9,793	$ 7,800

Fair Value Measurements - Estim

Fair Value Measurements - Estimated Fair Value of Level 3 (Details) - Level 3 - Recurring - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Iliad
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning fair value of Level 3 liability	$ 6,862
Additions		$ 6,580
Exchanges	(4,906)	(789)
Change in fair value	2,856	1,071
Ending fair value of level 3 liability	4,812	6,862
Uptown
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning fair value of Level 3 liability	7,473
Additions		7,478
Exchanges		(1,444)
Change in fair value	1,381	1,439
Ending fair value of level 3 liability	8,854	7,473
Streeterville 2
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning fair value of Level 3 liability	6,815	0
Additions		6,154
Exchanges	(166)
Change in fair value	1,345	661
Ending fair value of level 3 liability	7,994	6,815
Streeterville Note
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning fair value of Level 3 liability	9,793	7,839
Change in fair value	1,338	1,954
Ending fair value of level 3 liability	$ 11,131	$ 9,793

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Jan. 13, 2021
Level 3
Fair value of liabilities measured on a recurring basis
Fair value	$ 21,700		$ 20,200
Streeterville Note
Fair value of liabilities measured on a recurring basis
Fair value	11,131	$ 9,793
Streeterville Note | Level 3
Fair value of liabilities measured on a recurring basis
Fair value	$ 11,131	$ 9,793	$ 7,800

Fair Value Measurements - Quant

Fair Value Measurements - Quantitative Information About The Significant Unobservable Inputs (Details) - Level 3	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Discount rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Probability (as a percent)	8	9.02
Basis point for adjustment of discount rate	1
Fair value increase (decrease)	$ (427,000)
Probability (as a percent)	0.08	0.0902
Basis point for adjustment of discount rate for non-hybrid instruments	1
Fair value increase (decrease) for non-hybrid investments	$ (419,000)
Discount rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Probability (as a percent)	26.09	24.59
Basis point for adjustment of discount rate	1
Fair value increase (decrease)	$ 427,000
Probability (as a percent)	0.2609	0.2659
Basis point for adjustment of discount rate for non-hybrid instruments	1
Fair value increase (decrease) for non-hybrid investments	$ 429,000
Discount rate | Weighted average
Fair Value Measurement Inputs and Valuation Techniques
Probability (as a percent)	(26.09)	(24.59)
Probability (as a percent)	(0.2609)	(0.2659)
Sale Proceeds | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Amount of comparable TDPRV	$ 67,500,000	$ 67,500,000
Fair value increase (decrease)	11,870,000
Sale Proceeds | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Amount of comparable TDPRV	350,000,000	350,000,000
Fair value increase (decrease)	1,530,000
Sale Proceeds | Weighted average
Fair Value Measurement Inputs and Valuation Techniques
Amount of comparable TDPRV	$ 100,000,000	$ 100,000,000
Timing of Cash Flows | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Probability (as a percent)	0	0.1
Fair value increase (decrease)	$ (6,390,000)
Timing of Cash Flows | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Probability (as a percent)	14.25	73.27
Fair value increase (decrease)	$ 10,000

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Value Option - Hybrid Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Iliad
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value	$ 4,812	$ 6,862
Unpaid Principal Balance	2,243	7,292
Accrued Interest	6,787	3,621
Fair Value Over (Under) Outstanding Balance	(4,218)	(4,051)
Uptown
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value	8,854	7,473
Unpaid Principal Balance	7,994	7,994
Accrued Interest	5,011	4,058
Fair Value Over (Under) Outstanding Balance	(4,151)	(4,579)
Streeterville 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value	7,994	6,815
Unpaid Principal Balance	10,094	10,273
Accrued Interest	2,910	950
Fair Value Over (Under) Outstanding Balance	(5,010)	(4,408)
Streeterville Note
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value	11,131	9,793
Unpaid Principal Balance	6,000	6,000
Accrued Interest	760	546
Fair Value Over (Under) Outstanding Balance	$ 4,371	$ 3,247

Balance Sheet Components - Inve

Balance Sheet Components - Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory
Raw material	$ 1,900	$ 2,057
Work in process	7,009	6,517
Finished goods	765	615
Inventory	$ 9,674	$ 9,189

Balance Sheet Components - Prop

Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Land, Property and Equipment
Total property and equipment at cost	$ 977	$ 961
Accumulated depreciation	(501)	(465)
Property and equipment, net	476	496
Land
Land, Property and Equipment
Total property and equipment at cost	396	396
Lab equipment
Land, Property and Equipment
Total property and equipment at cost	477	477
Software
Land, Property and Equipment
Total property and equipment at cost	63	63
Furniture and fixtures
Land, Property and Equipment
Total property and equipment at cost	18	18
Computers and peripherals
Land, Property and Equipment
Total property and equipment at cost	$ 23	$ 7

Balance Sheet Components - Inta

Balance Sheet Components - Intangible assets (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Intangible assets
Impairment	$ 0	$ 0	$ 0	$ 0
Finite-lived intangible assets, net	14,147,000		14,147,000
Total intangible assets, net	18,947,000		18,947,000		$ 20,116,000
In process research and development
Intangible assets
Total intangible assets	4,800,000		4,800,000		4,800,000
Developed technology
Intangible assets
Total intangible assets	25,000,000		25,000,000		25,000,000
Accumulated amortization	(11,944,000)		(11,944,000)		(10,694,000)
Finite-lived intangible assets, net	13,056,000		13,056,000		14,306,000
Trademarks
Intangible assets
Total intangible assets	301,000		301,000		300,000
Accumulated amortization	(143,000)		(143,000)		(128,000)
Finite-lived intangible assets, net	158,000		158,000		172,000
Internal use software costs - registry
Intangible assets
Total intangible assets	1,237,000		1,237,000		1,236,000
Accumulated impairment	(371,000)		(371,000)		(371,000)
Accumulated amortization	(477,000)		(477,000)		(370,000)
Finite-lived intangible assets, net	389,000		389,000		495,000
Patents
Intangible assets
Total intangible assets	361,000		361,000		361,000
Accumulated amortization	(32,000)		(32,000)		(18,000)
Finite-lived intangible assets, net	329,000		329,000		$ 343,000
License
Intangible assets
Total intangible assets	215,000		215,000
Finite-lived intangible assets, net	$ 215,000		$ 215,000

Balance Sheet Components - Addi

Balance Sheet Components - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Depreciation and amortization expense	$ 12,000	$ 15,000	$ 36,000	$ 46,000
Amortization expense	461,000	$ 489,000	1,400,000	$ 1,500,000
Prepaid expenses and other current assets
Capitalized costs	$ 3,700,000		$ 3,700,000		$ 2,800,000

Balance Sheet Components - Esti

Balance Sheet Components - Estimated future amortization expense (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Balance Sheet Components
Remainder of 2024	$ 450
2025	1,798
2026	1,798
2027	1,798
2028	1,798
Thereafter	6,505
Finite-lived intangible assets, net	$ 14,147

Related Party Transactions - BO

Related Party Transactions - BOD Cash compensation (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related party Transactions
Cash compensation	$ 3,776,000	$ 3,533,000	$ 12,471,000	$ 12,783,000
Affiliated Entity | Board of directors
Related party Transactions
Cash compensation	$ 103,000	$ 68,000	$ 321,000	$ 204,000

Commitments and Contingencies -

Commitments and Contingencies - Commitments (Details)

1 Months Ended

3 Months Ended

9 Months Ended

Oct. 25, 2023 USD ($) ft²

Jan. 25, 2022 USD ($)

Jan. 25, 2022 EUR (€)

Dec. 22, 2021 USD ($) Item

Dec. 22, 2021 EUR (€) Item

Oct. 07, 2021 USD ($)

Oct. 07, 2021 EUR (€)

Apr. 06, 2021 USD ($) ft²

Nov. 30, 2022 USD ($) Item

Nov. 30, 2022 EUR (€) Item

Oct. 31, 2022 USD ($) Item

Oct. 31, 2022 EUR (€) Item

May 31, 2022 USD ($) Item

May 31, 2022 EUR (€) Item

Sep. 30, 2024 USD ($)

Sep. 30, 2023 USD ($)

Sep. 30, 2024 USD ($)

Sep. 30, 2023 USD ($)

Dec. 08, 2023

Oct. 24, 2023

Jan. 26, 2022

Commitments and Contingencies

Lease term

2 years

Base rent

$ 4,200

€ 4,000

Total deposit paid

9,500

9,000

Cash paid for operating lease liabilities recognized under operating cash flows

$ 337,000

$ 300,000

Addition to right-of-use assets obtained from new and modified operating liabilities

219,000

30,000

General and administrative expense

Commitments and Contingencies

Lease costs

$ 296,000

$ 240,000

$ 648,000

$ 614,000

If contracts are terminated within 12 months

Commitments and Contingencies

Base rent

$ 4,000

€ 3,817

Office space sub lease

Commitments and Contingencies

Area (in square feet) | ft²

10,526

Extension period

3 years

Lease term

3 years

Monthly base rent for first twelve months

$ 42,000

Monthly base rent for subsequent twelve months

43,000

Monthly base rent for final 12 months

$ 45,000

Leased office premises

Commitments and Contingencies

Extension period

20 months

Leased vehicle

Commitments and Contingencies

Lease term

48 months

48 months

48 months

48 months

Number of vehicles on lease | Item

2

2

3

3

Total monthly lease payment, payable in advance

$ 1,500

€ 1,459

$ 2,200

€ 2,094

Office lease agreement | Leased office premises

Commitments and Contingencies

Extension period

20 months

Base rent

$ 10,500

€ 10,000

Total deposit paid

$ 21,000

€ 20,000

Office lease agreement | Suite 400

Commitments and Contingencies

Area (in square feet) | ft²

5,735

Monthly base rent for first two years

$ 18,000

Monthly base rent for third and fourth years

18,000

Monthly base rent for fifth and sixth years

19,000

Monthly base rent for seventh and eighth years

20,000

Monthly base rent for ninth years

$ 21,000

Office lease agreement | Suite 600

Commitments and Contingencies

Area (in square feet) | ft²

5,263

Monthly base rent for remaining terms

$ 22,000

Option to extend the lease

true

Office lease agreement | Suite 600 | Minimum

Commitments and Contingencies

Extension period

1 year

1 year

Office lease agreement | Suite 600 | Maximum

Commitments and Contingencies

Extension period

5 years

3 years

Arval Service Lease Italia Spa agreement | Leased vehicle

Commitments and Contingencies

Lease term

48 months

48 months

Total deposit paid

$ 20,000

€ 19,000

Number of vehicles on lease | Item

2

2

Total monthly lease payment, payable in advance

$ 2,100

€ 2,000

Vehicle lease agreement | Leased vehicle

Commitments and Contingencies

Lease term

48 months

48 months

Total deposit paid

$ 22,000

€ 21,000

Number of vehicles on lease | Item

1

1

Total monthly lease payment, payable in advance

$ 880

€ 833

Commitments and Contingencies_2

Commitments and Contingencies - Additional Details of Office Space Lease (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Commitments and Contingencies [Line Items]
Operating lease - right-of-use asset	$ 1,057	$ 1,176
Operating lease liability, current	368	348
Operating lease liability, net of the current portion	754	886
Total operating lease liability	$ 1,122	$ 1,234
Weighted-average remaining life (years)	4 years 1 month 6 days	4 years 9 months 3 days
Weighted-average discount rate	20.03%	21.34%
Office Space
Commitments and Contingencies [Line Items]
Operating lease - right-of-use asset	$ 921	$ 982
Vehicles
Commitments and Contingencies [Line Items]
Operating lease - right-of-use asset	$ 136	$ 194

Commitments and Contingencies_3

Commitments and Contingencies - Undiscounted Cash Payment Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Commitments and Contingencies
2024	$ 529	$ 562
2025	314	346
2026	233	266
2027	238	233
2028	245	240
2029	231	247
2030		168
Total undiscounted operating lease payments	1,790	2,062
Imputed interest expenses	(668)	(828)
Total operating lease liability	1,122	1,234
Less: Operating lease liability, current	368	348
Operating lease liability, net of current portion	$ 754	$ 886

Commitments and Contingencies_4

Commitments and Contingencies - Purchase Commitment (Details) - Manufacturing and Supply Agreement with Glenmark Life Sciences Limited - kg		9 Months Ended
	Sep. 03, 2020	Sep. 30, 2024
Purchase Commitment
License agreement term (in years)	2 years 6 months
Agreement extension term	2 years
License termination term option	12 months
License termination activated upon written notice of material breach of Agreement	90 days
Number of remaining commitments of kilograms		250
Minimum
Purchase Commitment
Number of kilograms of crofelemer per agreement year	500

Commitments and Contingencies_5

Commitments and Contingencies - Master Services Agreement (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Oct. 05, 2020
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Lease liabilities	$ 1,122,000	$ 1,234,000
Master Services Agreement With Integrium LLC, 2020
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Reduced paid service for achievement of certain milestones				$ 6,000,000
Lease liabilities	$ 505,000		$ 1,200,000
Master Services Agreement With Integrium LLC, 2020 | Maximum
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Consideration payable on achievement of milestones				$ 12,400,000

Commitments and Contingencies_6

Commitments and Contingencies - Asset Transfer and Transition Commitment Update (Details) - USD ($) $ in Millions		9 Months Ended
	Sep. 25, 2017	Sep. 30, 2024	Sep. 30, 2023
Commitments and Contingencies
Percentage of amount received to be paid to Glenmark	25%
Maximum amount to be received by Glenmark	$ 7
Payments to Glenmark		$ 1	$ 1.9

Commitments and Contingencies_7

Commitments and Contingencies - Revenue Sharing Commitment Update, Joint Venture and Legal Proceedings (Details)		1 Months Ended	9 Months Ended
	Dec. 14, 2017	Jan. 31, 2023 Plant	Sep. 30, 2024 USD ($)
Long term purchase commitment
Number of highly characterized medicinal plants		2,300
Number of plant extracts		3,500
Magdalena Biosciences, Inc.
Long term purchase commitment
Percentage of equity method investment			40%
SEED
Long term purchase commitment
Percentage of revenue sharing commitment	15%
Percentage of revenue sharing commitment after first million dollars of revenue	20%
Payments made to date to SEED | $			$ 0

Commitments and Contingencies_8

Commitments and Contingencies - Joint Venture - Income Statement Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Long term purchase commitment
Total revenue, net	$ 3,108	$ 2,813	$ 8,180	$ 7,461
Loss before income tax	10,021	7,904	29,017	32,592
Income tax expense		0	0	0
Net loss	10,021	7,904	29,017	32,592
Net Income (Loss)	$ (9,854)	$ (7,778)	(28,572)	$ (32,130)
Magdalena Biosciences, Inc.
Long term purchase commitment
Total revenue, net			0
Operating expenses			(196)
Loss before income tax			(196)
Income tax expense			0
Net loss			(196)
Net Income (Loss)			$ (78)

Commitments and Contingencies_9

Commitments and Contingencies - Securities Purchase and Licensing Agreement and April 2024 Agreement (Details)			9 Months Ended
	Apr. 12, 2024	Mar. 18, 2024 USD ($) $ / shares shares	Sep. 30, 2024 USD ($)	Sep. 30, 2024 EUR (€)
Long term purchase commitment
Initial term of contract			5 years	5 years
Non-refundable license fee			$ 215,040	€ 200,000
Amortization expense			0
Royalty expense			0
April 2024 Agreement for Gelclair
Long term purchase commitment
Initial term of contract	5 years
Gen Ilac Ve Saglik Urunleri Sanayi Ve Ticaret, A.S
Long term purchase commitment
Issuance of common stock (in shares) | shares		277,778
Purchase price of common stock (per shares) | $ / shares		$ 0.12
Gross proceeds from the issuance of common stock		$ 2,000,000
Deferred revenue recognized as revenue		$ 850,000
License granted			$ 85,000
Initial term of contract		5 years

Debt - Notes Payable (Details)

Debt - Notes Payable (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Notes payable
Notes designated at Fair Value Option	$ 32,791,000		$ 30,943,000
Total	33,147,000		36,900,000
Less: unamortized discount and debt issuance costs			(1,040,000)
Notes payable, net of discount	33,147,000		35,860,000
Notes payable - non-current, net	21,660,000		30,993,000
Notes payable - current, net	$ 11,487,000		$ 4,867,000
Weighted average interest rate on short-term borrowings	8.23%		5.04%
Cash paid for interest	$ 14,000	$ 23,000
Insurance Financing
Notes payable
Total	306,000		$ 172,000
Tempesta Note
Notes payable
Total	50,000		150,000
Royalty Interest
Notes payable
Total			5,635,000
Notes payable
Notes payable
Notes payable - current, net	$ 11,487,000		$ 4,867,000

Debt - Sale of Future Royalty I

Debt - Sale of Future Royalty Interest (Details)

1 Months Ended

3 Months Ended

6 Months Ended

9 Months Ended

11 Months Ended

Jul. 18, 2024 USD ($) shares

Jul. 15, 2024 USD ($) shares

Jun. 07, 2024 USD ($) shares

Mar. 19, 2024 shares

Mar. 05, 2024 shares

Mar. 01, 2024 shares

Jan. 29, 2024 USD ($) $ / shares shares

Dec. 28, 2023 USD ($) shares

Sep. 29, 2023 USD ($) $ / shares shares

Jun. 28, 2023 USD ($) shares

May 08, 2023 USD ($) Item $ / shares shares

Mar. 23, 2023 USD ($) shares

Mar. 17, 2023 USD ($) shares

Feb. 08, 2023 USD ($) shares

Aug. 24, 2022 USD ($)

Mar. 08, 2021 USD ($)

Dec. 22, 2020 USD ($)

Nov. 13, 2020 USD ($)

Oct. 31, 2020 USD ($) $ / shares

Oct. 08, 2020 USD ($)

Sep. 30, 2022 USD ($) $ / shares shares

Sep. 30, 2024 USD ($) $ / shares shares

Sep. 30, 2023 USD ($) $ / shares

Nov. 18, 2022 USD ($) shares

Sep. 30, 2024 USD ($) $ / shares shares

Sep. 30, 2023 USD ($) $ / shares

Mar. 09, 2022 USD ($) shares

Dec. 31, 2023 USD ($) shares

Aug. 14, 2023

Jun. 30, 2023 $ / shares shares

Apr. 14, 2022 USD ($)

Nov. 01, 2020 $ / shares

Debt Instrument [Line Items]

Percentage of net sales

10%

Percentage of worldwide revenues

10%

Convertible preferred stock, shares issued (in shares) | shares

99

99

178

Royalties incurred

$ 0

Gain (loss) on extinguishment of debt

$ 3,697,000

1,245,000

$ 3,697,000

Term of warrant

5 years

Notes payable

$ 33,147,000

$ 33,147,000

$ 35,860,000

Minimum

Debt Instrument [Line Items]

Exercise price (in dollars per share) | $ / shares

$ 22

$ 22

$ 22

$ 22

Iliad

Debt Instrument [Line Items]

Royalties incurred

$ 227,000

$ 992,000

$ 1,900,000

Issuance of common stock (in shares) | shares

81,250

62

242

2,002

Net change in the fair value

$ 1,300,000

$ 2,900,000

Streeterville

Debt Instrument [Line Items]

Issuance of common stock (in shares) | shares

138,889

166,667

Royalty Interest Global Amendment Warrants

Debt Instrument [Line Items]

Exercise price (in dollars per share) | $ / shares

$ 22.2

Term of warrant

5 years

Royalty Interest Global Amendment Warrants | Streeterville

Debt Instrument [Line Items]

Warrants to purchase shares of Common stock | shares

4,250

Exercise price (in dollars per share) | $ / shares

$ 22.2

Streeterville Warrants | Royalty Interest Global Amendment Warrants

Debt Instrument [Line Items]

Warrants to purchase shares of Common stock | shares

4,250

Exercise price (in dollars per share) | $ / shares

$ 22.2

Iliad Warrants [Member] | Royalty Interest Global Amendment Warrants

Debt Instrument [Line Items]

Warrants to purchase shares of Common stock | shares

3,875

Uptown warrants | Royalty Interest Global Amendment Warrants

Debt Instrument [Line Items]

Warrants to purchase shares of Common stock | shares

4,375

Series H convertible preferred stock

Debt Instrument [Line Items]

Convertible preferred stock, shares issued (in shares) | shares

0

0

0

Series H convertible preferred stock | Streeterville

Debt Instrument [Line Items]

Royalty interest

$ 756,992

Series I convertible preferred stock

Debt Instrument [Line Items]

Convertible preferred stock, shares issued (in shares) | shares

0

0

56

Issuance of common stock (in shares) | shares

118

Series J

Debt Instrument [Line Items]

Convertible preferred stock, shares issued (in shares) | shares

99

99

Issuance of common stock (in shares) | shares

179

Beginning on March 2021

Debt Instrument [Line Items]

Shortfall restoration period

30 days

October 2020 Purchase Agreement

Debt Instrument [Line Items]

Royalties paid

$ 12,000,000

Aggregate purchase price

6,000,000

Royalty interest

12,000,000

Royalty discount

$ 6,000,000

Royalty discount rate

45.42%

34.51%

Minimum volume weighted average price of stock | $ / shares

$ 0.9105

$ 0.9105

Increase in royalty repayment amount

$ 6,000,000

Additional royalty financings committed

$ 6,000,000

Royalties incurred

$ 8,000,000

Royalty expense first and last exchange period description

from February 11, 2022 to March 9, 2022

Issuance of common stock (in shares) | shares

1,910

Gain (loss) on extinguishment of debt

$ 2,000,000

$ (2,200,000)

Principal amount

$ 12,000,000

October 2020 Purchase Agreement | Iliad

Debt Instrument [Line Items]

Fair value of notes

$ 4,800,000

4,800,000

$ 6,900,000

October 2020 Purchase Agreement | Beginning On April 2021

Debt Instrument [Line Items]

Minimum monthly royalty repayment amount

$ 250,000

October 2020 Purchase Agreement | Beginning On October 2021

Debt Instrument [Line Items]

Minimum monthly royalty repayment amount

400,000

October 2020 Purchase Agreement | Beginning On April 2022

Debt Instrument [Line Items]

Minimum monthly royalty repayment amount

600,000

October 2020 Purchase Agreement | Beginning On October 2022

Debt Instrument [Line Items]

Minimum monthly royalty repayment amount

$ 750,000

December 2020 Purchase Agreement

Debt Instrument [Line Items]

Aggregate purchase price

$ 6,000,000

Percentage of net sales

10%

Percentage of worldwide revenues

10%

Minimum monthly royalty repayment amount

$ 750,000

Royalty interest

12,000,000

Royalty discount

$ 6,000,000

Royalty discount rate

23.70%

Royalties incurred

$ 675,000

Issuance of common stock (in shares) | shares

2,500

Gain (loss) on extinguishment of debt

2,700,000

December 2020 Purchase Agreement | Iliad

Debt Instrument [Line Items]

Principal amount

12,000,000

December 2020 Purchase Agreement | Uptown Park Capital, LLC

Debt Instrument [Line Items]

Fair value of notes

8,900,000

8,900,000

7,500,000

Net change in the fair value

619,000

1,400,000

December 2020 Purchase Agreement | Series H convertible preferred stock | Streeterville

Debt Instrument [Line Items]

Aggregate shares value

1,700,000

December 2020 Purchase Agreement | Series H convertible preferred stock | Uptown Park Capital, LLC

Debt Instrument [Line Items]

Aggregate shares value

757,000

December 2020 Purchase Agreement | Series I convertible preferred stock | Uptown Park Capital, LLC

Debt Instrument [Line Items]

Aggregate shares value

$ 1,500,000

March 2021 Purchase Agreement

Debt Instrument [Line Items]

Aggregate purchase price

$ 5,000,000

Percentage of net sales

10%

Percentage of worldwide revenues

10%

Royalty discount rate

19.36%

Threshold price

$ 10,000,000

Percentage of royalties collected from licenses

50%

Interest expense

0

$ 531,000

448,000

$ 1,500,000

Carrying value of notes

0

0

4,600,000

March 2021 Purchase Agreement | Iliad

Debt Instrument [Line Items]

Principal amount

$ 10,000,000

March 2021 Purchase Agreement | Streeterville

Debt Instrument [Line Items]

Royalties incurred

$ 5,400,000

Issuance of common stock (in shares) | shares

5,170

Common stock, par value (in dollars per share) | $ / shares

$ 0.0001

March 2021 Purchase Agreement | Beginning on March 2021

Debt Instrument [Line Items]

Royalty interest

$ 10,000,000

Royalty discount

5,000,000

March 2021 Purchase Agreement | Beginning On April 2021

Debt Instrument [Line Items]

Minimum monthly royalty repayment amount

$ 250,000

Increase in royalty repayment, percent

5%

March 2021 Purchase Agreement | Beginning On October 2021

Debt Instrument [Line Items]

Minimum monthly royalty repayment amount

$ 400,000

March 2021 Purchase Agreement | Beginning On April 2022

Debt Instrument [Line Items]

Increase in royalty repayment, percent

10%

Royalty instrument, Debt instrument carrying value

$ 600,000

March 2021 Purchase Agreement | Beginning On October 2022

Debt Instrument [Line Items]

Minimum monthly royalty repayment amount

$ 750,000

August 2022 Purchase Agreement

Debt Instrument [Line Items]

Gain (loss) on extinguishment of debt

1,000,000

Fair value

8,000,000

8,000,000

$ 6,800,000

August 2022 Purchase Agreement | Streeterville

Debt Instrument [Line Items]

Aggregate purchase price

$ 4,000,000

Percentage of net sales

10%

Percentage of worldwide revenues

10%

Royalty interest

$ 12,000,000

Royalty discount rate

55.97%

Issuance of common stock (in shares) | shares

26,461

Aggregate shares value

$ 165,000

Percentage of royalties collected from licenses

50%

Common stock, par value (in dollars per share) | $ / shares

$ 0.0001

August 2022 Purchase Agreement | Until One Year Anniversary | Streeterville

Debt Instrument [Line Items]

Accrued interest rate on royalty

5%

August 2022 Purchase Agreement | After One Year Anniversary | Streeterville

Debt Instrument [Line Items]

Accrued interest rate on royalty

10%

August 2022 Purchase Agreement | Beginning On September 2022 | Streeterville

Debt Instrument [Line Items]

Minimum monthly royalty repayment amount

$ 250,000

August 2022 Purchase Agreement | Beginning On March 2023 | Streeterville

Debt Instrument [Line Items]

Minimum monthly royalty repayment amount

400,000

August 2022 Purchase Agreement | Beginning On September 2023 | Streeterville

Debt Instrument [Line Items]

Minimum monthly royalty repayment amount

600,000

August 2022 Purchase Agreement | Beginning On March 2024 | Streeterville

Debt Instrument [Line Items]

Minimum monthly royalty repayment amount

$ 750,000

Standstill Agreement

Debt Instrument [Line Items]

Number of royalty interests issued | Item

4

Agreement term

6 months

Exercise price (in dollars per share) | $ / shares

$ 28.8

Standstill Agreement | Streeterville Warrants

Debt Instrument [Line Items]

Warrants to purchase shares of Common stock | shares

31,547

Standstill Agreement | Iliad Warrants [Member]

Debt Instrument [Line Items]

Warrants to purchase shares of Common stock | shares

13,779

28,533

Standstill Agreement | Uptown warrants

Debt Instrument [Line Items]

Warrants to purchase shares of Common stock | shares

18,296

35,089

Standstill Agreement | Standstill Warrants [Member]

Debt Instrument [Line Items]

Exercise price (in dollars per share) | $ / shares

$ 28.8

$ 28.8

Term of warrant

5 years

Standstill Agreement | Series H convertible preferred stock | Streeterville

Debt Instrument [Line Items]

Royalty interest

$ 1,726,888

Number of shares to be exchanged | shares

105

Global Amendment No 2 to Royalty Interest October 2020 Purchase Agreement | Iliad

Debt Instrument [Line Items]

Warrants to purchase shares of Common stock | shares

3,875

Exercise price (in dollars per share) | $ / shares

$ 22.2

Threshold monthly royalty payment payable

$ 750,000

Term of warrant

5 years

Global Amendment No 2 to Royalty Interest October 2020 Purchase Agreement | Streeterville Warrants

Debt Instrument [Line Items]

Net change in the fair value

$ 555,000

$ 1,300,000

Global Amendment No 2 to Royalty Interest December, 2020 Purchase Agreement | Uptown Park Capital, LLC

Debt Instrument [Line Items]

Warrants to purchase shares of Common stock | shares

4,375

Exercise price (in dollars per share) | $ / shares

$ 22.2

Threshold monthly royalty payment payable

$ 750,000

Term of warrant

5 years

Global Amendment No 2 to Royalty Interest August, 2022 Purchase Agreement | Streeterville

Debt Instrument [Line Items]

Warrants to purchase shares of Common stock | shares

255,000

Threshold monthly royalty payment payable

$ 750,000

Term of warrant

5 years

October 2020 royalty interest agreements

Debt Instrument [Line Items]

Issuance of common stock (in shares) | shares

6,562

Notes payable

$ 1,500,000

October 2020 royalty interest agreements | Iliad

Debt Instrument [Line Items]

Issuance of common stock (in shares) | shares

200,000

455,000

133,333

Aggregate shares value

$ 819,000

$ 1,900,000

$ 836,000

$ 789,000

Royalty Interest Exchange Agreement December 2020 [Member]

Debt Instrument [Line Items]

Number of shares to be exchanged | shares

31,811

Partitioned Royalty

$ 1,100,000

Debt - Streeterville Note (Deta

Debt - Streeterville Note (Details) - Streeterville Note		1 Months Ended	3 Months Ended	9 Months Ended
	Jan. 13, 2021 USD ($)	Jan. 31, 2021	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt
Principal amount	$ 6,200,000
Aggregate purchase price	$ 6,000,000
Debt term	4 years
Interest rate (as a percent)	3.25%
Percentage of return bonus payable	1
Percentage of reduction in return bonus		1
Term for initiation of human trials		6 months
Percentage of outstanding balance payable elected to prepay				112.5
Capped percentage of aggregate default	25%
Fair value	$ 6,000,000		$ 11,100,000	$ 11,100,000	$ 9,800,000
Transaction expense	$ 25,000
Net change in the fair value			$ 593,000	$ 1,300,000
Maximum
Debt
Interest rate (as a percent)	18%
Percentage of gross proceeds received from return				18
Percentage of default effect	15%
Minimum
Debt
Interest rate (as a percent)			1%	1%
Percentage of default effect	5%
Accounts Receivable Purchase Agreement
Debt
Interest rate (as a percent)	25%
Transaction fee	$ 25,000

Debt - Insurance Financing (Det

Debt - Insurance Financing (Details) - USD ($)	1 Months Ended			3 Months Ended		9 Months Ended
	May 31, 2024	Mar. 31, 2024	May 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
May 2023 First Insurance Financing
Short-term Debt [Line Items]
Principal amount			$ 575,000
Unpaid balance			$ 676,000
Interest rate (as a percent)			8.60%
Finance charge			$ 23,000
Debt term			10 months
Interest expense				$ 0	$ 7,000	$ 7,000	$ 9,000
Financing balance				0		0		$ 172,000
March 2024 First Insurance Financing
Short-term Debt [Line Items]
Principal amount		$ 97,000
Unpaid balance		$ 52,000
Interest rate (as a percent)		9.30%
Finance charge		$ 2,000
Debt term		10 months
Interest expense				1,000		2,000
Financing balance				21,000		21,000
May 2024 First Insurance Financing
Short-term Debt [Line Items]
Principal amount	$ 519,000
Unpaid balance	$ 611,000
Interest rate (as a percent)	9.20%
Finance charge	$ 22,000
Debt term	10 months
Interest expense				7,000		10,000
Financing balance				$ 285,000		$ 285,000

Debt - 2019 Tempesta Note (Deta

Debt - 2019 Tempesta Note (Details) - Tempesta Note - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 31, 2019	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Cash received in the settlement	$ 50,000
Principal amount	$ 550,000
Common stock issued in exchange of debt	222
Interest rate (as a percent)	2.50%
Semi-annual principal and interest payments	$ 50,000
Interest expense		$ 1,000	$ 1,000	$ 2,000	$ 4,000
Carrying value of notes		$ 50,000		$ 50,000		$ 150,000

Warrants - Warrants outstanding

Warrants - Warrants outstanding and exercisable (Details) - shares	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Warrants
Warrants outstanding, beginning balance	201,830	125
Issuances		201,705
Exercises	(125,632)
Expirations and cancelations	(69)
Warrants outstanding, ending balance	76,129	201,830

Warrants - Agreements 2 (Detail

Warrants - Agreements 2 (Details)

Feb. 29, 2024 shares

Feb. 27, 2024 shares

May 08, 2023 USD ($) yr $ / shares shares

Sep. 30, 2024 $ / shares shares

Feb. 15, 2024 $ / shares

Dec. 31, 2023 shares

Sep. 30, 2023 $ / shares

Sep. 29, 2023 USD ($) yr $ / shares shares

Aug. 14, 2023 USD ($) yr $ / shares shares

Jun. 30, 2023 $ / shares shares

May 10, 2023 $ / shares shares

Dec. 31, 2022 shares

PIPE warrant exchange ratio

0.1

Term of warrant

5 years

Warrants outstanding

76,129

201,830

125

Common Stock

Share Price | $ / shares

$ 1.36

Shares issued on conversion on common stock

50,833

313,958

Minimum

Exercise price (in dollars per share) | $ / shares

22

$ 22

Share Price | $ / shares

$ 1

Maximum

Exercise price (in dollars per share) | $ / shares

$ 25,000

$ 25,000

Share Price | $ / shares

$ 0.1

PIPE Purchase Agreement

Exercise price (in dollars per share) | $ / shares

$ 28.8

Proceeds from Issuance of Private Placement | $

$ 1,860,000

Term of warrant

5 years

Standstill Agreement

Exercise price (in dollars per share) | $ / shares

$ 28.8

Warrants | $

$ 2,500,000

Share Price | $ / shares

$ 43.8

Standstill Agreement | Expected life

Warrants - Measurement input | yr

5

Standstill Agreement | Volatility

Warrants - Measurement input

1.1888

Standstill Agreement | Risk free rate

Warrants - Measurement input

0.0349

PIPE Warrants

Shares converted

125,583

PIPE Warrants | Expected life

Warrants - Measurement input | yr

5

PIPE Amendment Warrants

Warrants to purchase shares of Common stock

11,417

Exercise price (in dollars per share) | $ / shares

$ 28.8

Warrants | $

$ 1,200,000

Share Price | $ / shares

$ 43.2

PIPE Amendment Warrants | Volatility

Warrants - Measurement input

1.4595

PIPE Amendment Warrants | Risk free rate

Warrants - Measurement input

0.0337

Royalty Interest Global Amendment Warrants

Exercise price (in dollars per share) | $ / shares

$ 22.2

Warrants | $

$ 173,000

Share Price | $ / shares

$ 15.6

Term of warrant

5 years

Warrants outstanding

12,500

Warrant exercisable

12,500

Royalty Interest Global Amendment Warrants | Expected life

Warrants - Measurement input | yr

5

Royalty Interest Global Amendment Warrants | Volatility

Warrants - Measurement input

1.3953

Royalty Interest Global Amendment Warrants | Risk free rate

Warrants - Measurement input

0.046

Series G Preferred Stock | PIPE Purchase Agreement

Warrants to purchase shares of Common stock

114,167

114,167

Standstill warrants

Warrants outstanding

63,622

Warrant exercisable

63,622

Standstill warrants | Standstill Agreement

Exercise price (in dollars per share) | $ / shares

$ 28.8

$ 28.8

Term of warrant

5 years

Iliad Warrants | Standstill Agreement

Warrants to purchase shares of Common stock

13,779

28,533

Iliad Warrants | Royalty Interest Global Amendment Warrants

Warrants to purchase shares of Common stock

3,875

Uptown warrants | Standstill Agreement

Warrants to purchase shares of Common stock

18,296

35,089

Uptown warrants | Royalty Interest Global Amendment Warrants

Warrants to purchase shares of Common stock

4,375

Streeterville Warrants | Standstill Agreement

Warrants to purchase shares of Common stock

31,547

Streeterville Warrants | Royalty Interest Global Amendment Warrants

Warrants to purchase shares of Common stock

4,250

Exercise price (in dollars per share) | $ / shares

$ 22.2

Series G Preferred Stock

Shares converted

122

Series G Preferred Stock | PIPE Purchase Agreement

Number of shares issued

137

Common stock, par value (in dollars per share) | $ / shares

$ 0.0001

Preferred Stock (Details)

Preferred Stock (Details) - shares	Sep. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Shares designated	7,535,013	7,534,834
Issued	99	178
Outstanding	99	178
Shares Authorized	10,000,000	10,000,000
Series A
Class of Stock [Line Items]
Shares designated	5,524,926	5,524,926
Issued	0	0
Outstanding	0	0
Series B
Class of Stock [Line Items]
Shares designated	11,000	11,000
Issued	0	0
Outstanding	0	0
Series B-1
Class of Stock [Line Items]
Shares designated	63	63
Issued	0	0
Outstanding	0	0
Series B-2
Class of Stock [Line Items]
Shares designated	10,165	10,165
Issued	0	0
Outstanding	0	0
Series C
Class of Stock [Line Items]
Shares designated	1,011,000	1,011,000
Issued	0	0
Outstanding	0	0
Series D
Class of Stock [Line Items]
Shares designated	977,300	977,300
Issued	0	0
Outstanding	0	0
Series E
Class of Stock [Line Items]
Shares designated	10	10
Issued	0	0
Outstanding	0	0
Series F
Class of Stock [Line Items]
Shares designated	10	10
Issued	0	0
Outstanding	0	0
Series G
Class of Stock [Line Items]
Shares designated	137	137
Issued	0	122
Outstanding	0	122
Series H
Class of Stock [Line Items]
Shares designated	105	105
Issued	0	0
Outstanding	0	0
Shares Authorized	10,000,000	10,000,000
Series I
Class of Stock [Line Items]
Shares designated	118	118
Issued	0	56
Outstanding	0	56
Shares Authorized	10,000,000	10,000,000
Series J
Class of Stock [Line Items]
Shares designated	179
Issued	99
Outstanding	99

Preferred Stock - Series G Pref

Preferred Stock - Series G Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 29, 2024	Feb. 27, 2024	May 08, 2023	Sep. 30, 2024	Dec. 31, 2023
Preferred Stock, Shares Issued				99	178
Common Stock
Shares issued on conversion on common stock	50,833	313,958
Series G Preferred Stock
Preferred Stock, Shares Issued				0	122
Shares converted	122
Certain investors | Securities purchase agreement | Series G Preferred Stock
Preferred Stock, Shares Issued			137
Convertible preferred stock, par value (in dollars per share)			$ 0.0001
Warrants to purchase shares of Common stock			114,167
Exercise price (in dollars per share)			$ 28.8
Proceeds from Issuance of Private Placement			$ 1.9

Preferred Stock - Series H Pref

Preferred Stock - Series H Preferred Stock (Details) - Series H convertible preferred stock - December 2020 Purchase Agreement	Jun. 28, 2023 USD ($) shares
Uptown Park Capital, LLC
Aggregate shares issued | shares	32
Aggregate shares value | $	$ 757,000
Streeterville
Aggregate shares issued | shares	73
Aggregate shares value | $	$ 1,700,000

Preferred Stock - Series I Pref

Preferred Stock - Series I Preferred Stock (Details) - USD ($)	Jan. 15, 2024	Sep. 29, 2023
Number of shares issued for convertible preferred stock	44,941
Series I convertible preferred stock
Shares converted	56
Series I convertible preferred stock | Uptown Park Capital, LLC | December 2020 Purchase Agreement
Aggregate shares issued		118
Aggregate shares value		$ 1,500,000

Temporary Equity (Details)

Temporary Equity (Details) - $ / shares	Mar. 19, 2024	Mar. 05, 2024	Mar. 01, 2024	Sep. 30, 2024	Dec. 31, 2023
Temporary Equity
Outstanding				99	0
Streeterville
Temporary Equity
Issuance of common stock (in shares)	138,889	166,667
Price per share	$ 7.2
Series J Preferred Stock
Temporary Equity
Right to exchange shares at per share price			$ 25,000
Outstanding				99	0
Series J Preferred Stock | Streeterville
Temporary Equity
Shares issued			179
Series J Perpetual Preferred Stock
Temporary Equity
Surrender and cancellation of shares	40	40

Stockholders' Equity - Reserved

Stockholders' Equity - Reserved shares and Common stock (Details)		9 Months Ended
	May 23, 2024	Sep. 30, 2024 Vote $ / shares shares	Dec. 31, 2023 $ / shares shares	Sep. 30, 2022 $ / shares shares	Sep. 29, 2022 shares
Shares of common stock reserved for issuance
Options issued and outstanding		384	26,357
Options available for grant under stock option plans		1,367,231	120,033
Restricted stock unit awards issued and outstanding		20,852	47,998
Warrants issued and outstanding		76,129	7,505
Total		1,464,616	203,427
Number of voting rights entitled for each share of common stock held | Vote		1
Reverse stock split ratio	0.0167
Total shares authorized		358,000,000
Preferred stock, shares authorized (in shares)		10,000,000	10,000,000
Inducement options issued and outstanding
Shares of common stock reserved for issuance
Options issued and outstanding		20	1,534
Common Stock | Common stock - voting
Shares of common stock reserved for issuance
Common stock, par value (in dollars per share) | $ / shares		$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)		298,000,000	298,000,000	298,000,000	150,000,000
Common Stock | Common stock - non-voting
Shares of common stock reserved for issuance
Common stock, par value (in dollars per share) | $ / shares		$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)		50,000,000	50,000,000
Convertible non-voting common stock
Shares of common stock reserved for issuance
Reverse stock split ratio		1

Stockholders' Equity - Reverse

Stockholders' Equity - Reverse Stock Split and ATM (Details) $ in Millions					9 Months Ended
	May 23, 2024	Feb. 02, 2022 USD ($)	Feb. 01, 2022 USD ($)	Dec. 10, 2021 USD ($)	Sep. 30, 2024 USD ($) shares
Reverse stock split ratio	0.0167
December 2021 ATM Agreement
Issuance of common stock (in shares) | shares					6,925,806
Proceeds from issuance of Common stock					$ 27.8
December 2021 ATM Agreement | Maximum
Aggregate offering price		$ 75		$ 15
December 2021 ATM Agreement | Minimum
Aggregate offering price			$ 15

Stockholders' Equity- Noncontro

Stockholders' Equity- Noncontrolling Interest (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2021
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Noncontrolling interest	$ (514,000)		$ (514,000)		$ (64,000)
Decrease in noncontrolling interest	$ 186,000	$ 136,000	$ 450,000
Increase in noncontrolling interest				$ 755,000
Napo Therapeutics
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Noncontrolling interest						$ 242,000

Stock-based Compensation - Summ

Stock-based Compensation - Summary of Stock Incentive Plans (Details) - USD ($)						1 Months Ended	9 Months Ended	12 Months Ended
	Aug. 13, 2024	May 15, 2023	Apr. 13, 2022	Jun. 16, 2020	May 12, 2015	Nov. 30, 2013	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock-based Compensation
Option outstanding							384	26,357
Options available for grant under stock option plans							1,367,231	120,033
Shares Available for Grant
Beginning balance (in shares)							120,033
Ending balance (in shares)							1,367,231	120,033
Stock Options Outstanding
Beginning balance (in shares)							26,357
Ending balance (in shares)							384	26,357
RSUs Outstanding
Beginning balance (in shares)							47,998
Ending balance (in shares)							20,852	47,998
Options vested, exercisable and expected to vest
Weighted average grant date fair value of stock options granted (in dollars per share)							$ 0	$ 0
Number of options vested (in shares)							8	25
Weighted average fair value of options vested on grant date							$ 20,069	$ 16,417
Stock options
Stock Options Outstanding
Options exercised (in shares)							0	0
Weighted Average Stock Option Exercise Price
Beginning balance (in dollars per share)							$ 35,738.63	$ 35,564.08
Options cancelled (in dollars per share)							23,355	19,668.87
Ending balance (in dollars per share)							$ 21,057.18	$ 35,738.63	$ 35,564.08
Weighted Average Remaining Contractual Life (Years)
Weighted Average Remaining Contractual Life (Years)							5 years 7 months 17 days	6 years 2 months 15 days	7 years 2 months 8 days
Options vested, exercisable and expected to vest
Options exercisable (in dollars per share)							$ 21,057.18
Options exercisable (in years)							5 years 7 months 17 days
Options vested and expected to vest (in dollars per share)							$ 21,057.18
Options vested and expected to vest (in years)							5 years 7 months 17 days
Options exercised (in shares)							0	0
Stock options and RSUs
Stock-based Compensation
Option outstanding							404	405	454
Options available for grant under stock option plans							1,367,231	10,463	2,045
Shares Available for Grant
Beginning balance (in shares)							10,463	2,045
Additional shares authorized (in shares)							1,332,659	52,772
Options cancelled (in shares)							1	49
RSUs granted (in shares)							(1,111)	(44,853)
RSUs exercised							25,076
RSUs cancelled							143	87
RSUs vested and released (in shares)								363
Ending balance (in shares)							1,367,231	10,463	2,045
Stock Options Outstanding
Beginning balance (in shares)							405	454
Options cancelled (in shares)							(1)	(49)
Ending balance (in shares)							404	405	454
RSUs Outstanding
RSUs vested and released (in shares)								(363)
Options vested, exercisable and expected to vest
Options exercisable (in shares)							404
Options vested and expected to vest (in shares)							404
Restricted stock units issued and outstanding
Shares Available for Grant
RSUs vested and released (in shares)								363
RSUs Outstanding
Beginning balance (in shares)							44,960	557
RSUs Granted (in shares)							1,111	44,853
RSUs Exercised (in shares)							(25,076)
RSUs vested and released (in shares)								(363)
RSUs Cancelled (in shares)							(143)	(87)
Ending balance (in shares)							20,852	44,960	557
2013 Plan
Stock-based Compensation
Option shares outstanding							0	0
2013 Plan | Stock options
Stock Options Outstanding
Options granted (in shares)						0
2014 Plan
Stock-based Compensation
Incentive stock option term					10 years
Increase in share reserve based on outstanding number of shares (as a percent)					2%
Option outstanding							384	385
Options available for grant under stock option plans							867,251	2,155
Shares Available for Grant
Beginning balance (in shares)							2,155
Additional shares authorized (in shares)			2,417,660
Ending balance (in shares)							867,251	2,155
Stock Options Outstanding
Beginning balance (in shares)							385
Ending balance (in shares)							384	385
2020 Inducement Award Plan
Stock-based Compensation
Options available for grant under stock option plans				2,222
Number of shares reserved for issuance	1,471,004	971,833	500,000
Shares Available for Grant
Ending balance (in shares)				2,222
2020 New Employee Inducement Award Plan
Stock-based Compensation
Incentive stock option term				10 years
Option outstanding							20	20
Options available for grant under stock option plans							499,980	8,308
Number of shares reserved for issuance	1,964,021	1,471,004	971,833
Shares Available for Grant
Beginning balance (in shares)							8,308
Additional shares authorized (in shares)	493,017	499,171	471,833
Ending balance (in shares)							499,980	8,308
Stock Options Outstanding
Beginning balance (in shares)							20
Ending balance (in shares)							20	20
Common Stock
Options vested, exercisable and expected to vest
Share Price							$ 1.36
Participants Voting Power More than Ten Percent | 2014 Plan
Stock-based Compensation
Incentive stock option term					5 years
Participants Voting Power More than Ten Percent | 2020 Inducement Award Plan
Stock-based Compensation
Incentive stock option term				5 years

Stock-based Compensation - Stoc

Stock-based Compensation - Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock-based Compensation
Total stock-based compensation expense	$ 310	$ 537	$ 1,274	$ 1,535
Research and development expense
Stock-based Compensation
Total stock-based compensation expense	97	272	562	756
Sales and marketing expense
Stock-based Compensation
Total stock-based compensation expense	32	40	104	175
General and administrative expense
Stock-based Compensation
Total stock-based compensation expense	181	$ 225	608	$ 604
Stock options and RSUs
Stock-based Compensation
Unrecognized stock-based compensation expense	$ 0		$ 0

Stock-based Compensation - 401(

Stock-based Compensation - 401(k) Plan (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Stock-based Compensation
Employer contributions to the plan	$ 0

Net Loss Per Share - Calculatio

Net Loss Per Share - Calculation Of Basic And Diluted Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Loss Per Share
Net loss attributable to common stockholders (basic)	$ (9,854)	$ (7,778)	$ (28,572)	$ (32,130)
Net loss attributable to common stockholders (diluted)	$ (9,854)	$ (7,778)	$ (28,572)	$ (32,130)
Shares used to compute net loss per common stock, basic (in shares)	9,370,136	345,657	5,848,903	242,504
Shares used to compute net loss per common stock, diluted (in shares)	9,370,136	345,657	5,848,903	242,504
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (1.05)	$ (22.5)	$ (4.89)	$ (132.49)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (1.05)	$ (22.5)	$ (4.89)	$ (132.49)

Net Loss Per Share - Other Comm

Net Loss Per Share - Other Common Stock Equivalents (Details) - shares	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Outstanding common stock equivalents have been excluded from diluted net loss per common share
Total (in shares)	97,385	83,394
Options issued and outstanding
Outstanding common stock equivalents have been excluded from diluted net loss per common share
Total (in shares)	384	26,357
Inducement options issued and outstanding
Outstanding common stock equivalents have been excluded from diluted net loss per common share
Total (in shares)	20	1,534
Restricted stock units issued and outstanding
Outstanding common stock equivalents have been excluded from diluted net loss per common share
Total (in shares)	20,852	47,998
Warrants issued and outstanding
Outstanding common stock equivalents have been excluded from diluted net loss per common share
Total (in shares)	76,129	7,505

Net Loss Per Share - Additional

Net Loss Per Share - Additional Information (Details)	Nov. 13, 2024 shares
Subsequent event
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares issued after balance sheet date	1,434,368

Segment Data (Details)

Segment Data (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Segment	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segment Information
Number of reportable segments | Segment			2
External revenue	$ 3,108	$ 2,813	$ 8,180	$ 7,461
Cost of revenue	541	514	1,398	1,350
Research and development	4,043	6,081	12,008	15,133
Sales and marketing	2,010	1,472	4,977	4,929
General and administrative	3,776	3,533	12,471	12,783
Interest	(162)	500	341	6,134
Consolidated net comprehensive loss	(10,185)	(7,987)	(29,057)	(32,724)
Segment net loss	(10,021)	(7,904)	(29,017)	(32,592)
Segment assets	58,466		58,466		$ 50,763
Product revenue, net
Segment Information
External revenue	3,066	2,813	8,095	7,461
Operating Segments
Segment Information
External revenue	3,108	2,813	8,180	7,461
Cost of revenue	541	514	1,398	1,350
Research and development	4,045	6,077	12,011	15,126
Sales and marketing	2,010	1,472	4,977	4,929
General and administrative	4,271	4,010	13,922	14,206
Interest	(131)	524	425	6,157
Other segment items	3,258	(1,330)	6,051	(205)
Segment expenses	13,994	11,267	38,784	41,563
Consolidated net comprehensive loss	(10,886)	(8,454)	(30,604)	(34,102)
Segment assets	218,659		218,659		195,479
Operating Segments | Human Health
Segment Information
External revenue	3,014	2,782	7,954	7,335
Cost of revenue	527	501	1,356	1,306
Research and development	3,599	5,436	10,000	13,052
Sales and marketing	1,946	1,401	4,768	4,697
General and administrative	2,288	1,997	6,700	6,809
Interest	32	24	87	25
Other segment items	117	118	354	168
Segment expenses	8,509	9,477	23,265	26,057
Consolidated net comprehensive loss	(5,495)	(6,695)	(15,311)	(18,722)
Segment assets	44,193		44,193		42,289
Operating Segments | Animal Health
Segment Information
External revenue	94	31	226	126
Cost of revenue	14	13	42	44
Research and development	446	641	2,011	2,074
Sales and marketing	64	71	209	232
General and administrative	1,983	2,013	7,222	7,397
Interest	(163)	500	338	6,132
Other segment items	3,141	(1,448)	5,697	(373)
Segment expenses	5,485	1,790	15,519	15,506
Consolidated net comprehensive loss	(5,391)	(1,759)	(15,293)	(15,380)
Segment assets	174,466		174,466		153,190
Eliminations And Reconciling Items [Member]
Segment Information
Consolidated net comprehensive loss	701	$ 467	1,547	$ 1,378
Segment Reconciling Items
Segment Information
Segment assets	(29,232)		(29,232)		(29,232)
Intersegment Eliminations
Segment Information
Segment assets	$ (130,961)		$ (130,961)		$ (115,484)

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions		1 Months Ended	9 Months Ended
	Nov. 13, 2024	Nov. 13, 2024	Sep. 30, 2024
December 2021 ATM Agreement
Subsequent Events.
Issuance of common stock (in shares)			6,925,806
Subsequent event
Subsequent Events.
Issuance of common stock (in shares)	1,434,368
Subsequent event | December 2021 ATM Agreement
Subsequent Events.
Number of shares issued		1,434,368
Total net proceeds		$ 1.7