Jaguar Health Inc (NASDAQ:JAGX) fell 6.75% after announcing its consolidated Q2 2021 financial results. During the quarter Mytesi, prescription volume was up 4.3% from Q1 2021, with net prescriptions increasing 2.8% over the same period.
However, YoY prescription volume was down 9%, which the company attributes to the role of the pandemic leading to fewer patient visits, few refills, and fewer opportunities for Mytesi patients’ diagnosis. Mytesus net revenue was $0.4 million during the quarter compared to $3.2 million a year ago.
The company is transitioning its market access strategy to remove barriers to access for HIV patients to start using Mytesi. The shift involves having the drug in select pharmacies at the end of this year. The availability of Mytesi through pharmacies will increase net product revenue and lower distribution costs. In Q2, Neonorm sales were minimal as per its primary concentration in human products. The company posted a net loss of $14.1 million in Q2 2021 compared to $9.2 a year before. With the Mytesi strategy change, investors should be keen on JAGX in the coming months.
Market Reaction:
On Friday, JAGX stock fell 6.77% at $1.24 with more than 6.21 million shares, compared to its average volume of 9.49 million shares. The stock has moved within a range of $1.2000 – 1.2900 after opening the trade at $1.28.
