Jaguar Health Inc. (JAGX) — RQD Stock Rating Cockpit

Per the Roarable RQD rating, JAGX scores 28 out of 100 with a letter grade of E, labeled "Roarable Strong Sell — Forensic Risk / Avoid." The five pillars are: Fundamental Cash Engine at 6/20 (ROIC -35%; FCF yield 0%), Whale 13F Flow at 3/20 (institutional accumulation and options positioning), Insider Conviction at 3/20 (SEC Form 4 and Congressional PTR cluster flow), Macro Regime Fit at 8/20 (Beta 1.0; sector sensitivity), and Forensic Balance Sheet at 8/20 (Altman Z 2.5; Piotroski F 1/9; Debt/Equity 0.5). Every pillar sits in the low range, and the two weakest, cash engine and institutional/insider flow, are the ones that most directly determine whether a company can self-fund and whether informed capital is backing it. For a prospective investor, the rating's implication is that the reported economics do not currently generate cash, the balance-sheet signals are weak, and there is little evidence of concentrated conviction from institutions or insiders. Any upside case would have to rest on factors outside the cash engine, such as a catalyst that changes the funding picture, and the source data does not establish one. The rating frames the stock as a high-risk, low-conviction situation rather than a value opportunity.

Per the SEC financials and market data, operating margin is -60% and net margin is -0.5% against a gross margin of 67.2%, indicating that the gap between gross profit and operating results is driven by operating costs rather than product-level economics. ROIC is -35%. The forensic metrics per the Roarable RQD rating are an Altman Z-Score of 2.5, a Piotroski F-Score of 1/9, and Debt/Equity of 0.5. Reported cash declined from $8.0M to $1.0M over FY 2024 to FY 2025 while free cash flow remained negative in each reported year.

Per the recent news and catalysts feed, the most recent item (flagged YELLOW, market wire) concerns a targeted mid-2027 MVID NDA filing as the crofelemer intestinal failure program advances. A second YELLOW item reports a declared special stock dividend of Series R Convertible Preferred Shares, followed by a GREEN-flagged catalyst item on setting a record date for that special dividend, and an ACCESS Newswire update on the same special dividend. Other items include a StockInvest.us forecast piece, a Moomoo analyst-ratings piece, and a YELLOW market-wire item. Watch items are the timing of the MVID filing relative to the cash position reported in the financials, and the preferred share distribution, which is a structural event affecting the capital stack. Per the Butterfly Supply-Chain Graph, no proprietary signals or supply-chain links are recorded.

• How does the reported FY 2025 cash of $1.0M cover FY 2025 free cash flow of $-23.7M, and what funding sources are disclosed?
• What are the terms, size, and dilution impact of the Series R Convertible Preferred special dividend?
• What revenue sources make up the $11.5M in FY 2025 revenue, and how does that break down by product?
• What is the status and cost of the crofelemer program required to reach the mid-2027 MVID NDA filing target?
• Why is EPS reported as N/A and debt as N/A in the financial periods, and what is the actual debt load?