[Form 4] Jaguar Health, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Steven R. King, Chief of Sustainable Supply, Ethnobotanical Research and IP and Secretary of Jaguar Health (JAGX), reported significant changes in derivative securities holdings on June 24, 2025:

• Disposed of an existing 6% convertible promissory note (Original Note) maturing 6/30/2025
• Acquired a new 6% convertible promissory note (New Note) maturing 1/30/2026, convertible to 3,785 shares at $5.555 per share
• Received a warrant as inducement for the exchange, allowing purchase of 7,304 shares at $2.70 per share

The warrant becomes exercisable upon stockholder approval and expires in 18 months (12/24/2026) or earlier upon fundamental transaction/liquidation events. This exchange effectively extends the maturity of King's convertible note position while providing additional equity exposure through the warrant.

Positive

• None.

Negative

• Insider exchanged existing convertible note for new note with extended maturity and higher share count, potentially indicating concerns about near-term repayment capability

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

King Steven R.

(Last) (First) (Middle)

C/O JAGUAR HEALTH, INC.

200 PINE STREET, SUITE 400

(Street)

SAN FRANCISCO CA 94104

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Jaguar Health, Inc. [ JAGX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	See Remarks

3. Date of Earliest Transaction (Month/Day/Year)
06/24/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Convertible Promissory Note	$5.555	06/24/2025		D			3,600	(1)	(1)	Common Stock	3,600	$20,000(1)	0	D
Convertible Promissory Note	$5.555	06/24/2025		A		3,785		(1)	(1)	Common Stock	3,785	$20(1)	3,785	D
Warrant to Purchase Common Stock	$2.7	06/24/2025		A		7,304		(2)	12/24/2026	Common Stock	7,304	(2)	3,600	D

Explanation of Responses:

1. The reporting person disposed of a 6% convertible promissory note maturing on 6/30/2025 (the "Original Note") that was originally issued to pursuant to a securities purchase agreement between Jaguar Health, Inc. (the "Company") and the reporting person dated March 26, 2025 in exchange for a new 6% convertible promissory note that matures on 1/30/2026 (the "New Note") in an issuer exchange offer. The New Note is convertible, at the reporting person's option, in part or in full, into an aggregate of 3,785 shares of the Company's voting common stock, par value $0.0001 per share (the "Common Stock"), at a conversion price of $5.555 per share.

2. As an inducement to enter into the issuer exchange offer, the reporting person received a warrant (the "Warrant") to purchase up to 7,304 shares of Common Stock with an exercise price of $2.70 per share. The Warrant is exercisable immediately upon receipt of stockholder approval and will expire on the earlier of (i) 18 months from the date of issuance, (ii) the consummation of a fundamental transaction and (iii) the consummation of a liquidation event.

Remarks:

Chief of Sustainable Supply, Ethnobotanical Research and Intellectual Property and Secretary

	/s/ Steven R. King	06/26/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What insider trading activity occurred at JAGX on June 24, 2025?

Steven R. King, JAGX's Chief of Sustainable Supply, exchanged his original 6% convertible promissory note for a new note and received additional warrants. Specifically, he exchanged a note convertible to 3,600 shares for a new note convertible to 3,785 shares, and received warrants to purchase 7,304 shares at $2.70 per share.

What is the conversion price of JAGX's new convertible note issued to Steven King?

The new convertible promissory note issued to Steven King has a conversion price of $5.555 per share, convertible into 3,785 shares of JAGX common stock.

What are the terms of the new warrants issued to JAGX's insider Steven King?

The warrants allow purchase of 7,304 shares at $2.70 per share, exercisable upon stockholder approval and expiring at the earlier of: 18 months from issuance (December 24, 2026), the completion of a fundamental transaction, or a liquidation event.

When does JAGX's new convertible note held by Steven King mature?

The new 6% convertible promissory note matures on January 30, 2026, extended from the original note's maturity date of June 30, 2025.

What position does Steven King hold at JAGX?

Steven R. King serves as JAGX's Chief of Sustainable Supply, Ethnobotanical Research and Intellectual Property and Secretary.