[SCHEDULE 13G/A] Jaguar Health, Inc. SEC Filing

Rhea-AI Filing Summary

Jaguar Health, Inc. Schedule 13G/A discloses that CVI Investments, Inc. and Heights Capital Management, Inc. collectively report beneficial ownership of 147,000 shares, equal to 9.9% of the class. The filing states the reported shares consist of shares issuable upon exercise of warrants and that the warrants are not exercisable to the extent exercise would cause ownership to exceed 9.99%. The company's prospectus reported 1,324,471 shares outstanding (excluding shares underlying the warrants) as of June 13, 2025.

The filing shows shared voting and dispositive power of 147,000 shares and no sole voting or dispositive power. Heights Capital serves as investment manager to CVI and may be deemed to exercise voting and dispositive power over the shares; both reporting persons disclaim beneficial ownership except for their pecuniary interest. The statement is signed by Sarah Travis on 08/12/2025 and references previously filed Limited Power of Attorney and Joint Filing Agreement exhibits.

Positive

• Material stake disclosed: Reporting persons hold 147,000 shares, representing 9.9% of the class.
• Clear instrument disclosure: The position is identified as consisting of shares issuable upon exercise of warrants.
• Manager role disclosed: Heights Capital is identified as CVI's investment manager and its role is explained.

Negative

• Exercise cap: Warrants are not exercisable to the extent exercise would cause ownership to exceed 9.99%, limiting immediate conversion.
• No sole control: Reporting persons report 0 sole voting and dispositive power, indicating no unilateral control over the issuer.

Insights

Securities Analyst

TL;DR: CVI/Heights disclose a near-10% position (147,000 warrants-based shares); material ownership disclosure, but exercise limits cap conversion.

The filing reports a 147,000-share interest representing 9.9% of Jaguar Health's outstanding common stock on a post-warrant basis, with the underlying instruments being warrants and an explicit 9.99% exercise cap. The disclosure clarifies governance control is shared (147,000 shared voting/dispositive power) with 0 sole voting or dispositive power. Heights Capital is identified as CVI's investment manager and may be deemed to exercise voting/dispositive power, while both entities disclaim beneficial ownership other than pecuniary interest. For investors, this is a material ownership filing that mainly documents position size and conversion constraints rather than immediate control actions.

Corporate Governance Expert

TL;DR: Material ownership near the 10% reporting threshold, but the filing indicates limited unilateral control and managerial disclosure.

The Schedule 13G/A indicates the position arises from warrants rather than outright common stock, and the filing explicitly limits exercisability to prevent exceeding 9.99%. Shared voting and dispositive power is reported at 147,000 shares with no sole power, and the filing documents the role of Heights Capital as investment manager to CVI. The reporting persons' disclaimer of beneficial ownership except for pecuniary interest is standard in manager-managed arrangements. This disclosure is governance-relevant and material in size, while not indicating a change-in-control intent.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Jaguar Health, Inc.

(Name of Issuer)

Common Stock, $0.0001 par value per share

(Title of Class of Securities)

47010C888

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 47010C888

1

Names of Reporting Persons

CVI Investments, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 147,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 147,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

147,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: With respect to Row 6 and Row 8 above, Heights Capital Management, Inc. is the investment manager to CVI Investments, Inc. and as such may exercise voting and dispositive power over the shares reported as beneficially owned by CVI Investments, Inc. herein.

SCHEDULE 13G

CUSIP No. 47010C888

1

Names of Reporting Persons

Heights Capital Management, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 147,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 147,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

147,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: With respect to Row 6 and Row 8 above, Heights Capital Management, Inc. is the investment manager to CVI Investments, Inc. and as such may exercise voting and dispositive power over the shares reported as beneficially owned by CVI Investments, Inc. herein.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Jaguar Health, Inc.
(b)	Address of issuer's principal executive offices: 200 Pine Street, Suite 400, San Francisco, CA 94104
Item 2.
(a)	Name of person filing: This statement is filed by the entities listed below, who are collectively referred to herein as "Reporting Persons," with respect to the shares of common stock of Jaguar Health, Inc. (the "Company"), $0.0001 par value per share (the "Shares"). (i) CVI Investments, Inc. (ii) Heights Capital Management, Inc.
(b)	Address or principal business office or, if none, residence: The address of the principal business office of CVI Investments, Inc. is: P.O. Box 309GT Ugland House South Church Street George Town Grand Cayman KY1-1104 Cayman Islands The address of the principal business office of Heights Capital Management, Inc. is: 101 California Street, Suite 3250 San Francisco, California 94111
(c)	Citizenship: Citizenship is set forth in Row 4 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(d)	Title of class of securities: Common Stock, $0.0001 par value per share
(e)	CUSIP No.: 47010C888
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by this Item 4(a) is set forth in Row 9 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. The number of Shares reported as beneficially owned consists of Shares issuable upon the exercise of warrants to purchase Shares (the "Warrants"). The Warrants are not exercisable to the extent that the total number of Shares then beneficially owned by a Reporting Person and its affiliates and any other persons whose beneficial ownership of Shares would be aggregated with such Reporting Person for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, would exceed 9.99%. The Company's Prospectus (Registration No. 333-288202), filed on June 27, 2025, indicates there were 1,324,471 Shares outstanding (excluding Shares underlying the Warrants) as of June 13, 2025.
(b)	Percent of class: 9.9 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by this Item 4(c)(i) is set forth in Row 5 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
	(ii) Shared power to vote or to direct the vote: The information required by this Item 4(c)(ii) is set forth in Row 6 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. Heights Capital Management, Inc., which serves as the investment manager to CVI Investments, Inc., may be deemed to be the beneficial owner of all Shares owned by CVI Investments, Inc. Each of the Reporting Persons hereby disclaims any beneficial ownership of any such Shares, except for their pecuniary interest therein.
	(iii) Sole power to dispose or to direct the disposition of: The information required by this Item 4(c)(iii) is set forth in Row 7 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
	(iv) Shared power to dispose or to direct the disposition of: The information required by this Item 4(c)(iv) is set forth in Row 8 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. Heights Capital Management, Inc., which serves as the investment manager to CVI Investments, Inc., may be deemed to be the beneficial owner of all Shares owned by CVI Investments, Inc. Each of the Reporting Persons hereby disclaims any beneficial ownership of any such Shares, except for their pecuniary interest therein.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

CVI Investments, Inc.

Signature:	/s/ Sarah Travis
Name/Title:	Sarah Travis, Assistant General Counsel and Assistant Secretary of Heights Capital Management, Inc.
Date:	08/12/2025

Heights Capital Management, Inc.

Signature:	/s/ Sarah Travis
Name/Title:	Sarah Travis, Assistant General Counsel and Assistant Secretary
Date:	08/12/2025

Comments accompanying signature: Heights Capital Management, Inc. serves as authorized agent of CVI Investments, Inc. pursuant to a Limited Power of Attorney, a copy of which was previously filed.

Exhibit Information

EXHIBIT INDEX EXHIBIT DESCRIPTION ________ ________ I Limited Power of Attorney* II Joint Filing Agreement* * Previously filed

FAQ

What stake did CVI Investments and Heights Capital report in Jaguar Health (JAGX)?

They report beneficial ownership of 147,000 shares, representing 9.9% of the class.

Are the reported shares common stock or derived from other instruments for JAGX?

The filing states the reported amount consists of shares issuable upon exercise of warrants.

How many shares outstanding did Jaguar Health's prospectus report for calculating the percentage?

The prospectus indicated 1,324,471 shares outstanding (excluding shares underlying the warrants) as of June 13, 2025.

Can the warrants underlying the reported position be fully exercised?

No. The warrants are not exercisable to the extent exercise would cause ownership to exceed 9.99%.

Who signed the Schedule 13G/A for the reporting persons?

The filing is signed by Sarah Travis, Assistant General Counsel and Assistant Secretary, on 08/12/2025.