As previously disclosed, on November 12, 2025, Jaguar Health, Inc. (the "Company") issued and sold to Streeterville Capital, LLC ("Streeterville") a secured promissory note in the original principal amount of $10,810,000 (as amended, the "2025 Note") pursuant to that certain Note Purchase Agreement between the same parties dated as of the even date.

On September 23, 2026, the Company entered into privately negotiated exchange agreements with Streeterville (collectively, the "2025 Note Exchange Agreements"), pursuant to which the Company issued an aggregate of 547,898 shares (the "2025 Note Exchange Shares") of the Company’s common stock, par value $0.0001 (the "Common Stock") to Streeterville in exchange for a $5,049,909.26 reduction in the outstanding balance of the 2025 Note (the "2025 Note Exchange Transaction").

The 2025 Note Exchange Agreements include representations, warranties, and covenants customary for a transaction of this type.