Jaguar Health, Inc.

Please stand by. We're about to begin. Before I turn the call over to management, I'd like to remind you that management may make forward-looking statements relating to such matters as continued growth prospects for the company, uncertainties regarding market acceptance of products, the impact of competitive products and pricing, industry trends, and product and technology initiatives, including products in the development stage, which may not achieve scientific objectives or meet stringent regulatory requirements. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements. These statements are based on currently available information and management's current assumptions, expectations, and projections about future events. While management believes that its assumptions, expectations, and projections are reasonable in view of currently available information, you are cautioned not to place undue reliance on these forward-looking statements. The company's actual results may differ materially from those discussed in this call for a variety of reasons, including those described in the forward-looking statements and risk factors sections in the company's Form 10-K for the year ending December 31, 2020, which was filed March 31, 2021, and its other filings with the SEC, which are available in the investor relations section of the Jaguars website. Except as required by law, Jaguar Health undertakes no obligation to update or revise any forward-looking statements contained in this presentation to reflect new information, future events, or otherwise. Additionally, please note that the company's supplements and its condensed consolidated financial statements presented on a GAAP basis by providing gross sales, non-GAAP EBITDA, and non-GAAP recurring EBITDA. Jaguar believes that the disclosure items of these non-GAAP measures provide investors with additional information that reflects the basis upon which company management assesses and operates the business. These non-GAAP financial measures should not be viewed in isolation or as substitutes for GAAP net sales and GAAP net loss. They're not substitutes for or superior to measures of financial performance and conformity with the gap. Now at this time, it's my pleasure to turn the call over to Lisa Conte, Jaguar Health's founder, president, and chief executive officer. Lisa, the floor is yours.

Thank you, and welcome all. As you just heard, my name is Lisa Conte, and I am the founder, president, and CEO of Jaguar Health and our wholly owned subsidiary in the United States NAPA Pharmaceuticals And I am a board member of our wholly owned subsidiary in Italy, NAPOEU. We're going to begin with the key financial results for the second quarter of 2021, which will be provided by Carol Lysak, Jaguar's chief financial officer. After Carol speaks, we will hear from Jaguar's chief commercial officer, Ian Wendt, who will discuss the positive impact of Cofellimer's ongoing efforts as part of our patient market access program. to transition to primarily selling Mitessi directly through specialty pharmacies. As Ian will explain, this initiative represents a significant benefit to patients and will, we believe, have a positive impact on net Mitessi revenue on a moving forward basis. After Ian's comments, I will provide a recap of activities related to NAPO EU and Dragon's Back and provide updates regarding our human and animal health pipelines. Before we jump in, I'd like to let all of you know participating today that we'll have a brief Q&A segment at the end of the webcast to address questions that are submitted in writing. Questions can be submitted via the webcast link for today's event that appears on the events and presentations page of the investor relations section of Jaguar's website. for Jaguar's website is jaguar.health. All right, we'll now move along to the key financial results for the second quarter of 2021. Carol, let me hand it over to you, please.

Thank you, Lisa, and thank you all for joining our webcast today. Key financial highlights for the quarter ended June 30, 2021 are as follows. My TESI net revenue during the second quarter of 2021 was approximately $400,000 and $3.2 million in the second quarter of 2020, a decrease of $2.8 million quarter over quarter. In the second quarter of 2021, sales, discounts, and rebates from various government programs included an approximately $800,000 true-up charge from the state of California related to several quarters. The company believes this true-up charge is non-recurring and due in part to the impact of the COVID-19 pandemic on state administrative functions. My TESI gross revenue during the second quarter of 2021 was approximately $4.9 million. and $6.3 million in the second quarter of 2020, representing a decrease of approximately $1.4 million quarter over quarter. We believe this is primarily due to the ongoing shift of our distribution to specialty pharmacies and the associated inventory drawdown from our previous wholesaler distribution model. For the second quarter of 2021, the loss from operations was $11.6 million, compared to a loss of $8.5 million in the second quarter of 2020. The loss increased $3.1 million quarter over quarter, largely attributable to the decrease in revenue. Operating expenses from research and development increased by $2.5 million for the second quarter of 2021, compared to the same period in 2020, consistent with the increased clinical activities related to development programs representing additional shots on goal for crapelomer, such as our ongoing Phase III trial of crapelomer for cancer therapy-related diarrhea. and development related to short bowel syndrome with intestinal failure, which Lisa will speak about this morning. General and administrative expenses increased by $1.3 million for the second quarter of 2021 compared to the second quarter of 2020, mostly related to the activities of the annual shareholders meeting. These increases were largely offset by a non-cash investment expense of $3.6 million related to the warrant exercises in the second quarter of 2020. That concludes my recap of high-level financials for the second quarter of 2021. I will now hand over the discussion to Ian Wendt, our Chief Commercial Officer.