Jaguar Health : Corporate Presentation – December 11, 2023

Jaguar Health, Inc.

(NASDAQ: JAGX)

Overview - December 2023

Forward-Looking Statements

This presentation contains forward-looking statements. All statements other than statements of historical facts contained in this presentation, including statements regarding plans by Jaguar Health, Inc. ("Jaguar" or the "Company") and Napo Therapeutics (formerly known as "Napo EU") to develop and commercialize crofelemer in Europe for HIV-related diarrhea, short bowel syndrome, congenital diarrheal disorders, and other indications, the expectation that Magdalena Biosciences will leverage Jaguar's proprietary medicinal plant library and Filament Health's proprietary drug development technology, the expectation that US$1,000,000 will be invested in Magdalena Biosciences by One Small Planet, the expectation that Magdalena Biosciences may develop a potential plant-based alternative drug for adult ADHD or other indications that is both safe and efficacious, Jaguar's plans to pursue additional business development deals, plans to expand the geography for commercialization of crofelemer, statements related to the powder formulation of crofelemer, related to NP-300, the timing of the initiation, completion, results, and publication of Phase 2 studies, Phase 3 studies, proof-of-concept studies, field studies, investigator-initiated trials, sponsored studies, and other studies, statements about possible eligibility for, and possible participation in, revenue generating early access programs, statements about the planned submission of Investigational New Drug (IND) applications to FDA, statements about plans to pursue a Priority Review Voucher (PRV), statements about the possible future market size/potential of indications, and expected milestones appearing on the list of "Upcoming Milestones", are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "aim," "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential" or "continue" or the negative of these terms or other similar expressions. The forward-looking statements in this presentation are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements speak only as of the date of this presentation and are subject to a number of risks, uncertainties and assumptions, some of which cannot be predicted or quantified and some of which are beyond our control. Please see the risk factors identified in our Annual Report on Form 10-K and our other filings with the SEC. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Readers are also advised that our projected sales do not take into account the royalties and other payments we will need to make to our licensors and strategic partners. Moreover, we operate in a dynamic industry and economy. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties that we may face. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

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What We Do: Develop New Ways and Novel Plant-based Medicines to Treat Gastrointestinal Disorders

From Tree to

Bottle

Crofelemer was discovered through the science of ethnobotany

Mytesi (crofelemer 125mg delayed-release tablets) is FDA- approved for symptomatic relief of noninfectious diarrhea in adults with HIV/AIDS on antiretroviral therapy

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Jaguar/Napo Product Portfolio - Crofelemer Pipeline in a Product

*NP-300 and crofelemer have a similar physiological anti-secretory mechanism of action to reduce chloride ion secretion into the gut lumen and improve stool consistency. The Company has previously presented Phase 2 data on crofelemer for the treatment of devastating dehydration in cholera patients from the renowned International Centre for Diarrhoeal Disease Research (icddr,b) in Bangladesh.

*Potential opportunity for Priority Review Voucher (PRV)

Expected Near-Term Transformative Activities for Value Enhancement

• • Expected in Q1 2024: Comprehensive results of pivotal phase 3 OnTarget trial of crofelemer for prophylaxis of cancer therapy-relateddiarrhea (CTD) - Chemotherapy-induced overactive bowel (CIOB)
  • • A majority of subjects in this placebo-controlledtwo-stage trial chose to continue on to Stage II
    • Abstract outlining the trial design and the neglected medical need accepted by the December 2023 San Antonio Breast Cancer Symposium (SABCS)
  • Investigator-initiatedproof-of-concept (POC) crofelemer studies for short bowel syndrome (SBS) with intestinal failure and microvillus inclusion disease (MVID), a rare CDD condition.
  • • POC data targeted in 2024 in support of potential early patient access in specific EU countries
    • Investigational New Drug (IND) application for crofelemer activated by FDA in August 2023 for MVID, ultra rare disease
  • Ongoing: Business development partnership(s) related to pipeline & global commercialization
• Key milestones are based on management estimates. Adverse events could negatively affect their business and the timeliness of achieving key milestones.

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Increasing Market Value: Progression from Supportive Care to Impact on Outcome/Cost of Care to Treatment Modifying

Global market for gastrointestinal agents (Rx & OTC) projected to reach $21 billion by 20251

Indication	# of	Market Size/Potential
	Competitors
HIV-related diarrhea	0	Jaguar estimates the U.S. market revenue potential for Mytesi® to be ~$50 million in gross
annual sales
Cancer therapy-related diarrhea (CTD)	0	Projected to be 1.9 million new cancer cases in US in 20232
>1 million cancer patients receive chemo or radiation in a US outpatient clinic annually3
		Comparable supportive care (CINV) global market projected to reach $3.9 billion by 20294
Short bowel syndrome (SBS) with intestinal		~10,000 to 20,000 people in US have SBS and approximately the same number in Europe.
	Orphan-drug designation supports potential accelerated approval. Estimated annual US
failure / Microvillus inclusion disease (MVID),	0	revenue for Takeda's SBS drug Gattex: ~$555 million. Global SBS market projected to
a congenital diarrheal disorder (CDD)		reach $4.6 billion by 2027 with a CAGR of 26% from 2020 to 20275 (doesn't include
	potential contribution from crofelemer's novel mechanism of action)
IBS - diarrhea predominant (IBS-D)	3	~15% of adult population
Most IBS products have estimated revenue potential >$1.0 billion6
Symptomatic relief and treatment of	0	*Potential opportunity for Priority Review Voucher (PRV)
diarrhea from cholera and other pathogens	PRVs are transferable, and in past transactions by other companies have sold for values
	ranging from $67 million to $350 million7

1. Research and Markets 2017 report: "Global Gastrointestinal agents Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2017 to 2025"
2. American Cancer Society. Cancer Facts & Figures 2023. Atlanta: American Cancer Society; 2023
3. https://www.cdc.gov/cancer/preventinfections/providers.htm#print
4. https://www.ihealthcareanalyst.com/global-chemotherapy-induced-nausea-vomiting-drugs-market/
5. https://www.mynewsdesk.com/us/medical-technology-news/pressreleases/short-bowel-syndrome-market-global-industry-analysis-size-share-trends-revenue-forecast-2020-to-2027-3069433
6. http://247wallst.com/healthcare-business/2015/04/27/key-analyst-sees-nearly-30-upside-in-ironwood& https://www.benzinga.com/analyst-ratings/analyst-color/17/03/9224181/analyst-synergy-pharma-could-achieve-sustainable-profita
7. https://www.raps.org/regulatory-focus/news-articles/2017/12/regulatory-explainer-everything-you-need-to-know-about-fdas-priority-review-vouchers

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Our crofelemer clinical development programs

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Crofelemer is a First-in-Class Intestinal Chloride Channel Modulator

Mytesi® (crofelemer) acts at the common last step in a physiological pathway, regardless of cause,

thereby normalizing defective secretion, specifically mitigating dehydration

Crofelemer does not cause constipation or alter motility

NORMAL

DIARRHEA

Mytesi®

Chloride ion (salt)

Chloride ion channel

Gut lining

Water

Inflammation/damage

Mytesi®

Chloride ion (Cl-) channels in the GI tract maintain a balance of salts-includingchloride ions-andwater that allows normal stool formation

HIV or its treatment can cause damage to the GI tract, creating inflammation and a leaky gut; targeted cancer therapy and inflammatory bowel disease cause similar damage

This can further disrupt the balance of chloride ions and water flow into the GI lumen, leading to secretory diarrhea

Mytesi® works by regulating two chloride ion channels (CFTR and CaCC) in the GI tract, which normalizes the salt-waterbalance, leading to a decrease in chloride and water flow2-4

Acts locally in the gut via allosteric modulation of chloride channels

References: 1. Brenchley JM, Douek DC. Mucosal Immunol. 2008;1(1):23-30.2. Mytesi® [package insert]. San Francisco, CA: Napo Pharmaceuticals, Inc; 2020. 3. Tradtrantip L, Namkung W, Verkman AS. Mol Pharmacol. 2010;77(1):69-78.

4. Holodniy M, Koch J, Mistal M, et al. Am J Gastroenterol.1999;94(11):3267-3273.

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How Crofelemer Works

• Crofelemer is a non-opioid that works differently from other treatments for GI dysfunction

Secretion Absorption

With crofelemer, it's about waterflow

Crofelemer normalizes waterflow in the GI tract

Less water flowing into your GI tract = less watery diarrhea = greater

nutrient absorption opportunity

Crofelemer acts locally in the GI tract

Opioid medicines (i.e., Imodium, loperamide) work by slowing down your GI tract, i.e., opioid constipation risk

Crofelemer is a non-opioid,non-antibiotic, non- addictive drug approved in the US for a chronic use

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Cancer Therapy-related Diarrhea OnTarget PHASE 3 Trial: Impact on Outcome

• Impact on outcome
• • Roeland, et al1: Patients with cancer-related diarrhea (CRD) nearly 2.9 x higher cost than patients without CRD
  • Okhuysen, et al1: Patients with CTD 40% more likely to discontinue chemotherapy or targeted therapy than those without CTD
• IIT Phase 2 data presented at December 2021 San Antonio Breast Cancer Symposium and published in Breast Cancer Research and Treatment in October 2022
• • Statistical significance on collection of secondary endpoints that map to primary endpoint of Phase 3 OnTarget trial
• Features of single Phase 3 pivotal trial, OnTarget:
• • Planned Label: Prophylaxis and symptomatic relief of diarrhea in adult patients with solid tumors receiving targeted cancer therapies with or without cycle chemotherapy
  • Primary endpoint: Reduction in the average number of weekly loose/watery stools over a 3- month period
  • Principal investigator (MD Anderson); US and expanding to international sites
  • 256 patients, dbpc (double-blind,placebo-controlled)- Completed, 11% over-enrolled

1 Source: Okhuysen PC, et al. Abstract 12111. Presented at: ASCO Annual Meeting (virtual meeting); June 4-8, 2021.

• Key milestones are based on management estimates. Adverse events could negatively affect their business and the timeliness of achieving key milestones.

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