Jaguar Health Inc. announced that it has entered into two exchange agreements with Iliad Research and Trading, L.P., resulting in the issuance of pre-funded common stock purchase warrants. Under the agreements, Jaguar Health issued a pre-funded warrant to purchase 1,304,545 shares of common stock and another pre-funded warrant to purchase additional shares, both at an exercise price of $0.001 per share. The warrants are exercisable immediately, subject to a beneficial ownership cap of 9.99%. These transactions were completed in exchange for the cancellation and retirement of 91 shares of Series M Preferred Stock previously held by Iliad. The issuance of these warrants was conducted under an exemption from registration pursuant to Section 3(a)(9) of the Securities Act of 1933.