When we get to the rare disease and/orphan indications of intestinal failure that are associated with short bowel syndrome, with congenital diarrheal diseases such as MVID that I described, you also have an agent here, Crofelemer, that has demonstrated safety in order to be used on a chronic basis. The global short bowel syndrome market is projected to reach a value of $4.6 billion by 2027, and that’s according to a third-party report, Vision Research Reports, and it’s because of the significant morbidity, mortality, expensive interventions, complications necessary to maintain these patients, typically on parenteral nutrition, seven days a week, 20 hours a day. And as I mentioned, with that administration comes those complications. So, our goal is to introduce a completely new approach in standard of care to the management of intestinal failure and the reducing the chronic need for parental nutrition in this patient population.
Other upcoming catalysts at this momentous time for Jaguar include the very prestigious San Antonio Breast Cancer Conference, which is early in December, where the results of our pivotal OnTarget trial have been accepted for poster presentation. Because this is a basket trial where enrollment includes all solid tumors, we’ll be able to put out that topline data this month and have the scientific presentation in December focus on the breast cancer participants, and then also be able to present results at upcoming cancer conferences in 2024, focusing on, for example, the lung cancer patients, the liver patients, ultimately ASCO, which is typically in May, which is the grand annual cancer conference. We expect to simultaneously be pursuing the regulatory track.
With positive data, we would plan to file a supplemental NDA for the current approved Mytesi to expand the indication to prophylaxis of cancer therapy-related diarrhea, with the goal of achieving approval and having the product available to cancer patients in 2024. We are certainly manufacturing to that goal right now. So, again, I can’t say it enough. In November, we’ll have topline data from the OnTarget trial released, and there’ll be a continual flow of data and news from this very rich trial thereafter. I’ve indicated the most important clinical events that we feel are momentum drivers and can be transformative for the value recognition of Jaguar. It’s a very, very tough time in the biotech industry. We don’t know any other company our size, our valuation, that has this type of late-stage clinical data, certainly on a product that is already approved that could really bring some recognition to the pipeline and the strength and the neglected need and the opportunity for all our stakeholders, including the shareholders in the company.
We have a lot of news coming up. We’re a very high-volume traded stock. We don’t have any structured deals in our capitalization currently. We don’t have any warrants that anybody’s trading around. So, we feel like we’re in a good position to not only have value for the patients, which is what it’s all about, their quality of life, yet also the coincidence benefit that comes to, as I mentioned, all the stakeholders in the company as well. Before I hand the discussion over to our CFO, Carol Lizak, I’d like to tell all of you participating today that I know with important pivotal data around the corner, we will not be hosting a Q&A segment at the end of this webcast. We do expect to have another webcast with the OnTarget pivotal data release, as I mentioned, around the corner.
We’ll now move to the financial results for the third quarter. Carol, are you there?
Carol Lizak: Webcast today.
Lisa Conte: Carol?
Carol Lizak: Yes.
Lisa Conte: Okay, good.
Carol Lizak: Yes, I am. Can you hear me?
Lisa Conte: Yep.
Carol Lizak: Very well. I’ll begin my review of our financials for the third quarter of 2023. The combined prescription net revenue for Mytesi and Canalevia-CA1, was $2.8 million in the third quarter of 2023, representing an increase of 5% compared to the combined net revenue in the second quarter of 2023, which totaled approximately $2.7 million, and a decrease of approximately 11% over the combined net revenue in the third quarter of 2022, which totaled approximately $3.1 million. Mytesi prescription volume remained unchanged in the third quarter of 2023 compared to the second quarter of 2023, and decreased approximately 7.5% in the third quarter of 2023 compared to the third quarter of 2022. Prescription volume differs from invoice sales volume, which reflects, among other factors, varying buying patterns among specialty pharmacies in a close network as they manage their inventory levels.
Loss from operations decreased by $1.1 million from $9.9 million in the quarter ended September 30, 2022, to $8.8 million during the same period in 2023. Non-GAAP recurring EBITDA for the third quarter of 2023 and the third quarter of 2022, were a net loss of $6.2 million and $8.5 million, respectively. Net loss attributable to common shareholders decreased by approximately $4.7 million from $12.6 million in the third quarter ended September 30, 2022, to $7.8 million in the same period in 2023. That concludes my recap of high-level financials for the third quarter of 2023. I will now hand it back to Lisa. Thank you.
End of Q&A: Thank you, Carol. And as you can see in our Q filing, our, our current cash position is over $6 million. To recap, while the market for small cap biotechs is in a horrible state at present, we at Jaguar are fortunate that we have two major and what we feel are transformative clinical events coming up shortly, literally around the corner, with the potential to take pipeline opportunities to major blockbuster opportunities. And these are clinical efforts that started many years ago. So, as I mentioned, fortunate that they’re concluding this year. These are two major opportunities to help address important, significant, neglected medical needs for patients. What follows from a focus on patients are the benefits to all the stakeholders in the company.
We at Jaguar and our family of companies, including Napo Pharmaceuticals, so you often hear Napo and Jaguar used interchangeably, are highly energized about these important near-term initiatives. Thank you for your attention and interest, and we expect to have another webinar shortly this year. Thank you.
