In This Story
180 Life Sciences Corp. (ATNF+1.55%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The company reported an accumulated deficit of $141,523,344 and a working capital deficit of $1,636,486 as of December 31, 2024. The net loss for the year was $6,168,177 with cash used in operating activities amounting to $1,480,567.
180 Life Sciences Corp. has shifted its focus from biotechnology to the online gaming industry following the acquisition of blockchain casino intellectual property in September 2024. The company plans to develop and launch an online casino operation.
The company has no operating history in the gaming industry and expects to incur net losses for the foreseeable future. It will require significant additional capital to fund its operations and develop its new business focus.
180 Life Sciences Corp. is subject to various risks, including competition in the gaming industry, regulatory challenges, and potential cybersecurity threats. The company also faces risks related to its legacy biotechnology assets, which it plans to monetize.
The filing details the company's plans to offer wagering in cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. The regulatory environment for digital assets remains uncertain and could impact the company's operations.
The company is currently not generating revenues and relies on raising capital through equity offerings and debt financing. Its current cash balance is expected to fund operations until December 2025.
180 Life Sciences Corp. has been involved in litigation related to its pre-merger directors’ and officers’ insurance policy, which could impact its financial position depending on the outcome.
The company has faced challenges in maintaining compliance with Nasdaq listing requirements but regained compliance in October 2024. It remains subject to a one-year mandatory panel monitor by Nasdaq.
180 Life Sciences Corp. acknowledges the need for effective disclosure controls and has identified material weaknesses in its internal control over financial reporting, which it is working to address.
The company’s management continues to explore strategic alternatives to enhance shareholder value, which may include acquisitions, mergers, or other business combinations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the 180 Life Sciences Corp. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.