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180 Life Sciences Corp. (ATNF-2.08%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing research and development expenses of $251,577, down from $972,113 in the same quarter the previous year. The decrease is attributed to an overall reduction in R&D program spending.
General and administrative expenses were $576,378, compared to $2,433,194 in the previous year, reflecting reduced professional fees and insurance expenses.
The company reported a net loss of $836,720 for the quarter, compared to $10,265,760 in the previous year. The decrease in net loss is primarily due to the absence of a prior year's impairment to IP R&D assets.
Other income for the quarter was $142,373, compared to an expense of $9,072,598 in the previous year, primarily due to the absence of prior year impairments.
Cash used in operating activities was $529,906 for the nine months ended September 30, 2024, compared to $8,762,209 in the previous year.
180 Life Sciences Corp. acquired certain source code and intellectual property relating to an online blockchain casino on September 29, 2024, as part of its future operations.
The filing details the company's ongoing legal proceedings, including actions against former executives and other entities, with no material adverse effect expected on the company's financial condition.
The company acknowledges its need for additional capital to fund operations and commercialize its iGaming assets, with current cash expected to last until December 2025.
180 Life Sciences Corp. is evaluating strategic alternatives to maximize value for stockholders, including potential mergers, acquisitions, 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. Warrant quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.