180 Life Sciences Reports $2.37 Million Net Loss in Q1 2025, Plans iGaming Expansion

180 Life Sciences Corp. reported a net loss of $2.37 million for the first quarter of 2025, a significant increase from the $1.07 million loss recorded in the same period of 2024. The company's total operating expenses rose to $2.37 million, up from $2.09 million year-over-year, primarily driven by a 28% increase in general and administrative expenses, which reached nearly $2 million. This increase was attributed to higher stock-based compensation and legal fees associated with settlement negotiations. Research and development expenses decreased by 34% to $240,905, reflecting a strategic shift in resource allocation.

The company's financial position showed a decline in total assets, which fell to $11.65 million as of March 31, 2025, down from $12.76 million at the end of 2024. Current assets also decreased significantly, primarily due to a reduction in cash reserves, which stood at $3.72 million compared to $4.59 million at the end of the previous year. Current liabilities increased to $3.94 million, up from $3.50 million, largely due to rising accounts payable and accrued expenses.

In terms of strategic developments, 180 Life Sciences is transitioning into the online gaming industry, having acquired a back-end technology platform from Elray Resources in September 2024. This acquisition is part of a broader strategy to establish a blockchain-based iGaming business, initially focusing on cryptocurrency operations. The company plans to expand into a business-to-business model, offering its technology to other gaming operators. However, the company has not yet identified specific acquisition targets in this sector.

Operationally, the company has seen a notable increase in its common stock count, with 5.19 million shares outstanding as of March 31, 2025, compared to 3.18 million shares at the end of 2024. This increase is partly due to the conversion of Series B Convertible Preferred Stock into common shares. The company is also facing challenges related to its accumulated deficit, which reached $143.89 million, raising concerns about its ability to continue as a going concern without additional capital.

Looking ahead, 180 Life Sciences anticipates that it will need to raise significant capital to fund its operations and the commercialization of its iGaming platform. The company has indicated that its current cash reserves are expected to last until December 2025, underscoring the urgency of securing additional funding. Management is exploring various financing options, including equity offerings and potential collaborations, to support its strategic initiatives and operational needs.