180 Life Sciences Corp., now known as Forum Markets, Incorporated, reported a significant shift in its business strategy and financial performance in its latest 10-K filing. For the fiscal year ending December 31, 2025, the company generated revenue of $6.5 million, a notable increase from zero revenue in the previous year, reflecting its transition to a digital asset-focused business model. The revenue primarily stemmed from staking activities, which contributed $2.6 million, and incentive revenue from liquid staking protocols, amounting to $3.9 million. However, the company also reported a net loss of $450.5 million, a substantial increase from a loss of $14.2 million in 2024, largely due to increased operational costs and non-cash expenses related to stock-based compensation and changes in the fair value of convertible debt.
The company's operational strategy has evolved significantly, moving away from its legacy biotechnology and gaming operations to focus on the tokenization of real-world assets (RWAs) and digital asset management. This strategic pivot was marked by a rebranding in August 2025 and further solidified by the acquisition of stakes in companies like Satschel, Karus, and Zippy, which are expected to enhance its capabilities in tokenizing RWAs. The company has also entered into various agreements to finance and operationalize its new strategy, including a $300 million private placement and a $156.25 million senior secured convertible note offering.
In terms of operational metrics, Forum Markets reported holding approximately 69,800 ETH as of December 31, 2025, valued at around $242.6 million. The company sold approximately 33,629 ETH during the year, generating $134.3 million in proceeds. However, it also faced challenges, including a loss of $21.1 million related to digital asset fluctuations and a significant increase in general and administrative expenses, which rose to $240 million from $4.4 million in the previous year. This increase was primarily driven by stock-based compensation and other operational costs associated with the strategic transition.
Looking ahead, Forum Markets aims to capitalize on the growing market for the tokenization of RWAs, projected to be worth between $2 trillion and $5 trillion by the end of 2026. The company plans to focus on specific asset classes, including auto loans and manufactured home loans, and intends to leverage its partnerships to enhance its market position. However, the company also acknowledged the risks associated with regulatory changes and market volatility, which could impact its operations and financial performance. Management expressed confidence in its liquidity position, bolstered by recent financing activities, and believes it has sufficient resources to meet its obligations in the near term.
About 180 Life Sciences Corp.
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