180 Life Sciences Corp. reported a net loss of $6.2 million for the year ended December 31, 2024, compared to a net loss of $19.9 million for the prior year. This significant decrease in net loss, representing a 69% improvement, is primarily attributed to a reduction in general and administrative expenses, which fell by 59% to $4.4 million, due to lower legal and professional fees, and reduced salary expenses. Research and development expenses also decreased by 39% to $1.4 million. Offsetting this improvement was a $1.5 million loss on impairment of intangible assets.
The company's cash balance increased from $2 million at the end of 2023 to $4.6 million at the end of 2024. However, cash used in operating activities was $1.5 million for 2024, compared to $10.9 million in 2023. This improvement reflects the decrease in operating expenses. Cash provided by financing activities was $4 million in 2024, primarily from proceeds from warrant exercises and a December 2024 stock offering.
A significant development during the year was the September 2024 acquisition of certain source code and intellectual property related to an online blockchain casino for 1 million shares of Series B Convertible Preferred Stock and warrants to purchase 3 million shares of common stock. The Series B Preferred Stock was subsequently converted into 1.3 million shares of common stock in March 2025. The company plans to focus its operations on developing this online casino, while exploring options to monetize its legacy biotechnology assets.
As of March 31, 2025, 180 Life Sciences Corp. had one full-time and two part-time contractors, and employed additional part-time staff as needed. The company's financial statements reflect material weaknesses in its disclosure controls and procedures, which management is working to remediate. The company's cash on hand as of March 24, 2025, was approximately $3.8 million, which management projects will fund operations until December 2025, absent additional funding. The company acknowledges substantial doubt about its ability to continue as a going concern beyond that date. The company is actively pursuing additional funding opportunities.
About 180 Life Sciences Corp.
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