180 Life Sciences Corp. reported a net loss of $836,720 for the third quarter ended September 30, 2024, compared to a net loss of $10,265,760 for the same period in 2023. The decrease in net loss of $9,429,040, or 92%, was primarily due to a non-recurring impairment of IP R&D assets in the previous year. Research and development expenses decreased by 74% to $251,577, while general and administrative expenses saw a 76% reduction to $576,378. The company also reported other net income of $142,373, compared to a net expense of $9,072,598 in the prior year, largely due to the absence of the prior year's IP R&D asset impairment. As of September 30, 2024, the company had a working capital deficit of $5,158,449 and cash used in operating activities was $529,906 for the nine months...Show More

180 Life Sciences Corp. reported a net loss of $836,720 for the third quarter ended September 30, 2024, compared to a net loss of $10,265,760 for the same period in 2023. The decrease in net loss of $9,429,040, or 92%, was primarily due to a non-recurring impairment of IP R&D assets in the previous year. Research and development expenses decreased by 74% to $251,577, while general and administrative expenses saw a 76% reduction to $576,378. The company also reported other net income of $142,373, compared to a net expense of $9,072,598 in the prior year, largely due to the absence of the prior year's IP R&D asset impairment. As of September 30, 2024, the company had a working capital deficit of $5,158,449 and cash used in operating activities was $529,906 for the nine months ended September 30, 2024. The company's financial statements have been prepared on a going concern basis, with management acknowledging the need for additional funding to support operations and commercialize its iGaming assets. The company's common stock and warrants are listed on the Nasdaq Capital Market, but there is no assurance that the company will be able to maintain this listing. The company's future plans include commercializing its newly acquired online blockchain casino assets, with the goal of launching its first online casino by the end of Q1 2025.