Wed, May 15, 9:05 PM (220 days ago)
180 Life Sciences Corp. reported a net loss of $1,069,744 for Q1 2024, a significant improvement from the $4,762,078 loss in Q1 2023. The decrease in net loss is attributed to reduced operating expenses and an increase in other income. Operating expenses fell to $2,092,468 from $4,803,845, driven by lower research and development costs and general administrative expenses. The company also recorded $1,039,364 in other income from forgiven liabilities related to R&D programs. Cash flow from operations used $1,033,417, down from $3,869,891 in the prior year. The company faces a working capital deficit and ongoing liquidity issues, requiring additional funding to continue operations. Recent financing activities include raising approximately $6.0 million in 2022 and $5.5 million in 2023. The company is addressing Nasdaq listing compliance issues and exploring strategic alternatives to maximize shareholder value.