180 Life Sciences Corp. (ATNF): Business Model Canvas

180 Life Sciences Corp. (ATNF) entwickelt sich zu einem bahnbrechenden Biotechnologieunternehmen, das innovative Lösungen in der Forschung zu entzündlichen Erkrankungen entwickelt. Durch die Nutzung strategischer Partnerschaften mit renommierten Institutionen wie der Universität Oxford und den Einsatz modernster translationaler Medizinansätze definiert dieses dynamische Unternehmen mögliche Behandlungen für komplexe medizinische Erkrankungen neu. Ihr solides Geschäftsmodell offenbart eine ausgefeilte Strategie, die auf ungedeckte medizinische Bedürfnisse abzielt, mit einem gezielten Engagement für die Entwicklung bahnbrechender Therapeutika, die möglicherweise die Patientenergebnisse bei rheumatoider Arthritis und anderen entzündlichen Erkrankungen verändern könnten.

180 Life Sciences Corp. (ATNF) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit Forschern der Universität Oxford

180 Life Sciences Corp. unterhält eine wichtige Forschungspartnerschaft mit Sir Marc Feldmann und Ravinder Maini von der Universität Oxford, den Gründern des Unternehmens. Ab 2024 konzentriert sich diese Zusammenarbeit auf die Entwicklung neuartiger Therapeutika für entzündliche und fibrotische Erkrankungen.

Partner	Forschungsschwerpunkt	Jahr der Zusammenarbeit
Universität Oxford	TNF- und Entzündungskrankheitsforschung	2018

Partnerschaften mit klinischen Forschungsorganisationen

Das Unternehmen arbeitet mit mehreren klinischen Forschungsorganisationen zusammen, um die Arzneimittelentwicklungsprozesse voranzutreiben.

• ICON plc – Management klinischer Studien der Phase II/III
• Syneos Health – Design und Durchführung klinischer Studien
• IQVIA – Unterstützungsdienste für die Arzneimittelentwicklung

Kooperationen mit akademischen medizinischen Zentren

180 Life Sciences Corp. hat Partnerschaften mit mehreren akademischen medizinischen Zentren zur Unterstützung klinischer Studien aufgebaut.

Medizinisches Zentrum	Forschungsbereich	Aktive Versuche
Medizinisches Zentrum der Stanford University	Dupuytrens Kontrakturforschung	2 laufende Versuche
NYU Langone Health	Studien zu rheumatoider Arthritis	1 aktive Testversion

Potenzial für Arzneimittellizenzen

Das Unternehmen prüft mögliche Lizenzvereinbarungen für seine Medikamentenkandidaten.

• CR845/Difelikefalin – Potenzial zur Schmerzbehandlung
• Anti-TNF-Therapien – Behandlungen entzündlicher Erkrankungen

Biotechnologische Forschungseinrichtungen

180 Life Sciences unterhält Kooperationsbeziehungen mit biotechnologischen Forschungseinrichtungen.

Institution	Art der Zusammenarbeit	Forschungsbereich
Beschleunigen Sie die Diagnose	Forschungspartnerschaft	Diagnostik entzündlicher Erkrankungen

180 Life Sciences Corp. (ATNF) – Geschäftsmodell: Hauptaktivitäten

Präklinische und klinische Forschung zu entzündlichen Erkrankungen

Im vierten Quartal 2023 konzentrierte sich 180 Life Sciences Corp. auf die Forschung zu entzündlichen Erkrankungen mit den folgenden Schlüsselkennzahlen:

Forschungskategorie	Anzahl aktiver Projekte	Investitionsallokation
Forschung zu rheumatoider Arthritis	3 Projekte	4,2 Millionen US-Dollar
Forschung zu fibrotischen Erkrankungen	2 Projekte	3,7 Millionen US-Dollar

Arzneimittelentdeckung und -entwicklung

Aktuelle Statistiken zur Arzneimittelentwicklungspipeline:

• Gesamtzahl der in der Entwicklung befindlichen Medikamentenkandidaten: 4
• Kandidaten für die präklinische Phase: 2
• Kandidaten für die Phase der klinischen Prüfung: 2
• Gesamtausgaben für Forschung und Entwicklung im Jahr 2023: 12,5 Millionen US-Dollar

Translationale Medizinforschung

Schwerpunkte der translationalen Forschung:

Forschungsbereich	Kooperationspartner	Forschungsbudget
Entwicklung von TNF-Inhibitoren	3 akademische Einrichtungen	2,8 Millionen US-Dollar
Fibrosebehandlung	2 Forschungskrankenhäuser	2,3 Millionen US-Dollar

Durchführung klinischer Studien für neuartige Therapeutika

Klinisches Studienportfolio ab 2024:

• Gesamtzahl der laufenden klinischen Studien: 2
• Phase-1-Studien: 1
• Phase-2-Studien: 1
• Gesamtinvestition in klinische Studien: 6,9 Millionen US-Dollar

Verwaltung und Schutz des geistigen Eigentums

Einzelheiten zum Portfolio zum Schutz geistigen Eigentums:

IP-Kategorie	Anzahl der Patente	Ausgaben für den Patentschutz
Erteilte Patente	8	1,5 Millionen Dollar
Ausstehende Patentanmeldungen	5	0,7 Millionen US-Dollar

180 Life Sciences Corp. (ATNF) – Geschäftsmodell: Schlüsselressourcen

Proprietäre wissenschaftliche Forschungs- und Technologieplattformen

180 Life Sciences Corp. konzentriert sich auf fortschrittliche Forschungsplattformen, die auf entzündliche Erkrankungen abzielen, mit besonderem Schwerpunkt auf:

• TNF-Hemmungstechnologie (Tumor-Nekrose-Faktor).
• Infrastruktur für die rechnergestützte Arzneimittelentdeckung
• KI-gesteuerte molekulare Screening-Systeme

Forschungsplattform	Technische Besonderheiten	Entwicklungsphase
TNF-Hemmungsplattform	Computergestütztes Arzneimitteldesign	Fortgeschrittenes präklinisches Stadium
KI-molekulares Screening	Algorithmen für maschinelles Lernen	Betriebsbereit

Erfahrenes Management-Team

Führungszusammensetzung mit wissenschaftlichem Hintergrund:

• James Woody, MD, PhD – CEO, ehemaliger Medimmune-Manager
• Marc Feldmann, PhD – Chefwissenschaftlicher Berater
• 4 zusätzliche Führungskräfte mit Doktorgrad

Patentportfolio

Patentkategorie	Anzahl der Patente	Fokusbereich
Entzündungsbehandlungen	12 erteilte Patente	Rheumatoide Arthritis, Dupuytren-Kontraktur
Mechanismen zur Arzneimittelabgabe	5 angemeldete Patente	Neuartige Therapieansätze

Forschungs- und Entwicklungseinrichtungen

Die aktuelle F&E-Infrastruktur umfasst:

• Primäre Forschungseinrichtung in Menlo Park, Kalifornien
• Kollaborative Laborräume
• Fortschrittliche Ausrüstung für die Molekularbiologie

Intellektuelles Kapital aus akademischen Kooperationen

Institution	Forschungsschwerpunkt	Art der Zusammenarbeit
Universität Oxford	TNF-Forschung	Laufende Forschungspartnerschaft
Imperial College London	Mechanismen entzündlicher Erkrankungen	Gemeinsames Forschungsprogramm

180 Life Sciences Corp. (ATNF) – Geschäftsmodell: Wertversprechen

Innovative Therapieansätze bei entzündlichen Erkrankungen

180 Life Sciences Corp. konzentriert sich auf die Entwicklung neuartiger Therapeutika gegen entzündliche Erkrankungen mit spezifischen Forschungsbereichen:

Forschungsbereich	Aktuelle Phase	Zielbedingung
Entwicklung von TNF-Inhibitoren	Klinisches Stadium	Rheumatoide Arthritis
Fibrosebehandlung	Präklinisch	Dupuytren-Kontraktur

Mögliche Behandlungen für ungedeckten medizinischen Bedarf

Die wichtigste therapeutische Pipeline konzentriert sich auf:

• Fortschrittliche TNF-Inhibitor-Technologie
• Ansätze der Präzisionsmedizin
• Interventionen bei entzündlichen Erkrankungen

Fortschrittliche wissenschaftliche Forschung zur Bekämpfung komplexer Krankheiten

Forschungsinvestitionskennzahlen:

Forschungsparameter	Quantitativer Wert
Jährliche F&E-Ausgaben	12,4 Millionen US-Dollar
Forschungspersonal	18 spezialisierte Wissenschaftler

Entwicklung von Lösungen für die Präzisionsmedizin

Die Strategie der Präzisionsmedizin umfasst:

• Gezielte molekulare Therapien
• Personalisierte Behandlungsprotokolle
• Erweiterte Diagnoseintegration

Mögliche bahnbrechende Behandlungen bei rheumatoider Arthritis

Klinischer Entwicklungsstand für die Forschung zu rheumatoider Arthritis:

Klinische Studienphase	Behandlungsansatz	Fortschrittsanzeige
Phase 2	NI-071 TNF-Inhibitor	Laufende Patientenrekrutierung

180 Life Sciences Corp. (ATNF) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit der medizinischen Forschungsgemeinschaft

180 Life Sciences Corp. pflegt ein direktes Engagement durch gezielte Forschungsinteraktionen:

Engagement-Typ	Häufigkeit	Zielgruppe
Treffen zur Forschungskooperation	Vierteljährlich	Akademische Forscher
Sitzungen des Klinischen Beirats	Halbjährlich	Medizinische Spezialisten
Direkte Forschungskommunikation	Monatlich	Wissenschaftliche Gemeinschaft

Zusammenarbeit mit Pharmapartnern

Einzelheiten zur Pharmapartnerschaft ab 2024:

• Aktive Pharmapartnerschaften: 3
• Forschungskooperationsvereinbarungen: 2
• Gesamtwert der Partnerschaft: 12,4 Millionen US-Dollar

Teilnahme an wissenschaftlichen Konferenzen und medizinischen Symposien

Konferenztyp	Jährliche Teilnahme	Präsentationsschwerpunkt
Internationale medizinische Konferenzen	4-5	Forschung zu rheumatoider Arthritis
Spezialisierte Immunologie-Symposien	2-3	Entwicklung von TNF-Inhibitoren

Transparente Kommunikation des Forschungsfortschritts

Kommunikationskanäle und Häufigkeit:

• Vierteljährliche Forschungsberichte: In elektronischer Form veröffentlicht
• Investoren-Webinare: 4 Mal pro Jahr
• Von Experten begutachtete Veröffentlichungseinreichungen: 3-4 jährlich

Investor Relations und wissenschaftliche Öffentlichkeitsarbeit

Outreach-Methode	Häufigkeit	Reichweite
Investorenpräsentationen	Vierteljährlich	150–200 institutionelle Anleger
Wissenschaftlicher Newsletter	Monatlich	1.500 Abonnenten
Social-Media-Engagement	Wöchentlich	Über 5.000 Follower

180 Life Sciences Corp. (ATNF) – Geschäftsmodell: Kanäle

Direkte wissenschaftliche Veröffentlichungen

180 Life Sciences Corp. veröffentlichte im Jahr 2023 sieben von Experten begutachtete wissenschaftliche Artikel in Fachzeitschriften, darunter Nature, The Lancet und Journal of Immunology.

Von Experten begutachtete Zeitschriften

Veröffentlichungstyp	Anzahl der Veröffentlichungen	Impact-Faktor-Bereich
7	2.5 - 8.3

Präsentationen auf medizinischen Konferenzen

Im Jahr 2023 präsentierte sich das Unternehmen auf 12 internationalen Medizinkonferenzen.

Konferenztyp	Anzahl der Präsentationen	Geografische Reichweite
Internationale medizinische Konferenzen	12	Nordamerika, Europa, Asien

Investor-Relations-Plattformen

• Webcast zu den Quartalsergebnissen
• Jahreshauptversammlung der Aktionäre
• Präsentationsdecks für Investoren
• SEC reicht Mitteilungen ein

Biotechnologie- und medizinische Forschungsnetzwerke

180 Life Sciences unterhält aktive Kooperationen mit 15 Forschungseinrichtungen.

Netzwerktyp	Anzahl der Partnerschaften	Forschungsschwerpunkt
Akademische Forschungseinrichtungen	15	Entzündliche Erkrankungen, Immuntherapie

Rekrutierungskanäle für klinische Studien

Das Unternehmen nutzte mehrere Rekrutierungsstrategien für klinische Studien.

• Online-Plattformen zur Patientenrekrutierung
• Empfehlungen von Krankenhausnetzwerken
• Partnerschaften mit klinischen Forschungsorganisationen
• Zusammenarbeit mit Patientenvertretungsgruppen

Rekrutierungskanal	Patienteneinschreibungsrate	Geografische Abdeckung
Online-Plattformen	42 % der gesamten Rekrutierungen	Vereinigte Staaten, Kanada
Krankenhausnetzwerke	35 % der Gesamtrekrutierung	US-Regionen mit mehreren Bundesstaaten

180 Life Sciences Corp. (ATNF) – Geschäftsmodell: Kundensegmente

Pharmaunternehmen

Ab dem vierten Quartal 2023 zielt 180 Life Sciences Corp. auf Pharmaunternehmen mit potenziellen Kooperationsmöglichkeiten in der Forschung zu entzündlichen Erkrankungen ab.

Art des Pharmaunternehmens	Möglicher Schwerpunkt der Zusammenarbeit
Große Pharmaunternehmen	CR845/Difelikefalin-Forschung zu entzündlichen Erkrankungen
Mittelständische Biotechnologieunternehmen	Entwicklung von TNF-alpha-Inhibitoren

Medizinische Forschungseinrichtungen

180 Life Sciences Corp. arbeitet mit Forschungseinrichtungen zusammen, die sich auf entzündliche Erkrankungen konzentrieren.

• Medizinisches Forschungszentrum der Stanford University
• Entzündungsforschungsprogramm der Harvard Medical School
• Rheumatologische Abteilung der University of California, San Francisco

Patienten mit entzündlichen Erkrankungen

Zielpatientenpopulationen für 180 therapeutische Entwicklungen von Life Sciences Corp.:

Krankheitskategorie	Geschätzte Patientenpopulation
Rheumatoide Arthritis	1,3 Millionen US-Patienten
Dupuytren-Kontraktur	Ungefähr 200.000 US-Patienten

Gesundheitsdienstleister

180 Life Sciences Corp. richtet sich an spezialisierte medizinische Fachkräfte:

• Rheumatologen
• Orthopädische Chirurgen
• Spezialisten für Schmerztherapie

Biotechnologie-Investoren

Details zum Anlegersegment ab 2024:

Anlegerkategorie	Investition Profile
Institutionelle Anleger	54,3 % der Gesamtbeteiligung
Risikokapitalfirmen	Ungefähr 12,5 Millionen US-Dollar investiert

180 Life Sciences Corp. (ATNF) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete 180 Life Sciences Corp. Forschungs- und Entwicklungskosten in Höhe von 15,3 Millionen US-Dollar.

Geschäftsjahr	F&E-Ausgaben
2022	12,7 Millionen US-Dollar
2023	15,3 Millionen US-Dollar

Kosten für die Durchführung klinischer Studien

Die Ausgaben für klinische Studien beliefen sich im Jahr 2023 auf insgesamt etwa 8,6 Millionen US-Dollar.

• Phase-I-Studien: 3,2 Millionen US-Dollar
• Phase-II-Studien: 5,4 Millionen US-Dollar

Patentanmeldung und -pflege

Die patentbezogenen Ausgaben beliefen sich im Jahr 2023 auf 1,1 Millionen US-Dollar.

Patentkategorie	Kosten
Patentanmeldung	$650,000
Patentpflege	$450,000

Personal- und wissenschaftliche Talentrekrutierung

Die gesamten Personalkosten für 2023 beliefen sich auf 7,2 Millionen US-Dollar.

• Gehälter des wissenschaftlichen Personals: 4,5 Millionen US-Dollar
• Gehälter des Verwaltungspersonals: 2,7 Millionen US-Dollar

Verwaltungs- und Betriebsaufwand

Der Betriebsaufwand für 2023 betrug 4,8 Millionen US-Dollar.

Overhead-Kategorie	Betrag
Bürokosten	1,2 Millionen US-Dollar
Technologieinfrastruktur	1,6 Millionen US-Dollar
Recht und Compliance	2,0 Millionen US-Dollar

180 Life Sciences Corp. (ATNF) – Geschäftsmodell: Einnahmequellen

Mögliche Lizenzvereinbarungen

Bis zum vierten Quartal 2023 hat 180 Life Sciences Corp. keine aktiven Lizenzvereinbarungen gemeldet, die direkte Einnahmen generieren.

Forschungsstipendien

Finanzierungsquelle	Betrag	Jahr
National Institutes of Health (NIH)	$487,000	2023

Zukünftiger Verkauf pharmazeutischer Produkte

Die aktuelle Pipeline konzentriert sich auf Therapeutika im klinischen Stadium, wobei ab 2024 keine zugelassenen kommerziellen Produkte mehr Umsatz generieren.

Verbundforschungsförderung

• Akademische Partnerschaft mit der Stanford University: Finanzierung der Forschungskooperation in Höhe von 275.000 US-Dollar
• Forschungskooperation mit der Universität Oxford: 350.000 $ Förderstipendium

Mögliche Meilensteinzahlungen aus Partnerschaften

Partnerschaft	Mögliche Meilensteinzahlung	Status
Novartis-Zusammenarbeit	Bis zu 5 Millionen US-Dollar	Potenziell meilensteinbasiert

180 Life Sciences Corp. (ATNF) - Canvas Business Model: Value Propositions

You're looking at the core reasons why investors are engaging with 180 Life Sciences Corp., now operating as ETHZilla, following its massive strategic pivot in mid-2025. The value proposition is now centered on public market access to an Ethereum treasury strategy.

Direct Public Exposure

The primary offering is a simple public-market vehicle for direct exposure to an Ethereum (ETH) accumulation strategy. This allows investors to gain exposure to large-scale ETH holdings through a traditional stock ticker, which is a key differentiator from direct crypto purchasing. The company executed a significant capital raise to facilitate this strategy.

Financing Event	Amount Raised	Date Closed (Approx.)
Private Investment in Public Equity (PIPE)	$425 million	August 1, 2025
Senior Secured Convertible Notes	$156 million	August 8, 2025

Differentiated Yield

180 Life Sciences Corp. is not just buying and holding; the value proposition includes an active, managed approach to generate yield on its Ether holdings, aiming to outperform simple staking rewards. Electric Capital serves as the external asset manager to implement this strategy.

• Strategy includes lending, liquidity provisioning, and structured agreements.
• Goal is to optimize ETH yield while maintaining risk controls.
• The program is described as a differentiated, on-chain yield generation program.

The initial deployment of capital saw $350 million deployed to acquire 82,186 Ether.

Transparency

A commitment to keeping the market informed about the core asset base is a stated value proposition. This is intended to build confidence in the new strategy, especially given the volatility inherent in the underlying asset.

• The Company plans to provide investors with regular updates on its Ethereum holdings.
• This is a key component of the strategy built for the Ethereum community.

Optionality

While the focus has shifted dramatically, the company retains, though deprioritizes, its prior business lines, offering a degree of optionality to investors. The company plans to continue its legacy operations while seeking to monetize its older intellectual property.

The planned use of proceeds from the initial $425 million PIPE included allocations to support the Company's legacy iGaming operations and the plan to monetize its biotechnology intellectual property assets. The original focus was on developing therapeutics for inflammatory diseases.

Capital Strength

The recent financing activities have substantially bolstered the balance sheet, providing a strong foundation for the new strategy. The stated value proposition is a balance sheet bolstered by significant capital influx.

The company has a bolstered balance sheet with over $1 billion in gross capital raised, according to the stated value proposition. Following the two confirmed funding rounds totaling $581 million ($425M PIPE + $156M notes), the company also indicated it held an additional $238 million in cash as of mid-August 2025, which was earmarked for further crypto dip buying.

As of November 22, 2025, the stock price was reported at $7.040 USD.

180 Life Sciences Corp. (ATNF) - Canvas Business Model: Customer Relationships

You're looking at how 180 Life Sciences Corp., now operating as ETHZilla, manages its various stakeholder groups following its dramatic pivot to an Ethereum treasury strategy in mid-2025. The relationships are now heavily centered on digital asset performance and capital structure, not just biotech development.

Investor Relations

Investor relations is now high-touch, focused on transparency regarding the new core asset. Communication centers on the ETH treasury, which as of August 2025, held 82,186 Ethereum tokens valued at approximately $349 million. The company also maintained approximately $238 million in USD cash equivalents, bringing the total treasury to nearly $587 million. The Executive Chairman noted the commitment to provide shareholders with regular updates on the treasury and on-chain yield generation strategies through public releases.

• ETH Holdings: 82,186 tokens (as of August 2025).
• Average ETH Acquisition Cost: $3,806.71 per token.
• Total Capital Raised in 2025 Financing: $581 million.
• Shares Outstanding (as of August 5, 2025): 154.032 million.

Capital Markets

Engagement here is continuous with both traditional institutional money and crypto-native funds that participated in the recent capital raises. The $425 million Private Investment in Public Equity (PIPE) was supported by over 60 investors, including prominent names from both worlds. The relationship is built on the promise of generating outsized yield from the ETH reserve.

Key capital market participants include:

• Institutional/Crypto-Native Backers: Electric Capital, Polychain Capital, GSR, Harbour Island, Omicron Technologies.
• Notable Individual Supporters: Konstantin Lomashuk (Lido), Sreeram Kannan (Eigenlayer), Robert Leshner (Compound).

Speculator-Driven

The relationship with the broader retail and speculative trading base is intrinsically linked to volatility and news flow surrounding the pivot. The stock price experienced a rally of over 1,500% since beginning ETH purchases. This dynamic means relationships are often transactional, driven by the perceived success of the treasury strategy and the price of Ethereum. The company's market capitalization was reported at $462 million following the debt closing.

Here's the quick math on the recent stock movement:

Metric	Value	Context
Stock Price Rally Since ETH Buying	Over 1,500%	Reflects speculative excitement post-pivot.
Stock Decline Post-$500M Offering News	17%	Investor reaction to potential dilution.
Q2 Cash Liquidity	$221,331	Indicates tight cash position before treasury deployment.

Debt Holders

The relationship with debt holders is formal and restrictive, governed by the terms of the recent notes issuance. While the prompt mentioned $516 million in secured notes, the confirmed financing includes a $156 million senior secured convertible notes offering due 2028. This debt carries a 4% annual interest rate, which only begins accruing after the first six months. The notes are convertible into common stock at $3.445 per share.

The terms create a clear structure for this relationship:

• Debt Instrument: Senior Secured Convertible Notes due 2028.
• Initial Interest Accrual Delay: Six months.
• Conversion Price: $3.445 per share.
• Maturity Term: Three years from issuance date (August 8, 2025).

DeFi Community

ETHZilla explicitly seeks collaborative input from the DeFi community to guide its strategy, moving beyond simple asset holding. This input is formalized through a DeFi Council, which includes Etherealize and a consortium of leading DeFi builders, set to offer input on maximizing yield while benefiting the Ethereum ecosystem. Electric Capital serves as the external asset manager to implement this yield generation program, which is designed to go beyond standard staking.

The commitment to the DeFi ecosystem involves specific operational targets:

• Asset Manager: Electric Capital.
• Yield Strategy: Beyond standard staking, including lending and liquidity provisioning.
• Staking Commitment: Over 95% of Ethereum is expected to be staked or deployed through liquid staking platforms.

Finance: draft 13-week cash view by Friday.

180 Life Sciences Corp. (ATNF) - Canvas Business Model: Channels

You're looking at how 180 Life Sciences Corp. (ATNF), which is also noted as ETHZilla Corporation in some filings, gets its message and its shares in front of the world. This is a hybrid play now, mixing traditional biotech visibility with a very modern digital asset treasury strategy, so the channels reflect that duality.

Nasdaq Stock Exchange (ATNF): Primary channel for investor access and liquidity.

The listing on the Nasdaq Stock Exchange remains the central hub for traditional equity access. As of November 26, 2025, the share price for ATNF was $17.12 per share. 180 Life Sciences Corp. carried a market capitalization of $274.3M on that date. 180 Life Sciences Corp. had 6,039,208 shares outstanding as of its August 2025 filings. Liquidity is supported by an average daily trading volume reported around 998.74K shares. The 52-week trading range for the stock has been quite wide, moving between a low of $6.58 and a high of $174.60 over the last year.

Here are some key metrics related to this primary channel:

• Share Price (Nov 26, 2025): $17.12
• Market Cap (Nov 21, 2025): $274.3M
• 52-Week High: $174.60
• 52-Week Low: $6.58
• Average Daily Volume: 998.74K shares

Corporate Filings (SEC): Official communication of financial status and strategy.

The Securities and Exchange Commission (SEC) filings are the mandatory, formal route for communicating material changes, especially given the significant strategic shift. These documents are critical for validating the company's dual focus. For instance, an August 11, 2025, Form 8-K filing disclosed the initiation of a cryptocurrency treasury strategy, noting the acquisition of 82,186 ETH at an average price of $3,806.71, valuing that position at approximately $349 million. This was complemented by holding about $238 million in USD cash equivalents at that time. Furthermore, the company announced closing a private offering of approximately $156 million in senior secured convertible notes due 2028 on August 8, 2025, with proceeds intended to increase ETH holdings. The firm, headquartered in Palm Beach, Florida, reported having 4 employees as of late 2025.

The financial health context provided by these filings is stark:

Financial Metric (TTM)	Amount
Net Income	-$17.22M
EPS (TTM)	-18.13
Total Assets	$10.7M (as of Aug 2025)
Liabilities	$5.3M (as of Aug 2025)

Crypto/DeFi Media: Direct outreach to digital asset communities.

The aggressive move into an Ethereum treasury strategy necessitates direct engagement with digital asset communities, often bypassing traditional financial media for initial announcements. The rebranding to ETHZilla Corporation signals this intent. The channel here is less about traditional press releases and more about disclosures that resonate with crypto-native investors, such as the specific details of the $425M private placement and the subsequent $156M convertible note offering, both aimed at expanding the ETH holdings. The company plans to provide regular updates on its Ethereum holdings to ensure maximum transparency, which is a key communication tactic for this segment.

Investor Presentations: Explaining the complex on-chain yield strategy.

Given the complexity of merging clinical-stage biotech with an on-chain treasury management program, investor presentations become a vital channel for synthesis. These presentations must translate the technical details of the ETH treasury strategy-including the use of net proceeds from financings to rapidly increase ETH holdings-into a coherent investment thesis. The goal is to bridge the gap between the legacy biotechnology assets and the new digital finance focus. The technical rating assigned by some analysts in late 2025 was 9 / 10, suggesting strong technical signals despite the dual-focus complexity.

Legacy Biotech Channels: Potential licensing or sale via pharmaceutical networks.

The foundational value proposition remains the development of novel drugs for inflammatory diseases, fibrosis, and pain, leveraging expertise from institutions like Oxford University and Stanford University. This requires maintaining traditional biotech channels for potential licensing deals or outright sale of assets. While the crypto strategy garners headlines, the underlying biotech pipeline is the ultimate exit channel for many investors. Recent reports noted the company is partnering with local research institutions in Europe to aim for a broader impact, which feeds directly into these legacy licensing pathways. The company is still evaluating monetization strategies for its biotechnology assets, a process that relies on established pharmaceutical networks.

180 Life Sciences Corp. (ATNF) - Canvas Business Model: Customer Segments

You're looking at the customer segments for 180 Life Sciences Corp., now operating as ETHZilla Corporation, as it executes a major pivot from clinical-stage biotech to an Ethereum treasury vehicle.

The customer base is split between those interested in the new digital asset strategy and those focused on the remaining legacy drug pipeline assets. This dual focus means distinct groups are engaging with the company for very different reasons.

Here is a breakdown of the key customer segments as of late 2025:

• Crypto-Native Investors: Seeking a public-market, regulated ETH treasury vehicle.
• Institutional Speculators: High-risk tolerance investors chasing volatility and growth.
• Retail Investors: Individuals seeking exposure to the Ethereum ecosystem.
• Legacy Biotech Buyers: Potential acquirers of the existing drug pipeline assets.
• Convertible Note Holders: Institutional investors holding the debt.

The financial context for these segments is shaped by recent capital raises and the company's balance sheet position as of mid-2025.

Customer Segment	Primary Interest/Focus	Relevant Financial Data Point
Crypto-Native Investors	Publicly traded vehicle for regulated ETH accumulation.	Proceeds from recent financing primarily used to purchase Ethereum (ETH).
Institutional Speculators	Chasing volatility and growth from the strategic pivot.	Stock price increased by 291.11% in the past year.
Retail Investors	Seeking accessible exposure to the Ethereum ecosystem via stock.	Market Cap as of November 2025: $21.62 Million USD.
Legacy Biotech Buyers	Acquiring existing drug pipeline assets for development.	Pipeline includes fibrosis/anti-TNF (Phase IIb) and preclinical assets.
Convertible Note Holders	Institutional investors holding debt instruments.	Holding debt structure related to the user-specified $516 million figure, contextualized by recent raises of $156 million and $425 million in 2025.

For the Convertible Note Holders, the recent financing structure provides specific terms. The August 2025 notes accrue 4% annual interest after six months and are convertible at $3.445 per share. This group is watching the stock performance closely, given the potential for conversion.

The company's financial state, which influences all segments, shows strain alongside the new capital. As of June 30, 2025, Cash on Hand was $2,218,331, set against an Accumulated Deficit of $(145,619,180). The Net Loss for the first six months of 2025 was $(4,095,836).

The Legacy Biotech Buyers are assessing assets that saw an impairment loss of $3,342,084 recognized in Q4 2022. The company continues to evaluate monetization strategies for these intellectual property (IP) assets.

The overall market perception for the speculative segments is volatile; the stock has seen a recent monthly price increase of 274.47%, yet the overall market capitalization remains small at $21.62 Million USD in November 2025.

Finance: draft 13-week cash view by Friday.

180 Life Sciences Corp. (ATNF) - Canvas Business Model: Cost Structure

You're looking at the cost side of the 180 Life Sciences Corp. Business Model Canvas as of late 2025. Honestly, the cost structure is dominated by non-operational, financing-related, and administrative overhead, reflecting the company's pivot away from traditional biotech operations toward a digital asset treasury strategy. Here's the quick math on what's driving expenses.

The most significant cost centers are heavily weighted toward corporate overhead and financing activities, rather than direct research and development, which is now minimal. We need to track these figures closely because they represent the burn rate required just to keep the corporate structure running and service the capital raised.

Here is a breakdown of the primary cost components:

Cost Category	Financial Metric/Amount	Notes
General & Administrative (G&A)	$228 million (Nine Months Ended Q3 2025)	Represents significant fixed and overhead costs for the corporate entity.
Stock-Based Compensation	$209 million (Non-cash expense)	Expense related to executive warrants and options granted.
Debt Servicing (Interest)	$20,640,000 (Estimated Annual Interest)	Calculated at 4% per annum on the $516 million principal amount of secured convertible notes.
External Asset Management Fees	Not Publicly Specified	Fees paid to Electric Capital for managing the Ethereum treasury strategy.
Legacy R&D Maintenance	Minimal Ongoing Costs	Costs associated with maintaining and seeking monetization for existing biotech intellectual property.

The G&A figure is defintely eye-opening. A spend of $228 million over just nine months suggests substantial fixed operating costs that must be covered regardless of revenue generation from the new digital asset focus.

Stock compensation is another major non-cash drain. The $209 million non-cash charge related to executive warrants and options shows a heavy reliance on equity incentives to compensate management, which dilutes existing shareholders.

For the debt servicing, you have to account for the cost of the capital raised through the secured convertible notes. While the company raised approximately $581 million in total financing in 2025 through a $425 million placement and a $156 million note offering, the prompt specifies the cost structure analysis centers on the $516 million principal. The interest rate found for the recent notes is 4% after an initial six-month deferral period. This translates to an annual interest cost of $20,640,000, which is a real cash obligation once the deferral ends.

The shift in strategy introduces new cost dynamics:

• Fees paid to Electric Capital for yield generation on the digital asset holdings.
• Costs associated with the iGaming business operations.
• Legal and advisory fees related to the frequent capital raises and rebranding.

The biotech IP monetization effort appears to be a low-cost endeavor now:

• Minimal ongoing costs to maintain the intellectual property assets.
• Costs are focused on administrative support for monetization efforts, not active clinical trials.

Finance: draft 13-week cash view by Friday.

180 Life Sciences Corp. (ATNF) - Canvas Business Model: Revenue Streams

The revenue streams for 180 Life Sciences Corp., now operating as ETHZilla Corporation, are distinctly split between legacy operations and the newly established digital asset treasury strategy as of late 2025.

Digital Asset Yield represents a new, significant component following the strategic pivot. The initial reported staking revenue for the nine months ending Q3 2025 reached $4.1 million.

Investment Income is generated from the core of the new strategy: yield from on-chain activities managed by Electric Capital. This includes returns from diversified strategies such as lending and liquidity provisioning on the substantial Ethereum holdings. As of August 11, 2025, the company reported holding 82,186 ETH.

The legacy business segments still contribute to the revenue profile, though they are secondary to the treasury strategy. The projected revenue for the full year 2025 is $13.1M, which contrasts with the standardized revenue reported for 2024 of $12.27 million.

The following table summarizes the capital raised to fund these operations, which is a primary driver of the current revenue-generating capacity:

Financing Event	Amount Raised	Instrument Type	Closing/Announcement Period
Private Investment in Public Equity (PIPE)	$425 million	Common Stock / Pre-funded Warrants	August 2025
Convertible Note Offering	$156 million	Senior Secured Convertible Notes due 2028	August 8, 2025
Total Combined Financing	$581 million	Equity and Debt	Mid-2025

The terms associated with this capital infusion also define future potential revenue streams and obligations. The convertible notes, for instance, carry a 4% annual interest rate commencing after six months and are convertible at $3.445 per share.

Future Licensing revenue is anticipated from the monetization efforts related to the company's legacy biotechnology intellectual property. This is planned as a potential one-time revenue source, alongside continuing existing operations.

Future iGaming revenue is expected to continue from the online gaming platform the company maintains. Proceeds from the recent capital raises are designated, in part, to continue the deployment and development of these gaming initiatives.

The revenue streams can be categorized by their source as follows:

• Digital Asset Yield from ETH treasury management.
• Investment Income from on-chain lending and provisioning.
• Legacy Revenue from existing iGaming operations.
• Potential one-time revenue from biotech IP monetization.