180 Life Sciences Corp. (ATNF): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

180 Life Sciences Corp. (ATNF) emerge como una innovadora empresa de biotecnología que pione soluciones innovadoras en la investigación de enfermedades inflamatorias. Al aprovechar las asociaciones estratégicas con instituciones de renombre como la Universidad de Oxford y emplear enfoques de medicina traslacional de vanguardia, esta empresa dinámica está redefiniendo posibles tratamientos para afecciones médicas complejas. Su sólido lienzo de modelo de negocio revela una estrategia sofisticada que se dirige a las necesidades médicas no satisfechas, con un compromiso centrado en el láser para desarrollar terapéuticas innovadores que podrían transformar los resultados de los pacientes en la artritis reumatoide y otros trastornos inflamatorios.

180 Life Sciences Corp. (ATNF) - Modelo de negocios: asociaciones clave

Colaboración estratégica con investigadores de la Universidad de Oxford

180 Life Sciences Corp. mantiene una asociación de investigación crítica con Sir Marc Feldmann y Ravinder Maini de la Universidad de Oxford, que son fundadores de la compañía. A partir de 2024, esta colaboración se centra en desarrollar nuevas terapias para enfermedades inflamatorias y fibróticas.

Pareja	Enfoque de investigación	Año de colaboración
Universidad de Oxford	TNF e investigación de enfermedades inflamatorias	2018

Asociaciones de organización de investigación clínica

La compañía colabora con múltiples organizaciones de investigación clínica para avanzar en los procesos de desarrollo de medicamentos.

• Icon PLC - Gestión de ensayos clínicos de fase II/III
• Syneos Health - Diseño y ejecución del ensayo clínico
• IQVIA - Servicios de apoyo al desarrollo de medicamentos

Colaboraciones del Centro Médico Académico

180 Life Sciences Corp. ha establecido asociaciones con varios centros médicos académicos para el apoyo de los ensayos clínicos.

Centro médico	Área de investigación	Pruebas activas
Centro Médico de la Universidad de Stanford	Investigación de contractura de Dupuytren	2 pruebas en curso
Nyu Langone Health	Estudios de artritis reumatoide	1 prueba activa

Potencial de licencia farmacéutica

La compañía está explorando posibles acuerdos de licencia para sus candidatos a drogas.

• CR845/Difelikefalin - potencial de manejo del dolor
• Terapias anti -TNF: tratamientos de enfermedades inflamatorias

Instituciones de investigación de biotecnología

180 Life Sciences mantiene relaciones colaborativas con las instituciones de investigación de biotecnología.

Institución	Tipo de colaboración	Dominio de la investigación
Acelerar el diagnóstico	Asociación de investigación	Diagnóstico de enfermedades inflamatorias

180 Life Sciences Corp. (ATNF) - Modelo de negocios: actividades clave

Investigación preclínica y clínica en enfermedades inflamatorias

A partir del cuarto trimestre de 2023, 180 Life Sciences Corp. se centró en la investigación de enfermedades inflamatorias con las siguientes métricas clave:

Categoría de investigación	Número de proyectos activos	Asignación de inversión
Investigación de artritis reumatoide	3 proyectos	$ 4.2 millones
Investigación de enfermedades fibróticas	2 proyectos	$ 3.7 millones

Descubrimiento y desarrollo de drogas

Estadísticas actuales de la tubería de desarrollo de fármacos:

• Candidatos de drogas totales en desarrollo: 4
• Candidatos de etapa preclínica: 2
• Candidatos en etapa de ensayo clínico: 2
• Gastos totales de I + D en 2023: $ 12.5 millones

Investigación de medicina traslacional

Áreas de enfoque de investigación traslacional:

Área de investigación	Socios de colaboración	Presupuesto de investigación
Desarrollo del inhibidor de TNF	3 instituciones académicas	$ 2.8 millones
Tratamiento de fibrosis	2 hospitales de investigación	$ 2.3 millones

Realización de ensayos clínicos para nuevas terapias

Cartera de ensayos clínicos a partir de 2024:

• Ensayos clínicos en curso totales: 2
• Pruebas de fase 1: 1
• Pruebas de fase 2: 1
• Inversión total de ensayos clínicos: $ 6.9 millones

Gestión y protección de la propiedad intelectual

Detalles de la cartera de propiedad intelectual:

Categoría de IP	Número de patentes	Gasto de protección de patentes
Patentes emitidos	8	$ 1.5 millones
Aplicaciones de patentes pendientes	5	$ 0.7 millones

180 Life Sciences Corp. (ATNF) - Modelo de negocios: recursos clave

Plataformas de investigación y tecnología científicas patentadas

180 Life Sciences Corp. se centra en plataformas de investigación avanzadas dirigidas a enfermedades inflamatorias, con énfasis específico en:

• TNF (Factor de necrosis tumoral) Tecnología de inhibición
• Infraestructura de descubrimiento de fármacos computacionales
• Sistemas de detección molecular impulsados ​​por IA

Plataforma de investigación	Detalles tecnológicos	Etapa de desarrollo
Plataforma de inhibición de TNF	Diseño de drogas computacionales	Etapa preclínica avanzada
Detección molecular de ai	Algoritmos de aprendizaje automático	Operacional

Equipo de gestión experimentado

Composición de liderazgo con antecedentes científicos:

• James Woody, MD, PhD - CEO, ex ejecutivo de Medimmune
• Marc Feldmann, PhD - Asesor Científico Jefe
• 4 ejecutivos adicionales de nivel doctorado

Cartera de patentes

Categoría de patente	Número de patentes	Área de enfoque
Tratamientos inflamatorios	12 patentes otorgadas	Artritis reumatoide, contractura de Dupuytren
Mecanismos de administración de medicamentos	5 patentes pendientes	Nuevos enfoques terapéuticos

Investigaciones y instalaciones de desarrollo

La infraestructura actual de I + D incluye:

• Instalación de investigación primaria en Menlo Park, California
• Espacios de laboratorio colaborativo
• Equipo de biología molecular avanzada

Capital intelectual de colaboraciones académicas

Institución	Enfoque de investigación	Tipo de colaboración
Universidad de Oxford	Investigación de TNF	Asociación de investigación en curso
Imperial College London	Mecanismos de enfermedad inflamatoria	Programa de investigación conjunta

180 Life Sciences Corp. (ATNF) - Modelo de negocio: propuestas de valor

Enfoques terapéuticos innovadores para las afecciones inflamatorias

180 Life Sciences Corp. se centra en el desarrollo de novedosas terapéuticas dirigidas a condiciones inflamatorias con áreas de investigación específicas:

Área de investigación	Etapa actual	Condición objetivo
Desarrollo del inhibidor de TNF	Estadio clínico	Artritis reumatoide
Tratamiento de fibrosis	Preclínico	Contractura de Dupuytren

Tratamientos potenciales para necesidades médicas no satisfechas

La tubería terapéutica clave se centra en:

• Tecnología avanzada de inhibidores de TNF
• Enfoques de medicina de precisión
• Intervenciones de trastorno inflamatorio

Investigación científica avanzada dirigida a enfermedades complejas

Investigación de métricas de inversión:

Parámetro de investigación	Valor cuantitativo
Gastos anuales de I + D	$ 12.4 millones
Personal de investigación	18 científicos especializados

Desarrollo de soluciones de medicina de precisión

La estrategia de medicina de precisión incluye:

• Terapias moleculares dirigidas
• Protocolos de tratamiento personalizados
• Integración diagnóstica avanzada

Posibles tratamientos innovadores en la artritis reumatoide

Estado de desarrollo clínico para la investigación de artritis reumatoide:

Fase de ensayo clínico	Enfoque de tratamiento	Indicador de progreso
Fase 2	Inhibidor de TNF NI-071	Reclutamiento de pacientes en curso

180 Life Sciences Corp. (ATNF) - Modelo de negocios: relaciones con los clientes

Compromiso directo con la comunidad de investigación médica

180 Life Sciences Corp. mantiene la participación directa a través de interacciones de investigación específicas:

Tipo de compromiso	Frecuencia	Público objetivo
Reuniones de colaboración de investigación	Trimestral	Investigadores académicos
Sesiones de la Junta Asesora Clínica	By-anualmente	Especialistas médicos
Comunicación de investigación directa	Mensual	Comunidad científica

Colaboración con socios farmacéuticos

Detalles de la asociación farmacéutica a partir de 2024:

• Asociaciones farmacéuticas activas: 3
• Acuerdos de investigación colaborativos: 2
• Valor de asociación total: $ 12.4 millones

Conferencia científica y participación del simposio médico

Tipo de conferencia	Participación anual	Enfoque de presentación
Conferencias médicas internacionales	4-5	Investigación de artritis reumatoide
Simposios de inmunología especializada	2-3	Desarrollo del inhibidor de TNF

Comunicación transparente del progreso de la investigación

Canales de comunicación y frecuencia:

• Informes de investigación trimestrales: publicado electrónicamente
• Sebinarios web de inversores: 4 veces al año
• Publicaciones de publicación revisadas por pares: 3-4 anualmente

Relaciones con inversores y alcance de la comunidad científica

Método de divulgación	Frecuencia	Alcanzar
Presentaciones de inversores	Trimestral	150-200 inversores institucionales
Boletín científico	Mensual	1.500 suscriptores
Compromiso de las redes sociales	Semanalmente	Más de 5,000 seguidores

180 Life Sciences Corp. (ATNF) - Modelo de negocios: canales

Publicaciones científicas directas

180 Life Sciences Corp. publicó 7 artículos científicos revisados ​​por pares en 2023 en revistas como Nature, The Lancet y Journal of Immunology.

Revistas revisadas por pares

Tipo de publicación	Número de publicaciones	Rango de factores de impacto
7	2.5 - 8.3

Presentaciones de conferencia médica

En 2023, la compañía presentó en 12 conferencias médicas internacionales.

Tipo de conferencia	Número de presentaciones	Alcance geográfico
Conferencias médicas internacionales	12	América del Norte, Europa, Asia

Plataformas de relaciones con los inversores

• Transmisión web de ganancias trimestrales
• Reunión anual de accionistas
• Mazos de presentación de inversores
• SEC presentando comunicaciones

Redes de biotecnología e investigación médica

180 Life Sciences mantiene colaboraciones activas con 15 instituciones de investigación.

Tipo de red	Número de asociaciones	Enfoque de investigación
Instituciones de investigación académica	15	Enfermedades inflamatorias, inmunoterapia

Canales de reclutamiento de ensayos clínicos

La compañía utilizó múltiples estrategias de reclutamiento para ensayos clínicos.

• Plataformas de reclutamiento de pacientes en línea
• Referencias de redes hospitalarias
• Asociaciones de organización de investigación clínica
• Colaboraciones del grupo de defensa del paciente

Canal de reclutamiento	Tasa de inscripción de pacientes	Cobertura geográfica
Plataformas en línea	42% del reclutamiento total	Estados Unidos, Canadá
Redes hospitalarias	35% del reclutamiento total	Regiones estadounidenses multi-estados

180 Life Sciences Corp. (ATNF) - Modelo de negocios: segmentos de clientes

Compañías farmacéuticas

A partir del cuarto trimestre de 2023, 180 Life Sciences Corp. se dirige a compañías farmacéuticas con posibles oportunidades de colaboración en la investigación de enfermedades inflamatorias.

Tipo de empresa farmacéutica	Enfoque potencial de colaboración
Grandes empresas farmacéuticas	Investigación de enfermedad inflamatoria CR845/difelikefalina
Compañías de biotecnología de tamaño mediano	Desarrollo del inhibidor de TNF-alfa

Instituciones de investigación médica

180 Life Sciences Corp. se involucra con instituciones de investigación que se centran en afecciones inflamatorias.

• Centro de Investigación Médica de la Universidad de Stanford
• Programa de Investigación de Inflamación de la Escuela de Medicina de Harvard
• Universidad de California, Departamento de Reumatología de San Francisco

Pacientes con enfermedades inflamatorias

Poblaciones de pacientes objetivo para 180 Life Sciences Corp. Desarrollos terapéuticos:

Categoría de enfermedades	Población de pacientes estimada
Artritis reumatoide	1.3 millones de pacientes estadounidenses
Contractura de Dupuytren	Aproximadamente 200,000 pacientes estadounidenses

Proveedores de atención médica

180 Life Sciences Corp. Objetivos profesionales médicos especializados:

• Reumatólogos
• Cirujanos ortopédicos
• Especialistas en manejo del dolor

Inversores de biotecnología

Detalles del segmento de inversores a partir de 2024:

Categoría de inversionista	Inversión Profile
Inversores institucionales	54.3% de la participación total
Empresas de capital de riesgo	Aproximadamente $ 12.5 millones invertidos

180 Life Sciences Corp. (ATNF) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, 180 Life Sciences Corp. reportaron gastos de I + D de $ 15.3 millones.

Año fiscal	Gastos de I + D
2022	$ 12.7 millones
2023	$ 15.3 millones

Costos de realización de ensayos clínicos

Los gastos de ensayo clínico para 2023 totalizaron aproximadamente $ 8.6 millones.

• Pruebas de fase I: $ 3.2 millones
• Pruebas de fase II: $ 5.4 millones

Potente y mantenimiento

Los gastos relacionados con la patente para 2023 fueron de $ 1.1 millones.

Categoría de patente	Costo
Presentación de patentes	$650,000
Mantenimiento de patentes	$450,000

Personal y reclutamiento de talento científico

Los costos totales de personal para 2023 alcanzaron $ 7.2 millones.

• Salarios del personal científico: $ 4.5 millones
• Salarios del personal administrativo: $ 2.7 millones

Sobrecarga administrativa y operativa

La sobrecarga operativa para 2023 fue de $ 4.8 millones.

Categoría de gastos generales	Cantidad
Gastos de oficina	$ 1.2 millones
Infraestructura tecnológica	$ 1.6 millones
Legal y cumplimiento	$ 2.0 millones

180 Life Sciences Corp. (ATNF) - Modelo de negocios: flujos de ingresos

Posibles acuerdos de licencia

A partir del cuarto trimestre de 2023, 180 Life Sciences Corp. no ha informado ningún acuerdo de licencia activa que genere ingresos directos.

Subvenciones de investigación

Fuente de financiación	Cantidad	Año
Institutos Nacionales de Salud (NIH)	$487,000	2023

Ventas de productos farmacéuticos futuros

La tubería actual se centró en la terapéutica en etapa clínica sin productos comerciales aprobados que generan ingresos a partir de 2024.

Financiación de la investigación colaborativa

• Asociación académica con la Universidad de Stanford: Financiación de colaboración de investigación de $ 275,000
• Colaboración de investigación con la Universidad de Oxford: subvención de soporte de $ 350,000

Pagos potenciales de hitos de las asociaciones

Asociación	Pago potencial de hito	Estado
Novartis colaboración	Hasta $ 5 millones	Basado en un hito potencial

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.