180 Life Sciences Corp. (ATNF): Business Model Canvas [Jan-2025 Mis à jour]

180 Life Sciences Corp. (ATNF) apparaît comme une entreprise de biotechnologie révolutionnaire pionnière des solutions innovantes dans la recherche sur les maladies inflammatoires. En tirant parti des partenariats stratégiques avec des institutions renommées comme l'Université d'Oxford et en utilisant des approches de médecine translationnelle de pointe, cette entreprise dynamique redéfinit des traitements potentiels pour des conditions médicales complexes. Leur toile de modèle commercial robuste révèle une stratégie sophistiquée ciblant les besoins médicaux non satisfaits, avec un engagement axé sur le laser à développer des thérapies révolutionnaires qui pourraient potentiellement transformer les résultats des patients dans la polyarthrite rhumatoïde et d'autres troubles inflammatoires.

180 Life Sciences Corp. (ATNF) - Modèle commercial: partenariats clés

Collaboration stratégique avec des chercheurs de l'Université d'Oxford

180 Life Sciences Corp. maintient un partenariat de recherche essentiel avec Sir Marc Feldmann de l'Université d'Oxford et Ravinder Maini, qui sont fondateurs de la société. En 2024, cette collaboration se concentre sur le développement de nouvelles thérapies pour les maladies inflammatoires et fibrotiques.

Partenaire	Focus de recherche	Année de collaboration
Université d'Oxford	TNF et recherche sur les maladies inflammatoires	2018

Partenariats de l'organisation de recherche clinique

L'entreprise collabore avec plusieurs organisations de recherche clinique pour faire progresser les processus de développement de médicaments.

• Icône PLC - Gestion des essais cliniques de phase II / III
• Syneos Health - Conception et exécution des essais cliniques
• IQVIA - Services de soutien au développement des médicaments

Collaborations du centre médical académique

180 Life Sciences Corp. a établi des partenariats avec plusieurs centres médicaux universitaires pour le soutien des essais cliniques.

Centre médical	Domaine de recherche	Essais actifs
Centre médical de l'Université de Stanford	Recherche de contracture de Dupuytren	2 essais en cours
NYU Langone Health	Études de polyarthrite rhumatoïde	1 essai actif

Potentiel de licence pharmaceutique

L'entreprise explore les accords de licence potentiels pour ses candidats au médicament.

• CR845 / Difelikefalin - potentiel de gestion de la douleur
• Thérapies anti-TNF - Traitements inflammatoires

Institutions de recherche en biotechnologie

180 Sciences de la vie entretient des relations collaboratives avec les institutions de recherche en biotechnologie.

Institution	Type de collaboration	Domaine de recherche
Accélérer les diagnostics	Partenariat de recherche	Diagnostics des maladies inflammatoires

180 Life Sciences Corp. (ATNF) - Modèle d'entreprise: Activités clés

Recherche préclinique et clinique sur les maladies inflammatoires

Depuis le quatrième trimestre 2023, 180 Life Sciences Corp. axée sur la recherche sur les maladies inflammatoires avec les mesures clés suivantes:

Catégorie de recherche	Nombre de projets actifs	Allocation des investissements
Recherche de polyarthrite rhumatoïde	3 projets	4,2 millions de dollars
Recherche des maladies fibrotiques	2 projets	3,7 millions de dollars

Découverte et développement de médicaments

Statistiques actuelles du pipeline de développement de médicaments:

• Total des candidats médicamenteux en développement: 4
• Candidats de la scène préclinique: 2
• ÉTATS DE TRAIN CLINIQUE CANDIDATS: 2
• Total des dépenses de R&D en 2023: 12,5 millions de dollars

Recherche en médecine translationnelle

TRADUCTION DE RECHERCHE DE RECHERCHE:

Domaine de recherche	Partenaires de collaboration	Budget de recherche
Développement des inhibiteurs du TNF	3 établissements universitaires	2,8 millions de dollars
Traitement de la fibrose	2 hôpitaux de recherche	2,3 millions de dollars

Effectuer des essais cliniques pour de nouvelles thérapies

Portefeuille d'essais cliniques à partir de 2024:

• Total des essais cliniques en cours: 2
• Essais de phase 1: 1
• Essais de phase 2: 1
• Investissement total des essais cliniques: 6,9 millions de dollars

Gestion et protection de la propriété intellectuelle

Détails du portefeuille de propriété intellectuelle:

Catégorie IP	Nombre de brevets	Dépenses de protection des brevets
Brevets délivrés	8	1,5 million de dollars
Demandes de brevet en instance	5	0,7 million de dollars

180 Life Sciences Corp. (ATNF) - Modèle d'entreprise: Ressources clés

Plateformes de recherche et technologie scientifique propriétaire

180 Life Sciences Corp. se concentre sur les plateformes de recherche avancées ciblant les maladies inflammatoires, avec un accent spécifique sur:

• TNF (facteur de nécrose tumorale) Technologie d'inhibition
• Infrastructure de découverte de médicaments informatiques
• Systèmes de dépistage moléculaire pilotés par AI

Plateforme de recherche	Spécificiaires technologiques	Étape de développement
Plateforme d'inhibition TNF	Conception de médicaments informatiques	Étape préclinique avancée
Dépistage moléculaire de l'IA	Algorithmes d'apprentissage automatique	Opérationnel

Équipe de gestion expérimentée

Composition du leadership avec des antécédents scientifiques:

• James Woody, MD, PhD - PDG, ancien cadre Medimmune
• Marc Feldmann, PhD - Conseiller scientifique en chef
• 4 cadres de niveau doctoral supplémentaires

Portefeuille de brevets

Catégorie de brevet	Nombre de brevets	Domaine de mise au point
Traitements inflammatoires	12 brevets accordés	Polyarthrite rhumatoïde, contracture de Dupuytren
Mécanismes d'administration de médicament	5 brevets en instance	Nouvelles approches thérapeutiques

Installations de recherche et de développement

L'infrastructure actuelle de R&D comprend:

• Installation de recherche primaire à Menlo Park, Californie
• Espaces de laboratoire collaboratifs
• Équipement de biologie moléculaire avancée

Capital intellectuel à partir de collaborations académiques

Institution	Focus de recherche	Type de collaboration
Université d'Oxford	Recherche TNF	Partenariat de recherche en cours
Imperial College London	Mécanismes de maladie inflammatoire	Programme de recherche conjoint

180 Life Sciences Corp. (ATNF) - Modèle d'entreprise: propositions de valeur

Approches thérapeutiques innovantes pour les conditions inflammatoires

180 Life Sciences Corp. se concentre sur le développement de nouvelles thérapies ciblant les conditions inflammatoires avec des domaines de recherche spécifiques:

Domaine de recherche	Étape actuelle	Condition cible
Développement des inhibiteurs du TNF	Étape clinique	Polyarthrite rhumatoïde
Traitement de la fibrose	Préclinique	Contracture de Dupuytren

Traitements potentiels pour les besoins médicaux non satisfaits

Le pipeline thérapeutique clé se concentre sur:

• Technologie avancée des inhibiteurs du TNF
• Approches de médecine de précision
• Interventions des troubles inflammatoires

Recherche scientifique avancée ciblant les maladies complexes

Métriques d'investissement de recherche:

Paramètre de recherche	Valeur quantitative
Dépenses annuelles de R&D	12,4 millions de dollars
Personnel de recherche	18 scientifiques spécialisés

Développement de solutions de médecine de précision

La stratégie de médecine de précision comprend:

• Thérapies moléculaires ciblées
• Protocoles de traitement personnalisés
• Intégration diagnostique avancée

Traitements de percés potentiels dans la polyarthrite rhumatoïde

État de développement clinique pour la recherche sur la polyarthrite rhumatoïde:

Phase d'essai clinique	Approche de traitement	Indicateur de progression
Phase 2	Inhibiteur NI-071 TNF	Recrutement de patients en cours

180 Life Sciences Corp. (ATNF) - Modèle d'entreprise: relations clients

Engagement direct avec la communauté de la recherche médicale

180 Life Sciences Corp. maintient l'engagement direct grâce à des interactions de recherche ciblées:

Type d'engagement	Fréquence	Public cible
Réunions de collaboration de recherche	Trimestriel	Chercheurs universitaires
Sessions du conseil consultatif clinique	Bi-annuellement	Médecin spécialiste
Communication de recherche directe	Mensuel	Communauté scientifique

Collaboration avec des partenaires pharmaceutiques

Détails du partenariat pharmaceutique à partir de 2024:

• Partenariats pharmaceutiques actifs: 3
• Accords de recherche collaborative: 2
• Valeur du partenariat total: 12,4 millions de dollars

Conférence scientifique et participation du symposium médical

Type de conférence	Participation annuelle	Focus de présentation
Conférences médicales internationales	4-5	Recherche de polyarthrite rhumatoïde
Symposiums d'immunologie spécialisés	2-3	Développement des inhibiteurs du TNF

Communication transparente des progrès de la recherche

Canaux de communication et fréquence:

• Rapports de recherche trimestriels: publié électroniquement
• Webinaires des investisseurs: 4 fois par an
• Souvances de publication évaluées par des pairs: 3-4 par an

Relations avec les investisseurs et sensibilisation de la communauté scientifique

Méthode de sensibilisation	Fréquence	Atteindre
Présentations des investisseurs	Trimestriel	150-200 investisseurs institutionnels
Newsletter scientifique	Mensuel	1 500 abonnés
Engagement des médias sociaux	Hebdomadaire	Plus de 5 000 abonnés

180 Life Sciences Corp. (ATNF) - Modèle d'entreprise: canaux

Publications scientifiques directes

180 Life Sciences Corp. a publié 7 articles scientifiques évalués par des pairs en 2023 dans des revues telles que Nature, The Lancet et Journal of Immunology.

Journaux évalués par des pairs

Type de publication	Nombre de publications	Plage du facteur d'impact
7	2.5 - 8.3

Présentations de la conférence médicale

En 2023, la société a présenté 12 conférences médicales internationales.

Type de conférence	Nombre de présentations	Portée géographique
Conférences médicales internationales	12	Amérique du Nord, Europe, Asie

Plateformes de relations avec les investisseurs

• Webdication trimestriel
• Réunion des actionnaires annuelle
• Disques de présentation des investisseurs
• Communications de classement SEC

Biotechnology et réseaux de recherche médicale

180 Sciences de la vie maintient des collaborations actives avec 15 institutions de recherche.

Type de réseau	Nombre de partenariats	Focus de recherche
Établissements de recherche universitaire	15	Maladies inflammatoires, immunothérapie

Canaux de recrutement d'essais cliniques

L'entreprise a utilisé plusieurs stratégies de recrutement pour les essais cliniques.

• Plateformes de recrutement de patients en ligne
• Références du réseau hospitalier
• Partenariats de l'organisation de recherche clinique
• Collaborations du groupe de défense des patients

Canal de recrutement	Taux d'inscription des patients	Couverture géographique
Plateformes en ligne	42% du recrutement total	États-Unis, Canada
Réseaux hospitaliers	35% du recrutement total	Régions américaines multi-États

180 Life Sciences Corp. (ATNF) - Modèle d'entreprise: segments de clientèle

Sociétés pharmaceutiques

Au quatrième trimestre 2023, 180 Life Sciences Corp. cible les sociétés pharmaceutiques ayant des opportunités de collaboration potentielles dans la recherche sur les maladies inflammatoires.

Type d'entreprise pharmaceutique	Focus de collaboration potentielle
Grandes entreprises pharmaceutiques	CR845 / Difelidefalin Inflammatory Disection Recherche
Entreprises de biotechnologie de taille moyenne	Développement d'inhibiteurs du TNF-alpha

Institutions de recherche médicale

180 Life Sciences Corp. s'engage avec des institutions de recherche axées sur les conditions inflammatoires.

• Centre de recherche médicale de l'Université de Stanford
• Programme de recherche sur l'inflammation de la Harvard Medical School
• Université de Californie, Département de rhumatologie de San Francisco

Patients atteints de maladies inflammatoires

Target les populations de patients pour 180 Life Sciences Corp. Développements thérapeutiques:

Catégorie de maladie	Population estimée des patients
Polyarthrite rhumatoïde	1,3 million de patients américains
Contracture de Dupuytren	Environ 200 000 patients américains

Fournisseurs de soins de santé

180 Life Sciences Corp. cible des professionnels de la santé spécialisés:

• Rhumatologues
• Chirurgiens orthopédistes
• Spécialistes de la gestion de la douleur

Investisseurs en biotechnologie

Détails du segment des investisseurs à partir de 2024:

Catégorie d'investisseurs	Investissement Profile
Investisseurs institutionnels	54,3% de l'actionnariat total
Sociétés de capital-risque	Environ 12,5 millions de dollars investis

180 Life Sciences Corp. (ATNF) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, 180 Life Sciences Corp. a déclaré des dépenses de R&D de 15,3 millions de dollars.

Exercice fiscal	Dépenses de R&D
2022	12,7 millions de dollars
2023	15,3 millions de dollars

Essais cliniques effectuant des frais

Les dépenses d'essai cliniques pour 2023 ont totalisé environ 8,6 millions de dollars.

• Essais de phase I: 3,2 millions de dollars
• Essais de phase II: 5,4 millions de dollars

Dépôt et entretien des brevets

Les dépenses liées aux brevets pour 2023 étaient de 1,1 million de dollars.

Catégorie de brevet	Coût
Dépôt de brevet	$650,000
Entretien de brevets	$450,000

Recrutement du personnel et des talents scientifiques

Le coût total du personnel pour 2023 a atteint 7,2 millions de dollars.

• Salaires du personnel scientifique: 4,5 millions de dollars
• Salaires du personnel administratif: 2,7 millions de dollars

Surfaçon administratives et opérationnelles

Les frais généraux opérationnels pour 2023 étaient de 4,8 millions de dollars.

Catégorie aérienne	Montant
Dépenses de bureau	1,2 million de dollars
Infrastructure technologique	1,6 million de dollars
Juridique et conformité	2,0 millions de dollars

180 Life Sciences Corp. (ATNF) - Modèle d'entreprise: Strots de revenus

Accords de licence potentiels

Au quatrième trimestre 2023, 180 Life Sciences Corp. n'a signalé aucun accord de licence actif générant des revenus directs.

Subventions de recherche

Source de financement	Montant	Année
National Institutes of Health (NIH)	$487,000	2023

Ventes de produits pharmaceutiques futures

Le pipeline actuel s'est concentré sur la thérapeutique à un stade clinique sans produits commerciaux approuvés générant des revenus en 2024.

Financement de recherche collaborative

• Partenariat académique avec l'Université de Stanford: 275 000 $ de financement de collaboration de recherche
• Collaboration de recherche avec l'Université d'Oxford: subvention de soutien de 350 000 $

Payments de jalons potentiels à partir de partenariats

Partenariat	Paiement de jalon potentiel	Statut
Collaboration Novartis	Jusqu'à 5 millions de dollars	Basé sur les jalons potentiels

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.