180 Life Sciences Corp. (ATNF): Modelo de negócios Canvas [Jan-2025 Atualizado]

180 Life Sciences Corp. (ATNF) surge como uma empresa inovadora da empresa de biotecnologia, pioneira em soluções inovadoras na pesquisa de doenças inflamatórias. Ao alavancar parcerias estratégicas com instituições de renome como a Universidade de Oxford e empregar abordagens de medicina translacional de ponta, essa empresa dinâmica está redefinindo possíveis tratamentos para condições médicas complexas. Seu modelo robusto de negócios de negócios revela uma estratégia sofisticada, direcionada às necessidades médicas não atendidas, com um compromisso focado a laser em desenvolver terapêutica inovadora que poderia potencialmente transformar os resultados dos pacientes na artrite reumatóide e outros distúrbios inflamatórios.

180 Life Sciences Corp. (ATNF) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com pesquisadores da Universidade de Oxford

A 180 Life Sciences Corp. mantém uma parceria crítica de pesquisa com Sir Marc Feldmann, da Universidade de Oxford, e Ravinder Maini, que são fundadores da empresa. A partir de 2024, essa colaboração se concentra no desenvolvimento de novas terapêuticas para doenças inflamatórias e fibróticas.

Parceiro	Foco na pesquisa	Ano de colaboração
Universidade de Oxford	TNF e pesquisa de doenças inflamatórias	2018

Parcerias da Organização de Pesquisa Clínica

A empresa colabora com várias organizações de pesquisa clínica para promover os processos de desenvolvimento de medicamentos.

• ICON PLC - Fase II/III de gerenciamento de ensaios clínicos
• Syneos Health - Projeto e execução de ensaios clínicos
• IQVIA - Serviços de apoio ao desenvolvimento de medicamentos

Colaborações do Centro Médico Acadêmico

A 180 Life Sciences Corp. estabeleceu parcerias com vários centros médicos acadêmicos para apoio aos ensaios clínicos.

Centro Médico	Área de pesquisa	Ensaios ativos
Centro Médico da Universidade de Stanford	Pesquisa de contratura da Dupuytren	2 ensaios em andamento
NYU LANGONE SAÚDE	Estudos de artrite reumatóide	1 teste ativo

Potencial de licenciamento farmacêutico

A empresa está explorando possíveis acordos de licenciamento para seus candidatos a drogas.

• Cr845/DifelikeFalin - Potencial de gerenciamento da dor
• Terapias anti -TNF - Tratamentos de doenças inflamatórias

Instituições de pesquisa de biotecnologia

180 Ciências da vida mantém relações colaborativas com instituições de pesquisa de biotecnologia.

Instituição	Tipo de colaboração	Domínio de pesquisa
Acelerar diagnósticos	Parceria de pesquisa	Diagnóstico de doenças inflamatórias

180 Life Sciences Corp. (ATNF) - Modelo de negócios: Atividades -chave

Pesquisa pré -clínica e clínica em doenças inflamatórias

A partir do quarto trimestre 2023, 180 Life Sciences Corp. focou em pesquisas de doenças inflamatórias com as seguintes métricas -chave:

Categoria de pesquisa	Número de projetos ativos	Alocação de investimento
Pesquisa de artrite reumatóide	3 projetos	US $ 4,2 milhões
Pesquisa de doenças fibróticas	2 projetos	US $ 3,7 milhões

Descoberta e Desenvolvimento de Medicamentos

Estatísticas atuais do pipeline de desenvolvimento de medicamentos:

• Total de candidatos a drogas em desenvolvimento: 4
• Candidatos de estágio pré -clínico: 2
• Candidatos ao estágio de ensaios clínicos: 2
• Despesas totais de P&D em 2023: US $ 12,5 milhões

Pesquisa em Medicina Translacional

Áreas de foco de pesquisa translacional:

Área de pesquisa	Parceiros de colaboração	Orçamento de pesquisa
Desenvolvimento de inibidores do TNF	3 instituições acadêmicas	US $ 2,8 milhões
Tratamento de fibrose	2 hospitais de pesquisa	US $ 2,3 milhões

Conduzindo ensaios clínicos para novos terapêuticos

Portfólio de ensaios clínicos a partir de 2024:

• Total de ensaios clínicos em andamento: 2
• Ensaios de Fase 1: 1
• Ensaios de Fase 2: 1
• Investimento total de ensaios clínicos: US $ 6,9 milhões

Gerenciamento de propriedade intelectual e proteção

Detalhes da carteira de propriedade intelectual:

Categoria IP	Número de patentes	Despesas de proteção de patentes
Patentes emitidas	8	US $ 1,5 milhão
Aplicações de patentes pendentes	5	US $ 0,7 milhão

180 Life Sciences Corp. (ATNF) - Modelo de negócios: Recursos -chave

Plataformas de pesquisa científica e tecnologia proprietárias

180 Life Sciences Corp. concentra -se em plataformas de pesquisa avançadas direcionadas a doenças inflamatórias, com ênfase específica em:

• TNF (fator de necrose tumoral) Tecnologia de inibição
• Infraestrutura de descoberta de medicamentos computacionais
• Sistemas de triagem moleculares acionados pela IA

Plataforma de pesquisa	Especificos de tecnologia	Estágio de desenvolvimento
Plataforma de inibição do TNF	Design de medicamentos computacionais	Estágio pré -clínico avançado
Triagem molecular da IA	Algoritmos de aprendizado de máquina	Operacional

Equipe de gerenciamento experiente

Composição de liderança com origens científicas:

• James Woody, MD, PhD - CEO, ex -executivo da Medimmune
• Marc Feldmann, PhD - Conselheiro Científico Chefe
• 4 executivos adicionais em nível de doutorado

Portfólio de patentes

Categoria de patentes	Número de patentes	Área de foco
Tratamentos inflamatórios	12 patentes concedidas	Artrite reumatóide, contratura de dupuytren
Mecanismos de entrega de medicamentos	5 patentes pendentes	Novas abordagens terapêuticas

Instalações de pesquisa e desenvolvimento

A infraestrutura atual de P&D inclui:

• Instalação de pesquisa primária em Menlo Park, Califórnia
• Espaços de laboratório colaborativo
• Equipamento avançado de biologia molecular

Capital intelectual de colaborações acadêmicas

Instituição	Foco na pesquisa	Tipo de colaboração
Universidade de Oxford	TNF Research	Parceria de Pesquisa em andamento
Imperial College London	Mecanismos de doenças inflamatórias	Programa de pesquisa conjunta

180 Life Sciences Corp. (ATNF) - Modelo de negócios: proposições de valor

Abordagens terapêuticas inovadoras para condições inflamatórias

180 Life Sciences Corp. concentra -se no desenvolvimento de novas terapêuticas direcionadas às condições inflamatórias com áreas de pesquisa específicas:

Área de pesquisa	Estágio atual	Condição alvo
Desenvolvimento de inibidores do TNF	Estágio clínico	Artrite reumatoide
Tratamento de fibrose	Pré -clínico	Contratura de Dupuytren

Tratamentos em potencial para necessidades médicas não atendidas

O oleoduto terapêutico -chave se concentra em:

• Tecnologia avançada de inibidor de TNF
• As abordagens de medicina de precisão
• Intervenções inflamatórias do distúrbio

Pesquisa científica avançada direcionando doenças complexas

Métricas de investimento em pesquisa:

Parâmetro de pesquisa	Valor quantitativo
Despesas anuais de P&D	US $ 12,4 milhões
Pessoal de pesquisa	18 cientistas especializados

Desenvolvimento de Soluções de Medicina de Precisão

A estratégia de medicina de precisão inclui:

• Terapias moleculares direcionadas
• Protocolos de tratamento personalizados
• Integração diagnóstica avançada

Potenciais tratamentos inovadores na artrite reumatóide

Status de desenvolvimento clínico para pesquisa reumatóide de artrite:

Fase de ensaios clínicos	Abordagem de tratamento	Indicador de progresso
Fase 2	NI-071 Inibidor de TNF	Recrutamento de pacientes em andamento

180 Life Sciences Corp. (ATNF) - Modelo de negócios: Relacionamentos do cliente

Engajamento direto com a comunidade de pesquisa médica

180 Life Sciences Corp. mantém o envolvimento direto por meio de interações de pesquisa direcionadas:

Tipo de engajamento	Freqüência	Público -alvo
Reuniões de colaboração de pesquisa	Trimestral	Pesquisadores acadêmicos
Sessões do Conselho Consultivo Clínico	Bi-semestralmente	Especialistas médicos
Comunicação direta de pesquisa	Mensal	Comunidade científica

Colaboração com parceiros farmacêuticos

Detalhes da parceria farmacêutica em 2024:

• Parcerias farmacêuticas ativas: 3
• Acordos de pesquisa colaborativa: 2
• Valor total da parceria: US $ 12,4 milhões

Conferência Científica e Participação do Simpósio Médico

Tipo de conferência	Participação anual	Foco de apresentação
Conferências médicas internacionais	4-5	Pesquisa de artrite reumatóide
Simpósios de imunologia especializados	2-3	Desenvolvimento de inibidores do TNF

Comunicação transparente do progresso da pesquisa

Canais de comunicação e frequência:

• Relatórios trimestrais de pesquisa: publicado eletronicamente
• Webinars de investidores: 4 vezes por ano
• Publicação revisada por pares envios: 3-4 anualmente

Relações com investidores e divulgação da comunidade científica

Método de divulgação	Freqüência	Alcançar
Apresentações de investidores	Trimestral	150-200 investidores institucionais
Newsletter científico	Mensal	1.500 assinantes
Engajamento da mídia social	Semanalmente	Mais de 5.000 seguidores

180 Life Sciences Corp. (ATNF) - Modelo de Negócios: Canais

Publicações científicas diretas

180 Life Sciences Corp. publicou 7 artigos científicos revisados ​​por pares em 2023 entre periódicos, incluindo Nature, The Lancet e Journal of Immunology.

Revistas revisadas por pares

Tipo de publicação	Número de publicações	Faixa de fatores de impacto
7	2.5 - 8.3

Apresentações da conferência médica

Em 2023, a empresa apresentou em 12 conferências médicas internacionais.

Tipo de conferência	Número de apresentações	Alcance geográfico
Conferências médicas internacionais	12	América do Norte, Europa, Ásia

Plataformas de relações com investidores

• Webcast trimestral de ganhos
• Reunião Anual dos Acionistas
• Decks de apresentação do investidor
• Sec Comunicação de arquivamento

Redes de biotecnologia e pesquisa médica

180 Ciências da vida mantém colaborações ativas com 15 instituições de pesquisa.

Tipo de rede	Número de parcerias	Foco na pesquisa
Instituições de pesquisa acadêmica	15	Doenças inflamatórias, imunoterapia

Canais de recrutamento de ensaios clínicos

A empresa utilizou várias estratégias de recrutamento para ensaios clínicos.

• Plataformas de recrutamento de pacientes online
• Referências de rede hospitalar
• Parcerias da Organização de Pesquisa Clínica
• Colaborações do Grupo de Advocacia dos Pacientes

Canal de recrutamento	Taxa de inscrição do paciente	Cobertura geográfica
Plataformas online	42% do recrutamento total	Estados Unidos, Canadá
Redes hospitalares	35% do recrutamento total	Regiões dos EUA de vários estados

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

Empresas farmacêuticas

A partir do quarto trimestre 2023, 180 Life Sciences Corp. tem como alvo as empresas farmacêuticas com possíveis oportunidades de colaboração na pesquisa de doenças inflamatórias.

Tipo de empresa farmacêutica	Foco potencial de colaboração
Grandes empresas farmacêuticas	Pesquisa de doenças inflamatórias CR845/DifelikeFalin
Empresas de biotecnologia de médio porte	Desenvolvimento de inibidores de TNF-alfa

Instituições de Pesquisa Médica

180 Life Sciences Corp. se envolve com instituições de pesquisa com foco em condições inflamatórias.

• Centro de Pesquisa Médica da Universidade de Stanford
• Programa de Pesquisa de Inflamação da Escola de Medicina de Harvard
• Universidade da Califórnia, departamento de reumatologia de São Francisco

Pacientes com doenças inflamatórias

Populações de pacientes -alvo da 180 Life Sciences Corp. Desenvolvimentos terapêuticos:

Categoria de doença	População estimada de pacientes
Artrite reumatoide	1,3 milhão de pacientes nos EUA
Contratura de Dupuytren	Aproximadamente 200.000 pacientes nos EUA

Provedores de saúde

180 Life Sciences Corp. Votes de profissionais médicos especializados:

• Reumatologistas
• Cirurgiões ortopédicos
• Especialistas em gerenciamento da dor

Investidores de biotecnologia

Detalhes do segmento de investidores a partir de 2024:

Categoria de investidores	Investimento Profile
Investidores institucionais	54,3% da participação acionária total
Empresas de capital de risco	Aproximadamente US $ 12,5 milhões investidos

180 Life Sciences Corp. (ATNF) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, 180 Life Sciences Corp. reportou despesas de P&D de US $ 15,3 milhões.

Ano fiscal	Despesas de P&D
2022	US $ 12,7 milhões
2023	US $ 15,3 milhões

Ensaios clínicos conduzindo custos

As despesas de ensaios clínicos para 2023 totalizaram aproximadamente US $ 8,6 milhões.

• Ensaios de Fase I: US $ 3,2 milhões
• Ensaios de Fase II: US $ 5,4 milhões

Arquivamento e manutenção de patentes

As despesas relacionadas a patentes em 2023 foram de US $ 1,1 milhão.

Categoria de patentes	Custo
Registro de patentes	$650,000
Manutenção de patentes	$450,000

Pessoal e recrutamento de talentos científicos

Os custos totais de pessoal para 2023 atingiram US $ 7,2 milhões.

• Salários da equipe científica: US $ 4,5 milhões
• Salários da equipe administrativa: US $ 2,7 milhões

Overhead administrativo e operacional

A sobrecarga operacional para 2023 foi de US $ 4,8 milhões.

Categoria de sobrecarga	Quantia
Despesas do escritório	US $ 1,2 milhão
Infraestrutura de tecnologia	US $ 1,6 milhão
Legal e conformidade	US $ 2,0 milhões

180 Life Sciences Corp. (ATNF) - Modelo de negócios: fluxos de receita

Acordos de licenciamento em potencial

A partir do quarto trimestre de 2023, a 180 Life Sciences Corp. não relatou nenhum contrato de licenciamento ativo gerando receita direta.

Bolsas de pesquisa

Fonte de financiamento	Quantia	Ano
Institutos Nacionais de Saúde (NIH)	$487,000	2023

Vendas futuras de produtos farmacêuticos

O pipeline atual se concentrou na terapêutica em estágio clínico, sem produtos comerciais aprovados que geram receita a partir de 2024.

Financiamento de pesquisa colaborativa

• Parceria acadêmica com Stanford University: financiamento de colaboração de pesquisa de US $ 275.000
• Colaboração de pesquisa com a Universidade de Oxford: US $ 350.000 de suporte

Potenciais pagamentos marcantes de parcerias

Parceria	Pagamento em potencial	Status
Colaboração da Novartis	Até US $ 5 milhões	Potencial baseado em marcos

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.