180 Life Sciences Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>180 Life Sciences Corp. has filed its 2023 Form 10-K, detailing its financial performance and corporate status.</b>

AI Summary

180 Life Sciences Corp. (FRMM) filed a Annual Report (10-K) with the SEC on March 25, 2024. 180 Life Sciences Corp. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company is registered in Delaware and its principal executive offices are located in Palo Alto, California. Common Stock (ATNF) and Warrants (ATNFW) are traded on The NASDAQ Stock Market LLC. The company is not a well-known seasoned issuer and is not required to file reports pursuant to Section 13 or 15(d) of the Act. 180 Life Sciences Corp. has submitted all required reports electronically for the preceding 12 months.

Why It Matters

For investors and stakeholders tracking 180 Life Sciences Corp., this filing contains several important signals. This filing provides a comprehensive overview of the company's operations and financial health for the fiscal year 2023, crucial for investors to assess its current standing and future prospects. The report confirms the company's compliance with SEC filing requirements, including electronic submission of interactive data, indicating a commitment to transparency and regulatory adherence.

Risk Assessment

Risk Level: medium — 180 Life Sciences Corp. shows moderate risk based on this filing. The company's financial performance and operational details are not yet available in this initial filing, requiring further analysis of the full 10-K document to assess its financial health and risks.

Analyst Insight

Review the full 10-K filing for 180 Life Sciences Corp. to analyze its financial statements, risk factors, and management discussion for a comprehensive understanding of its business and investment potential.

Key Numbers

• 20231231 — Fiscal Year End (The period covered by the 10-K filing.)
• 20240325 — Filing Date (Date the 10-K was filed with the SEC.)
• 001-38105 — SEC File Number (The company's SEC file number.)

Key Players & Entities

• 180 Life Sciences Corp. (company) — Filer of the 10-K report.
• NASDAQ Stock Market LLC (company) — Exchange where ATNF and ATNFW are registered.
• ATNF (dollar_amount) — Trading symbol for Common Stock.
• ATNFW (dollar_amount) — Trading symbol for Warrants.

FAQ

Industry Context

180 Life Sciences Corp. operates within the pharmaceutical preparations industry, focusing on the development and commercialization of therapeutic products.

Regulatory Implications

The company is subject to the reporting requirements of the Securities Exchange Act of 1934, including the filing of annual reports (10-K) and other necessary disclosures.

What Investors Should Do

1. Analyze the financial statements within the 10-K for revenue, expenses, and profitability trends.
2. Examine the 'Risk Factors' section for potential challenges and uncertainties facing the company.
3. Review the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' for insights into business performance and outlook.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-25: Filing Date — The date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year 2023. Comparative data from the previous year will be available within the detailed financial statements.

Key Financial Figures

• $0.0001 — ich registered Common Stock, par value $0.0001 per share ATNF The NASDAQ Stock Market

Filing Documents

• ea0200233-10k_180lif.htm (10-K) — 2371KB
• ea020023301ex23-1_180lifesci.htm (EX-23.1) — 2KB
• ea020023301ex31-1_180lifesci.htm (EX-31.1) — 10KB
• ea020023301ex31-2_180lifesci.htm (EX-31.2) — 9KB
• ea020023301ex32-1_180lifesci.htm (EX-32.1) — 3KB
• ea020023301ex32-2_180lifesci.htm (EX-32.2) — 3KB
• image_001.jpg (GRAPHIC) — 5KB
• image_002.jpg (GRAPHIC) — 311KB
• image_003.jpg (GRAPHIC) — 31KB
• 0001213900-24-025262.txt (&nbsp;) — 11915KB
• atnf-20231231.xsd (EX-101.SCH) — 124KB
• atnf-20231231_cal.xml (EX-101.CAL) — 39KB
• atnf-20231231_def.xml (EX-101.DEF) — 539KB
• atnf-20231231_lab.xml (EX-101.LAB) — 903KB
• atnf-20231231_pre.xml (EX-101.PRE) — 540KB
• ea0200233-10k_180lif_htm.xml (XML) — 1284KB

Business

Item 1. Business. 1

Risk Factors

Item 1A. Risk Factors. 51

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. 107

Cybersecurity

Item 1C. Cybersecurity. 107

Properties

Item 2. Properties. 108

Legal Proceedings

Item 3. Legal Proceedings. 108

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 108 PART II 109

Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 109

[Reserved]

Item 6. [Reserved] 110

Management's Discussion and Analysis of Financial Condition and

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. 111

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk. 121

Financial Statements and Supplemental Data

Item 8. Financial Statements and Supplemental Data. 121

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. 121

Controls and Procedures

Item 9A. Controls and Procedures. 122

Other Information

Item 9B. Other Information. 123

Disclosure Regarding Foreign Jurisdictions That Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections. 123 PART III 124

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance. 124

Executive Compensation

Item 11. Executive Compensation. 124

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 124

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence. 124

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services. 124 PART IV 125

Exhibits, Financial Statements and Schedules

Item 15. Exhibits, Financial Statements and Schedules 125

Form 10–K Summary

Item 16. Form 10–K Summary 131 i Glossary The following are abbreviations and definitions of certain terms used in this Report, which are commonly used in the pharmaceutical and biotechnology industry: " ACA " means the Patient Protection and Affordable Care Act, often shortened to the Affordable Care Act, nicknamed Obamacare, which is a U.S. federal statute which provides numerous rights and protections that make health coverage fairer and easier to understand, along with subsidies (through " premium tax credits " and " cost-sharing reductions ") to make it more affordable. The law also expands the Medicaid program to cover more people with low incomes. " Analgesics " are a class of medications designed specifically to relieve pain. " ANDA " means an abbreviated new drug application which contains data which is submitted to the FDA for the review and potential approval of a generic drug product. " Anti-TNF " is a pharmaceutical drug that suppresses the physiologic response to TNF. " BLA " means the FDA's Biologics License Application, which is the vehicle in the United States through which biologic sponsors formally propose that the FDA approve a new biologic for sale and marketing. "BPCIA" means the Biologics Price Competition and Innovation Act. " Cannabinoids " mean compounds found in cannabis sativa L ., and when used throughout this Report, refer to compounds found in the hemp plant which do not contain THC. " CBD " or cannabidiol is an active ingredient in cannabis derived from the hemp plant. CBD is a non-psychoactive oxidative degradation product of THC. " CBG " or cannabigerol is one of the compounds found in the cannabis plant. " CCMO " means De Centrale Commissie Mensgebonden Onderzoek (CCMO), or the Central Committee on Research Involving Human Subjects, the organization responsible for reviewing and regulating medical research involving human subjects in The Netherlands. " CHMP " means the Committee for Medicinal Products for Human Use,

Forward-looking statements

Forward-looking statements include, but are not limited to, statements about: The need for additional funding, our ability to raise funding in the future, the terms of such funding, and dilution caused thereby; Expectations for the clinical and preclinical development, manufacturing, regulatory approval, and commercialization of our product candidates; the uncertainties associated with the clinical development and regulatory approval of the Company's drug candidates, including potential delays in the enrollment and completion of clinical trials, issues raised by the U.S. Food and Drug Administration (FDA), the European Medicines Agency (EMA) and the U.K. Medicines and Healthcare products Regulatory Agency (MHRA); regulatory developments in the United States and foreign countries; our success in retaining or recruiting, or changes required in, our officers, key employees or directors; current negative operating cash; the continued impact of the COVID-19 pandemic on our business operations and our research and development initiatives; the accuracy of our estimates regarding expenses, future revenues and capital requirements; the Company's reliance on third parties to conduct its clinical trials, enroll patients, and manufacture its preclinical and clinical drug supplies; the ability to come to mutually agreeable terms with such third parties and partners, and the terms of such agreements, the terms of the Company's current licensing agreements, and the termination rights associated therewith; vi estimates of patient populations for the Company's planned products; unexpected adverse side effects or inadequate therapeutic efficacy of drug candidates that could limit approval and/or commercialization, or that could result in recalls or product liability claims; the Company's ability to fully comply with numerous federal, state and local laws and regulatory requirements, as well as rules and regulations outside the United States, that apply to it

Business

Item 1. Business. INTRODUCTION General The information included in this Annual Report on Form 10-K should be read in conjunction with the consolidated financial statements and related notes included at the end of this report. Please see the "Glossary" above for a list of biotechnology industry abbreviations and definitions used throughout this Report. Our logo and some of our trademarks and tradenames are used in this Report. This Report also includes trademarks, tradenames and service marks that are the property of others. Solely for convenience, trademarks, tradenames and service marks referred to in this Report may appear without the , and SM symbols. References to our trademarks, tradenames and service marks are not intended to indicate in any way that we will not assert to the fullest extent under applicable law our rights or the rights of the applicable licensors if any, nor that respective owners to other intellectual property rights will not assert, to the fullest extent under applicable law, their rights thereto. We do not intend the use or display of other companies' trademarks and trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies. The market data and certain other statistical information used throughout this Report are based on independent industry publications, reports by market research firms or other independent sources that we believe to be reliable sources; however, we have not commissioned any of the market or survey data that is presented in this Report. Industry publications and third-party research, surveys and studies generally indicate that their information has been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. We are responsible for all of the disclosures contained in this Report, and we believe these industry publications and third-party research, surveys and studies are reliable. While we are not awar

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View this 10-K filing on SEC EDGAR