Summary by Moomoo AI
180 Life Sciences Corp. reported a net loss of $836,720 for the third quarter ended September 30, 2024, compared to a net loss of $10,265,760 for the same period in 2023. The decrease in net loss of $9,429,040, or 92%, was primarily due to a non-recurring impairment of IP R&D assets in the previous year. Research and development expenses decreased by 74% to $251,577, while general and administrative expenses saw a 76% reduction to $576,378. The company also reported other net income of $142,373, compared to a net expense of $9,072,598 in the prior year, largely due to the absence of the prior year's IP R&D asset impairment. As of September 30, 2024, the company had a working capital deficit of $5,158,449 and cash used in operating activities was $529,906 for the nine months...Show More
