180 Life Sciences Corp.'s HMGB1 program was formed in connection with the entry into an exclusive global licensing agreement with Oxford University Innovation Limited ("Oxford") for the development and commercialization of HMGB1, a regenerative molecule for promoting liver repair and regeneration, in November 2021 (the "License"). At the time, a physiological pathway, activated by the molecule HMGB1, had been shown to lead to regeneration of tissues by targeting endogenous stem and proteitor cells. However, after close to two years of research, it was found that the molecular interactions were much more complex than initially envisioned and have remained unresolved.ence, the company have been unable to progress this research to a point of identifying a lead molecule to proceed with scaling up and Good Manufacturing Practice (GMP) production, as well as safety and toxicity testing.

Due to the ongoing costs of this research program and the need for the Company to focus its resources on the Company's primary platform to treat fibrosis using anti-TNF (tumor necrosis factor), the Board of Directors of the Company elected to terminate the Company's HMGB1 license agreement with Oxford on September 22, 2023, and on September 22, 2023. The termination letter also clarified amounts that company owed after termination of the License, including approximately $20,000 in unbilled fees. No material early termination penalties were occurred by the Company in connection with the termination of the license.

The foregoing summary of the termination letter is not complete and is qualified in its entirety by reference to the full text of the termination letter filed as Exhibit 10.1 to this Current Report on Form 8-K, and incorporated herein by reference in its entirety. The termination letter also clarified amount that company owed after termination of The Company, including approximately $20,000 in unbilled fees; No material early termination penalties were incurred by the Company in connection with The termination of the license.