Bull case
Tiziana Life Sciences is viewed positively because foralumab has repeatedly shown mechanistic proof that it stimulates regulatory T-cells and reduces CNS inflammation across SPMS, MSA, and Alzheimer’s disease, with TSPO PET imaging supporting a consistent biological signal and early hints of fatigue and disability stabilization. The most important catalyst is the 48-patient INFORM-MS Phase 2a study, a randomized, double-blind, placebo-controlled 12-week trial whose last patient completed their last visit on 9/21/26, with database lock expected this week and topline data anticipated in October at ACTRIMS/ECTRIMS in Toronto. Financially, the thesis is strengthened by the company’s relatively de-risked, biomarker-driven platform and by addressable indications with major unmet need, including MSA with no approved disease-modifying therapy and SPMS segments where current options are limited.