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TLSA — Tiziana Life Sciences Ltd.

TLSA (Tiziana Life Sciences Ltd.) stock: $0.69, $87.7M market cap, $3.7M cash, $84.3M EV, $69.8M fully diluted market cap. Lead program: Foralumab TZLS-401 100 µg (Non-Active Secondary Progressive Multiple Sclerosis), Phase 2. Data from Fully Diluted's biotech stocks database.

What they do

We subsequently changed our name to Tiziana Life Sciences plc in April 2014 as a result of the acquisition of Tiziana Pharma Limited in April 2014. On August 20, 2021 we announced that we had formally commenced a strategic plan to change our corporate structure by establishing Tiziana Life Sciences Ltd, a Bermuda-incorporated company, to become the ultimate parent company of the Tiziana Group.

Source: 20-F FY2025 via SEC EDGAR

Share price
$0.69
Market cap
$87.7M
Cash
$3.7M
Enterprise value
$84.3M

Balance sheet

Cash$3.7M
Debt$0.3M
Net cash$3.4M
Enterprise value$84.3M
Basic shares95.0M shares
Fully diluted shares101.2M shares
Fully diluted market cap$69.8M
Cash per share$0.04
Quarterly burn$0.4M
Cash runway9.8 quarters

Cash figures as of 2024-12-31. Database snapshot: 2026-11-07.

Share structure

Common
95.0M
Pre-funded warrants
0.0M
Options
2.0M
RSUs
4.2M
Warrants
0.0M
Converts
—
Conv preferred
0.0M
ESPP reserve
0.0M
FDSO
101.2M

Cap table as of 2025-12-31.

Price history

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Next catalyst

Foralumab Nasal · May 13 - Jun 24 in 6 mo · Phase 2 · Multiple System Atrophy

Recently reported

Foralumab Phase 2 Positive · 2026-11-02
INFORM-MS · secondary progressive multiple sclerosis
Primary: Safety/tolerability and change from baseline in microglial activation measured by [18F]PBR06 TSPO PET imaging (Phase 2a INFORM-MS, 12 weeks of intranasal foralumab in non-active secondary progressive multiple sclerosis) — Trial met its dual primary endpoints: globally normalized white matter SUVR adjusted treatment difference -0.0231 (95% CI -0.0416 to -0.0046) at the 50 ug dose versus placebo, p=0.0168; no statistically significant PET difference at the 100 ug dose
· Modified Fatigue Impact Scale total score mean change -6.17 in the 50 ug arm (p=0.035 vs own baseline) and -7.18 in the 100 ug arm (p=0.040), compared with -3.12 in the placebo arm
· 48 participants randomized: placebo n=18, foralumab 50 ug n=19, foralumab 100 ug n=11; PET-analyzable n=40
· No changes seen in the EDSS secondary endpoint over the 3-month treatment duration
· Treatment-emergent adverse events in 15/18 (83.3%) of placebo patients and 23/30 (76.7%) of foralumab-treated patients; most common were headache, fall, nasal congestion, and rhinorrhea
· All 48 participants completed treatment
Safety: Well tolerated at both doses; no deaths, no discontinuations due to adverse events, and no study-drug related serious adverse events
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