INmune Bio's XPro, a TNF inhibitor targeting neuroinflammation in early Alzheimer’s disease, failed to meet primary and secondary endpoints in a 200-patient Phase 2 study, sending shares tumbling nearly 60%. However, analyses revealed potential clinical benefits in a predefined subgroup of 100 amyloid-positive patients with elevated inflammatory biomarkers. The drug showed improvement on cognitive and neuropsychiatric measures and favorable biomarker changes, suggesting a route forward focused on this subset. Financing and partnerships are now critical to support further development and regulatory discussions.