Is it possible that other person was just full of shit?

Here was an update posted on Sept 12th, 2023 from the company behind the trials regarding the MS trials:

Anokion has completed patient enrollment early in the second and final MAD cohort of its MoveS-it (Multiple Sclerosis Study of ANK-700 to Assess Safety and Immune Tolerance) clinical trial to evaluate ANK-700 for the treatment of patients with multiple sclerosis. MoveS-it is a randomized, double-blind, placebo-controlled Phase 1 study evaluating ANK-700 for the treatment of patients with relapsing remitting multiple sclerosis (RRMS). MS is a demyelinating disease of the CNS, in which the immune system attacks the myelin sheath in the brain and spinal cord. RRMS is the most common type of MS, characterized by recurring episodes of new or worsening symptoms. Anokion has designed ANK-700 to re-educate the immune system by inducing antigen-specific tolerance to myelin-based autoantigens to reduce neuroinflammation in the brain and spinal cord.

Safety data from both the SAD and MAD cohorts supports that ANK-700 is safe and well-tolerated at all dose levels tested through the dose escalation period. Further, preliminary biomarker data from the MAD cohorts displays trends in antigen-specific immune tolerance and evidence of bystander suppression to related myelin antigens, which is critical to treating complex autoimmune diseases like MS.

The study will continue with a 12-month safety follow-up expected to complete in the first half of 2024. Anokion anticipates reporting full results from its MoveS-it clinical trial in the second half of 2024.

• Source

This says that the single dose (SAD) phase 1 trial which began in 2020 was completed and they moved on to the second multiple ascending dose trial (MAD) for MS which completed enrollment and expect results in 2024. And that the preliminary data from the first MAD trial indicates therapeutic response.

And the press release talks about how they've moved on to a phase 2 trial for its use for celiacs (the initial trial use case). And then on Oct 12th they announced they will be presenting data from their phase 1 for celiacs at a conference.

A week after the announcement quoted above they released the news about their peer reviewed paper mentioning the early success in both (what likely inspired OP's article), saying:

We have now observed our approach play out in the clinic with early data from our lead programs in celiac disease and multiple sclerosis, KAN-101 and ANK-700, that demonstrated antigen-specific tolerance, bystander suppression, and an impact on disease-specific biomarkers.

None of this looks like a company that has a failing drug on their hands. And there's no indication of the MS trial being ended early - the only thing that happened early was completing enrollment early.

Being too ready to give up on hope is its own kind of insanity.