Bright Minds Biosciences, which until this week had a lightly traded stock that traded at just over $1, tumbled in premarket trade on Wednesday following a meteoric rise.

Bright Minds shares DRUG CA:DRUG fell 34% to $25.36 in premarket trade, following an explosive 1,446% gain on Tuesday that left it with a $143 million market capitalization.

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Bright Minds put out a press release late Tuesday in which the Vancouver, British Columbia-incorporated company said it’s “unaware of any material changes in the Company’s operations that would account for the recent increase in market activity.” It said it was responding to a request from the Canadian Investment Regulatory Organization.

The company said it focuses its research and development on medications based on its expertise in 5-HT, or serotonin, mediated diseases.

It started a Phase 2 trial of a drug to treat a group of drug-resistant epilepsy disorders. Bright Minds, which hasn’t reported any revenue, said last month that it can sustain operations into 2026.

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