Bright Minds Biosciences, which until this week had a lightly traded stock trading at just over $1, tumbled in premarket trading Wednesday after surging.

Bright Minds shares of DRUG CA:DRUG fell 34% to $25.36 in premarket trading after ballooning 1,446% on Tuesday, leaving it with a market cap of $143 million.

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Bright Minds issued a press release late Tuesday in which the Vancouver, British Columbia-based company said it is “not aware of any material changes in the company’s operations that could explain the recent increase in market activity.” It says it is responding to a request from the Canadian Investment Regulatory Organization.

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

It initiated a phase 2 study of a drug to treat a group of drug-resistant epilepsy disorders. Bright Minds, which has not reported revenue, said last month it could continue operations until 2026.

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