Regencell Bioscience shares jumped another 55% in premarket trading on Tuesday.

A biotech stock focused on herbal medicine has surged by more than 46,000% so far this year and yet, the company itself has made zero revenue — much less turned a profit.

The unbelievable rally has transformed Regencell Bioscience Holdings Limited, a penny stock as recently as April, to one worth nearly $30 billion in market value. A year ago, the stock had a market capitalization of just $53 million. This is despite the company having a net loss of $4.4 million for its fiscal year that ended June 2024, a 28% decrease from the previous year.

Earlier this month the company said its board approved a 38-for-1 stock split. When the split took effect Monday, shares rose 283% — their biggest one-day jump in nearly a year on a closing basis — to a record high, triggering more than 10 volatility halts.

Shares of the company have been on a bizarre, 460-fold tear in 2025, with little to no news from the firm. The Hong Kong-based firm, which debuted on the Nasdaq Capital Market in 2021, is in the research and development stage and has not generated any revenue since inception, according to its most-recent annual filing with the US Securities and Exchange Commission.

A representative for Regencell didn’t respond to a Bloomberg News request for comment.

Incorporated in the Cayman Islands, the firm aims to treat neurological disorders like ADHD and autism spectrum disorder through traditional herb-based medicines, according to its website. Its traditional Chinese medicine (TCM) formula, which forms the basis of its product candidates, “contains only natural ingredients without any synthetic components.”

“We have not generated revenue from any TCM formulae candidates or applied for any regulatory approvals, nor have distribution capabilities or experience or any granted patents or pending patent applications and may never be profitable,” the company said in an October filing.

The company also made its foray into treatments for Covid-19, conducting trials in 2022 for an “holistic approach” with its experimental therapy. Regencell said data from a 2022 trial showed the treatment was effective in reducing and eliminating Covid symptoms within six days, although the results were yet to be peer-reviewed.

The firm has funded its operations so far, primarily from shareholder loans and proceeds from its initial public offering, the SEC filing showed. It said its gross proceeds from its IPO were $21.85 million, with additional net proceeds of $2.85 million from the issue of the over allotment shares and exercise of 325,000 shares.

One potential reason for the outsized swings in Regencell shares: its tiny float. Of its nearly 500 million outstanding shares, only about 30 million are available to be traded. That equates to roughly 6% of shares, compared to Apple Inc. — which has about 98% available — and Tesla Inc.’s 87%. Insiders own the remaining Regencell shares, with Chief Executive Officer Yat-Gai Au’s ownership accounting for 86%, according to holding data compiled by Bloomberg.