What Happened: Bright Minds announced that it’s collaborating with Firefly Neuroscience to provide a full analysis of the electroencephalogram (EEG) data in the company’s BREAKTHROUGH study.

BREAKTHROUGH is an open-label Phase 2 clinical trial evaluating the safety, tolerability and efficacy of BMB-101 in adult patients with classic Absence Epilepsy and Developmental Epileptic Encephalopathy (DEE). BMB-101 is a novel scaffold 5-HT_2C Gq-protein biased agonist developed using structure-based drug design.

“We believe BMB-101 has the potential to be a best-in-class 5-HT_2C agonist. This compound is not only poised to make a significant impact in both the DEE and Absence Epilepsy communities, but also has broad applicability across the 30% of all epilepsy patients who experience drug resistance,” said Ian McDonald, CEO of Bright Minds Biosciences.

See Also: Sanofi Engages In Exclusive Talks With US Private Equity CD&R For Its Consumer Health Business

The news comes a week after Bright Minds stock soared 1,445% in a single day despite a lack of company-specific news.

Last Tuesday, Bright Minds put out a press release noting that it was “unaware of any material changes in the Company’s operations that would account for the recent increase in market activity.”

Bright Minds is considered a low-float stock with just 3.58 million shares available for public trading, according to Benzinga Pro. The company also had a market cap of less than $5 million before the move last week. Low-float, micro-cap stocks can be extremely volatile, which may help explain some of the recent volatility.

DRUG Price Action: Bright Minds shares were up 9.74% at $51.81 at the time of publication, according to Benzinga Pro.

This illustration was generated using artificial intelligence via Midjourney.