Herbal Medicine Stock With No Sales Rallies 64,000%

A Nasdaq-listed stock focused on herbal medicine has spiked by more than 64,000 percent so far in 2025 and, yet, the company itself has made zero revenue — much less turned a profit.

- 

NEW YORK —

The unbelievable rally has transformed Regencell Bioscience Holdings, a penny stock as recently as April, to one worth more than US$20 billion (S$25.6 billion) in market value. A year ago, the stock had a market capitalization of just US$53 million. This is despite the company having a net loss of US$4.4 million for its fiscal year that ended on June 2024, a 28 percent decrease from the previous year.

Earlier in June, the company said its board approved a 38-for-one stock split. When the split took effect on June 16, shares soared as much as 434 percent — their biggest one-day jump ever — to a record high, triggering more than 10 volatility halts.