It’s not often you see a stock triple mere weeks after a big reverse split, but that’s exactly what’s happening with clinical-stage biotech stock Catalyst Biosciences Inc (NASDAQ:CBIO), up more than 200% early Tuesday.

CBIO stock shot higher on an approval from the Korean Ministry of Food and Drug Safety for its Investigational New Drug Application for treatment CB 2679d/ISU304 — a hemophilia treatment.

Specifically, CB 2679d/ISU304 is a “highly potent next-generation coagulation Factor IX variant” that has the potential to normalize Factor IX levels with a daily injection, at least in preclinical studies. The drug “has exhibited enhanced procoagulant activity, improved efficacy in inhibiting blood loss, and prolonged duration of action in bleeding and non-bleeding preclinical models compared with other Factor IX products on the market.”

ISU Abxis, a collaborator on the treatment, will initiate a Phase 1/2 proof-of-concept study sometime in Q2 2017.

Tuesday’s action marks one heckuva turnaround in CBIO stock, which had fallen roughly 99% over the past three years. The company has been forced to execute not one but two reverse stock splits to remain in Nasdaq compliance — a 1-for-7 split in 2015, followed by a 1-for-15 split in February.

Catalyst Biosciences has only recorded trace revenues over the past few years, but net losses have only accelerated, jumping from $6.61 million in 2014 to $16.95 million last year.

As of this writing, Robert Martin did not hold a position in any of the aforementioned securities.