Wednesday morning brought a slightly downbeat tone to U.S. stock futures, with the Dow futures slipping about 0.01%. But the real action was happening in pre-market trading, where several stocks were taking meaningful hits.

The biggest mover was Cybin Inc. (CYBN), which tumbled 6.6% to $8.00 after announcing it launched a $100 million at-the-market equity program with Cantor Fitzgerald. At-the-market offerings let companies sell shares gradually into the market, but they also mean dilution for existing shareholders—which explains the early morning selloff.

Other Notable Pre-Market Decliners

Jefferson Capital Inc. (JCAP) dropped 7.2% to $21.08, making it one of the session's steeper declines.

SMX (Security Matters) PLC (SMX) fell another 6.8% to $47.95, extending Tuesday's brutal 39% plunge. Whatever's troubling this stock, investors aren't done heading for the exits.

Corcept Therapeutics Inc. (CORT) declined 5.5% to $66.35, continuing Tuesday's 12% slide. Two consecutive days of losses suggest something more than routine profit-taking.

NovaBay Pharmaceuticals Inc. (NBY) fell 4.8% to $5.90 in early trading.

Americas Gold and Silver Corporation (USAS) dropped 4.7% to $5.09, reflecting broader pressure in precious metals names.

Xpeng Inc – ADR (XPEV) slipped 4.5% to $20.32, giving back some of Tuesday's roughly 4% gain. Classic case of what goes up can come right back down.

B&G Foods Inc. (BGS) fell 3.6% to $4.35, while Hecla Mining Co. (HL) declined 3.3% to $18.85.