Sometimes a preclinical study can move mountains, or at least stock prices. Gelteq Ltd (GELS) discovered this Wednesday morning when shares rocketed 50.1% to $1.25 in premarket trading after the company announced positive results from its cannabinoid oral gel delivery platform.

The Melbourne-based biotech reported that its proprietary oral gel platform achieved more than a 22% increase in the bioavailability of cannabidiol when compared to an existing Food and Drug Administration-approved oil-based product. For a drug delivery company, demonstrating that your platform helps the body absorb significantly more of the active ingredient is basically the whole ballgame. The announcement came Tuesday and sent shares climbing before the opening bell.

But Gelteq wasn't alone in making waves before the market opened. Twenty stocks showed significant movement in premarket trading, with some impressive gains and painful drops across the board.

The Biggest Winners

Inspire Veterinary Partners Inc (IVP) absolutely dominated the gainers list, surging 141.3% to $0.056 in premarket action. The veterinary services company filed a Certificate of Amendment on January 9 that increased its authorized Class A common stock from 100 million to 700 million shares, according to a Securities and Exchange Commission filing. That's a massive expansion of the potential share base, which typically signals the company is preparing for something big, whether that's raising capital or pursuing an acquisition.

Oriental Culture Holding Ltd (OCG) climbed 40.8% to $0.016 after its board approved a special cash dividend of 5 cents per share on January 8. The online collectibles and artwork e-commerce platform disclosed the dividend in a Securities and Exchange Commission filing dated January 12. For a stock trading at penny levels, a 5-cent dividend is substantial.

XCF Global Inc (SAFX) gained 30.2% to $0.22, driven by a Securities and Exchange Commission filing and the company's announcement of expansion financing plans. The details suggest growth capital is on the way.

Jet.AI Inc (JTAI) bounced back with a 20.3% gain to $0.48 after dipping 15% on Tuesday. Sometimes stocks just need a breather before resuming their trajectory.

Mingteng International Corp Inc (MTEN) rose 19.3% to $0.040 after getting hammered with a 56% decline on Tuesday. That's the nature of volatile small-cap stocks—big moves in both directions.

China SXT Pharmaceuticals Inc (SXTC) gained 19% to $0.12 following news that Univest Securities, LLC announced the closing of a $10 million registered direct offering for the company. Fresh capital tends to be well-received by the market, especially for small pharmaceutical companies that burn through cash in development.

AiRWA Inc (YYAI) rose 15.8% to $1.46 after the company's director, Hongyu Zhou, bought 1.109 million shares at an average price of $1.35 per share. Insider buying is often interpreted as a bullish signal—directors typically have better information about the company's prospects than outside investors.

Autolus Therapeutics PLC (AUTL) gained 7.3% to $1.47 in premarket trading. The company announced preliminary fourth-quarter and full-year 2025 revenue results on Monday, apparently impressing investors enough to drive shares higher.

Bilibili Inc – ADR (BILI) rose 5.2% to $33.03 in premarket trading, rounding out the gainers list.

The Notable Decliners

Briacell Therapeutics Corp (BCTX) led the losers, plunging 53.1% to $5.12 after announcing the pricing of a $30 million public offering. Dilution concerns typically send shares tumbling, as existing shareholders see their ownership percentage shrink when new shares hit the market.

Moolec Science SA (MLEC) fell 19.8% to $3.94 after jumping 19% on Tuesday. What goes up sometimes comes back down, especially with momentum plays.

Hub Cyber Security Ltd (HUBC) dropped 19.1% to $0.43 after gaining 56% on Tuesday. Another case of profit-taking following a strong rally.

JIADE Ltd (JDZG) dipped 18.5% to $0.98 after jumping 54% on Tuesday. The pattern here is clear—several of Wednesday's losers were simply giving back gains from the previous session.

iOThree Ltd (IOTR) declined 17.6% to $3.27 after jumping 52% on Tuesday, continuing the trend of post-rally pullbacks.

AlphaTON Capital Corp (ATON) shares dipped 17.6% to $1.07. The company announced a $15 million registered direct offering on Tuesday, and like Briacell, the market isn't thrilled about the dilution.

Plus Therapeutics Inc (PSTV) tumbled 16% to $0.40 after declining 4% on Tuesday, extending its losing streak.

X T L Biopharmaceuticals Ltd (XTLB) fell 15.3% to $0.90 in premarket trading. This one's interesting because shares had jumped 57% on Tuesday after the company announced a binding agreement to acquire 85% of NeuroNOS. Apparently, some investors are having second thoughts about the deal.

Glaukos Corp (GKOS) fell 12.1% to $96.97 after reporting preliminary fourth-quarter and full-year 2025 sales results. When a company releases preliminary results and the stock drops double digits, it usually means those numbers disappointed expectations.

Trip.com Group Ltd (TCOM) dipped 9.3% to $68.55 in premarket trading after confirming an earlier report that it's under investigation by China's SAMR for potential anti-monopoly violations. Regulatory investigations are never good news, and Chinese regulatory scrutiny has spooked investors across multiple sectors over the past few years.