ALDX Cash-Secured Put Strategy
ALDX (Aldeyra Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Aldeyra Therapeutics, Inc., a biotechnology company, develops and commercializes medicines for immune-mediated ocular and systemic diseases. The company's lead product candidate is reproxalap, a reactive aldehyde species (RASP)modulator, which is in Phase III clinical trial for the treatment of dry eye diseases and allergic conjunctivitis. It also develops ADX-629, a first-in-class orally administered RASP modulator that is Phase II clinical trial for psoriasis, asthma, and COVID-19; and ADX-2191, a dihydrofolate reductase inhibitor which is in phase 3 for the prevention of proliferative vitreoretinopathy, and phase II clinical trial for the treatment of retinitis pigmentosa, as well as for treating primary vitreoretinal lymphoma. The company has a license agreement with Madrigal Pharmaceuticals, Inc. for developing ADX-1612, which inhibits the protein chaperome for the treatment of inflammatory diseases. The company was formerly known as Aldexa Therapeutics, Inc. and changed its name to Aldeyra Therapeutics, Inc. in March 2014. Aldeyra Therapeutics, Inc. was incorporated in 2004 and is based in Lexington, Massachusetts.
ALDX (Aldeyra Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $102.5M, a beta of 1.15 versus the broader market, a 52-week range of 1.07-6.175, average daily share volume of 3.2M, a public-listing history dating back to 2014, approximately 9 full-time employees. These structural characteristics shape how ALDX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.15 places ALDX roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a cash-secured put on ALDX?
A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike.
Current ALDX snapshot
As of May 15, 2026, spot at $1.65, ATM IV 139.80%, IV rank 20.16%, expected move 40.08%. The cash-secured put on ALDX below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 28-day expiry.
Why this cash-secured put structure on ALDX specifically: ALDX IV at 139.80% is on the cheap side of its 1-year range, which means a premium-selling ALDX cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 40.08% (roughly $0.66 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ALDX expiries trade a higher absolute premium for lower per-day decay. Position sizing on ALDX should anchor to the underlying notional of $1.65 per share and to the trader's directional view on ALDX stock.
ALDX cash-secured put setup
The ALDX cash-secured put below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ALDX near $1.65, the first option leg uses a $1.57 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ALDX chain at a 28-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 ALDX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $1.57 | N/A |
ALDX cash-secured put risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
ALDX cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on ALDX. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
When traders use cash-secured put on ALDX
Cash-secured puts on ALDX earn premium while a trader waits to acquire ALDX stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning ALDX.
ALDX thesis for this cash-secured put
The market-implied 1-standard-deviation range for ALDX extends from approximately $0.99 on the downside to $2.31 on the upside. A ALDX cash-secured put lets a trader earn premium while waiting to acquire ALDX at the strike price; the strategy is most attractive when the trader is comfortable holding the underlying at that level and IV is rich enough to compensate for the assignment risk. Current ALDX IV rank near 20.16% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on ALDX at 139.80%. As a Healthcare name, ALDX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ALDX-specific events.
ALDX cash-secured put positions are structurally neutral to slightly bullish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. ALDX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ALDX alongside the broader basket even when ALDX-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on ALDX carry tail risk when realized volatility exceeds the implied move; review historical ALDX earnings reactions and macro stress periods before sizing. Always rebuild the position from current ALDX chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on ALDX?
- A cash-secured put on ALDX is the cash-secured put strategy applied to ALDX (stock). The strategy is structurally neutral to slightly bullish: A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike. With ALDX stock trading near $1.65, the strikes shown on this page are snapped to the nearest listed ALDX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ALDX cash-secured put max profit and max loss calculated?
- Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the ALDX cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 139.80%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ALDX cash-secured put?
- The breakeven for the ALDX cash-secured put priced on this page is no defined breakeven on the modeled curve at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current ALDX market-implied 1-standard-deviation expected move is approximately 40.08%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a cash-secured put on ALDX?
- Cash-secured puts on ALDX earn premium while a trader waits to acquire ALDX stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning ALDX.
- How does current ALDX implied volatility affect this cash-secured put?
- ALDX ATM IV is at 139.80% with IV rank near 20.16%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.