ANTX Bull Call Spread Strategy
ANTX (AN2 Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
AN2 Therapeutics, Inc. is a biopharmaceutical company currently in its clinical development phase, specializing in the creation of treatments for uncommon, long-term, and severe infectious conditions. A key focus of their pipeline is epetraborole, an investigational oral medication designed for once-daily administration to individuals battling chronic non-tuberculous mycobacterial lung disease. This enterprise was established in 2017 and operates from its headquarters situated in Menlo Park, California.
ANTX (AN2 Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $226.2M, a beta of -0.99 versus the broader market, a 52-week range of 1-7.19, average daily share volume of 298K, a public-listing history dating back to 2022, approximately 21 full-time employees. These structural characteristics shape how ANTX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -0.99 indicates ANTX has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. ANTX pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a bull call spread on ANTX?
A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width.
ANTX snapshot
As of August 14, 2026, spot at $6.05, ATM IV 361.70%, expected move 103.70%. The bull call spread on ANTX below is built from the end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this bull call spread structure on ANTX specifically: IV rank is unavailable in the current snapshot, so regime-based timing for ANTX is inferred from ATM IV at 361.70% alone, with a market-implied 1-standard-deviation move of approximately 103.70% (roughly $6.27 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ANTX expiries trade a higher absolute premium for lower per-day decay. Position sizing on ANTX should anchor to the underlying notional of $6.05 per share and to the trader's directional view on ANTX stock.
ANTX bull call spread setup
The ANTX bull call spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ANTX at $6.05 on that close, the first option leg uses a $6.05 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ANTX chain at a 35-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 ANTX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $6.05 | N/A |
| Sell 1 | Call | $6.35 | N/A |
ANTX bull call spread 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 strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-call strike plus net debit.
ANTX bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on ANTX. 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 bull call spread on ANTX
Bull call spreads on ANTX reduce the cost of a bullish ANTX stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
ANTX thesis for this bull call spread
The market-implied 1-standard-deviation range for ANTX extends from approximately $-0.22 on the downside to $12.32 on the upside. A ANTX bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on ANTX, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. As a Healthcare name, ANTX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ANTX-specific events.
ANTX bull call spread positions are structurally moderately 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. ANTX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ANTX alongside the broader basket even when ANTX-specific fundamentals are unchanged. Long-premium structures like a bull call spread on ANTX are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current ANTX chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on ANTX?
- A bull call spread on ANTX is the bull call spread strategy applied to ANTX (stock). The strategy is structurally moderately bullish: A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width. With ANTX stock at $6.05 on the most recent close, the strikes shown on this page are snapped to the nearest listed ANTX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are ANTX bull call spread max profit and max loss calculated?
- Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-call strike plus net debit. For the ANTX bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 361.70%), 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 ANTX bull call spread?
- The breakeven for the ANTX bull call spread priced on this page is no defined breakeven on the modeled curve at expiration, derived from the end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The ANTX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 103.70%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a bull call spread on ANTX?
- Bull call spreads on ANTX reduce the cost of a bullish ANTX stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
- How does current ANTX implied volatility affect this bull call spread?
- Current ANTX ATM IV is 361.70%; IV rank context is unavailable in the current snapshot.