ANTX Collar 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 collar on ANTX?
A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot.
ANTX snapshot
As of August 14, 2026, spot at $6.05, ATM IV 361.70%, expected move 103.70%. The collar 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 collar 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 collar setup
The ANTX collar 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 $6.35 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 100 shares | Stock | $6.05 | long |
| Sell 1 | Call | $6.35 | N/A |
| Buy 1 | Put | $5.75 | N/A |
ANTX collar 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 roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium.
ANTX collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar 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 collar on ANTX
Collars on ANTX hedge an existing long ANTX stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
ANTX thesis for this collar
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 collar hedges an existing long ANTX position with a protective put while financing the put cost via a short call; when the premiums roughly offset, the collar acts as a near-zero-cost insurance band around the current spot. 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 collar positions are structurally neutral (protective); 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. Always rebuild the position from current ANTX chain quotes before placing a trade.
Frequently asked questions
- What is a collar on ANTX?
- A collar on ANTX is the collar strategy applied to ANTX (stock). The strategy is structurally neutral (protective): A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot. 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 collar max profit and max loss calculated?
- Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the ANTX collar 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 collar?
- The breakeven for the ANTX collar 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 collar on ANTX?
- Collars on ANTX hedge an existing long ANTX stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
- How does current ANTX implied volatility affect this collar?
- Current ANTX ATM IV is 361.70%; IV rank context is unavailable in the current snapshot.