ATYR Cash-Secured Put Strategy
ATYR (aTyr Pharma, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
aTyr Pharma, Inc., a biotherapeutics company, engages in the discovery and development of medicines based on novel immunological pathways in the United States. Its lead therapeutic candidate is efzofitimod, a selective modulator of NRP2 that is in Phase III clinical trial for pulmonary sarcoidosis; and in Phase 1b/2a clinical trial for treatment of other interstitial lung diseases (ILDs), such as chronic hypersensitivity pneumonitis and connective tissue disease related ILD. The company is developing ATYR0101, a fusion protein derived from a domain of aspartyl-tRNA synthetase that is in preclinical development for the treatment of fibrosis; and ATYR0750, a domain of alanyl-tRNA synthetase for the treatment of liver disorders. It has collaboration and license agreement with Kyorin Pharmaceutical Co., Ltd. for the development and commercialization of efzofitimod for ILDs in Japan. aTyr Pharma, Inc. was incorporated in 2005 and is headquartered in San Diego, California.
ATYR (aTyr Pharma, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $38.8M, a beta of 0.66 versus the broader market, a 52-week range of 0.395-7.29, average daily share volume of 1.4M, a public-listing history dating back to 2015, approximately 56 full-time employees. These structural characteristics shape how ATYR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.66 indicates ATYR has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a cash-secured put on ATYR?
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 ATYR snapshot
As of May 15, 2026, spot at $0.49, ATM IV 22.70%, IV rank 0.34%, expected move 6.51%. The cash-secured put on ATYR 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 34-day expiry.
Why this cash-secured put structure on ATYR specifically: ATYR IV at 22.70% is on the cheap side of its 1-year range, which means a premium-selling ATYR cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 6.51% (roughly $0.03 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ATYR expiries trade a higher absolute premium for lower per-day decay. Position sizing on ATYR should anchor to the underlying notional of $0.49 per share and to the trader's directional view on ATYR stock.
ATYR cash-secured put setup
The ATYR 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 ATYR near $0.49, the first option leg uses a $0.47 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ATYR chain at a 34-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 ATYR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $0.47 | N/A |
ATYR 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.
ATYR cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on ATYR. 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 ATYR
Cash-secured puts on ATYR earn premium while a trader waits to acquire ATYR stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning ATYR.
ATYR thesis for this cash-secured put
The market-implied 1-standard-deviation range for ATYR extends from approximately $0.46 on the downside to $0.52 on the upside. A ATYR cash-secured put lets a trader earn premium while waiting to acquire ATYR 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 ATYR IV rank near 0.34% 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 ATYR at 22.70%. As a Healthcare name, ATYR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ATYR-specific events.
ATYR 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. ATYR positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ATYR alongside the broader basket even when ATYR-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on ATYR carry tail risk when realized volatility exceeds the implied move; review historical ATYR earnings reactions and macro stress periods before sizing. Always rebuild the position from current ATYR chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on ATYR?
- A cash-secured put on ATYR is the cash-secured put strategy applied to ATYR (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 ATYR stock trading near $0.49, the strikes shown on this page are snapped to the nearest listed ATYR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ATYR 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 ATYR cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 22.70%), 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 ATYR cash-secured put?
- The breakeven for the ATYR 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 ATYR market-implied 1-standard-deviation expected move is approximately 6.51%; 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 ATYR?
- Cash-secured puts on ATYR earn premium while a trader waits to acquire ATYR stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning ATYR.
- How does current ATYR implied volatility affect this cash-secured put?
- ATYR ATM IV is at 22.70% with IV rank near 0.34%, 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.