CBUS Collar Strategy
CBUS (Cibus, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Cibus, Inc. is an agricultural biotechnology company that develops and licenses gene-edited plant traits. The company's products enable farmers to achieve higher yields and reduce the use of chemicals, such as fungicides, insecticides and fertilizers, and offer sustainable ingredients. it has patented core technology platform, RTDS, a scalable, standardized, end-to-end, semi-automated and high-throughput gene-editing system marketed under the Trait Machine brand name. The company was formerly known as Calyxt, Inc. and changed its name to Cibus, Inc. in June 2023. Cibus, Inc. was incorporated in 2010 and is headquartered in San Diego, California.
CBUS (Cibus, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $61.9M, a beta of 1.65 versus the broader market, a 52-week range of 1.09-4.191, average daily share volume of 419K, a public-listing history dating back to 2017, approximately 118 full-time employees. These structural characteristics shape how CBUS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.65 indicates CBUS has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a collar on CBUS?
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.
Current CBUS snapshot
As of June 29, 2026, spot at $1.40, ATM IV 22.30%, IV rank 1.23%, expected move 6.39%. The collar on CBUS 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 18-day expiry.
Why this collar structure on CBUS specifically: IV regime affects collar pricing on both sides; compressed CBUS IV at 22.30% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 6.39% (roughly $0.09 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CBUS expiries trade a higher absolute premium for lower per-day decay. Position sizing on CBUS should anchor to the underlying notional of $1.40 per share and to the trader's directional view on CBUS stock.
CBUS collar setup
The CBUS 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 CBUS near $1.40, the first option leg uses a $1.47 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CBUS chain at a 18-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 CBUS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $1.40 | long |
| Sell 1 | Call | $1.47 | N/A |
| Buy 1 | Put | $1.33 | N/A |
CBUS 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.
CBUS collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on CBUS. 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 CBUS
Collars on CBUS hedge an existing long CBUS 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.
CBUS thesis for this collar
The market-implied 1-standard-deviation range for CBUS extends from approximately $1.31 on the downside to $1.49 on the upside. A CBUS collar hedges an existing long CBUS 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. Current CBUS IV rank near 1.23% 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 CBUS at 22.30%. As a Healthcare name, CBUS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CBUS-specific events.
CBUS 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. CBUS positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CBUS alongside the broader basket even when CBUS-specific fundamentals are unchanged. Always rebuild the position from current CBUS chain quotes before placing a trade.
Frequently asked questions
- What is a collar on CBUS?
- A collar on CBUS is the collar strategy applied to CBUS (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 CBUS stock trading near $1.40, the strikes shown on this page are snapped to the nearest listed CBUS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CBUS 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 CBUS collar priced from the end-of-day chain at a 30-day expiry (ATM IV 22.30%), 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 CBUS collar?
- The breakeven for the CBUS collar 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 CBUS market-implied 1-standard-deviation expected move is approximately 6.39%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on CBUS?
- Collars on CBUS hedge an existing long CBUS 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 CBUS implied volatility affect this collar?
- CBUS ATM IV is at 22.30% with IV rank near 1.23%, 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.