CDXS Cash-Secured Put Strategy
CDXS (Codexis, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Codexis, Inc. discovers, develops, and sells enzymes and other proteins. It offers biocatalyst products and services; intermediate chemicals products that are used for further chemical processing; and Codex biocatalyst panels and kits that enable customers to perform chemistry screening. The company also provides biocatalyst screening and protein engineering services. In addition, it offers CodeEvolver protein engineering technology platform, which helps in developing and delivering biocatalysts that perform chemical transformations and enhance the efficiency and productivity of manufacturing processes. The company's platform is also used to discover novel biotherapeutic drug candidates for targeted human diseases, as well as for molecular biology and in vitro diagnostic enzymes. It sells its products to pharmaceutical manufacturers through its direct sales and business development force in the United States and Europe.
CDXS (Codexis, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $227.2M, a beta of 2.53 versus the broader market, a 52-week range of 0.96-3.87, average daily share volume of 2.4M, a public-listing history dating back to 2010, approximately 188 full-time employees. These structural characteristics shape how CDXS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.53 indicates CDXS 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 cash-secured put on CDXS?
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 CDXS snapshot
As of May 15, 2026, spot at $2.45, ATM IV 240.20%, IV rank 45.29%, expected move 68.86%. The cash-secured put on CDXS 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 CDXS specifically: CDXS IV at 240.20% is mid-range versus its 1-year history, so the credit collected on a CDXS cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 68.86% (roughly $1.69 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 CDXS expiries trade a higher absolute premium for lower per-day decay. Position sizing on CDXS should anchor to the underlying notional of $2.45 per share and to the trader's directional view on CDXS stock.
CDXS cash-secured put setup
The CDXS 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 CDXS near $2.45, the first option leg uses a $2.33 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CDXS 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 CDXS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $2.33 | N/A |
CDXS 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.
CDXS cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on CDXS. 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 CDXS
Cash-secured puts on CDXS earn premium while a trader waits to acquire CDXS stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning CDXS.
CDXS thesis for this cash-secured put
The market-implied 1-standard-deviation range for CDXS extends from approximately $0.76 on the downside to $4.14 on the upside. A CDXS cash-secured put lets a trader earn premium while waiting to acquire CDXS 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 CDXS IV rank near 45.29% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on CDXS should anchor more to the directional view and the expected-move geometry. As a Healthcare name, CDXS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CDXS-specific events.
CDXS 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. CDXS positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CDXS alongside the broader basket even when CDXS-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on CDXS carry tail risk when realized volatility exceeds the implied move; review historical CDXS earnings reactions and macro stress periods before sizing. Always rebuild the position from current CDXS chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on CDXS?
- A cash-secured put on CDXS is the cash-secured put strategy applied to CDXS (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 CDXS stock trading near $2.45, the strikes shown on this page are snapped to the nearest listed CDXS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CDXS 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 CDXS cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 240.20%), 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 CDXS cash-secured put?
- The breakeven for the CDXS 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 CDXS market-implied 1-standard-deviation expected move is approximately 68.86%; 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 CDXS?
- Cash-secured puts on CDXS earn premium while a trader waits to acquire CDXS stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning CDXS.
- How does current CDXS implied volatility affect this cash-secured put?
- CDXS ATM IV is at 240.20% with IV rank near 45.29%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.