CLGN Collar Strategy
CLGN (CollPlant Biotechnologies Ltd.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
CollPlant Biotechnologies Ltd., a regenerative and aesthetic medicine company, focuses on three-dimensional (3D) bioprinting of tissues and organs, and medical aesthetics in the United States, Canada, and Europe. Its products are based on recombinant type I human collagen that is produced with its proprietary plant based genetic engineering technology. The company's products include BioInks for 3D printing of tissues and organs; dermal filler and soft tissue fillers for treating wrinkles; 3D Bioprinted breast implants for regeneration of breast tissue; injectable implants to promote breast tissue regeneration; 3D bioprinted regenerative soft tissue matrix; VergenixSTR, a soft tissue repair matrix intended for the treatment of tendinopathy; and VergenixFG, an advanced wound care product for the treatment of deep surgical incisions and wounds, including diabetic ulcers, venous and pressure ulcers, burns, bedsores, and other chronic wounds. It has collaboration agreements with 3D Systems Corporation; CellInk, a BICO Group company; Advanced Regenerative Manufacturing Institute; RegenMed Development Organization; Israel's Technion Institute of Technology; AbbVie; and STEMCELL. The company was formerly known as CollPlant Holdings Ltd. and changed its name to CollPlant Biotechnologies Ltd. in June 2019. CollPlant Biotechnologies Ltd. was founded in 2004 and is headquartered in Rehovot, Israel.
CLGN (CollPlant Biotechnologies Ltd.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $5.1M, a beta of 0.64 versus the broader market, a 52-week range of 0.271-4.98, average daily share volume of 94K, a public-listing history dating back to 2018, approximately 57 full-time employees. These structural characteristics shape how CLGN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.64 indicates CLGN 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 collar on CLGN?
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 CLGN snapshot
As of May 15, 2026, spot at $0.44, ATM IV 17.50%, IV rank 0.00%, expected move 5.02%. The collar on CLGN 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 collar structure on CLGN specifically: IV regime affects collar pricing on both sides; compressed CLGN IV at 17.50% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 5.02% (roughly $0.02 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 CLGN expiries trade a higher absolute premium for lower per-day decay. Position sizing on CLGN should anchor to the underlying notional of $0.44 per share and to the trader's directional view on CLGN stock.
CLGN collar setup
The CLGN 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 CLGN near $0.44, the first option leg uses a $0.46 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CLGN 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 CLGN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $0.44 | long |
| Sell 1 | Call | $0.46 | N/A |
| Buy 1 | Put | $0.42 | N/A |
CLGN 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.
CLGN collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on CLGN. 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 CLGN
Collars on CLGN hedge an existing long CLGN 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.
CLGN thesis for this collar
The market-implied 1-standard-deviation range for CLGN extends from approximately $0.42 on the downside to $0.46 on the upside. A CLGN collar hedges an existing long CLGN 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 CLGN IV rank near 0.00% 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 CLGN at 17.50%. As a Healthcare name, CLGN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CLGN-specific events.
CLGN 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. CLGN positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CLGN alongside the broader basket even when CLGN-specific fundamentals are unchanged. Always rebuild the position from current CLGN chain quotes before placing a trade.
Frequently asked questions
- What is a collar on CLGN?
- A collar on CLGN is the collar strategy applied to CLGN (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 CLGN stock trading near $0.44, the strikes shown on this page are snapped to the nearest listed CLGN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CLGN 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 CLGN collar priced from the end-of-day chain at a 30-day expiry (ATM IV 17.50%), 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 CLGN collar?
- The breakeven for the CLGN 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 CLGN market-implied 1-standard-deviation expected move is approximately 5.02%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on CLGN?
- Collars on CLGN hedge an existing long CLGN 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 CLGN implied volatility affect this collar?
- CLGN ATM IV is at 17.50% with IV rank near 0.00%, 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.