CLYM Butterfly Strategy
CLYM (Climb Bio, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Climb Bio, Inc., a biotechnology company, focuses on developing therapies for autoimmune-driven inflammatory diseases. It develops budoprutug, an anti-CD19 monoclonal antibody for various autoimmune diseases, including systemic lupus erythematosus and lupus nephritis, immune thrombocytopenia, and membranous nephropathy. The company was formerly known as Eliem Therapeutics, Inc. and changed its name to Climb Bio, Inc. in October 2024. Climb Bio, Inc. was incorporated in 2018 and is headquartered in Wilmington, Delaware.
CLYM (Climb Bio, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $778.0M, a beta of 0.03 versus the broader market, a 52-week range of 1.13-12.48, average daily share volume of 717K, a public-listing history dating back to 2021, approximately 17 full-time employees. These structural characteristics shape how CLYM stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.03 indicates CLYM 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 butterfly on CLYM?
A long call butterfly buys one lower-strike call, sells two ATM calls, and buys one higher-strike call, paying a small net debit for a defined-risk position that maxes out if the underlying pins the middle strike at expiration.
Current CLYM snapshot
As of May 14, 2026, spot at $11.34, ATM IV 113.40%, expected move 32.51%. The butterfly on CLYM 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 35-day expiry.
Why this butterfly structure on CLYM specifically: IV rank is unavailable in the current snapshot, so regime-based timing for CLYM is inferred from ATM IV at 113.40% alone, with a market-implied 1-standard-deviation move of approximately 32.51% (roughly $3.69 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 CLYM expiries trade a higher absolute premium for lower per-day decay. Position sizing on CLYM should anchor to the underlying notional of $11.34 per share and to the trader's directional view on CLYM stock.
CLYM butterfly setup
The CLYM butterfly below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CLYM near $11.34, the first option leg uses a $10.77 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CLYM 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 CLYM shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $10.77 | N/A |
| Sell 2 | Call | $11.34 | N/A |
| Buy 1 | Call | $11.91 | N/A |
CLYM butterfly 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 the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit.
CLYM butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on CLYM. 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 butterfly on CLYM
Butterflies on CLYM are pinning bets - traders use them when they expect CLYM to settle near a specific level at expiration (often the prior close, a round number, or the max-pain strike) and want defined-risk exposure to that outcome.
CLYM thesis for this butterfly
The market-implied 1-standard-deviation range for CLYM extends from approximately $7.65 on the downside to $15.03 on the upside. A CLYM long call butterfly is a pinning play: it pays maximum at the middle strike if CLYM settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. As a Healthcare name, CLYM options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CLYM-specific events.
CLYM butterfly positions are structurally neutral / pin (limited-risk, limited-reward); 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. CLYM positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CLYM alongside the broader basket even when CLYM-specific fundamentals are unchanged. Always rebuild the position from current CLYM chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on CLYM?
- A butterfly on CLYM is the butterfly strategy applied to CLYM (stock). The strategy is structurally neutral / pin (limited-risk, limited-reward): A long call butterfly buys one lower-strike call, sells two ATM calls, and buys one higher-strike call, paying a small net debit for a defined-risk position that maxes out if the underlying pins the middle strike at expiration. With CLYM stock trading near $11.34, the strikes shown on this page are snapped to the nearest listed CLYM chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CLYM butterfly max profit and max loss calculated?
- Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit. For the CLYM butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 113.40%), 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 CLYM butterfly?
- The breakeven for the CLYM butterfly 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 CLYM market-implied 1-standard-deviation expected move is approximately 32.51%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on CLYM?
- Butterflies on CLYM are pinning bets - traders use them when they expect CLYM to settle near a specific level at expiration (often the prior close, a round number, or the max-pain strike) and want defined-risk exposure to that outcome.
- How does current CLYM implied volatility affect this butterfly?
- Current CLYM ATM IV is 113.40%; IV rank context is unavailable in the current snapshot.