CLYM Collar 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 collar on CLYM?
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 CLYM snapshot
As of May 14, 2026, spot at $11.34, ATM IV 113.40%, expected move 32.51%. The collar 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 collar 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 collar setup
The CLYM 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 CLYM near $11.34, the first option leg uses a $11.91 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 100 shares | Stock | $11.34 | long |
| Sell 1 | Call | $11.91 | N/A |
| Buy 1 | Put | $10.77 | N/A |
CLYM 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.
CLYM collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar 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 collar on CLYM
Collars on CLYM hedge an existing long CLYM 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.
CLYM thesis for this collar
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 collar hedges an existing long CLYM 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. 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 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. 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 collar on CLYM?
- A collar on CLYM is the collar strategy applied to CLYM (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 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 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 CLYM collar 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 collar?
- The breakeven for the CLYM 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 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 collar on CLYM?
- Collars on CLYM hedge an existing long CLYM 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 CLYM implied volatility affect this collar?
- Current CLYM ATM IV is 113.40%; IV rank context is unavailable in the current snapshot.