CLYM Long Put Strategy
CLYM (Climb Bio, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Climb Bio, Inc. is a biopharmaceutical firm dedicated to crafting therapeutic solutions for inflammatory diseases driven by autoimmune responses. Its primary investigational asset is budoprutug, an anti-CD19 monoclonal antibody. This treatment is being advanced for a range of autoimmune conditions, including systemic lupus erythematosus, lupus nephritis, immune thrombocytopenia, and membranous nephropathy. The entity, established in 2018, officially rebranded as Climb Bio, Inc. in October 2024, having previously operated under the name Eliem Therapeutics, Inc. Its corporate headquarters are situated in Wilmington, Delaware.
CLYM (Climb Bio, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $824.0M, a beta of 0.08 versus the broader market, a 52-week range of 1.54-14.55, average daily share volume of 1.1M, a public-listing history dating back to 2021, approximately 28 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 0.08 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 long put on CLYM?
A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.
CLYM snapshot
As of August 14, 2026, spot at $16.23, ATM IV 156.40%, expected move 44.84%. The long put on CLYM below is built from the 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 long put structure on CLYM specifically: IV rank is unavailable in the current snapshot, so regime-based timing for CLYM is inferred from ATM IV at 156.40% alone, with a market-implied 1-standard-deviation move of approximately 44.84% (roughly $7.28 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 $16.23 per share and to the trader's directional view on CLYM stock.
CLYM long put setup
The CLYM long 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 CLYM at $16.23 on that close, the first option leg uses a $16.23 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 | Put | $16.23 | N/A |
CLYM long 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 the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
CLYM long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put 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 long put on CLYM
Long puts on CLYM hedge an existing long CLYM stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying CLYM exposure being hedged.
CLYM thesis for this long put
The market-implied 1-standard-deviation range for CLYM extends from approximately $8.95 on the downside to $23.51 on the upside. A CLYM long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long CLYM position with one put per 100 shares held. 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 long put positions are structurally bearish; 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. Long-premium structures like a long put on CLYM are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current CLYM chain quotes before placing a trade.
Frequently asked questions
- What is a long put on CLYM?
- A long put on CLYM is the long put strategy applied to CLYM (stock). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. With CLYM stock at $16.23 on the most recent close, the strikes shown on this page are snapped to the nearest listed CLYM chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are CLYM long put max profit and max loss calculated?
- Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the CLYM long put priced from the end-of-day chain at a 30-day expiry (ATM IV 156.40%), 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 long put?
- The breakeven for the CLYM long put priced on this page is no defined breakeven on the modeled curve at expiration, derived from the end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The CLYM market-implied 1-standard-deviation expected move in the same options snapshot is approximately 44.84%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a long put on CLYM?
- Long puts on CLYM hedge an existing long CLYM stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying CLYM exposure being hedged.
- How does current CLYM implied volatility affect this long put?
- Current CLYM ATM IV is 156.40%; IV rank context is unavailable in the current snapshot.