CMPX Cash-Secured Put Strategy

CMPX (Compass Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

Compass Therapeutics, Inc., a clinical-stage oncology-focused biopharmaceutical company, engages in developing antibody-based therapeutics to treat various human diseases. The company's product candidates in the clinical stage of development include CTX-009, an investigational bispecific antibody that blocks Delta-like ligand 4/Notch and vascular endothelial growth factor A signaling pathways, which are critical to angiogenesis and tumor vascularization; and CTX-471, an IgG4 monoclonal antibody that is an agonist of CD137. Its product candidates also comprise CTX-8371, a bispecific inhibitor that targets PD-1 and PD-L1. The company was founded in 2014 and is headquartered in Boston, Massachusetts.

CMPX (Compass Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $272.4M, a beta of 0.67 versus the broader market, a 52-week range of 1.61-6.88, average daily share volume of 7.0M, a public-listing history dating back to 2021, approximately 35 full-time employees. These structural characteristics shape how CMPX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.67 indicates CMPX 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 cash-secured put on CMPX?

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 CMPX snapshot

As of May 15, 2026, spot at $1.90, ATM IV 51.40%, IV rank 6.75%, expected move 14.74%. The cash-secured put on CMPX 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 CMPX specifically: CMPX IV at 51.40% is on the cheap side of its 1-year range, which means a premium-selling CMPX cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 14.74% (roughly $0.28 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 CMPX expiries trade a higher absolute premium for lower per-day decay. Position sizing on CMPX should anchor to the underlying notional of $1.90 per share and to the trader's directional view on CMPX stock.

CMPX cash-secured put setup

The CMPX 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 CMPX near $1.90, the first option leg uses a $1.81 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CMPX 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 CMPX shares for the stock leg in covered calls and collars).

ActionTypeStrike / BasisPremium (est)
Sell 1Put$1.81N/A

CMPX 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.

CMPX cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on CMPX. 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 CMPX

Cash-secured puts on CMPX earn premium while a trader waits to acquire CMPX stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning CMPX.

CMPX thesis for this cash-secured put

The market-implied 1-standard-deviation range for CMPX extends from approximately $1.62 on the downside to $2.18 on the upside. A CMPX cash-secured put lets a trader earn premium while waiting to acquire CMPX 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 CMPX IV rank near 6.75% 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 CMPX at 51.40%. As a Healthcare name, CMPX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CMPX-specific events.

CMPX 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. CMPX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CMPX alongside the broader basket even when CMPX-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on CMPX carry tail risk when realized volatility exceeds the implied move; review historical CMPX earnings reactions and macro stress periods before sizing. Always rebuild the position from current CMPX chain quotes before placing a trade.

Frequently asked questions

What is a cash-secured put on CMPX?
A cash-secured put on CMPX is the cash-secured put strategy applied to CMPX (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 CMPX stock trading near $1.90, the strikes shown on this page are snapped to the nearest listed CMPX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are CMPX 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 CMPX cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 51.40%), 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 CMPX cash-secured put?
The breakeven for the CMPX 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 CMPX market-implied 1-standard-deviation expected move is approximately 14.74%; 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 CMPX?
Cash-secured puts on CMPX earn premium while a trader waits to acquire CMPX stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning CMPX.
How does current CMPX implied volatility affect this cash-secured put?
CMPX ATM IV is at 51.40% with IV rank near 6.75%, 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.

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