CYPH Cash-Secured Put Strategy

CYPH (Cypherpunk Technologies Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

Cypherpunk Technologies Inc., a biopharmaceutical company, acquires and develops antibody therapies for the treatment of cancer. Its lead clinical stage drug candidate includes DKN-01, a monoclonal antibody that inhibits Dickkopf-related protein 1, which is in various ongoing clinical trials for treating esophagogastric and gynecologic cancers, and colorectal cancer. The company also develops FL-501, a monoclonal antibody that inhibits GDF-15 protein that is in preclinical trial. It has an option and license agreement with Adimab, LLC and BeiGene, Ltd. to develop and commercialize DKN-01 in Asia (excluding Japan), Australia, and New Zealand. The company was formerly known as Leap Therapeutics, Inc. and changed its name to Cypherpunk Technologies Inc. in November 2025. The company was incorporated in 2011 and is based in Cambridge, Massachusetts.

CYPH (Cypherpunk Technologies Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $58.9M, a beta of -0.10 versus the broader market, a 52-week range of 0.232-3.7, average daily share volume of 2.7M, a public-listing history dating back to 2017, approximately 52 full-time employees. These structural characteristics shape how CYPH stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -0.10 indicates CYPH 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 CYPH?

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 CYPH snapshot

As of May 15, 2026, spot at $1.10, ATM IV 172.90%, expected move 49.57%. The cash-secured put on CYPH 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 CYPH specifically: IV rank is unavailable in the current snapshot, so regime-based timing for CYPH is inferred from ATM IV at 172.90% alone, with a market-implied 1-standard-deviation move of approximately 49.57% (roughly $0.55 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 CYPH expiries trade a higher absolute premium for lower per-day decay. Position sizing on CYPH should anchor to the underlying notional of $1.10 per share and to the trader's directional view on CYPH stock.

CYPH cash-secured put setup

The CYPH 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 CYPH near $1.10, the first option leg uses a $1.05 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CYPH 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 CYPH shares for the stock leg in covered calls and collars).

ActionTypeStrike / BasisPremium (est)
Sell 1Put$1.05N/A

CYPH 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.

CYPH cash-secured put payoff curve

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

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

CYPH thesis for this cash-secured put

The market-implied 1-standard-deviation range for CYPH extends from approximately $0.55 on the downside to $1.65 on the upside. A CYPH cash-secured put lets a trader earn premium while waiting to acquire CYPH 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. As a Healthcare name, CYPH options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CYPH-specific events.

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

Frequently asked questions

What is a cash-secured put on CYPH?
A cash-secured put on CYPH is the cash-secured put strategy applied to CYPH (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 CYPH stock trading near $1.10, the strikes shown on this page are snapped to the nearest listed CYPH chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are CYPH 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 CYPH cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 172.90%), 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 CYPH cash-secured put?
The breakeven for the CYPH 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 CYPH market-implied 1-standard-deviation expected move is approximately 49.57%; 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 CYPH?
Cash-secured puts on CYPH earn premium while a trader waits to acquire CYPH stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning CYPH.
How does current CYPH implied volatility affect this cash-secured put?
Current CYPH ATM IV is 172.90%; IV rank context is unavailable in the current snapshot.

Related CYPH analysis