CYPH Iron Condor Strategy
CYPH (Cypherpunk Technologies Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Cypherpunk Technologies Inc. is a biopharmaceutical company dedicated to the acquisition and development of antibody treatments for cancer. The firm's flagship investigational drug, DKN-01, is a monoclonal antibody designed to suppress Dickkopf-related protein 1 and is currently progressing through multiple clinical trials for various esophagogastric, gynecologic, and colorectal cancers. Additionally, the company is advancing FL-501, another monoclonal antibody that targets the GDF-15 protein, which is presently in preclinical development. Cypherpunk has established an agreement with Adimab, LLC and BeiGene, Ltd., granting it options and licenses to advance and market DKN-01 across Asia (excluding Japan), Australia, and New Zealand. Founded in 2011, the company operates from Cambridge, Massachusetts, and was formerly known as Leap Therapeutics, Inc. until its renaming in November 2025.
CYPH (Cypherpunk Technologies Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $35.0M, a beta of -0.02 versus the broader market, a 52-week range of 0.232-3.7, average daily share volume of 4.8M, 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 -0.02 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 iron condor on CYPH?
An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes.
Current CYPH snapshot
As of June 30, 2026, spot at $0.62, ATM IV 339.60%, IV rank 72.25%, expected move 97.36%. The iron condor 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 17-day expiry.
Why this iron condor structure on CYPH specifically: CYPH IV at 339.60% is rich versus its 1-year range, which favors premium-selling structures like a CYPH iron condor, with a market-implied 1-standard-deviation move of approximately 97.36% (roughly $0.60 on the underlying). The 17-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 $0.62 per share and to the trader's directional view on CYPH stock.
CYPH iron condor setup
The CYPH iron condor 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 $0.62, the first option leg uses a $0.65 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 17-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).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $0.65 | N/A |
| Buy 1 | Call | $0.68 | N/A |
| Sell 1 | Put | $0.59 | N/A |
| Buy 1 | Put | $0.56 | N/A |
CYPH iron condor 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 net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit.
CYPH iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor 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 iron condor on CYPH
Iron condors on CYPH are a delta-neutral premium-collection structure that profits if CYPH stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
CYPH thesis for this iron condor
The market-implied 1-standard-deviation range for CYPH extends from approximately $0.02 on the downside to $1.22 on the upside. A CYPH iron condor is a delta-neutral premium-collection structure that pays off when CYPH stays inside the inner short strikes through expiration; the wing width should reflect the trader's tolerance for the maximum loss scenario where the underlying breaches an outer strike. Current CYPH IV rank near 72.25% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on CYPH at 339.60%. 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 iron condor positions are structurally neutral / range-bound; 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 iron condor 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 iron condor on CYPH?
- A iron condor on CYPH is the iron condor strategy applied to CYPH (stock). The strategy is structurally neutral / range-bound: An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes. With CYPH stock trading near $0.62, 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 iron condor max profit and max loss calculated?
- Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit. For the CYPH iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 339.60%), 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 iron condor?
- The breakeven for the CYPH iron condor 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 97.36%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a iron condor on CYPH?
- Iron condors on CYPH are a delta-neutral premium-collection structure that profits if CYPH stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current CYPH implied volatility affect this iron condor?
- CYPH ATM IV is at 339.60% with IV rank near 72.25%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.