ELTX Collar Strategy
ELTX (Elicio Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Elicio Therapeutics, Inc., a clinical-stage biotechnology company, engages in developing a pipeline of novel immunotherapies for the treatment of cancer and other diseases. The company's lead product candidate is ELI-002, an AMP therapeutic vaccine for the treatment of KRAS-driven cancers. It is also developing ELI-004, an AMP-modified CpG adjuvant, a component of ELI-002; ELI-007, a lymph node targeted AMP-peptide vaccine for mutant BRAF-driven cancers; ELI-008, a multivalent lymph node targeted AMP-peptide vaccine for mutant TP53-expressing cancers; ELI-005, a vaccine candidate for the prevention of COVID-19; ELI-011 for the treatment of hematological cancers; and ELI-012, a mKRAS TCR T cell AMP-lifier designs to use in combination with mKRAS-targeted TCR T cell therapy against mKRAS-driven cancers. The company is headquartered in Boston, Massachusetts.
ELTX (Elicio Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $215.7M, a beta of 1.12 versus the broader market, a 52-week range of 5.15-14.93, average daily share volume of 135K, a public-listing history dating back to 2021, approximately 32 full-time employees. These structural characteristics shape how ELTX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.12 places ELTX roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a collar on ELTX?
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 ELTX snapshot
As of May 15, 2026, spot at $10.68, ATM IV 158.30%, IV rank 28.52%, expected move 45.38%. The collar on ELTX 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 collar structure on ELTX specifically: IV regime affects collar pricing on both sides; compressed ELTX IV at 158.30% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 45.38% (roughly $4.85 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 ELTX expiries trade a higher absolute premium for lower per-day decay. Position sizing on ELTX should anchor to the underlying notional of $10.68 per share and to the trader's directional view on ELTX stock.
ELTX collar setup
The ELTX 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 ELTX near $10.68, the first option leg uses a $11.21 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ELTX 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 ELTX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $10.68 | long |
| Sell 1 | Call | $11.21 | N/A |
| Buy 1 | Put | $10.15 | N/A |
ELTX 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.
ELTX collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on ELTX. 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 ELTX
Collars on ELTX hedge an existing long ELTX 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.
ELTX thesis for this collar
The market-implied 1-standard-deviation range for ELTX extends from approximately $5.83 on the downside to $15.53 on the upside. A ELTX collar hedges an existing long ELTX 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. Current ELTX IV rank near 28.52% 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 ELTX at 158.30%. As a Healthcare name, ELTX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ELTX-specific events.
ELTX 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. ELTX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ELTX alongside the broader basket even when ELTX-specific fundamentals are unchanged. Always rebuild the position from current ELTX chain quotes before placing a trade.
Frequently asked questions
- What is a collar on ELTX?
- A collar on ELTX is the collar strategy applied to ELTX (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 ELTX stock trading near $10.68, the strikes shown on this page are snapped to the nearest listed ELTX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ELTX 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 ELTX collar priced from the end-of-day chain at a 30-day expiry (ATM IV 158.30%), 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 ELTX collar?
- The breakeven for the ELTX 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 ELTX market-implied 1-standard-deviation expected move is approximately 45.38%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on ELTX?
- Collars on ELTX hedge an existing long ELTX 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 ELTX implied volatility affect this collar?
- ELTX ATM IV is at 158.30% with IV rank near 28.52%, 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.