ELTX Iron Condor 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 iron condor on ELTX?
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 ELTX snapshot
As of May 15, 2026, spot at $10.68, ATM IV 158.30%, IV rank 28.52%, expected move 45.38%. The iron condor 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 iron condor structure on ELTX specifically: ELTX IV at 158.30% is on the cheap side of its 1-year range, which means a premium-selling ELTX iron condor collects less credit per unit of strike-width risk, 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 iron condor setup
The ELTX 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 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) |
|---|---|---|---|
| Sell 1 | Call | $11.21 | N/A |
| Buy 1 | Call | $11.75 | N/A |
| Sell 1 | Put | $10.15 | N/A |
| Buy 1 | Put | $9.61 | N/A |
ELTX 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.
ELTX iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor 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 iron condor on ELTX
Iron condors on ELTX are a delta-neutral premium-collection structure that profits if ELTX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
ELTX thesis for this iron condor
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 iron condor is a delta-neutral premium-collection structure that pays off when ELTX 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 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 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. 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. Short-premium structures like a iron condor on ELTX carry tail risk when realized volatility exceeds the implied move; review historical ELTX earnings reactions and macro stress periods before sizing. Always rebuild the position from current ELTX chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on ELTX?
- A iron condor on ELTX is the iron condor strategy applied to ELTX (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 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 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 ELTX iron condor 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 iron condor?
- The breakeven for the ELTX 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 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 iron condor on ELTX?
- Iron condors on ELTX are a delta-neutral premium-collection structure that profits if ELTX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current ELTX implied volatility affect this iron condor?
- 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.