ELTX Iron Condor Strategy
ELTX (Elicio Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Elicio Therapeutics, Inc. is a clinical-stage biotechnology firm dedicated to creating a diverse array of innovative immunotherapies for the treatment of various cancers and other diseases. The company's primary experimental drug, ELI-002, is an AMP therapeutic vaccine specifically formulated to target KRAS-driven cancers. Its development portfolio also encompasses ELI-004, an AMP-modified CpG adjuvant that forms part of ELI-002; ELI-007, a lymph node-targeted AMP-peptide vaccine addressing mutant BRAF-driven cancers; and ELI-008, a multivalent lymph node-targeted AMP-peptide vaccine for cancers expressing mutant TP53. Furthermore, Elicio is advancing ELI-005, a vaccine candidate for preventing COVID-19, and ELI-011 for hematological malignancies. Another program, ELI-012, is an mKRAS TCR T cell AMP-lifier designed for combined use with mKRAS-targeted TCR T cell therapy against mKRAS-driven cancers. The company's operations are headquartered in Boston, Massachusetts.
ELTX (Elicio Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $58.3M, a beta of 1.88 versus the broader market, a 52-week range of 2.66-16, average daily share volume of 1.6M, a public-listing history dating back to 2021, approximately 33 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 1.88 indicates ELTX has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
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.
ELTX snapshot
As of August 14, 2026, spot at $3.11, ATM IV 322.90%, IV rank 66.11%, expected move 92.57%. The iron condor on ELTX below is built from the end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this iron condor structure on ELTX specifically: ELTX IV at 322.90% is mid-range versus its 1-year history, so the credit collected on a ELTX iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 92.57% (roughly $2.88 on the underlying). The 35-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 $3.11 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 at $3.11 on that close, the first option leg uses a $3.27 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 35-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 | $3.27 | N/A |
| Buy 1 | Call | $3.42 | N/A |
| Sell 1 | Put | $2.95 | N/A |
| Buy 1 | Put | $2.80 | 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 $0.23 on the downside to $5.99 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 66.11% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on ELTX should anchor more to the directional view and the expected-move geometry. 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 at $3.11 on the most recent close, the strikes shown on this page are snapped to the nearest listed ELTX chain strike and the premiums come straight from that session's 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 322.90%), 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 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 the end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The ELTX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 92.57%; 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 322.90% with IV rank near 66.11%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.