ELTX Straddle 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 straddle on ELTX?
A long straddle buys an ATM call and an ATM put at the same strike, profiting from a large move in either direction; max loss equals the combined debit when the underlying pins to the strike at expiration.
ELTX snapshot
As of August 14, 2026, spot at $3.11, ATM IV 322.90%, IV rank 66.11%, expected move 92.57%. The straddle 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 straddle structure on ELTX specifically: ELTX IV at 322.90% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, 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 straddle setup
The ELTX straddle 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 $3.11 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) |
|---|---|---|---|
| Buy 1 | Call | $3.11 | N/A |
| Buy 1 | Put | $3.11 | N/A |
ELTX straddle 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
Upside max profit is unbounded; downside max profit is bounded at the strike minus the combined call plus put debit (reached at zero). Max loss equals the combined debit times 100 (reached when the underlying pins to the strike). Two breakevens at strike plus debit and strike minus debit.
ELTX straddle payoff curve
Modeled P&L at expiration across a range of underlying prices for the straddle 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 straddle on ELTX
Straddles on ELTX are pure-volatility plays that profit from large moves in either direction; traders typically buy ELTX straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.
ELTX thesis for this straddle
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 long straddle is a pure-volatility play: it profits when the underlying moves far enough from the strike in either direction to overcome the combined call plus put debit, regardless of direction. Current ELTX IV rank near 66.11% is mid-range against its 1-year distribution, so the IV signal is neutral; the straddle 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 straddle positions are structurally neutral / high-volatility (long premium); 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 straddle on ELTX?
- A straddle on ELTX is the straddle strategy applied to ELTX (stock). The strategy is structurally neutral / high-volatility (long premium): A long straddle buys an ATM call and an ATM put at the same strike, profiting from a large move in either direction; max loss equals the combined debit when the underlying pins to the strike at expiration. 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 straddle max profit and max loss calculated?
- Upside max profit is unbounded; downside max profit is bounded at the strike minus the combined call plus put debit (reached at zero). Max loss equals the combined debit times 100 (reached when the underlying pins to the strike). Two breakevens at strike plus debit and strike minus debit. For the ELTX straddle 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 straddle?
- The breakeven for the ELTX straddle 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 straddle on ELTX?
- Straddles on ELTX are pure-volatility plays that profit from large moves in either direction; traders typically buy ELTX straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.
- How does current ELTX implied volatility affect this straddle?
- 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.