FDMT Iron Condor Strategy
FDMT (4D Molecular Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
4D Molecular Therapeutics, Inc. is a clinical-stage gene therapy company that engineers therapeutic agents by leveraging its proprietary adeno-associated virus (AAV) vector technology. The company's developmental efforts are concentrated across a trio of therapeutic fields: ophthalmology (eye conditions), cardiology (heart ailments), and pulmonology (respiratory disorders). Within its active pipeline, three specific product candidates have advanced into clinical trial phases, all currently undergoing Phase 1/2 clinical assessment: 4D-125 is being evaluated for the treatment of X-linked retinitis pigmentosa. 4D-110 targets choroideremia. 4D-310 is focused on addressing Fabry disease. Beyond these, two Investigational New Drug (IND) candidates are in development: 4D-150, aimed at combating wet age-related macular degeneration, and 4D-710, designed to tackle cystic fibrosis lung disease. To advance its mission, 4D Molecular Therapeutics, Inc. actively engages in research and development partnerships with entities such as uniQure, CRF, Roche, and CFF. The firm commenced operations in 2013 and maintains its headquarters in Emeryville, California.
FDMT (4D Molecular Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $620.5M, a beta of 2.69 versus the broader market, a 52-week range of 5.97-14, average daily share volume of 795K, a public-listing history dating back to 2020, approximately 196 full-time employees. These structural characteristics shape how FDMT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.69 indicates FDMT 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 FDMT?
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.
FDMT snapshot
As of August 14, 2026, spot at $12.09, ATM IV 105.00%, IV rank 20.99%, expected move 30.10%. The iron condor on FDMT below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 7-day expiry.
Why this iron condor structure on FDMT specifically: FDMT IV at 105.00% is on the cheap side of its 1-year range, which means a premium-selling FDMT iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 30.10% (roughly $3.64 on the underlying). The 7-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated FDMT expiries trade a higher absolute premium for lower per-day decay. Position sizing on FDMT should anchor to the underlying notional of $12.09 per share and to the trader's directional view on FDMT stock.
FDMT iron condor setup
The FDMT iron condor below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With FDMT at $12.09 on that close, the first option leg uses a $13.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FDMT chain at a 7-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 FDMT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $13.00 | $1.15 |
| Buy 1 | Call | $13.00 | $1.15 |
| Sell 1 | Put | $11.00 | $1.24 |
| Buy 1 | Put | $11.00 | $1.24 |
FDMT iron condor risk and reward
- Net Premium / Debit
- $0.00
- Max Profit (per contract)
- $0.00
- Max Loss (per contract)
- $0.00
- 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.
FDMT iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on FDMT. 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -99.9% | $0.00 |
| $2.68 | -77.8% | $0.00 |
| $5.35 | -55.7% | $0.00 |
| $8.03 | -33.6% | $0.00 |
| $10.70 | -11.5% | $0.00 |
| $13.37 | +10.6% | $0.00 |
| $16.04 | +32.7% | $0.00 |
| $18.71 | +54.8% | $0.00 |
| $21.39 | +76.9% | $0.00 |
| $24.06 | +99.0% | $0.00 |
When traders use iron condor on FDMT
Iron condors on FDMT are a delta-neutral premium-collection structure that profits if FDMT stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
FDMT thesis for this iron condor
The market-implied 1-standard-deviation range for FDMT extends from approximately $8.45 on the downside to $15.73 on the upside. A FDMT iron condor is a delta-neutral premium-collection structure that pays off when FDMT 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 FDMT IV rank near 20.99% 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 FDMT at 105.00%. As a Healthcare name, FDMT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FDMT-specific events.
FDMT 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. FDMT positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move FDMT alongside the broader basket even when FDMT-specific fundamentals are unchanged. Short-premium structures like a iron condor on FDMT carry tail risk when realized volatility exceeds the implied move; review historical FDMT earnings reactions and macro stress periods before sizing. Always rebuild the position from current FDMT chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on FDMT?
- A iron condor on FDMT is the iron condor strategy applied to FDMT (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 FDMT stock at $12.09 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed FDMT chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are FDMT 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 FDMT iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 105.00%), the computed maximum profit is $0.00 per contract and the computed maximum loss is $0.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a FDMT iron condor?
- The breakeven for the FDMT iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from the August 14, 2026 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 FDMT market-implied 1-standard-deviation expected move in the same options snapshot is approximately 30.10%; 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 FDMT?
- Iron condors on FDMT are a delta-neutral premium-collection structure that profits if FDMT stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current FDMT implied volatility affect this iron condor?
- FDMT ATM IV is at 105.00% with IV rank near 20.99%, 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.