FLNA Long Put Strategy
FLNA (Filana Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Filana Therapeutics, Inc. engages in the development of novel drugs and diagnostics. It focuses on developing product candidates intended for the treatment of Alzheimer’s disease, including PTI-125 and PTI-125Dx. The company was founded by Remi Barbier in May 1998 and is headquartered in Austin, TX.
FLNA (Filana Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $59.4M, a beta of -0.76 versus the broader market, a 52-week range of 1.16-4.98, average daily share volume of 528K, a public-listing history dating back to 2000, approximately 20 full-time employees. These structural characteristics shape how FLNA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -0.76 indicates FLNA has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a long put on FLNA?
A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.
Current FLNA snapshot
As of May 15, 2026, spot at $1.19, ATM IV 20.40%, expected move 5.85%. The long put on FLNA 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 245-day expiry.
Why this long put structure on FLNA specifically: IV rank is unavailable in the current snapshot, so regime-based timing for FLNA is inferred from ATM IV at 20.40% alone, with a market-implied 1-standard-deviation move of approximately 5.85% (roughly $0.07 on the underlying). The 245-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated FLNA expiries trade a higher absolute premium for lower per-day decay. Position sizing on FLNA should anchor to the underlying notional of $1.19 per share and to the trader's directional view on FLNA stock.
FLNA long put setup
The FLNA long put below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With FLNA near $1.19, the first option leg uses a $1.19 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FLNA chain at a 245-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 FLNA shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $1.19 | N/A |
FLNA long put 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 strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
FLNA long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on FLNA. 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 long put on FLNA
Long puts on FLNA hedge an existing long FLNA stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying FLNA exposure being hedged.
FLNA thesis for this long put
The market-implied 1-standard-deviation range for FLNA extends from approximately $1.12 on the downside to $1.26 on the upside. A FLNA long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long FLNA position with one put per 100 shares held. As a Healthcare name, FLNA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FLNA-specific events.
FLNA long put positions are structurally bearish; 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. FLNA positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move FLNA alongside the broader basket even when FLNA-specific fundamentals are unchanged. Long-premium structures like a long put on FLNA are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current FLNA chain quotes before placing a trade.
Frequently asked questions
- What is a long put on FLNA?
- A long put on FLNA is the long put strategy applied to FLNA (stock). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. With FLNA stock trading near $1.19, the strikes shown on this page are snapped to the nearest listed FLNA chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are FLNA long put max profit and max loss calculated?
- Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the FLNA long put priced from the end-of-day chain at a 30-day expiry (ATM IV 20.40%), 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 FLNA long put?
- The breakeven for the FLNA long put 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 FLNA market-implied 1-standard-deviation expected move is approximately 5.85%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a long put on FLNA?
- Long puts on FLNA hedge an existing long FLNA stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying FLNA exposure being hedged.
- How does current FLNA implied volatility affect this long put?
- Current FLNA ATM IV is 20.40%; IV rank context is unavailable in the current snapshot.