IMMX Bull Call Spread Strategy

IMMX (Immix Biopharma, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

Immix Biopharma, Inc., a clinical-stage biopharmaceutical company, engages in developing various tissue-specific therapeutics in oncology and inflammation in the United States and Australia. The company is developing IMX-110 that is in Phase 1b/2a clinical trials for the treatment of soft tissue sarcoma and solid tumors; IMX-111, a tissue-specific biologic for the treatment of colorectal cancers; and IMX-120, a tissue-specific biologic for the treatment of ulcerative colitis and severe Crohn's disease. It has a clinical collaboration and supply agreement with BeiGene Ltd. for a combination Phase 1b clinical trial in solid tumors of IMX-110 and anti-PD-1 Tislelizumab. The company was incorporated in 2012 and is headquartered in Los Angeles, California.

IMMX (Immix Biopharma, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $570.8M, a beta of 0.12 versus the broader market, a 52-week range of 1.87-11.61, average daily share volume of 755K, a public-listing history dating back to 2021, approximately 18 full-time employees. These structural characteristics shape how IMMX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.12 indicates IMMX 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 bull call spread on IMMX?

A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width.

Current IMMX snapshot

As of May 15, 2026, spot at $9.96, ATM IV 90.60%, IV rank 16.88%, expected move 25.97%. The bull call spread on IMMX 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 bull call spread structure on IMMX specifically: IMMX IV at 90.60% is on the cheap side of its 1-year range, which favors premium-buying structures like a IMMX bull call spread, with a market-implied 1-standard-deviation move of approximately 25.97% (roughly $2.59 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 IMMX expiries trade a higher absolute premium for lower per-day decay. Position sizing on IMMX should anchor to the underlying notional of $9.96 per share and to the trader's directional view on IMMX stock.

IMMX bull call spread setup

The IMMX bull call spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With IMMX near $9.96, the first option leg uses a $9.96 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed IMMX 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 IMMX shares for the stock leg in covered calls and collars).

ActionTypeStrike / BasisPremium (est)
Buy 1Call$9.96N/A
Sell 1Call$10.46N/A

IMMX bull call spread 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 strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-call strike plus net debit.

IMMX bull call spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bull call spread on IMMX. 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 bull call spread on IMMX

Bull call spreads on IMMX reduce the cost of a bullish IMMX stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.

IMMX thesis for this bull call spread

The market-implied 1-standard-deviation range for IMMX extends from approximately $7.37 on the downside to $12.55 on the upside. A IMMX bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on IMMX, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current IMMX IV rank near 16.88% 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 IMMX at 90.60%. As a Healthcare name, IMMX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to IMMX-specific events.

IMMX bull call spread positions are structurally moderately bullish; 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. IMMX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move IMMX alongside the broader basket even when IMMX-specific fundamentals are unchanged. Long-premium structures like a bull call spread on IMMX 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 IMMX chain quotes before placing a trade.

Frequently asked questions

What is a bull call spread on IMMX?
A bull call spread on IMMX is the bull call spread strategy applied to IMMX (stock). The strategy is structurally moderately bullish: A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width. With IMMX stock trading near $9.96, the strikes shown on this page are snapped to the nearest listed IMMX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are IMMX bull call spread max profit and max loss calculated?
Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-call strike plus net debit. For the IMMX bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 90.60%), 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 IMMX bull call spread?
The breakeven for the IMMX bull call spread 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 IMMX market-implied 1-standard-deviation expected move is approximately 25.97%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a bull call spread on IMMX?
Bull call spreads on IMMX reduce the cost of a bullish IMMX stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
How does current IMMX implied volatility affect this bull call spread?
IMMX ATM IV is at 90.60% with IV rank near 16.88%, 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.

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