IMMX Cash-Secured Put 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 cash-secured put on IMMX?
A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike.
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 cash-secured put 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 cash-secured put structure on IMMX specifically: IMMX IV at 90.60% is on the cheap side of its 1-year range, which means a premium-selling IMMX cash-secured put collects less credit per unit of strike-width risk, 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 cash-secured put setup
The IMMX cash-secured 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 IMMX near $9.96, the first option leg uses a $9.46 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).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $9.46 | N/A |
IMMX cash-secured 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 premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
IMMX cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put 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 cash-secured put on IMMX
Cash-secured puts on IMMX earn premium while a trader waits to acquire IMMX stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning IMMX.
IMMX thesis for this cash-secured put
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 cash-secured put lets a trader earn premium while waiting to acquire IMMX at the strike price; the strategy is most attractive when the trader is comfortable holding the underlying at that level and IV is rich enough to compensate for the assignment risk. 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 cash-secured put positions are structurally neutral to slightly 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. Short-premium structures like a cash-secured put on IMMX carry tail risk when realized volatility exceeds the implied move; review historical IMMX earnings reactions and macro stress periods before sizing. Always rebuild the position from current IMMX chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on IMMX?
- A cash-secured put on IMMX is the cash-secured put strategy applied to IMMX (stock). The strategy is structurally neutral to slightly bullish: A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike. 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 cash-secured put max profit and max loss calculated?
- Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the IMMX cash-secured put 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 cash-secured put?
- The breakeven for the IMMX cash-secured 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 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 cash-secured put on IMMX?
- Cash-secured puts on IMMX earn premium while a trader waits to acquire IMMX stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning IMMX.
- How does current IMMX implied volatility affect this cash-secured put?
- 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.