IMMX Collar 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 collar on IMMX?
A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot.
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 collar 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 collar structure on IMMX specifically: IV regime affects collar pricing on both sides; compressed IMMX IV at 90.60% typically pushes the short call premium to roughly offset the long put cost, 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 collar setup
The IMMX collar 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 $10.46 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) |
|---|---|---|---|
| Buy 100 shares | Stock | $9.96 | long |
| Sell 1 | Call | $10.46 | N/A |
| Buy 1 | Put | $9.46 | N/A |
IMMX collar 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 roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium.
IMMX collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar 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 collar on IMMX
Collars on IMMX hedge an existing long IMMX stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
IMMX thesis for this collar
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 collar hedges an existing long IMMX position with a protective put while financing the put cost via a short call; when the premiums roughly offset, the collar acts as a near-zero-cost insurance band around the current spot. 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 collar positions are structurally neutral (protective); 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. Always rebuild the position from current IMMX chain quotes before placing a trade.
Frequently asked questions
- What is a collar on IMMX?
- A collar on IMMX is the collar strategy applied to IMMX (stock). The strategy is structurally neutral (protective): A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot. 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 collar max profit and max loss calculated?
- Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the IMMX collar 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 collar?
- The breakeven for the IMMX collar 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 collar on IMMX?
- Collars on IMMX hedge an existing long IMMX stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
- How does current IMMX implied volatility affect this collar?
- 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.