How are IMNM 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 IMNM collar priced from the end-of-day chain at a 30-day expiry (ATM IV 76.70%), the computed maximum profit is $39.50 per contract and the computed maximum loss is -$160.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a IMNM collar?

The breakeven for the IMNM collar priced on this page is roughly $21.61 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 IMNM market-implied 1-standard-deviation expected move is approximately 21.99%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current IMNM implied volatility affect this collar?

IMNM ATM IV is at 76.70% with IV rank near 9.94%, 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.

IMNM Collar Strategy

IMNM (Immunome, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

Immunome, Inc., a biotechnology company, engages in the discovery, design, development, manufacturing, and commercialization of antibody-drug conjugates and other oncology therapeutics in the United States. The company develops clinical asset comprising Varegacestat, a gamma secretase inhibitor that is in Phase 3 clinical trial for the treatment of desmoid tumors; and IM-1021, a receptor tyrosine kinase-like orphan receptor 1 antibody-drug conjugate (ADC), which is in Phase 1 clinical trial. It is also developing preclinical assets, including IM-3050, a fibroblast activation protein targeted radioligand therapy; and solid tumor ADC drug candidates, such as IM-1617, IM-1340, and IM-1335. Immunome, Inc. was incorporated in 2006 and is based in Bothell, Washington.

IMNM (Immunome, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $1.91B, a beta of 2.07 versus the broader market, a 52-week range of 7.96-27.65, average daily share volume of 1.3M, a public-listing history dating back to 2020, approximately 177 full-time employees. These structural characteristics shape how IMNM stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 2.07 indicates IMNM 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 collar on IMNM?

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 IMNM snapshot

As of June 30, 2026, spot at $21.20, ATM IV 76.70%, IV rank 9.94%, expected move 21.99%. The collar on IMNM 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 17-day expiry.

Why this collar structure on IMNM specifically: IV regime affects collar pricing on both sides; compressed IMNM IV at 76.70% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 21.99% (roughly $4.66 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated IMNM expiries trade a higher absolute premium for lower per-day decay. Position sizing on IMNM should anchor to the underlying notional of $21.20 per share and to the trader's directional view on IMNM stock.

IMNM collar setup

The IMNM 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 IMNM near $21.20, the first option leg uses a $22.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed IMNM chain at a 17-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 IMNM shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$21.20	long
Sell 1	Call	$22.00	$0.88
Buy 1	Put	$20.00	$1.28

IMNM collar risk and reward

Net Premium / Debit: -$2,160.50
Max Profit (per contract): $39.50
Max Loss (per contract): -$160.50
Breakeven(s): $21.61
Risk / Reward Ratio: 0.246

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.

IMNM collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on IMNM. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$160.50
$4.70	-77.8%	-$160.50
$9.38	-55.7%	-$160.50
$14.07	-33.6%	-$160.50
$18.76	-11.5%	-$160.50
$23.44	+10.6%	+$39.50
$28.13	+32.7%	+$39.50
$32.81	+54.8%	+$39.50
$37.50	+76.9%	+$39.50
$42.19	+99.0%	+$39.50

When traders use collar on IMNM

Collars on IMNM hedge an existing long IMNM 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.

IMNM thesis for this collar

The market-implied 1-standard-deviation range for IMNM extends from approximately $16.54 on the downside to $25.86 on the upside. A IMNM collar hedges an existing long IMNM 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 IMNM IV rank near 9.94% 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 IMNM at 76.70%. As a Healthcare name, IMNM options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to IMNM-specific events.

IMNM 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. IMNM positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move IMNM alongside the broader basket even when IMNM-specific fundamentals are unchanged. Always rebuild the position from current IMNM chain quotes before placing a trade.

Frequently asked questions

What is a collar on IMNM?: A collar on IMNM is the collar strategy applied to IMNM (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 IMNM stock trading near $21.20, the strikes shown on this page are snapped to the nearest listed IMNM chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are IMNM 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 IMNM collar priced from the end-of-day chain at a 30-day expiry (ATM IV 76.70%), the computed maximum profit is $39.50 per contract and the computed maximum loss is -$160.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a IMNM collar?: The breakeven for the IMNM collar priced on this page is roughly $21.61 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 IMNM market-implied 1-standard-deviation expected move is approximately 21.99%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on IMNM?: Collars on IMNM hedge an existing long IMNM 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 IMNM implied volatility affect this collar?: IMNM ATM IV is at 76.70% with IV rank near 9.94%, 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.