IMUX Cash-Secured Put Strategy
IMUX (Immunic, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Immunic, Inc., a clinical-stage biopharmaceutical company, develops a pipeline of selective oral immunology therapies for the treatment of chronic inflammatory and autoimmune diseases. Its lead development program is IMU-838, which is in Phase 2 clinical for treatment of relapsing-remitting multiple sclerosis, inflammatory bowel disease, and other chronic inflammatory and autoimmune diseases, as well as to treat coronavirus disease. The company is also developing IMU-935, an inverse agonist of ROR?t; and IMU-856 for the restoration of the intestinal barrier function in patients suffering from diseases, such as inflammatory bowel disease, irritable bowel syndrome with diarrhea, immune checkpoint inhibitor induced colitis, and other intestinal barrier function diseases. Immunic, Inc. is headquartered in New York, New York.
IMUX (Immunic, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $127.8M, a beta of 1.21 versus the broader market, a 52-week range of 5.06-15.1, average daily share volume of 309K, a public-listing history dating back to 2014, approximately 91 full-time employees. These structural characteristics shape how IMUX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.21 places IMUX roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a cash-secured put on IMUX?
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 IMUX snapshot
As of May 15, 2026, spot at $12.23, ATM IV 124.10%, IV rank 25.97%, expected move 35.58%. The cash-secured put on IMUX 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 IMUX specifically: IMUX IV at 124.10% is on the cheap side of its 1-year range, which means a premium-selling IMUX cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 35.58% (roughly $4.35 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 IMUX expiries trade a higher absolute premium for lower per-day decay. Position sizing on IMUX should anchor to the underlying notional of $12.23 per share and to the trader's directional view on IMUX stock.
IMUX cash-secured put setup
The IMUX 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 IMUX near $12.23, the first option leg uses a $11.62 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed IMUX 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 IMUX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $11.62 | N/A |
IMUX 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.
IMUX cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on IMUX. 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 IMUX
Cash-secured puts on IMUX earn premium while a trader waits to acquire IMUX stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning IMUX.
IMUX thesis for this cash-secured put
The market-implied 1-standard-deviation range for IMUX extends from approximately $7.88 on the downside to $16.58 on the upside. A IMUX cash-secured put lets a trader earn premium while waiting to acquire IMUX 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 IMUX IV rank near 25.97% 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 IMUX at 124.10%. As a Healthcare name, IMUX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to IMUX-specific events.
IMUX 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. IMUX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move IMUX alongside the broader basket even when IMUX-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on IMUX carry tail risk when realized volatility exceeds the implied move; review historical IMUX earnings reactions and macro stress periods before sizing. Always rebuild the position from current IMUX chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on IMUX?
- A cash-secured put on IMUX is the cash-secured put strategy applied to IMUX (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 IMUX stock trading near $12.23, the strikes shown on this page are snapped to the nearest listed IMUX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are IMUX 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 IMUX cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 124.10%), 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 IMUX cash-secured put?
- The breakeven for the IMUX 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 IMUX market-implied 1-standard-deviation expected move is approximately 35.58%; 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 IMUX?
- Cash-secured puts on IMUX earn premium while a trader waits to acquire IMUX stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning IMUX.
- How does current IMUX implied volatility affect this cash-secured put?
- IMUX ATM IV is at 124.10% with IV rank near 25.97%, 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.