JSPR Long Put Strategy

JSPR (Jasper Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

Jasper Therapeutics, Inc., a clinical-stage biotechnology company, focuses on developing therapeutics targeting mast and hematopoietic stem cell driven diseases. The company’s lead product candidate is briquilimab, a monoclonal antibody designed to block stem cell factor from binding to and signaling through the CD117 receptor on mast and stem cells. It focuses on the development and commercialization of therapeutic agents for patients with various mast cell driven diseases, including chronic spontaneous urticaria, chronic inducible urticaria, and asthma, as well as conditioning agents for stem cell transplant in patients with sickle cell disease, Fanconi anemia, and severe combined immunodeficiency. Jasper Therapeutics, Inc. was founded in 2018 and is based in Redwood City, California.

JSPR (Jasper Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $5.5M, a beta of 3.01 versus the broader market, a 52-week range of 0.34-7.19, average daily share volume of 554K, a public-listing history dating back to 2020, approximately 22 full-time employees. These structural characteristics shape how JSPR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 3.01 indicates JSPR 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 long put on JSPR?

A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.

Current JSPR snapshot

As of June 29, 2026, spot at $0.40, ATM IV 30.60%, IV rank 3.41%, expected move 8.77%. The long put on JSPR 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 18-day expiry.

Why this long put structure on JSPR specifically: JSPR IV at 30.60% is on the cheap side of its 1-year range, which favors premium-buying structures like a JSPR long put, with a market-implied 1-standard-deviation move of approximately 8.77% (roughly $0.04 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated JSPR expiries trade a higher absolute premium for lower per-day decay. Position sizing on JSPR should anchor to the underlying notional of $0.40 per share and to the trader's directional view on JSPR stock.

JSPR long put setup

The JSPR long 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 JSPR near $0.40, the first option leg uses a $0.40 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed JSPR chain at a 18-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 JSPR shares for the stock leg in covered calls and collars).

ActionTypeStrike / BasisPremium (est)
Buy 1Put$0.40N/A

JSPR long 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 the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.

JSPR long put payoff curve

Modeled P&L at expiration across a range of underlying prices for the long put on JSPR. 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 long put on JSPR

Long puts on JSPR hedge an existing long JSPR stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying JSPR exposure being hedged.

JSPR thesis for this long put

The market-implied 1-standard-deviation range for JSPR extends from approximately $0.36 on the downside to $0.44 on the upside. A JSPR long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long JSPR position with one put per 100 shares held. Current JSPR IV rank near 3.41% 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 JSPR at 30.60%. As a Healthcare name, JSPR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to JSPR-specific events.

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

Frequently asked questions

What is a long put on JSPR?
A long put on JSPR is the long put strategy applied to JSPR (stock). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. With JSPR stock trading near $0.40, the strikes shown on this page are snapped to the nearest listed JSPR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are JSPR long put max profit and max loss calculated?
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the JSPR long put priced from the end-of-day chain at a 30-day expiry (ATM IV 30.60%), 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 JSPR long put?
The breakeven for the JSPR long 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 JSPR market-implied 1-standard-deviation expected move is approximately 8.77%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a long put on JSPR?
Long puts on JSPR hedge an existing long JSPR stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying JSPR exposure being hedged.
How does current JSPR implied volatility affect this long put?
JSPR ATM IV is at 30.60% with IV rank near 3.41%, 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.

Related JSPR analysis