KPTI Cash-Secured Put Strategy
KPTI (Karyopharm Therapeutics Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Karyopharm Therapeutics Inc., a commercial-stage pharmaceutical company, discovers, develops, and commercializes drugs directed against nuclear export for the treatment of cancer and other diseases. The company discovers, develops, and commercializes novel and Selective Inhibitor of Nuclear Export (SINE) compounds function by binding with and inhibiting the nuclear export protein XPO1. Its lead compound, include XPOVIO in combination with bortezomib and dexamethasone for the treatment of adult patients with multiple myeloma, in combination with dexamethasone for the treatment of adult patients with heavily pretreated multiple myeloma, and for the treatment of adult patients with relapsed or refractory diffuse large B-cell lymphoma. The company has license agreement with Menarini Group to develop and commercialize NEXPOVIO for human oncology indications in Europe, including the United Kingdom; Latin America; and other countries. Its oral SINE compounds also designed to force nuclear accumulation in the levels of multiple tumor suppressor and growth regulatory proteins. The company was incorporated in 2008 and is headquartered in Newton, Massachusetts.
KPTI (Karyopharm Therapeutics Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $75.6M, a beta of 0.81 versus the broader market, a 52-week range of 3.65-10.99, average daily share volume of 936K, a public-listing history dating back to 2013, approximately 279 full-time employees. These structural characteristics shape how KPTI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.81 places KPTI 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 KPTI?
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 KPTI snapshot
As of May 15, 2026, spot at $7.72, ATM IV 111.90%, IV rank 11.69%, expected move 32.08%. The cash-secured put on KPTI 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 KPTI specifically: KPTI IV at 111.90% is on the cheap side of its 1-year range, which means a premium-selling KPTI cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 32.08% (roughly $2.48 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 KPTI expiries trade a higher absolute premium for lower per-day decay. Position sizing on KPTI should anchor to the underlying notional of $7.72 per share and to the trader's directional view on KPTI stock.
KPTI cash-secured put setup
The KPTI 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 KPTI near $7.72, the first option leg uses a $7.33 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed KPTI 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 KPTI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $7.33 | N/A |
KPTI 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.
KPTI cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on KPTI. 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 KPTI
Cash-secured puts on KPTI earn premium while a trader waits to acquire KPTI stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning KPTI.
KPTI thesis for this cash-secured put
The market-implied 1-standard-deviation range for KPTI extends from approximately $5.24 on the downside to $10.20 on the upside. A KPTI cash-secured put lets a trader earn premium while waiting to acquire KPTI 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 KPTI IV rank near 11.69% 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 KPTI at 111.90%. As a Healthcare name, KPTI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to KPTI-specific events.
KPTI 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. KPTI positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move KPTI alongside the broader basket even when KPTI-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on KPTI carry tail risk when realized volatility exceeds the implied move; review historical KPTI earnings reactions and macro stress periods before sizing. Always rebuild the position from current KPTI chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on KPTI?
- A cash-secured put on KPTI is the cash-secured put strategy applied to KPTI (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 KPTI stock trading near $7.72, the strikes shown on this page are snapped to the nearest listed KPTI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are KPTI 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 KPTI cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 111.90%), 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 KPTI cash-secured put?
- The breakeven for the KPTI 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 KPTI market-implied 1-standard-deviation expected move is approximately 32.08%; 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 KPTI?
- Cash-secured puts on KPTI earn premium while a trader waits to acquire KPTI stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning KPTI.
- How does current KPTI implied volatility affect this cash-secured put?
- KPTI ATM IV is at 111.90% with IV rank near 11.69%, 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.