MAZE Cash-Secured Put Strategy
MAZE (Maze Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Maze Therapeutics, Inc., a clinical stage biopharmaceutical company, develops small molecule precision medicines for the treatment of renal, cardiovascular, related metabolic diseases, and obesity in the United States. Its lead programs includes MZE829, an oral small molecule inhibitor of apolipoprotein L1, which is in phase II clinical trial for the treatment of patients with APOL1 kidney disease; and MZE782, an oral small molecule inhibitor of the solute transporter SLC6A19, which is in phase I clinical trial for the treatment of chronic kidney disease. Maze Therapeutics, Inc. was formerly known as Modulus Therapeutics, Inc. and changed its name to Maze Therapeutics, Inc. in September 2018. The company was incorporated in 2017 and is based in South San Francisco, California.
MAZE (Maze Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $1.49B, a beta of 2.50 versus the broader market, a 52-week range of 8.245-53.65, average daily share volume of 868K, a public-listing history dating back to 2025, approximately 125 full-time employees. These structural characteristics shape how MAZE stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.50 indicates MAZE 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 cash-secured put on MAZE?
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 MAZE snapshot
As of May 15, 2026, spot at $25.59, ATM IV 70.70%, IV rank 15.92%, expected move 20.27%. The cash-secured put on MAZE 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 MAZE specifically: MAZE IV at 70.70% is on the cheap side of its 1-year range, which means a premium-selling MAZE cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 20.27% (roughly $5.19 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 MAZE expiries trade a higher absolute premium for lower per-day decay. Position sizing on MAZE should anchor to the underlying notional of $25.59 per share and to the trader's directional view on MAZE stock.
MAZE cash-secured put setup
The MAZE 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 MAZE near $25.59, the first option leg uses a $24.31 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed MAZE 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 MAZE shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $24.31 | N/A |
MAZE 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.
MAZE cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on MAZE. 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 MAZE
Cash-secured puts on MAZE earn premium while a trader waits to acquire MAZE stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning MAZE.
MAZE thesis for this cash-secured put
The market-implied 1-standard-deviation range for MAZE extends from approximately $20.40 on the downside to $30.78 on the upside. A MAZE cash-secured put lets a trader earn premium while waiting to acquire MAZE 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 MAZE IV rank near 15.92% 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 MAZE at 70.70%. As a Healthcare name, MAZE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MAZE-specific events.
MAZE 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. MAZE positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move MAZE alongside the broader basket even when MAZE-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on MAZE carry tail risk when realized volatility exceeds the implied move; review historical MAZE earnings reactions and macro stress periods before sizing. Always rebuild the position from current MAZE chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on MAZE?
- A cash-secured put on MAZE is the cash-secured put strategy applied to MAZE (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 MAZE stock trading near $25.59, the strikes shown on this page are snapped to the nearest listed MAZE chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are MAZE 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 MAZE cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 70.70%), 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 MAZE cash-secured put?
- The breakeven for the MAZE 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 MAZE market-implied 1-standard-deviation expected move is approximately 20.27%; 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 MAZE?
- Cash-secured puts on MAZE earn premium while a trader waits to acquire MAZE stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning MAZE.
- How does current MAZE implied volatility affect this cash-secured put?
- MAZE ATM IV is at 70.70% with IV rank near 15.92%, 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.