NMRA Bull Call Spread Strategy
NMRA (Neumora Therapeutics, Inc. Common Stock), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Neumora Therapeutics, Inc., a clinical-stage biopharmaceutical company, engages in developing therapeutic treatments for brain diseases, neuropsychiatric disorders, and neurodegenerative diseases. The company develops navacaprant (NMRA-140), a novel once-daily oral kappa opioid receptor antagonist, which is in phase 3 clinical trials for the treatment of major depressive disorder. It also develops NMRA-511 that is in phase 1 clinical trials in patients with agitation associated with dementia due to Alzheimer's disease; and NMRA-266, which is in the phase 1 clinical trial for the treatment of schizophrenia and other neuropsychiatric disorders. In addition, its preclinical phase product includes NMRA-NMDA for the treatment of schizophrenia; NMRA-CK1d, a CK1d inhibitor program for the treatment of amyotrophic lateral sclerosis; NMRA-NLRP3 for the treatment of certain neurodegenerative conditions; and NMRA-GCase for the treatment of Parkinson's disease. The company was formerly known as RBNC Therapeutics, Inc. and changed its name to Neumora Therapeutics, Inc. in October 2021. Neumora Therapeutics, Inc. was incorporated in 2019 and is headquartered in Watertown, Massachusetts.
NMRA (Neumora Therapeutics, Inc. Common Stock) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $329.8M, a beta of 3.05 versus the broader market, a 52-week range of 0.616-3.65, average daily share volume of 1.3M, a public-listing history dating back to 2023, approximately 110 full-time employees. These structural characteristics shape how NMRA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 3.05 indicates NMRA 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 bull call spread on NMRA?
A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width.
Current NMRA snapshot
As of May 15, 2026, spot at $1.85, ATM IV 231.10%, IV rank 47.48%, expected move 66.25%. The bull call spread on NMRA 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 bull call spread structure on NMRA specifically: NMRA IV at 231.10% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 66.25% (roughly $1.23 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 NMRA expiries trade a higher absolute premium for lower per-day decay. Position sizing on NMRA should anchor to the underlying notional of $1.85 per share and to the trader's directional view on NMRA stock.
NMRA bull call spread setup
The NMRA bull call spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With NMRA near $1.85, the first option leg uses a $1.85 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NMRA 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 NMRA shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $1.85 | N/A |
| Sell 1 | Call | $1.94 | N/A |
NMRA bull call spread 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 strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-call strike plus net debit.
NMRA bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on NMRA. 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 bull call spread on NMRA
Bull call spreads on NMRA reduce the cost of a bullish NMRA stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
NMRA thesis for this bull call spread
The market-implied 1-standard-deviation range for NMRA extends from approximately $0.62 on the downside to $3.08 on the upside. A NMRA bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on NMRA, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current NMRA IV rank near 47.48% is mid-range against its 1-year distribution, so the IV signal is neutral; the bull call spread thesis on NMRA should anchor more to the directional view and the expected-move geometry. As a Healthcare name, NMRA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NMRA-specific events.
NMRA bull call spread positions are structurally moderately 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. NMRA positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move NMRA alongside the broader basket even when NMRA-specific fundamentals are unchanged. Long-premium structures like a bull call spread on NMRA 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 NMRA chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on NMRA?
- A bull call spread on NMRA is the bull call spread strategy applied to NMRA (stock). The strategy is structurally moderately bullish: A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width. With NMRA stock trading near $1.85, the strikes shown on this page are snapped to the nearest listed NMRA chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are NMRA bull call spread max profit and max loss calculated?
- Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-call strike plus net debit. For the NMRA bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 231.10%), 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 NMRA bull call spread?
- The breakeven for the NMRA bull call spread 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 NMRA market-implied 1-standard-deviation expected move is approximately 66.25%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a bull call spread on NMRA?
- Bull call spreads on NMRA reduce the cost of a bullish NMRA stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
- How does current NMRA implied volatility affect this bull call spread?
- NMRA ATM IV is at 231.10% with IV rank near 47.48%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.