NMRA Cash-Secured Put 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 cash-secured put on NMRA?
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 NMRA snapshot
As of May 15, 2026, spot at $1.85, ATM IV 231.10%, IV rank 47.48%, expected move 66.25%. The cash-secured put 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 cash-secured put structure on NMRA specifically: NMRA IV at 231.10% is mid-range versus its 1-year history, so the credit collected on a NMRA cash-secured put sits in line with its long-run distribution, 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 cash-secured put setup
The NMRA 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 NMRA near $1.85, the first option leg uses a $1.76 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) |
|---|---|---|---|
| Sell 1 | Put | $1.76 | N/A |
NMRA 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.
NMRA cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put 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 cash-secured put on NMRA
Cash-secured puts on NMRA earn premium while a trader waits to acquire NMRA stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning NMRA.
NMRA thesis for this cash-secured put
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 cash-secured put lets a trader earn premium while waiting to acquire NMRA 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 NMRA IV rank near 47.48% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put 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 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. 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. Short-premium structures like a cash-secured put on NMRA carry tail risk when realized volatility exceeds the implied move; review historical NMRA earnings reactions and macro stress periods before sizing. Always rebuild the position from current NMRA chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on NMRA?
- A cash-secured put on NMRA is the cash-secured put strategy applied to NMRA (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 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 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 NMRA cash-secured put 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 cash-secured put?
- The breakeven for the NMRA 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 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 cash-secured put on NMRA?
- Cash-secured puts on NMRA earn premium while a trader waits to acquire NMRA stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning NMRA.
- How does current NMRA implied volatility affect this cash-secured put?
- 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.