How are NRIX bear put 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-put strike minus net debit. For the NRIX bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 138.60%), the computed maximum profit is $97.50 per contract and the computed maximum loss is -$2.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a NRIX bear put spread?

The breakeven for the NRIX bear put spread priced on this page is roughly $16.01 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 NRIX market-implied 1-standard-deviation expected move is approximately 39.74%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current NRIX implied volatility affect this bear put spread?

NRIX ATM IV is at 138.60% with IV rank near 22.17%, 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.

NRIX Bear Put Spread Strategy

NRIX (Nurix Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

Nurix Therapeutics, Inc., a biopharmaceutical company, focuses on the discovery, development, and commercialization of small molecule therapies for the treatment of cancer and immune disorders. The company develops NX-2127, an orally available Bruton's tyrosine kinase (BTK) degrader for the treatment of relapsed or refractory B-cell malignancies; NX-5948, an orally bioavailable BTK degrader for the treatment of relapsed or refractory B-cell malignancies and autoimmune diseases; and NX-1607, an orally available Casitas B-lineage lymphoma proto-oncogene-B (CBL-B) inhibitor for immuno-oncology indications. It also develops NX-0255, a CBL-B inhibitor for ex vivo use to enhance adoptive T-cell therapy; and DeTIL-0255 that is in the Phase 1 clinical trial for the treatment of gynecologic cancers, including ovarian, endometrial, and cervical cancer. The company has a strategic collaboration agreement with Gilead Sciences, Inc. for cancer and other challenging diseases patients; and Sanofi S.A. The company was formerly known as Nurix Inc. and changed its name to Nurix Therapeutics, Inc. in October 2018. The company was incorporated in 2009 and is headquartered in San Francisco, California.

NRIX (Nurix Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $1.40B, a beta of 1.88 versus the broader market, a 52-week range of 8.195-22.5, average daily share volume of 1.1M, a public-listing history dating back to 2020, approximately 286 full-time employees. These structural characteristics shape how NRIX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.88 indicates NRIX 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 bear put spread on NRIX?

A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width.

Current NRIX snapshot

As of May 15, 2026, spot at $15.88, ATM IV 138.60%, IV rank 22.17%, expected move 39.74%. The bear put spread on NRIX 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 63-day expiry.

Why this bear put spread structure on NRIX specifically: NRIX IV at 138.60% is on the cheap side of its 1-year range, which favors premium-buying structures like a NRIX bear put spread, with a market-implied 1-standard-deviation move of approximately 39.74% (roughly $6.31 on the underlying). The 63-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated NRIX expiries trade a higher absolute premium for lower per-day decay. Position sizing on NRIX should anchor to the underlying notional of $15.88 per share and to the trader's directional view on NRIX stock.

NRIX bear put spread setup

The NRIX bear put 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 NRIX near $15.88, the first option leg uses a $16.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NRIX chain at a 63-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 NRIX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$16.00	$2.50
Sell 1	Put	$15.00	$2.48

NRIX bear put spread risk and reward

Net Premium / Debit: -$2.50
Max Profit (per contract): $97.50
Max Loss (per contract): -$2.50
Breakeven(s): $16.01
Risk / Reward Ratio: 39.000

Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit.

NRIX bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on NRIX. 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.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-99.9%	+$97.50
$3.52	-77.8%	+$97.50
$7.03	-55.7%	+$97.50
$10.54	-33.6%	+$97.50
$14.05	-11.5%	+$97.50
$17.56	+10.6%	-$2.50
$21.07	+32.7%	-$2.50
$24.58	+54.8%	-$2.50
$28.09	+76.9%	-$2.50
$31.60	+99.0%	-$2.50

When traders use bear put spread on NRIX

Bear put spreads on NRIX reduce the cost of a bearish NRIX stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.

NRIX thesis for this bear put spread

The market-implied 1-standard-deviation range for NRIX extends from approximately $9.57 on the downside to $22.19 on the upside. A NRIX bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on NRIX, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current NRIX IV rank near 22.17% 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 NRIX at 138.60%. As a Healthcare name, NRIX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NRIX-specific events.

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

Frequently asked questions

What is a bear put spread on NRIX?: A bear put spread on NRIX is the bear put spread strategy applied to NRIX (stock). The strategy is structurally moderately bearish: A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width. With NRIX stock trading near $15.88, the strikes shown on this page are snapped to the nearest listed NRIX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are NRIX bear put 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-put strike minus net debit. For the NRIX bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 138.60%), the computed maximum profit is $97.50 per contract and the computed maximum loss is -$2.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a NRIX bear put spread?: The breakeven for the NRIX bear put spread priced on this page is roughly $16.01 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 NRIX market-implied 1-standard-deviation expected move is approximately 39.74%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a bear put spread on NRIX?: Bear put spreads on NRIX reduce the cost of a bearish NRIX stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
How does current NRIX implied volatility affect this bear put spread?: NRIX ATM IV is at 138.60% with IV rank near 22.17%, 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.