How are ORIC collar max profit and max loss calculated?

Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the ORIC collar priced from the August 17, 2026 end-of-day chain at a 30-day expiry (ATM IV 194.00%), the computed maximum profit is $62.00 per contract and the computed maximum loss is -$38.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a ORIC collar?

The breakeven for the ORIC collar priced on this page is roughly $13.38 at expiration, derived from the August 17, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The ORIC market-implied 1-standard-deviation expected move in the same options snapshot is approximately 55.62%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current ORIC implied volatility affect this collar?

ORIC ATM IV is at 194.00% with IV rank near 37.45%, 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.

ORIC Collar Strategy

ORIC (ORIC Pharmaceuticals, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

ORIC Pharmaceuticals, Inc. operates as a clinical-stage biopharmaceutical firm dedicated to discovering and advancing innovative treatments for cancer patients across the United States. The company's pipeline includes several key clinical-stage drug candidates. ORIC-533 is an oral small molecule designed to inhibit CD73, addressing resistance to both chemotherapy and immunotherapy. Another candidate, ORIC-944, is an allosteric inhibitor targeting the polycomb repressive complex 2, specifically for the treatment of prostate cancer. Furthermore, ORIC-114 is a brain-penetrant, orally administered, irreversible inhibitor crafted to precisely target epidermal growth factor receptor (EGFR) and human epidermal growth factor receptor 2 (HER2), demonstrating high potency against exon 20 insertion mutations. Beyond these advanced programs, ORIC Pharmaceuticals is also cultivating multiple early-stage precision medicines aimed at other mechanisms of cancer resistance.

ORIC (ORIC Pharmaceuticals, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $1.44B, a beta of 0.97 versus the broader market, a 52-week range of 7.23-14.93, average daily share volume of 1.6M, a public-listing history dating back to 2020, approximately 111 full-time employees. These structural characteristics shape how ORIC stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.97 places ORIC roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.

What is a collar on ORIC?

A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot.

ORIC snapshot

As of August 17, 2026, spot at $13.38, ATM IV 194.00%, IV rank 37.45%, expected move 55.62%. The collar on ORIC below is built from the August 17, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 32-day expiry.

Why this collar structure on ORIC specifically: IV regime affects collar pricing on both sides; mid-range ORIC IV at 194.00% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 55.62% (roughly $7.44 on the underlying). The 32-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ORIC expiries trade a higher absolute premium for lower per-day decay. Position sizing on ORIC should anchor to the underlying notional of $13.38 per share and to the trader's directional view on ORIC stock.

ORIC collar setup

The ORIC collar below is built from the August 17, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ORIC at $13.38 on that close, the first option leg uses a $14.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ORIC chain at a 32-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 ORIC shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$13.38	long
Sell 1	Call	$14.00	$2.95
Buy 1	Put	$13.00	$2.95

ORIC collar risk and reward

Net Premium / Debit: -$1,338.00
Max Profit (per contract): $62.00
Max Loss (per contract): -$38.00
Breakeven(s): $13.38
Risk / Reward Ratio: 1.632

Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium.

ORIC collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on ORIC. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-99.9%	-$38.00
$2.97	-77.8%	-$38.00
$5.92	-55.7%	-$38.00
$8.88	-33.6%	-$38.00
$11.84	-11.5%	-$38.00
$14.80	+10.6%	+$62.00
$17.75	+32.7%	+$62.00
$20.71	+54.8%	+$62.00
$23.67	+76.9%	+$62.00
$26.63	+99.0%	+$62.00

When traders use collar on ORIC

Collars on ORIC hedge an existing long ORIC stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.

ORIC thesis for this collar

The market-implied 1-standard-deviation range for ORIC extends from approximately $5.94 on the downside to $20.82 on the upside. A ORIC collar hedges an existing long ORIC position with a protective put while financing the put cost via a short call; when the premiums roughly offset, the collar acts as a near-zero-cost insurance band around the current spot. Current ORIC IV rank near 37.45% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on ORIC should anchor more to the directional view and the expected-move geometry. As a Healthcare name, ORIC options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ORIC-specific events.

ORIC collar positions are structurally neutral (protective); 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. ORIC positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ORIC alongside the broader basket even when ORIC-specific fundamentals are unchanged. Always rebuild the position from current ORIC chain quotes before placing a trade.

Frequently asked questions

What is a collar on ORIC?: A collar on ORIC is the collar strategy applied to ORIC (stock). The strategy is structurally neutral (protective): A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot. With ORIC stock at $13.38 on the August 17, 2026 close, the strikes shown on this page are snapped to the nearest listed ORIC chain strike and the premiums come straight from that session's bid/ask midpoint.
How are ORIC collar max profit and max loss calculated?: Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the ORIC collar priced from the August 17, 2026 end-of-day chain at a 30-day expiry (ATM IV 194.00%), the computed maximum profit is $62.00 per contract and the computed maximum loss is -$38.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a ORIC collar?: The breakeven for the ORIC collar priced on this page is roughly $13.38 at expiration, derived from the August 17, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The ORIC market-implied 1-standard-deviation expected move in the same options snapshot is approximately 55.62%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on ORIC?: Collars on ORIC hedge an existing long ORIC stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
How does current ORIC implied volatility affect this collar?: ORIC ATM IV is at 194.00% with IV rank near 37.45%, 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.