PROK Iron Condor Strategy
PROK (ProKidney Corp.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
ProKidney Corp. is a biotechnology firm currently in the clinical trial phase, specializing in the development of innovative cell-based treatments. Their flagship product is Renal Autologous Cell Therapy (RAC-T), a unique cellular admixture derived from a patient's own cells. RAC-T is undergoing significant clinical evaluation; it is concurrently in Phase III and Phase II trials for individuals with moderate to severe diabetic kidney disease. Furthermore, the company is conducting a Phase I clinical trial to assess RAC-T's potential for patients born with congenital anomalies affecting the kidneys and urinary tract. The company was established in 2015 and operates from its headquarters in Winston-Salem, North Carolina.
PROK (ProKidney Corp.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $497.7M, a beta of 1.72 versus the broader market, a 52-week range of 1.41-3.48, average daily share volume of 1.1M, a public-listing history dating back to 2021, approximately 231 full-time employees. These structural characteristics shape how PROK stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.72 indicates PROK 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 iron condor on PROK?
An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes.
PROK snapshot
As of August 14, 2026, spot at $1.31, ATM IV 238.60%, IV rank 49.30%, expected move 68.40%. The iron condor on PROK below is built from the end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this iron condor structure on PROK specifically: PROK IV at 238.60% is mid-range versus its 1-year history, so the credit collected on a PROK iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 68.40% (roughly $0.90 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated PROK expiries trade a higher absolute premium for lower per-day decay. Position sizing on PROK should anchor to the underlying notional of $1.31 per share and to the trader's directional view on PROK stock.
PROK iron condor setup
The PROK iron condor below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With PROK at $1.31 on that close, the first option leg uses a $1.38 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PROK chain at a 35-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 PROK shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $1.38 | N/A |
| Buy 1 | Call | $1.44 | N/A |
| Sell 1 | Put | $1.24 | N/A |
| Buy 1 | Put | $1.18 | N/A |
PROK iron condor 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 the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit.
PROK iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on PROK. 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 iron condor on PROK
Iron condors on PROK are a delta-neutral premium-collection structure that profits if PROK stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
PROK thesis for this iron condor
The market-implied 1-standard-deviation range for PROK extends from approximately $0.41 on the downside to $2.21 on the upside. A PROK iron condor is a delta-neutral premium-collection structure that pays off when PROK stays inside the inner short strikes through expiration; the wing width should reflect the trader's tolerance for the maximum loss scenario where the underlying breaches an outer strike. Current PROK IV rank near 49.30% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on PROK should anchor more to the directional view and the expected-move geometry. As a Healthcare name, PROK options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PROK-specific events.
PROK iron condor positions are structurally neutral / range-bound; 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. PROK positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PROK alongside the broader basket even when PROK-specific fundamentals are unchanged. Short-premium structures like a iron condor on PROK carry tail risk when realized volatility exceeds the implied move; review historical PROK earnings reactions and macro stress periods before sizing. Always rebuild the position from current PROK chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on PROK?
- A iron condor on PROK is the iron condor strategy applied to PROK (stock). The strategy is structurally neutral / range-bound: An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes. With PROK stock at $1.31 on the most recent close, the strikes shown on this page are snapped to the nearest listed PROK chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are PROK iron condor max profit and max loss calculated?
- Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit. For the PROK iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 238.60%), 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 PROK iron condor?
- The breakeven for the PROK iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from the 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 PROK market-implied 1-standard-deviation expected move in the same options snapshot is approximately 68.40%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a iron condor on PROK?
- Iron condors on PROK are a delta-neutral premium-collection structure that profits if PROK stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current PROK implied volatility affect this iron condor?
- PROK ATM IV is at 238.60% with IV rank near 49.30%, 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.