PYXS Cash-Secured Put Strategy
PYXS (Pyxis Oncology, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Pyxis Oncology, Inc., a preclinical stage biopharmaceutical company, engages in the development of therapies to treat cancers. Its immune-oncology product candidates include PYX-106, an investigational fully human immunoglobulin G1 isotype siglec-15 targeting antibody for the treatment of thyroid cancer, head and neck squamous cell carcinoma, non-small cell lung cancer (NSCLC), and other solid tumors; and PYX-102, an investigational immune-therapeutic for treatment of solid tumors. The company's antibody drug conjugate (ADC) product candidates comprise of PYX-201, an investigational novel ADC to treat NSCLC, breast cancer, and other solid tumors; PYX-202, an investigational novel ADC for treatment of SCLC, soft tissue sarcoma, and other solid tumors; and PYX-203, an investigational ADC for the treatment of acute myeloid leukemia and myeloid dysplastic syndrome. The company was incorporated in 2018 and is headquartered in Cambridge, Massachusetts.
PYXS (Pyxis Oncology, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $164.6M, a beta of 1.43 versus the broader market, a 52-week range of 0.97-5.55, average daily share volume of 422K, a public-listing history dating back to 2021, approximately 44 full-time employees. These structural characteristics shape how PYXS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.43 indicates PYXS 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 PYXS?
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 PYXS snapshot
As of May 15, 2026, spot at $2.25, ATM IV 199.60%, IV rank 46.44%, expected move 57.22%. The cash-secured put on PYXS 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 PYXS specifically: PYXS IV at 199.60% is mid-range versus its 1-year history, so the credit collected on a PYXS cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 57.22% (roughly $1.29 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 PYXS expiries trade a higher absolute premium for lower per-day decay. Position sizing on PYXS should anchor to the underlying notional of $2.25 per share and to the trader's directional view on PYXS stock.
PYXS cash-secured put setup
The PYXS 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 PYXS near $2.25, the first option leg uses a $2.14 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PYXS 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 PYXS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $2.14 | N/A |
PYXS 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.
PYXS cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on PYXS. 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 PYXS
Cash-secured puts on PYXS earn premium while a trader waits to acquire PYXS stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning PYXS.
PYXS thesis for this cash-secured put
The market-implied 1-standard-deviation range for PYXS extends from approximately $0.96 on the downside to $3.54 on the upside. A PYXS cash-secured put lets a trader earn premium while waiting to acquire PYXS 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 PYXS IV rank near 46.44% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on PYXS should anchor more to the directional view and the expected-move geometry. As a Healthcare name, PYXS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PYXS-specific events.
PYXS 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. PYXS positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PYXS alongside the broader basket even when PYXS-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on PYXS carry tail risk when realized volatility exceeds the implied move; review historical PYXS earnings reactions and macro stress periods before sizing. Always rebuild the position from current PYXS chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on PYXS?
- A cash-secured put on PYXS is the cash-secured put strategy applied to PYXS (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 PYXS stock trading near $2.25, the strikes shown on this page are snapped to the nearest listed PYXS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are PYXS 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 PYXS cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 199.60%), 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 PYXS cash-secured put?
- The breakeven for the PYXS 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 PYXS market-implied 1-standard-deviation expected move is approximately 57.22%; 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 PYXS?
- Cash-secured puts on PYXS earn premium while a trader waits to acquire PYXS stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning PYXS.
- How does current PYXS implied volatility affect this cash-secured put?
- PYXS ATM IV is at 199.60% with IV rank near 46.44%, 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.