SCYX Butterfly Strategy
SCYX (SCYNEXIS, Inc.), in the Healthcare sector, (Drug Manufacturers - Specialty & Generic industry), listed on NASDAQ.
SCYNEXIS, Inc., a biotechnology company, develops products for the treatment fungal infections in the United States. It offers BREXAFEMME (ibrexafungerp tablets) for the treatment of vulvovaginal candidiasis (VVC). The company is developing its lead product candidate, Ibrexafungerp, as a novel oral and intravenous drug for the treatment of various fungal infections, including recurrent VVC, invasive aspergillosis, invasive candidiasis, and refractory invasive fungal infections; and ibrexafungerp that has completed Phase 3 CANDLE study for the prevention of recurrent (VVC). It has research collaborations with Merck Sharp & Dohme Corp., Hansoh (Shanghai) Health Technology Co., Ltd., Jiangsu Hansoh Pharmaceutical Group Company Limited, and R-Pharm, CJSC to develop and commercialize rights for ibrexafungerp. The company was formerly known as SCYNEXIS Chemistry & Automation, Inc. and changed its name to SCYNEXIS, Inc. in June 2002. SCYNEXIS, Inc. was incorporated in 1999 and is headquartered in Jersey City, New Jersey.
SCYX (SCYNEXIS, Inc.) trades in the Healthcare sector, specifically Drug Manufacturers - Specialty & Generic, with a market capitalization of approximately $38.3M, a beta of 1.12 versus the broader market, a 52-week range of 0.565-1.31, average daily share volume of 557K, a public-listing history dating back to 2014, approximately 28 full-time employees. These structural characteristics shape how SCYX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.12 places SCYX roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a butterfly on SCYX?
A long call butterfly buys one lower-strike call, sells two ATM calls, and buys one higher-strike call, paying a small net debit for a defined-risk position that maxes out if the underlying pins the middle strike at expiration.
Current SCYX snapshot
As of May 15, 2026, spot at $0.73, ATM IV 20.70%, IV rank 0.77%, expected move 5.93%. The butterfly on SCYX 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 butterfly structure on SCYX specifically: SCYX IV at 20.70% is on the cheap side of its 1-year range, which favors premium-buying structures like a SCYX butterfly, with a market-implied 1-standard-deviation move of approximately 5.93% (roughly $0.04 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 SCYX expiries trade a higher absolute premium for lower per-day decay. Position sizing on SCYX should anchor to the underlying notional of $0.73 per share and to the trader's directional view on SCYX stock.
SCYX butterfly setup
The SCYX butterfly below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With SCYX near $0.73, the first option leg uses a $0.69 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SCYX 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 SCYX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $0.69 | N/A |
| Sell 2 | Call | $0.73 | N/A |
| Buy 1 | Call | $0.77 | N/A |
SCYX butterfly 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 wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit.
SCYX butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on SCYX. 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 butterfly on SCYX
Butterflies on SCYX are pinning bets - traders use them when they expect SCYX to settle near a specific level at expiration (often the prior close, a round number, or the max-pain strike) and want defined-risk exposure to that outcome.
SCYX thesis for this butterfly
The market-implied 1-standard-deviation range for SCYX extends from approximately $0.69 on the downside to $0.77 on the upside. A SCYX long call butterfly is a pinning play: it pays maximum at the middle strike if SCYX settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current SCYX IV rank near 0.77% 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 SCYX at 20.70%. As a Healthcare name, SCYX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SCYX-specific events.
SCYX butterfly positions are structurally neutral / pin (limited-risk, limited-reward); 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. SCYX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SCYX alongside the broader basket even when SCYX-specific fundamentals are unchanged. Always rebuild the position from current SCYX chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on SCYX?
- A butterfly on SCYX is the butterfly strategy applied to SCYX (stock). The strategy is structurally neutral / pin (limited-risk, limited-reward): A long call butterfly buys one lower-strike call, sells two ATM calls, and buys one higher-strike call, paying a small net debit for a defined-risk position that maxes out if the underlying pins the middle strike at expiration. With SCYX stock trading near $0.73, the strikes shown on this page are snapped to the nearest listed SCYX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are SCYX butterfly max profit and max loss calculated?
- Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit. For the SCYX butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 20.70%), 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 SCYX butterfly?
- The breakeven for the SCYX butterfly 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 SCYX market-implied 1-standard-deviation expected move is approximately 5.93%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on SCYX?
- Butterflies on SCYX are pinning bets - traders use them when they expect SCYX to settle near a specific level at expiration (often the prior close, a round number, or the max-pain strike) and want defined-risk exposure to that outcome.
- How does current SCYX implied volatility affect this butterfly?
- SCYX ATM IV is at 20.70% with IV rank near 0.77%, 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.