SCYX Cash-Secured Put 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 cash-secured put on SCYX?

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 SCYX snapshot

As of May 15, 2026, spot at $0.73, ATM IV 20.70%, IV rank 0.77%, expected move 5.93%. The cash-secured put 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 cash-secured put structure on SCYX specifically: SCYX IV at 20.70% is on the cheap side of its 1-year range, which means a premium-selling SCYX cash-secured put collects less credit per unit of strike-width risk, 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 cash-secured put setup

The SCYX 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 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).

ActionTypeStrike / BasisPremium (est)
Sell 1Put$0.69N/A

SCYX 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.

SCYX cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put 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 cash-secured put on SCYX

Cash-secured puts on SCYX earn premium while a trader waits to acquire SCYX stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning SCYX.

SCYX thesis for this cash-secured put

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 cash-secured put lets a trader earn premium while waiting to acquire SCYX 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 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 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. 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. Short-premium structures like a cash-secured put on SCYX carry tail risk when realized volatility exceeds the implied move; review historical SCYX earnings reactions and macro stress periods before sizing. Always rebuild the position from current SCYX chain quotes before placing a trade.

Frequently asked questions

What is a cash-secured put on SCYX?
A cash-secured put on SCYX is the cash-secured put strategy applied to SCYX (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 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 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 SCYX cash-secured put 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 cash-secured put?
The breakeven for the SCYX 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 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 cash-secured put on SCYX?
Cash-secured puts on SCYX earn premium while a trader waits to acquire SCYX stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning SCYX.
How does current SCYX implied volatility affect this cash-secured put?
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.

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