SPRY Iron Condor Strategy
SPRY (ARS Pharmaceuticals, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
ARS Pharmaceuticals, Inc. develops ARS-1, a novel intranasal epinephrine spray with absorption technology for patients and their families at-risk of severe allergic reactions to food, medications, and insect bites. Its product includes Neffy, a low-dose intranasal epinephrine nasal spray. The company was incorporated in 2015 and is based in San Diego, California.
SPRY (ARS Pharmaceuticals, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $795.4M, a beta of 0.80 versus the broader market, a 52-week range of 6.66-18.9, average daily share volume of 1.5M, a public-listing history dating back to 2020, approximately 155 full-time employees. These structural characteristics shape how SPRY stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.80 places SPRY roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a iron condor on SPRY?
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.
Current SPRY snapshot
As of May 15, 2026, spot at $7.38, ATM IV 92.00%, IV rank 23.29%, expected move 26.38%. The iron condor on SPRY 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 iron condor structure on SPRY specifically: SPRY IV at 92.00% is on the cheap side of its 1-year range, which means a premium-selling SPRY iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 26.38% (roughly $1.95 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 SPRY expiries trade a higher absolute premium for lower per-day decay. Position sizing on SPRY should anchor to the underlying notional of $7.38 per share and to the trader's directional view on SPRY stock.
SPRY iron condor setup
The SPRY 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 SPRY near $7.38, the first option leg uses a $7.75 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SPRY 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 SPRY shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $7.75 | N/A |
| Buy 1 | Call | $8.12 | N/A |
| Sell 1 | Put | $7.01 | N/A |
| Buy 1 | Put | $6.64 | N/A |
SPRY 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.
SPRY iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on SPRY. 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 SPRY
Iron condors on SPRY are a delta-neutral premium-collection structure that profits if SPRY stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
SPRY thesis for this iron condor
The market-implied 1-standard-deviation range for SPRY extends from approximately $5.43 on the downside to $9.33 on the upside. A SPRY iron condor is a delta-neutral premium-collection structure that pays off when SPRY 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 SPRY IV rank near 23.29% 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 SPRY at 92.00%. As a Healthcare name, SPRY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SPRY-specific events.
SPRY 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. SPRY positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SPRY alongside the broader basket even when SPRY-specific fundamentals are unchanged. Short-premium structures like a iron condor on SPRY carry tail risk when realized volatility exceeds the implied move; review historical SPRY earnings reactions and macro stress periods before sizing. Always rebuild the position from current SPRY chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on SPRY?
- A iron condor on SPRY is the iron condor strategy applied to SPRY (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 SPRY stock trading near $7.38, the strikes shown on this page are snapped to the nearest listed SPRY chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are SPRY 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 SPRY iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 92.00%), 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 SPRY iron condor?
- The breakeven for the SPRY iron condor 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 SPRY market-implied 1-standard-deviation expected move is approximately 26.38%; 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 SPRY?
- Iron condors on SPRY are a delta-neutral premium-collection structure that profits if SPRY stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current SPRY implied volatility affect this iron condor?
- SPRY ATM IV is at 92.00% with IV rank near 23.29%, 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.