TENX Cash-Secured Put Strategy

TENX (Tenax Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

Tenax Therapeutics, Inc., a specialty pharmaceutical company, engages in identifying, developing, and commercializing products for cardiovascular and pulmonary diseases in the United States and Canada. It develops TNX-103 and TNX-102 (levosimendan) that have completed phase II clinical trials for the treatment of patients with pulmonary hypertension associated with heart failure with preserved ejection fraction and associated pulmonary hypertension; and TNX-201 (imatinib), a tyrosine kinase inhibitor for the treatment of pulmonary arterial hypertension. The company was formerly known as Oxygen Biotherapeutics, Inc. and changed its name to Tenax Therapeutics, Inc. in September 2014. Tenax Therapeutics, Inc. was founded in 1967 and is headquartered in Morrisville, North Carolina.

TENX (Tenax Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $204.8M, a beta of 1.00 versus the broader market, a 52-week range of 5.34-18.38, average daily share volume of 504K, a public-listing history dating back to 1994, approximately 4 full-time employees. These structural characteristics shape how TENX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.00 places TENX 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 TENX?

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 TENX snapshot

As of May 15, 2026, spot at $11.77, ATM IV 87.40%, expected move 25.06%. The cash-secured put on TENX 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 TENX specifically: IV rank is unavailable in the current snapshot, so regime-based timing for TENX is inferred from ATM IV at 87.40% alone, with a market-implied 1-standard-deviation move of approximately 25.06% (roughly $2.95 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 TENX expiries trade a higher absolute premium for lower per-day decay. Position sizing on TENX should anchor to the underlying notional of $11.77 per share and to the trader's directional view on TENX stock.

TENX cash-secured put setup

The TENX 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 TENX near $11.77, the first option leg uses a $11.18 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TENX 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 TENX shares for the stock leg in covered calls and collars).

ActionTypeStrike / BasisPremium (est)
Sell 1Put$11.18N/A

TENX 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.

TENX cash-secured put payoff curve

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

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

TENX thesis for this cash-secured put

The market-implied 1-standard-deviation range for TENX extends from approximately $8.82 on the downside to $14.72 on the upside. A TENX cash-secured put lets a trader earn premium while waiting to acquire TENX 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. As a Healthcare name, TENX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TENX-specific events.

TENX 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. TENX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TENX alongside the broader basket even when TENX-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on TENX carry tail risk when realized volatility exceeds the implied move; review historical TENX earnings reactions and macro stress periods before sizing. Always rebuild the position from current TENX chain quotes before placing a trade.

Frequently asked questions

What is a cash-secured put on TENX?
A cash-secured put on TENX is the cash-secured put strategy applied to TENX (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 TENX stock trading near $11.77, the strikes shown on this page are snapped to the nearest listed TENX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are TENX 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 TENX cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 87.40%), 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 TENX cash-secured put?
The breakeven for the TENX 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 TENX market-implied 1-standard-deviation expected move is approximately 25.06%; 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 TENX?
Cash-secured puts on TENX earn premium while a trader waits to acquire TENX stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning TENX.
How does current TENX implied volatility affect this cash-secured put?
Current TENX ATM IV is 87.40%; IV rank context is unavailable in the current snapshot.

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