TENX Collar Strategy
TENX (Tenax Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Tenax Therapeutics, Inc. is a specialized pharmaceutical enterprise dedicated to discovering, advancing, and bringing to market therapies for cardiovascular and pulmonary conditions throughout the United States and Canada. Its product pipeline features TNX-103 and TNX-102 (levosimendan), both of which have successfully completed Phase II clinical trials. These compounds are being developed to manage pulmonary hypertension, particularly that linked to heart failure with preserved ejection fraction (HFpEF), as well as other forms of associated pulmonary hypertension. Additionally, the company is progressing TNX-201 (imatinib), a tyrosine kinase inhibitor, designed to treat pulmonary arterial hypertension. Founded in 1967, the organization was initially known as Oxygen Biotherapeutics, Inc. until its rebranding to Tenax Therapeutics, Inc. in September 2014. The company maintains its corporate headquarters in Morrisville, North Carolina.
TENX (Tenax Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $231.1M, a beta of 0.96 versus the broader market, a 52-week range of 5.66-18.38, average daily share volume of 789K, 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 0.96 places TENX roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a collar on TENX?
A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot.
Current TENX snapshot
As of June 29, 2026, spot at $13.61, ATM IV 59.80%, IV rank 12.38%, expected move 17.14%. The collar 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 18-day expiry.
Why this collar structure on TENX specifically: IV regime affects collar pricing on both sides; compressed TENX IV at 59.80% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 17.14% (roughly $2.33 on the underlying). The 18-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 $13.61 per share and to the trader's directional view on TENX stock.
TENX collar setup
The TENX collar 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 $13.61, the first option leg uses a $14.29 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 18-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).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $13.61 | long |
| Sell 1 | Call | $14.29 | N/A |
| Buy 1 | Put | $12.93 | N/A |
TENX collar 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 roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium.
TENX collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar 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 collar on TENX
Collars on TENX hedge an existing long TENX stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
TENX thesis for this collar
The market-implied 1-standard-deviation range for TENX extends from approximately $11.28 on the downside to $15.94 on the upside. A TENX collar hedges an existing long TENX position with a protective put while financing the put cost via a short call; when the premiums roughly offset, the collar acts as a near-zero-cost insurance band around the current spot. Current TENX IV rank near 12.38% 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 TENX at 59.80%. 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 collar positions are structurally neutral (protective); 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. Always rebuild the position from current TENX chain quotes before placing a trade.
Frequently asked questions
- What is a collar on TENX?
- A collar on TENX is the collar strategy applied to TENX (stock). The strategy is structurally neutral (protective): A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot. With TENX stock trading near $13.61, 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 collar max profit and max loss calculated?
- Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the TENX collar priced from the end-of-day chain at a 30-day expiry (ATM IV 59.80%), 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 collar?
- The breakeven for the TENX collar 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 17.14%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on TENX?
- Collars on TENX hedge an existing long TENX stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
- How does current TENX implied volatility affect this collar?
- TENX ATM IV is at 59.80% with IV rank near 12.38%, 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.