TNXP Iron Condor Strategy
TNXP (Tonix Pharmaceuticals Holding Corp.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Tonix Pharmaceuticals Holding Corp., a clinical-stage biopharmaceutical company, focuses on discovering, acquiring, developing, and licensing therapeutics and diagnostics to treat and prevent human disease and alleviate suffering. Its portfolio includes immunology, rare disease, infectious disease, and central nervous system (CNS) product candidates. The company's immunology portfolio includes biologics to address organ transplant rejection, autoimmunity, and cancer, including TNX-1500, a humanized monoclonal antibody targeting CD40-ligand being developed for the prevention of allograft and xenograft rejection and for the treatment of autoimmune diseases. Its rare disease portfolio comprises TNX-2900 for the treatment of Prader-Willi syndrome. The company's infectious disease pipeline includes TNX-801, a vaccine to prevent smallpox and monkeypox; TNX-1840 and TNX-1850 that are live virus vaccines based on its recombinant pox vaccine (RPV) platform for COVID-19; TNX-3500, a small molecule antiviral drug to treat acute COVID-19; and TNX-102 SL, a small molecule drug to treat Long COVID, a chronic post-acute COVID-19 condition. Its CNS portfolio includes small molecules and biologics to treat pain, neurologic, psychiatric, and addiction conditions, including TNX-102 SL, which is in mid-Phase 3 development for the management of fibromyalgia; TNX-1900 that is in development for the prevention of migraine headache; and TNX-1300, a biologic designed to treat cocaine intoxication.
TNXP (Tonix Pharmaceuticals Holding Corp.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $196.6M, a beta of 1.69 versus the broader market, a 52-week range of 11.6-69.97, average daily share volume of 414K, a public-listing history dating back to 2012, approximately 81 full-time employees. These structural characteristics shape how TNXP stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.69 indicates TNXP has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a iron condor on TNXP?
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 TNXP snapshot
As of May 15, 2026, spot at $15.68, ATM IV 108.90%, IV rank 29.89%, expected move 31.22%. The iron condor on TNXP 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 TNXP specifically: TNXP IV at 108.90% is on the cheap side of its 1-year range, which means a premium-selling TNXP iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 31.22% (roughly $4.90 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 TNXP expiries trade a higher absolute premium for lower per-day decay. Position sizing on TNXP should anchor to the underlying notional of $15.68 per share and to the trader's directional view on TNXP stock.
TNXP iron condor setup
The TNXP 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 TNXP near $15.68, the first option leg uses a $16.46 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TNXP 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 TNXP shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $16.46 | N/A |
| Buy 1 | Call | $17.25 | N/A |
| Sell 1 | Put | $14.90 | N/A |
| Buy 1 | Put | $14.11 | N/A |
TNXP 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.
TNXP iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on TNXP. 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 TNXP
Iron condors on TNXP are a delta-neutral premium-collection structure that profits if TNXP stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
TNXP thesis for this iron condor
The market-implied 1-standard-deviation range for TNXP extends from approximately $10.78 on the downside to $20.58 on the upside. A TNXP iron condor is a delta-neutral premium-collection structure that pays off when TNXP 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 TNXP IV rank near 29.89% 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 TNXP at 108.90%. As a Healthcare name, TNXP options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TNXP-specific events.
TNXP 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. TNXP positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TNXP alongside the broader basket even when TNXP-specific fundamentals are unchanged. Short-premium structures like a iron condor on TNXP carry tail risk when realized volatility exceeds the implied move; review historical TNXP earnings reactions and macro stress periods before sizing. Always rebuild the position from current TNXP chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on TNXP?
- A iron condor on TNXP is the iron condor strategy applied to TNXP (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 TNXP stock trading near $15.68, the strikes shown on this page are snapped to the nearest listed TNXP chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are TNXP 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 TNXP iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 108.90%), 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 TNXP iron condor?
- The breakeven for the TNXP 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 TNXP market-implied 1-standard-deviation expected move is approximately 31.22%; 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 TNXP?
- Iron condors on TNXP are a delta-neutral premium-collection structure that profits if TNXP stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current TNXP implied volatility affect this iron condor?
- TNXP ATM IV is at 108.90% with IV rank near 29.89%, 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.