TYRA Bear Put Spread Strategy
TYRA (Tyra Biosciences, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Tyra Biosciences, Inc., a preclinical-stage biopharmaceutical company, focuses on developing therapies to overcome tumor resistance and enhance outcomes for patients with cancer. Its lead product candidate is TYRA-300, a selective inhibitor of fibroblast growth factor receptor (FGFR)3 for the treatment of muscle invasive bladder cancer. The company is also developing programs targeting FGFR2- intrahepatic cholangiocarcinoma,FGFR3-related achondroplasia, REarranged during transfection kinase, and FGFR4-related cancers. In addition, the company offers SNAP platform which enable rapid structural design through iterative molecular SNAPshots. Tyra Biosciences, Inc. was incorporated in 2018 and is based in Carlsbad, California.
TYRA (Tyra Biosciences, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $1.94B, a beta of 0.79 versus the broader market, a 52-week range of 8.75-40.65, average daily share volume of 1.1M, a public-listing history dating back to 2021, approximately 60 full-time employees. These structural characteristics shape how TYRA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.79 places TYRA roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a bear put spread on TYRA?
A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width.
Current TYRA snapshot
As of May 15, 2026, spot at $37.11, ATM IV 93.70%, IV rank 7.43%, expected move 26.86%. The bear put spread on TYRA 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 bear put spread structure on TYRA specifically: TYRA IV at 93.70% is on the cheap side of its 1-year range, which favors premium-buying structures like a TYRA bear put spread, with a market-implied 1-standard-deviation move of approximately 26.86% (roughly $9.97 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 TYRA expiries trade a higher absolute premium for lower per-day decay. Position sizing on TYRA should anchor to the underlying notional of $37.11 per share and to the trader's directional view on TYRA stock.
TYRA bear put spread setup
The TYRA bear put spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With TYRA near $37.11, the first option leg uses a $37.11 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TYRA 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 TYRA shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $37.11 | N/A |
| Sell 1 | Put | $35.25 | N/A |
TYRA bear put spread 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 strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit.
TYRA bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on TYRA. 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 bear put spread on TYRA
Bear put spreads on TYRA reduce the cost of a bearish TYRA stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
TYRA thesis for this bear put spread
The market-implied 1-standard-deviation range for TYRA extends from approximately $27.14 on the downside to $47.08 on the upside. A TYRA bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on TYRA, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current TYRA IV rank near 7.43% 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 TYRA at 93.70%. As a Healthcare name, TYRA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TYRA-specific events.
TYRA bear put spread positions are structurally moderately bearish; 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. TYRA positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TYRA alongside the broader basket even when TYRA-specific fundamentals are unchanged. Long-premium structures like a bear put spread on TYRA are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current TYRA chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on TYRA?
- A bear put spread on TYRA is the bear put spread strategy applied to TYRA (stock). The strategy is structurally moderately bearish: A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width. With TYRA stock trading near $37.11, the strikes shown on this page are snapped to the nearest listed TYRA chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are TYRA bear put spread max profit and max loss calculated?
- Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the TYRA bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 93.70%), 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 TYRA bear put spread?
- The breakeven for the TYRA bear put spread 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 TYRA market-implied 1-standard-deviation expected move is approximately 26.86%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a bear put spread on TYRA?
- Bear put spreads on TYRA reduce the cost of a bearish TYRA stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
- How does current TYRA implied volatility affect this bear put spread?
- TYRA ATM IV is at 93.70% with IV rank near 7.43%, 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.