TYRA Bull Call Spread Strategy
TYRA (Tyra Biosciences, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Tyra Biosciences, Inc. is a preclinical biopharmaceutical company focused on innovating treatments to tackle tumor resistance and enhance patient outcomes in oncology. Its flagship product candidate, TYRA-300, is a highly selective inhibitor of fibroblast growth factor receptor (FGFR)3, specifically engineered for the treatment of muscle-invasive bladder cancer. Beyond this, the company is advancing a pipeline of programs addressing other critical conditions, including FGFR2-related intrahepatic cholangiocarcinoma, FGFR3-associated achondroplasia, REarranged during transfection (RET) kinase aberrations, and various FGFR4-driven cancers. Tyra also leverages its proprietary SNAP platform, designed to accelerate structural drug design through an iterative molecular 'snapshot' approach. Founded in 2018, Tyra Biosciences maintains its headquarters in Carlsbad, California.
TYRA (Tyra Biosciences, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $1.90B, a beta of 0.75 versus the broader market, a 52-week range of 9.03-40.65, average daily share volume of 958K, 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 0.75 places TYRA roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a bull call spread on TYRA?
A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width.
Current TYRA snapshot
As of June 29, 2026, spot at $32.31, ATM IV 87.50%, IV rank 13.75%, expected move 25.09%. The bull call 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 18-day expiry.
Why this bull call spread structure on TYRA specifically: TYRA IV at 87.50% is on the cheap side of its 1-year range, which favors premium-buying structures like a TYRA bull call spread, with a market-implied 1-standard-deviation move of approximately 25.09% (roughly $8.11 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 TYRA expiries trade a higher absolute premium for lower per-day decay. Position sizing on TYRA should anchor to the underlying notional of $32.31 per share and to the trader's directional view on TYRA stock.
TYRA bull call spread setup
The TYRA bull call 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 $32.31, the first option leg uses a $32.31 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 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 TYRA shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $32.31 | N/A |
| Sell 1 | Call | $33.93 | N/A |
TYRA bull call 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-call strike plus net debit.
TYRA bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call 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 bull call spread on TYRA
Bull call spreads on TYRA reduce the cost of a bullish TYRA stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
TYRA thesis for this bull call spread
The market-implied 1-standard-deviation range for TYRA extends from approximately $24.20 on the downside to $40.42 on the upside. A TYRA bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call 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 13.75% 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 87.50%. 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 bull call spread positions are structurally moderately 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. 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 bull call 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 bull call spread on TYRA?
- A bull call spread on TYRA is the bull call spread strategy applied to TYRA (stock). The strategy is structurally moderately bullish: A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width. With TYRA stock trading near $32.31, 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 bull call 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-call strike plus net debit. For the TYRA bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 87.50%), 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 bull call spread?
- The breakeven for the TYRA bull call 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 25.09%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a bull call spread on TYRA?
- Bull call spreads on TYRA reduce the cost of a bullish TYRA stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
- How does current TYRA implied volatility affect this bull call spread?
- TYRA ATM IV is at 87.50% with IV rank near 13.75%, 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.