UNCY Cash-Secured Put Strategy
UNCY (Unicycive Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Unicycive Therapeutics, Inc. is a U.S.-based biotechnology company dedicated to the creation of innovative treatments for kidney diseases. Its development pipeline includes Renazorb, a therapy for hyperphosphatemia in chronic kidney disease patients, and UNI 494, which is being developed to treat acute kidney injury. Founded in 2016, the firm is headquartered in Los Altos, California.
UNCY (Unicycive Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $143.9M, a beta of 1.78 versus the broader market, a 52-week range of 3.71-8.74, average daily share volume of 1.2M, a public-listing history dating back to 2021, approximately 21 full-time employees. These structural characteristics shape how UNCY stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.78 indicates UNCY 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 cash-secured put on UNCY?
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.
UNCY snapshot
As of August 14, 2026, spot at $5.57, ATM IV 76.60%, IV rank 11.82%, expected move 21.96%. The cash-secured put on UNCY below is built from the end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this cash-secured put structure on UNCY specifically: UNCY IV at 76.60% is on the cheap side of its 1-year range, which means a premium-selling UNCY cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 21.96% (roughly $1.22 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated UNCY expiries trade a higher absolute premium for lower per-day decay. Position sizing on UNCY should anchor to the underlying notional of $5.57 per share and to the trader's directional view on UNCY stock.
UNCY cash-secured put setup
The UNCY 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 UNCY at $5.57 on that close, the first option leg uses a $5.29 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed UNCY chain at a 35-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 UNCY shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $5.29 | N/A |
UNCY 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.
UNCY cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on UNCY. 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 UNCY
Cash-secured puts on UNCY earn premium while a trader waits to acquire UNCY stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning UNCY.
UNCY thesis for this cash-secured put
The market-implied 1-standard-deviation range for UNCY extends from approximately $4.35 on the downside to $6.79 on the upside. A UNCY cash-secured put lets a trader earn premium while waiting to acquire UNCY 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. Current UNCY IV rank near 11.82% 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 UNCY at 76.60%. As a Healthcare name, UNCY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to UNCY-specific events.
UNCY 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. UNCY positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move UNCY alongside the broader basket even when UNCY-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on UNCY carry tail risk when realized volatility exceeds the implied move; review historical UNCY earnings reactions and macro stress periods before sizing. Always rebuild the position from current UNCY chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on UNCY?
- A cash-secured put on UNCY is the cash-secured put strategy applied to UNCY (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 UNCY stock at $5.57 on the most recent close, the strikes shown on this page are snapped to the nearest listed UNCY chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are UNCY 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 UNCY cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 76.60%), 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 UNCY cash-secured put?
- The breakeven for the UNCY cash-secured put priced on this page is no defined breakeven on the modeled curve at expiration, derived from the end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The UNCY market-implied 1-standard-deviation expected move in the same options snapshot is approximately 21.96%; 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 UNCY?
- Cash-secured puts on UNCY earn premium while a trader waits to acquire UNCY stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning UNCY.
- How does current UNCY implied volatility affect this cash-secured put?
- UNCY ATM IV is at 76.60% with IV rank near 11.82%, 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.