UNCY Long Put Strategy
UNCY (Unicycive Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Unicycive Therapeutics, Inc., a biotechnology company, engages in developing novel therapies for kidney diseases in the United States. It is developing Renazorb for treatment of hyperphosphatemia in patients with chronic kidney disease; and UNI 494, for treatment of acute kidney injury. The company was incorporated in 2016 and is based in Los Altos, California.
UNCY (Unicycive Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $182.9M, a beta of 1.77 versus the broader market, a 52-week range of 3.71-11, average daily share volume of 517K, a public-listing history dating back to 2021, approximately 22 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 1.77 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 long put on UNCY?
A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.
Current UNCY snapshot
As of May 15, 2026, spot at $8.28, ATM IV 83.60%, expected move 23.97%. The long put on UNCY 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 long put structure on UNCY specifically: IV rank is unavailable in the current snapshot, so regime-based timing for UNCY is inferred from ATM IV at 83.60% alone, with a market-implied 1-standard-deviation move of approximately 23.97% (roughly $1.98 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 UNCY expiries trade a higher absolute premium for lower per-day decay. Position sizing on UNCY should anchor to the underlying notional of $8.28 per share and to the trader's directional view on UNCY stock.
UNCY long put setup
The UNCY long 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 near $8.28, the first option leg uses a $8.28 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 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 UNCY shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $8.28 | N/A |
UNCY long 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 the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
UNCY long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long 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 long put on UNCY
Long puts on UNCY hedge an existing long UNCY stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying UNCY exposure being hedged.
UNCY thesis for this long put
The market-implied 1-standard-deviation range for UNCY extends from approximately $6.30 on the downside to $10.26 on the upside. A UNCY long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long UNCY position with one put per 100 shares held. 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 long put positions are structurally 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. 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. Long-premium structures like a long put on UNCY 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 UNCY chain quotes before placing a trade.
Frequently asked questions
- What is a long put on UNCY?
- A long put on UNCY is the long put strategy applied to UNCY (stock). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. With UNCY stock trading near $8.28, the strikes shown on this page are snapped to the nearest listed UNCY chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are UNCY long put max profit and max loss calculated?
- Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the UNCY long put priced from the end-of-day chain at a 30-day expiry (ATM IV 83.60%), 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 long put?
- The breakeven for the UNCY long put 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 UNCY market-implied 1-standard-deviation expected move is approximately 23.97%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a long put on UNCY?
- Long puts on UNCY hedge an existing long UNCY stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying UNCY exposure being hedged.
- How does current UNCY implied volatility affect this long put?
- Current UNCY ATM IV is 83.60%; IV rank context is unavailable in the current snapshot.