VANI Cash-Secured Put Strategy
VANI (Vivani Medical, Inc.), in the Healthcare sector, (Medical - Devices industry), listed on NASDAQ.
Vivani Medical, Inc., a clinical stage company, develops various implants that treat chronic diseases with high unmet medical need. It engages in developing a portfolio of miniature drug implants to deliver minimally fluctuating drug profiles; and implantable visual prostheses devices to deliver useful artificial vision to blind individuals. The company is headquartered in Emeryville, California.
VANI (Vivani Medical, Inc.) trades in the Healthcare sector, specifically Medical - Devices, with a market capitalization of approximately $68.5M, a beta of 3.37 versus the broader market, a 52-week range of 0.923-1.92, average daily share volume of 247K, a public-listing history dating back to 2014, approximately 37 full-time employees. These structural characteristics shape how VANI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 3.37 indicates VANI 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 VANI?
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.
Current VANI snapshot
As of May 15, 2026, spot at $1.19, ATM IV 190.80%, IV rank 35.50%, expected move 54.70%. The cash-secured put on VANI 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 cash-secured put structure on VANI specifically: VANI IV at 190.80% is mid-range versus its 1-year history, so the credit collected on a VANI cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 54.70% (roughly $0.65 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 VANI expiries trade a higher absolute premium for lower per-day decay. Position sizing on VANI should anchor to the underlying notional of $1.19 per share and to the trader's directional view on VANI stock.
VANI cash-secured put setup
The VANI 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 VANI near $1.19, the first option leg uses a $1.13 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed VANI 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 VANI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $1.13 | N/A |
VANI 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.
VANI cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on VANI. 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 VANI
Cash-secured puts on VANI earn premium while a trader waits to acquire VANI stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning VANI.
VANI thesis for this cash-secured put
The market-implied 1-standard-deviation range for VANI extends from approximately $0.54 on the downside to $1.84 on the upside. A VANI cash-secured put lets a trader earn premium while waiting to acquire VANI 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 VANI IV rank near 35.50% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on VANI should anchor more to the directional view and the expected-move geometry. As a Healthcare name, VANI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to VANI-specific events.
VANI 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. VANI positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move VANI alongside the broader basket even when VANI-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on VANI carry tail risk when realized volatility exceeds the implied move; review historical VANI earnings reactions and macro stress periods before sizing. Always rebuild the position from current VANI chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on VANI?
- A cash-secured put on VANI is the cash-secured put strategy applied to VANI (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 VANI stock trading near $1.19, the strikes shown on this page are snapped to the nearest listed VANI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are VANI 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 VANI cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 190.80%), 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 VANI cash-secured put?
- The breakeven for the VANI cash-secured 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 VANI market-implied 1-standard-deviation expected move is approximately 54.70%; 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 VANI?
- Cash-secured puts on VANI earn premium while a trader waits to acquire VANI stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning VANI.
- How does current VANI implied volatility affect this cash-secured put?
- VANI ATM IV is at 190.80% with IV rank near 35.50%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.