VOR Cash-Secured Put Strategy
VOR (Vor Biopharma Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Vor Biopharma, Inc., a clinical-stage company, develops engineered hematopoietic stem cell (eHSC) therapies for cancer patients. It is developing VOR33, an eHSC product candidate that is in phase 1/2 to treat acute myeloid leukemia (AML) and other hematological malignancies. The company's VOR33 eHSCs lacks CD33, a protein that is expressed by AML blood cancer cells. The company's eHSCs targeted therapies, such as CAR-Ts, bispecific antibodies, and antibody-drug conjugates provide treatment for blood cancers. Vor Biopharma, Inc. has a collaboration agreement with Akron BioProducts to develop and manufacture cGMP nucleases. The company was incorporated in 2015 and is headquartered in Cambridge, Massachusetts.
VOR (Vor Biopharma Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $109.0M, a beta of 1.75 versus the broader market, a 52-week range of 3.2-65.8, average daily share volume of 1.0M, a public-listing history dating back to 2021, approximately 159 full-time employees. These structural characteristics shape how VOR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.75 indicates VOR 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 VOR?
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 VOR snapshot
As of May 15, 2026, spot at $14.84, ATM IV 113.50%, IV rank 17.26%, expected move 32.54%. The cash-secured put on VOR 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 245-day expiry.
Why this cash-secured put structure on VOR specifically: VOR IV at 113.50% is on the cheap side of its 1-year range, which means a premium-selling VOR cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 32.54% (roughly $4.83 on the underlying). The 245-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated VOR expiries trade a higher absolute premium for lower per-day decay. Position sizing on VOR should anchor to the underlying notional of $14.84 per share and to the trader's directional view on VOR stock.
VOR cash-secured put setup
The VOR 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 VOR near $14.84, the first option leg uses a $14.10 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed VOR chain at a 245-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 VOR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $14.10 | N/A |
VOR 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.
VOR cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on VOR. 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 VOR
Cash-secured puts on VOR earn premium while a trader waits to acquire VOR stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning VOR.
VOR thesis for this cash-secured put
The market-implied 1-standard-deviation range for VOR extends from approximately $10.01 on the downside to $19.67 on the upside. A VOR cash-secured put lets a trader earn premium while waiting to acquire VOR 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 VOR IV rank near 17.26% 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 VOR at 113.50%. As a Healthcare name, VOR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to VOR-specific events.
VOR 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. VOR positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move VOR alongside the broader basket even when VOR-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on VOR carry tail risk when realized volatility exceeds the implied move; review historical VOR earnings reactions and macro stress periods before sizing. Always rebuild the position from current VOR chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on VOR?
- A cash-secured put on VOR is the cash-secured put strategy applied to VOR (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 VOR stock trading near $14.84, the strikes shown on this page are snapped to the nearest listed VOR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are VOR 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 VOR cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 113.50%), 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 VOR cash-secured put?
- The breakeven for the VOR 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 VOR market-implied 1-standard-deviation expected move is approximately 32.54%; 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 VOR?
- Cash-secured puts on VOR earn premium while a trader waits to acquire VOR stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning VOR.
- How does current VOR implied volatility affect this cash-secured put?
- VOR ATM IV is at 113.50% with IV rank near 17.26%, 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.