Options/CGEM

CGEMCullinan Therapeutics, Inc. Common Stock

Options Analysis Report•BIOLOGICAL PRODUCTS, (NO DIAGNOSTIC SUBSTANCES)

Market Cap $1.4B|NASDAQ

● 2026-08-31$21.70

NEUTRAL

Analysis: 2026-08-28 EOD data

1Y +189.7%YTD +114.4%7D -0.5%

Options Vol

2,134

30D

Implied Move

±38.4%

IV Rank

23%

CGEM Options Overview

IV is elevated with bearish flow and unusual activity. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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CGEM Gamma Walls

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Value

Is IV priced right?

2.4

ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks1/9 checks passed

IV Rank

≤35%

IV Rank 95.2% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.68x — IV premium over HV

Sector Relative≤50%

Sector percentile 86% — above sector median

Term Structure

<1.1x

Front/Back 1.55x — backwardation

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 94.1% — crisis-level IV

Spread-Adjusted Value

<80%

Effective IV 125.6% (ATM 94.1% + spread 15.8% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 19.22% (spread 15.75% + slippage 3.47%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 2.97 (vega 4.681 / spread 15.75%) — spread drag

Sentiment

Bullish or bearish?

4.4

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksBullish - Weak signal (Conviction: +11%, Raw: +13%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +11% (bullish) — Raw: +13%

OI Skew Magnitude

≥15%

|OI skew| 0.6% — balanced

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew -67.9%, OI skew +0.6% — divergent (opposite)

Conviction Quality

≥2/3 conditions

0-DTE 0%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: +4%, ATM: +22%, OTM: +100% — bullish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 92% — very bearish vs sector

Activity

Unusual activity?

6.6

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks5/8 checks passed

Volume Surge

≥1.5x

Volume 2.4x avg — hot

Turnover Rate

≥15%

Vol/OI 28.7% — high turnover

Multi-Day Persistence

≥2 days

4 day(s) elevated — sustained

OI Build

≥5%

OI change +17.4% (5d) — building

Sector Relative≥60%

Sector activity percentile 98% — very active vs sector

Trade Quality

≥30%

Large trade volume 5% — mostly retail

Execution Urgency

≥60%

Aggressive execution 1% — patient

Flow Conviction

≥30

Conviction +11 (bullish) — mixed

Liquidity

Can I trade efficiently?

2.7

IlliquidLiquid

Evaluates

bid-ask spreads

, volume depth, and open interest for trade execution quality.

Risk Checks1/8 checks passed

Tradeable Spread

≤5.0%

Spread 15.8% — wide

Adequate OI

≥10,000

OI 7,427 — thin

Active Volume

≥500

Volume 2,134/day — adequate

Reasonable Cost

≤$0.50

$0.79 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 94% — much wider than sector

Order Book Depth

≥100 contracts

Depth 50.7 contracts (bid:23.3 ask:27.4) — thin

Execution Quality

<1.0%

Avg slippage 3.47% — poor

Timing

Is now a good time?

7.9

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks7/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope +54.6% — backwardation

IV Percentile Clarity

<30 or >70

IV percentile 95% — seller opportunity

Event Detection

≥10pts kink

IV kink 42.0pts — event priced

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 261.51 — favors income trades

Expiration Distribution

≥3 expirations

3 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No events detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow +11% @ 56% consistency — unclear

Smart Money Timing

≥40 composite score

Score 35 (ITM 20% + inst 5%) — retail dominated

Directional Strategy Fit

Option Buyers

Long Calls3.9

bullishIV expensive, mixed flow

Long Puts4.4

bearishIV expensive, mixed flow

Premium Sellers

Cash-Secured Put5.6

bullishIV rich premium, mixed flow

Covered Call6.0

bearishIV rich premium, mixed flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Aug 31, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.

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