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ETONEton Pharmaceutcials, Inc. Common Stock

Options Analysis Report•PHARMACEUTICAL PREPARATIONS
Market Cap $1.7B|NASDAQ
● 2026-08-31$59.78
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y +247.8%YTD +267.7%7D -7.2%
68
30D
±19.3%
9%

ETON Options Overview

IV is elevated. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

4.6VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for premium sellers

Learn
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ETON Gamma Walls

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Value

Is IV priced right?

5.6
ExpensiveCheap

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

levels.

Risk Checks4/9 checks passed
≤35%

IV Rank 88.2% — elevated vs history

<1.05x

IV/HV 0.49x — IV ≤ HV

Sector Relative≤50%

Sector percentile 71% — above sector median

<1.1x

Front/Back 0.99x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 68.2% — normal range

<80%

Effective IV 163.8% (ATM 68.2% + spread 47.8% + bias) — expensive

<3.0%

Total drag 57.63% (spread 47.78% + slippage 9.85%) — high friction

≥5.0

Vega efficiency 2.36 (vega 11.253 / spread 47.78%) — spread drag

Sentiment

Bullish or bearish?

5.4
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksBearish - Strong signal (Conviction: -25%, Raw: -22%)
|net sentiment| ≥25%

Conviction-weighted: -25% (bearish) — Raw: -22%

≥15%

|OI skew| 40.7% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +23.5%, OI skew +40.7% — aligned

≥2/3 conditions

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

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: -33%, ATM: -46%, OTM: +0% — strong bearish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 48% — neutral vs sector

Activity

Unusual activity?

3.1
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed
≥1.5x

Volume 0.2x avg — normal

≥15%

Vol/OI 1.4% — normal turnover

≥2 days

1 day(s) elevated — may be one-day event

≥5%

OI change +6.7% (5d) — building

Sector Relative≥60%

Sector activity percentile 47% — neutral vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 18% — patient

≥30

Conviction -25 (bearish) — mixed

Liquidity

Can I trade efficiently?

2.4
IlliquidLiquid

Evaluates

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

Risk Checks0/8 checks passed
≤5.0%

Spread 47.8% — wide

≥10,000

OI 4,816 — thin

≥500

Volume 68/day — thin

≤$0.50

$2.39 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 88% — much wider than sector

≥100 contracts

Depth 69.5 contracts (bid:45.5 ask:24.0) — thin

<1.0%

Avg slippage 9.85% — poor

Timing

Is now a good time?

6.5
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks5/9 checks passed
|slope| ≥5%

Slope -1.0% — flat/unclear

<30 or >70

IV percentile 88% — seller opportunity

≥10pts kink

IV kink -1.2pts — no clear event

<0.5 or >2.0

θ/ν ratio 227.34 — favors income trades

≥3 expirations

4 liquid expirations — flexible

≥60% (safe)

safe window: No events detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -25% @ 62% consistency — unclear

≥40 composite score

Score 30 (ITM 20% + inst 0%) — retail dominated

Directional Strategy Fit

Option Buyers
Long Calls5.2
bullishIV fair, mixed flow
Long Puts4.9
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put4.7
bullishIV fair, mixed flow
Covered Call4.4
bearishIV fair, 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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