I bought some 60 DTE OTM calls and they tripled in value the next day. But they’re still OTM, so theta is going to eat away my entire profit if the stock price stays where it is. I don’t want to sell the calls because I believe events in a month or two will drive them up farther.

I’m willing to give up part of my windfall to protect the remainder of my current gain.

Is there a way I can protect my windfall from theta without selling my profitable calls?

This is from a slide released today by Abivax (which makes Obefazimod) that shows remission rates for almost all advanced UC medications. Note that these numbers are “placebo-adjusted” (the remission rate for the placebo condition has been subtracted from them), so the actual remission rates are approximately 10% higher.

Placebo-adjusted clinical remission in maintenance

Drug |Dose |Measurement |Week |Δ (Placebo-Adjusted)
Obe (miR-124) |50mg |MMS |Week 52 |Δ 40%
Obe (miR-124) |25mg |MMS |Week 52 |Δ 39%
Rinvoq (JAK) |30mg |MMS |Week 52 |Δ 39%
Rinvoq (JAK) |15mg |MMS |Week 52 |Δ 31%
Jyseleca (JAK) |— |TMCS |Week 52 |Δ 26%
Xeljanz (JAK) |— |TMCS |Week 52 |Δ 23%
Velsipity (S1P) |— |MMS |Week 52 |Δ 32%
Zeposia (S1P) |— |MMS |Week 52 |Δ 18%
Tremfya (IL-23s) |200mg |MMS |Week 52 |Δ 30%
Omvoh (IL-23s) |— |MMS |Week 52 |Δ 22%
Skyrizi (IL-12/23) |180mg |MMS |Week 52 |Δ 20%
Stelara (IL-12/23) |— |TMCS |Week 52 |Δ 19%
Entyvio (α4β7) |— |TMCS |Week 52 |Δ 26% Note: For illustrative purposes only. Not a head-to-head comparison. Differences exist between trial designs and subject characteristics. All values are placebo-adjusted clinical remission rates in maintenance (induction responders only).

Edit: Link to full slide deck.