To me, it's significant that, despite ASTS stock suffering a beatdown, the heavier weight toward calls suggests that a recovery may be in the works. Still, the smart money seems to be contradicting this bearishness toward ASTS stock, which adds intrigue to the contrarian position. Fundamentally, launch partner setbacks and timeline delays have hurt the investment thesis for ASTS stock. For this trade to be fully profitable, ASTS stock will need to rise through the second-leg strike ($65) at expiration. In other words, it doesn't matter to the Black-Scholes model that ASTS stock suffered a six-month loss of over 46%.