Ok then which strategy, Bear C or P spread has a higher probability of VKTX ending up ITM and higher P/L ???

The Bear Call Spread (C) has a higher probability of Viking Therapeutics (VKTX) ending up In-the-Money (ITM) and generating a higher profit compared to a Bear Put Spread (P). Here's why:

1. **Implied Volatility**: The Bear Call Spread takes advantage of the higher implied volatility (205.8% for out-of-the-money calls) in the VKTX options market. This volatility suggests that the stock is likely to experience significant price movements, which is favorable for a call spread.
2. **Strike Price Selection**: The Bear Call Spread involves selling a lower-strike call (e.g., $23.6) and buying a higher-strike call (e.g., $25). This selection is advantageous because it allows for a potential upside in the stock price, should it rise above the higher strike price, while limiting the downside risk.
3. **Time Decay**: The Bear Call Spread benefits from time decay, as the premium on the higher-strike call will erode over time. This is favorable for a short-term strategy, as the expiration date (May 16) is within the 5-10 day timeframe you're interested in.
4. **Market Sentiment**: The Bear Call Spread aligns with the current market sentiment, which is bearish but with a neutral outlook. This sentiment suggests that while there is a bearish bias, there is also a recognition of potential volatility and a need for flexibility in case the stock moves against expectations.

In contrast, a Bear Put Spread (P) would involve selling a higher-strike put and buying a lower-strike put. This strategy would be less favorable for several reasons:

1. **Lower Implied Volatility**: Put spreads tend to be less profitable in high-IV environments because the premium on the higher-strike put would be lower due to the reduced time value component.
2. **Strike Price Selection**: Selling a higher-strike put limits the potential upside in the stock price, which may not be desirable in a volatile market where prices can move quickly.
3. **Time Decay**: While time decay works in favor of a Bear Call Spread, it can work against a Bear Put Spread, especially if the stock moves above the higher strike price, making the spread worthless.

Given the current market conditions and the strategies' characteristics, the Bear Call Spread (C) is likely to have a higher probability of VKTX ending up ITM and generating a higher profit.