Decheng Capital LLC
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Decheng Capital LLC reported 14 stock positions worth $731.7 million. Its top holding was CG Oncology (CGON) at 61.9% of the portfolio, followed by Nuvation Bio (NUVB, 20.1%) and Aardvark Therapeutics (AARD, 3.1%). Compared with Q1 2026, it opened 1 new position, sold out of 1 and reduced 3. The biggest buy was a new position in Tango Therapeutics (TNGX) and the biggest sale Newamsterdam Pharma (NAMS, shares −46%).
- Most Recent 13F
- Q2 2026
- Location
- MENLO PARK, CA
- CIK
- 0002010850
- Portfolio Value
- $731.7M (Q2 2026)
- SEC Filing
- 0001104659-26-096837 ↗ filed Aug 14, 2026
Holdings Value
Holdings 14 stocks · $731.7M
| CGON CG Oncology Inc. | 61.87% | 6,371,669 | $452.7M | No change |
| NUVB Nuvation Bio Inc. | 20.15% | 25,954,439 | $147.4M | No change |
| AARD Aardvark Therapeutics Inc. | 3.08% | 3,917,299 | $22.6M | No change |
| ACRS Aclaris Therapeutics Inc. | 2.92% | 4,041,736 | $21.4M | No change |
| UPB Upstream Bio Inc. | 2.58% | 2,724,868 | $18.9M | No change |
| RCUS Arcus Biosciences Inc. | 1.96% | 464,779 | $14.3M | Reduce -2.7% |
| EQ Equillium Inc. | 1.94% | 4,447,308 | $14.2M | No change |
| RVMD Revolution Medicines Inc. | 1.35% | 52,667 | $9.9M | Reduce -43.7% |
| LYEL Lyell Immunopharma Inc. | 1.33% | 692,050 | $9.7M | No change |
| BYSI Beyondspring Inc. | 0.91% | 3,800,702 | $6.7M | No change |
| ZNTL Zentalis Pharmaceuticals Inc. | 0.88% | 1,323,327 | $6.4M | No change |
| NAMS Newamsterdam Pharma Co. NV | 0.82% | 176,887 | $6.0M | Reduce -45.6% |
| PYXS Pyxis Oncology Inc. | 0.13% | 326,810 | $984K | No change |
| TNGX Tango Therapeutics Inc. | 0.09% | 20,000 | $625K | New |
Portfolio Sells Q1 2026 → Q2 2026
Portfolio Buys Q1 2026 → Q2 2026
| TNGX Tango Therapeutics Inc. | New | 0.09% | +0.09 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 14 | $731.7M | CGON, NUVB, AARD, ACRS, UPB |
| Q1 2026 | 14 | $661.3M | CGON, NUVB, UPB, ACRS, AARD |
| Q4 2025 | 18 | $743.2M | CGON, NUVB, UPB, AARD, LYEL |
| Q3 2025 | 22 | $573.1M | CGON, NUVB, UPB, AARD, NAMS |
| Q2 2025 | 24 | $395.8M | CGON, AARD, NUVB, UPB, NAMS |
| Q1 2025 | 26 | $356.4M | CGON, NUVB, AARD, UPB, NAMS |
| Q4 2024 | 27 | $466.1M | CGON, NUVB, UPB, NAMS, ILMN |
| Q3 2024 | 25 | $422.1M | CGON, NUVB, PHAT, RCUS, KRYS |
| Q2 2024 | 23 | $326.2M | CGON, NUVB, RCUS, ZNTL, KRYS |
| Q1 2024 | 22 | $745.6M | ALPN, CGON, ZNTL, ILMN, BYSI |