Decheng Capital LLC
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 14, 2024), Decheng Capital LLC reported 22 stock positions worth $745.6 million. Its top holding was Alpine Immune Sciences (ALPN) at 44.2% of the portfolio, followed by CG Oncology (CGON, 32.1%) and Zentalis Pharmaceuticals (ZNTL, 4.4%). Compared with Q4 2023, it opened 7 new positions, sold out of 9, added to 2 and reduced 2. The biggest buy was a new position in CG Oncology (CGON) and the biggest sale an exit from Pacific Biosciences of Calif (PACB).
- Most Recent 13F
- Q2 2026
- Location
- MENLO PARK, CA
- CIK
- 0002010850
- Portfolio Value
- $745.6M (Q1 2024)
- SEC Filing
- 0001104659-24-060707 ↗ filed May 14, 2024
Holdings Value
Holdings 22 stocks · $745.6M
| ALPN Alpine Immune Sciences Inc. | 44.22% | 8,317,924 | $329.7M | Add +17.4% |
| CGON CG Oncology Inc. | 32.14% | 5,458,810 | $239.6M | New |
| ZNTL Zentalis Pharmaceuticals Inc. | 4.44% | 2,099,583 | $33.1M | No change |
| ILMN Illumina Inc. | 2.38% | 129,067 | $17.7M | Add +59.6% |
| BYSI Beyondspring Inc. | 2.37% | 4,958,143 | $17.7M | No change |
| RCUS Arcus Biosciences Inc. | 2.20% | 869,790 | $16.4M | No change |
| KRYS Krystal Biotech Inc. | 1.57% | 65,772 | $11.7M | No change |
| FDMT 4D Molecular Therapeutics Inc. | 1.49% | 347,835 | $11.1M | New |
| EQ Equillium Inc. | 1.38% | 4,447,308 | $10.3M | No change |
| PHAT Phathom Pharmaceuticals Inc. | 1.21% | 850,000 | $9.0M | No change |
| MLTX Moonlake Immunotherapeutics | 1.12% | 166,600 | $8.4M | New |
| CRNX Crinetics Pharmaceuticals Inc. | 0.99% | 157,958 | $7.4M | New |
| TXG 10X Genomics Inc. Class A | 0.99% | 195,835 | $7.3M | Reduce -45.5% |
| CYTK Cytokinetics Inc. | 0.88% | 94,043 | $6.6M | New |
| LEGN Legend Biotech Corp.-ADR | 0.65% | 86,363 | $4.8M | New |
| MRUS Merus NV | 0.61% | 101,798 | $4.6M | New |
| AURA Aura Biosciences Inc. | 0.54% | 515,555 | $4.0M | No change |
| HLTHQ Cue Health Inc. | 0.23% | 8,980,909 | $1.7M | No change |
| PYXS Pyxis Oncology Inc. | 0.19% | 326,810 | $1.4M | No change |
| WHWK Whitehawk Therapeutics Inc. filed as AADI BIOSCIENCE INC | 0.17% | 526,329 | $1.2M | No change |
| WGS Genedx Holdings Corp. | 0.13% | 103,604 | $946K | No change |
| ATRC Atricure Inc. | 0.11% | 26,797 | $815K | Reduce -42.1% |
Portfolio Sells Q4 2023 → Q1 2024
| PACB Pacific Biosciences of Calif | Sold out | 0.00% | −8.06 |
| IMGN Immunogen Inc. | Sold out | 0.00% | −5.47 |
| TXG 10X Genomics Inc. Class A | Reduce -45.5% | 0.99% | −4.64 |
| KRTX Karuna Therapeutics Inc. | Sold out | 0.00% | −4.16 |
| ROIV Roivant Sciences Ltd. | Sold out | 0.00% | −4.02 |
| ARGX Argenx SE - ADR | Sold out | 0.00% | −2.92 |
| SLRN Acelyrin Inc. | Sold out | 0.00% | −2.86 |
| LNTH Lantheus Holdings Inc. | Sold out | 0.00% | −1.60 |
| TERN Terns Pharmaceuticals Inc. | Sold out | 0.00% | −1.30 |
| ATRC Atricure Inc. | Reduce -42.1% | 0.11% | −0.35 |
| SCYX Scynexis Inc. | Sold out | 0.00% | −0.35 |
Portfolio Buys Q4 2023 → Q1 2024
| CGON CG Oncology Inc. | New | 32.14% | +32.14 |
| ALPN Alpine Immune Sciences Inc. | Add +17.4% | 44.22% | +6.50 |
| FDMT 4D Molecular Therapeutics Inc. | New | 1.49% | +1.49 |
| MLTX Moonlake Immunotherapeutics | New | 1.12% | +1.12 |
| CRNX Crinetics Pharmaceuticals Inc. | New | 0.99% | +0.99 |
| CYTK Cytokinetics Inc. | New | 0.88% | +0.88 |
| LEGN Legend Biotech Corp.-ADR | New | 0.65% | +0.65 |
| MRUS Merus NV | New | 0.61% | +0.61 |
| ILMN Illumina Inc. | Add +59.6% | 2.38% | −0.77 |
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 |