In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Decheng Capital LLC reported 23 stock positions worth $326.2 million . Its top holding was CG Oncology (CGON) at 52.8% of the portfolio, followed by Nuvation Bio (NUVB, 6.2% ) and Arcus Biosciences (RCUS, 4.1% ). Compared with Q1 2024, it opened 4 new positions, sold out of 4, added to 3 and reduced 2. The biggest buy was a new position in Nuvation Bio (NUVB) and the biggest sale an exit from Alpine Immune Sciences (ALPN).
Location MENLO PARK, CA
CIK 0002010850
Portfolio Value $326.2M (Q2 2024) Holdings 23 stocks · $326.2M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2024 CGON CG Oncology Inc. 5,458,810 $172.3M No change NUVB Nuvation Bio Inc. 6,950,239 $20.3M New RCUS Arcus Biosciences Inc. 869,790 $13.2M No change ZNTL Zentalis Pharmaceuticals Inc. 3,070,442 $12.6M Add +46.2% KRYS Krystal Biotech Inc. 65,772 $12.1M No change BYSI Beyondspring Inc. 4,958,143 $11.9M No change ILMN Illumina Inc. 108,767 $11.4M Reduce -15.7% MRUS Merus NV 179,098 $10.6M Add +75.9% PHAT Phathom Pharmaceuticals Inc. 850,000 $8.8M No change NAMS Newamsterdam Pharma Co. NV 400,000 $7.7M New MLTX Moonlake Immunotherapeutics 166,600 $7.3M No change FDMT 4D Molecular Therapeutics Inc. 347,835 $7.3M No change CRNX Crinetics Pharmaceuticals Inc. 157,958 $7.1M No change CYTK Cytokinetics Inc. 94,043 $5.1M No change LEGN Legend Biotech Corp.-ADR 98,558 $4.4M Add +14.1% AURA Aura Biosciences Inc. 515,555 $3.9M No change EQ Equillium Inc. 4,447,308 $3.1M No change WGS Genedx Holdings Corp. 103,604 $2.7M No change VERA Vera Therapeutics Inc. 69,767 $2.5M New PYXS Pyxis Oncology Inc. 326,810 $1.1M No change ATRC Atricure Inc. 26,797 $610K No change GRAL Grail Inc. 18,127 $279K Reduce -15.9% ACLX Arcellx Inc. 1,177 $65K New
Other holdings (1): bonds, preferreds, convertibles and warrants · $103K (not counted above) Security Class Shares / Principal Value Change NUVB.WS Nuvation Bio Inc. -CW27 *W EXP 02/10/202 646,057 $103K New
Total filed on the 13F, all lines: $326.3M.
Portfolio Sells Q1 2024 → Q2 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2024 % Of Portfolio Change To Portfolio ▲ ALPN Alpine Immune Sciences Inc. Sold out 0.00% −44.22 TXG 10X Genomics Inc. Class A Sold out 0.00% −0.99 HLTHQ Cue Health Inc. Sold out 0.00% −0.23 WHWK Whitehawk Therapeutics Inc. Sold out 0.00% −0.17 GRAL Grail Inc. Reduce -15.9% 0.09% +0.04 ILMN Illumina Inc. Reduce -15.7% 3.48% +1.10
Portfolio Buys Q1 2024 → Q2 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2024 % Of Portfolio Change To Portfolio ▼ NUVB Nuvation Bio Inc. New 6.22% +6.22 MRUS Merus NV Add +75.9% 3.25% +2.63 NAMS Newamsterdam Pharma Co. NV New 2.36% +2.36 VERA Vera Therapeutics Inc. New 0.77% +0.77 LEGN Legend Biotech Corp.-ADR Add +14.1% 1.34% +0.69 ACLX Arcellx Inc. New 0.02% +0.02 ZNTL Zentalis Pharmaceuticals Inc. Add +46.2% 3.85% −0.59
Notes & Other Activity Q1 2024 → Q2 2024 Security Class Change vs Q1 2024 Shares / Principal Value ▼ NUVB.WS Nuvation Bio Inc. -CW27 *W EXP 02/10/202 New 646,057 $103K
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
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