Decheng Capital LLC

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 15, 2024), Decheng Capital LLC reported 25 stock positions worth $422.1 million. Its top holding was CG Oncology (CGON) at 49.0% of the portfolio, followed by Nuvation Bio (NUVB, 14.1%) and Phathom Pharmaceuticals (PHAT, 5.4%). Compared with Q2 2024, it opened 2 new positions, added to 10 and reduced 2. The biggest buy was Nuvation Bio (NUVB, shares +273%) and the biggest sale Illumina (ILMN, shares −13%).

Most Recent 13F
Q2 2026
Location
MENLO PARK, CA
CIK
0002010850
Portfolio Value
$422.1M (Q3 2024)
SEC Filing
0001104659-24-119361 ↗ filed Nov 15, 2024

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $745.6M Q1 2024 Q2 2024: $326.2M Q2 2024 Q3 2024: $422.1M $422.1M Q3 2024 Q4 2024: $466.1M Q4 2024 Q1 2025: $356.4M Q1 2025 Q2 2025: $395.8M Q2 2025 Q3 2025: $573.1M Q3 2025 Q4 2025: $743.2M Q4 2025 Q1 2026: $661.3M Q1 2026 Q2 2026: $731.7M Q2 2026

Holdings 25 stocks · $422.1M
CGON CG Oncology Inc. 48.97% 5,478,810 $206.7M Add +0.4%
NUVB Nuvation Bio Inc. 14.08% 25,954,439 $59.4M Add +273.4%
PHAT Phathom Pharmaceuticals Inc. 5.35% 1,250,000 $22.6M Add +47.1%
RCUS Arcus Biosciences Inc. 3.15% 869,790 $13.3M No change
KRYS Krystal Biotech Inc. 3.09% 71,772 $13.1M Add +9.1%
ILMN Illumina Inc. 2.93% 94,767 $12.4M Reduce -12.9%
ZNTL Zentalis Pharmaceuticals Inc. 2.71% 3,108,095 $11.4M Add +1.2%
BYSI Beyondspring Inc. 2.69% 4,958,143 $11.4M No change
NAMS Newamsterdam Pharma Co. NV 2.32% 590,000 $9.8M Add +47.5%
MRUS Merus NV 2.24% 189,098 $9.4M Add +5.6%
MLTX Moonlake Immunotherapeutics 1.99% 166,600 $8.4M No change
CRNX Crinetics Pharmaceuticals Inc. 1.91% 157,958 $8.1M No change
LEGN Legend Biotech Corp.-ADR 1.25% 108,558 $5.3M Add +10.2%
CYTK Cytokinetics Inc. 1.18% 94,043 $5.0M No change
AURA Aura Biosciences Inc. 1.09% 515,555 $4.6M No change
WGS Genedx Holdings Corp. 1.04% 103,604 $4.4M No change
FDMT 4D Molecular Therapeutics Inc. 1.02% 397,835 $4.3M Add +14.4%
EQ Equillium Inc. 0.88% 4,447,308 $3.7M No change
VERA Vera Therapeutics Inc. 0.73% 69,767 $3.1M No change
LBPH Longboard Pharmaceuticals Inc. 0.44% 56,350 $1.9M New
ACLX Arcellx Inc. 0.42% 21,177 $1.8M Add +1699.2%
PYXS Pyxis Oncology Inc. 0.28% 326,810 $1.2M No change
ATRC Atricure Inc. 0.18% 26,797 $751K No change
GRAL Grail Inc. 0.03% 9,684 $133K Reduce -46.6%
RVMD Revolution Medicines Inc. 0.02% 2,000 $91K New
Other holdings (1): bonds, preferreds, convertibles and warrants · $63K (not counted above)
SecurityClassShares / PrincipalValueChange
NUVB.WS Nuvation Bio Inc. -CW27 *W EXP 02/10/202 646,057$63KNo change

Total filed on the 13F, all lines: $422.2M.

Portfolio Sells Q2 2024 → Q3 2024
ILMN Illumina Inc. Reduce -12.9% 2.93% −0.55
GRAL Grail Inc. Reduce -46.6% 0.03% −0.05

Portfolio Buys Q2 2024 → Q3 2024
NUVB Nuvation Bio Inc. Add +273.4% 14.08% +7.86
PHAT Phathom Pharmaceuticals Inc. Add +47.1% 5.35% +2.67
LBPH Longboard Pharmaceuticals Inc. New 0.44% +0.44
ACLX Arcellx Inc. Add +1699.2% 0.42% +0.40
RVMD Revolution Medicines Inc. New 0.02% +0.02
NAMS Newamsterdam Pharma Co. NV Add +47.5% 2.32% −0.04
LEGN Legend Biotech Corp.-ADR Add +10.2% 1.25% −0.09
KRYS Krystal Biotech Inc. Add +9.1% 3.09% −0.61
MRUS Merus NV Add +5.6% 2.24% −1.01
ZNTL Zentalis Pharmaceuticals Inc. Add +1.2% 2.71% −1.14
FDMT 4D Molecular Therapeutics Inc. Add +14.4% 1.02% −1.22
CGON CG Oncology Inc. Add +0.4% 48.97% −3.86

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 14$731.7MCGON, NUVB, AARD, ACRS, UPB
Q1 2026 14$661.3MCGON, NUVB, UPB, ACRS, AARD
Q4 2025 18$743.2MCGON, NUVB, UPB, AARD, LYEL
Q3 2025 22$573.1MCGON, NUVB, UPB, AARD, NAMS
Q2 2025 24$395.8MCGON, AARD, NUVB, UPB, NAMS
Q1 2025 26$356.4MCGON, NUVB, AARD, UPB, NAMS
Q4 2024 27$466.1MCGON, NUVB, UPB, NAMS, ILMN
Q3 2024 25$422.1MCGON, NUVB, PHAT, RCUS, KRYS
Q2 2024 23$326.2MCGON, NUVB, RCUS, ZNTL, KRYS
Q1 2024 22$745.6MALPN, CGON, ZNTL, ILMN, BYSI