Decheng Capital LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Decheng Capital LLC reported 27 stock positions worth $466.1 million. Its top holding was CG Oncology (CGON) at 39.2% of the portfolio, followed by Nuvation Bio (NUVB, 14.8%) and Upstream Bio (UPB, 11.6%). Compared with Q3 2024, it opened 4 new positions, sold out of 2, added to 10 and reduced 5. The biggest buy was a new position in Upstream Bio (UPB) and the biggest sale Phathom Pharmaceuticals (PHAT, shares −44%).
- Most Recent 13F
- Q2 2026
- Location
- MENLO PARK, CA
- CIK
- 0002010850
- Portfolio Value
- $466.1M (Q4 2024)
- SEC Filing
- 0001104659-25-013870 ↗ filed Feb 14, 2025
Holdings Value
Holdings 27 stocks · $466.1M
| CGON CG Oncology Inc. | 39.21% | 6,371,669 | $182.7M | Add +16.3% |
| NUVB Nuvation Bio Inc. | 14.81% | 25,954,439 | $69.0M | No change |
| UPB Upstream Bio Inc. | 11.59% | 3,285,293 | $54.0M | New |
| NAMS Newamsterdam Pharma Co. NV | 4.25% | 770,000 | $19.8M | Add +30.5% |
| ILMN Illumina Inc. | 2.72% | 94,767 | $12.7M | No change |
| RCUS Arcus Biosciences Inc. | 2.58% | 808,789 | $12.0M | Reduce -7.0% |
| KRYS Krystal Biotech Inc. | 2.58% | 76,772 | $12.0M | Add +7.0% |
| RVMD Revolution Medicines Inc. | 2.12% | 226,000 | $9.9M | Add +11200.0% |
| MLTX Moonlake Immunotherapeutics | 1.99% | 171,600 | $9.3M | Add +3.0% |
| CRNX Crinetics Pharmaceuticals Inc. | 1.84% | 167,958 | $8.6M | Add +6.3% |
| BYSI Beyondspring Inc. | 1.71% | 4,882,651 | $8.0M | Reduce -1.5% |
| MRUS Merus NV | 1.71% | 189,098 | $8.0M | No change |
| LYEL Lyell Immunopharma Inc. | 1.64% | 11,909,341 | $7.6M | New |
| ZNTL Zentalis Pharmaceuticals Inc. | 1.52% | 2,338,095 | $7.1M | Reduce -24.8% |
| ACLX Arcellx Inc. | 1.39% | 84,377 | $6.5M | Add +298.4% |
| PHAT Phathom Pharmaceuticals Inc. | 1.21% | 694,254 | $5.6M | Reduce -44.5% |
| ACRS Aclaris Therapeutics Inc. | 1.21% | 2,266,667 | $5.6M | New |
| LEGN Legend Biotech Corp.-ADR | 1.07% | 153,558 | $5.0M | Add +41.5% |
| CYTK Cytokinetics Inc. | 1.01% | 100,000 | $4.7M | Add +6.3% |
| BNTX Biontech SE-ADR | 0.98% | 40,000 | $4.6M | New |
| AURA Aura Biosciences Inc. | 0.91% | 515,555 | $4.2M | No change |
| EQ Equillium Inc. | 0.71% | 4,447,308 | $3.3M | No change |
| FDMT 4D Molecular Therapeutics Inc. | 0.48% | 400,000 | $2.2M | Add +0.5% |
| VERA Vera Therapeutics Inc. | 0.45% | 49,767 | $2.1M | Reduce -28.7% |
| ATRC Atricure Inc. | 0.18% | 26,797 | $819K | No change |
| PYXS Pyxis Oncology Inc. | 0.11% | 326,810 | $510K | No change |
| GRAL Grail Inc. | 0.04% | 9,684 | $173K | No change |
Other holdings (1): bonds, preferreds, convertibles and warrants · $149K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| NUVB.WS Nuvation Bio Inc. -CW27 | *W EXP 02/10/202 | 646,057 | $149K | No change |
Total filed on the 13F, all lines: $466.2M.
Portfolio Sells Q3 2024 → Q4 2024
| PHAT Phathom Pharmaceuticals Inc. | Reduce -44.5% | 1.21% | −4.14 |
| ZNTL Zentalis Pharmaceuticals Inc. | Reduce -24.8% | 1.52% | −1.19 |
| WGS Genedx Holdings Corp. | Sold out | 0.00% | −1.04 |
| BYSI Beyondspring Inc. | Reduce -1.5% | 1.71% | −0.98 |
| RCUS Arcus Biosciences Inc. | Reduce -7.0% | 2.58% | −0.57 |
| LBPH Longboard Pharmaceuticals Inc. | Sold out | 0.00% | −0.44 |
| VERA Vera Therapeutics Inc. | Reduce -28.7% | 0.45% | −0.28 |
Portfolio Buys Q3 2024 → Q4 2024
| UPB Upstream Bio Inc. | New | 11.59% | +11.59 |
| RVMD Revolution Medicines Inc. | Add +11200.0% | 2.12% | +2.10 |
| NAMS Newamsterdam Pharma Co. NV | Add +30.5% | 4.25% | +1.93 |
| LYEL Lyell Immunopharma Inc. | New | 1.64% | +1.64 |
| ACRS Aclaris Therapeutics Inc. | New | 1.21% | +1.21 |
| BNTX Biontech SE-ADR | New | 0.98% | +0.98 |
| ACLX Arcellx Inc. | Add +298.4% | 1.39% | +0.97 |
| MLTX Moonlake Immunotherapeutics | Add +3.0% | 1.99% | +0.00 |
| CRNX Crinetics Pharmaceuticals Inc. | Add +6.3% | 1.84% | −0.07 |
| CYTK Cytokinetics Inc. | Add +6.3% | 1.01% | −0.17 |
| LEGN Legend Biotech Corp.-ADR | Add +41.5% | 1.07% | −0.18 |
| KRYS Krystal Biotech Inc. | Add +7.0% | 2.58% | −0.51 |
| FDMT 4D Molecular Therapeutics Inc. | Add +0.5% | 0.48% | −0.54 |
| CGON CG Oncology Inc. | Add +16.3% | 39.21% | −9.76 |
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 |