Decheng Capital LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 8, 2025), Decheng Capital LLC reported 26 stock positions worth $356.4 million. Its top holding was CG Oncology (CGON) at 43.8% of the portfolio, followed by Nuvation Bio (NUVB, 12.8%) and Aardvark Therapeutics (AARD, 8.3%). Compared with Q4 2024, it opened 1 new position, sold out of 2, added to 2 and reduced 8. The biggest buy was a new position in Aardvark Therapeutics (AARD) and the biggest sale Illumina (ILMN, shares −88%).

Most Recent 13F
Q2 2026
Location
MENLO PARK, CA
CIK
0002010850
Portfolio Value
$356.4M (Q1 2025)
SEC Filing
0001104659-25-045686 ↗ filed May 8, 2025

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 Q3 2024 Q4 2024: $466.1M Q4 2024 Q1 2025: $356.4M $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 26 stocks · $356.4M
CGON CG Oncology Inc. 43.78% 6,371,669 $156.0M No change
NUVB Nuvation Bio Inc. 12.82% 25,954,439 $45.7M No change
AARD Aardvark Therapeutics Inc. 8.25% 3,917,299 $29.4M New
UPB Upstream Bio Inc. 5.64% 3,285,293 $20.1M No change
NAMS Newamsterdam Pharma Co. NV 4.42% 770,000 $15.8M No change
KRYS Krystal Biotech Inc. 3.29% 65,000 $11.7M Reduce -15.3%
RVMD Revolution Medicines Inc. 2.24% 226,000 $8.0M No change
MRUS Merus NV 2.23% 189,098 $8.0M No change
BYSI Beyondspring Inc. 1.96% 4,882,651 $7.0M No change
MLTX Moonlake Immunotherapeutics 1.88% 171,600 $6.7M No change
LYEL Lyell Immunopharma Inc. 1.80% 11,909,341 $6.4M No change
RCUS Arcus Biosciences Inc. 1.78% 808,789 $6.3M No change
ACRS Aclaris Therapeutics Inc. 1.73% 4,041,736 $6.2M Add +78.3%
CRNX Crinetics Pharmaceuticals Inc. 1.67% 177,958 $6.0M Add +6.0%
CYTK Cytokinetics Inc. 1.13% 100,000 $4.0M No change
LEGN Legend Biotech Corp.-ADR 0.95% 100,000 $3.4M Reduce -34.9%
ACLX Arcellx Inc. 0.92% 50,000 $3.3M Reduce -40.7%
ZNTL Zentalis Pharmaceuticals Inc. 0.90% 2,019,762 $3.2M Reduce -13.6%
AURA Aura Biosciences Inc. 0.85% 515,555 $3.0M No change
BNTX Biontech SE-ADR 0.51% 20,000 $1.8M Reduce -50.0%
EQ Equillium Inc. 0.49% 4,447,308 $1.7M No change
FDMT 4D Molecular Therapeutics Inc. 0.30% 335,515 $1.1M Reduce -16.1%
ILMN Illumina Inc. 0.26% 11,749 $932K Reduce -87.6%
PYXS Pyxis Oncology Inc. 0.09% 326,810 $320K No change
GRAL Grail Inc. 0.07% 9,684 $247K No change
VERA Vera Therapeutics Inc. 0.03% 4,495 $108K Reduce -91.0%
Other holdings (1): bonds, preferreds, convertibles and warrants · $44K (not counted above)
SecurityClassShares / PrincipalValueChange
NUVB.WS Nuvation Bio Inc. -CW27 *W EXP 02/10/202 646,057$44KNo change

Total filed on the 13F, all lines: $356.5M.

Portfolio Sells Q4 2024 → Q1 2025
ILMN Illumina Inc. Reduce -87.6% 0.26% −2.46
PHAT Phathom Pharmaceuticals Inc. Sold out 0.00% −1.21
ZNTL Zentalis Pharmaceuticals Inc. Reduce -13.6% 0.90% −0.62
ACLX Arcellx Inc. Reduce -40.7% 0.92% −0.47
BNTX Biontech SE-ADR Reduce -50.0% 0.51% −0.47
VERA Vera Therapeutics Inc. Reduce -91.0% 0.03% −0.42
ATRC Atricure Inc. Sold out 0.00% −0.18
FDMT 4D Molecular Therapeutics Inc. Reduce -16.1% 0.30% −0.17
LEGN Legend Biotech Corp.-ADR Reduce -34.9% 0.95% −0.12
KRYS Krystal Biotech Inc. Reduce -15.3% 3.29% +0.71

Portfolio Buys Q4 2024 → Q1 2025
AARD Aardvark Therapeutics Inc. New 8.25% +8.25
ACRS Aclaris Therapeutics Inc. Add +78.3% 1.73% +0.53
CRNX Crinetics Pharmaceuticals Inc. Add +6.0% 1.67% −0.17

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