Decheng Capital LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Decheng Capital LLC reported 24 stock positions worth $395.8 million. Its top holding was CG Oncology (CGON) at 41.9% of the portfolio, followed by Aardvark Therapeutics (AARD, 13.4%) and Nuvation Bio (NUVB, 12.8%). Compared with Q1 2025, it opened 1 new position, sold out of 3, added to 3 and reduced 7. The biggest buy was Moonlake Immunotherapeutics (MLTX, shares +6%) and the biggest sale Arcus Biosciences (RCUS, shares −80%).
- Most Recent 13F
- Q2 2026
- Location
- MENLO PARK, CA
- CIK
- 0002010850
- Portfolio Value
- $395.8M (Q2 2025)
- SEC Filing
- 0001104659-25-077492 ↗ filed Aug 13, 2025
Holdings Value
Holdings 24 stocks · $395.8M
| CGON CG Oncology Inc. | 41.85% | 6,371,669 | $165.7M | No change |
| AARD Aardvark Therapeutics Inc. | 13.38% | 3,917,299 | $53.0M | No change |
| NUVB Nuvation Bio Inc. | 12.79% | 25,954,439 | $50.6M | No change |
| UPB Upstream Bio Inc. | 9.11% | 3,285,293 | $36.1M | No change |
| NAMS Newamsterdam Pharma Co. NV | 3.52% | 770,000 | $13.9M | No change |
| BYSI Beyondspring Inc. | 2.69% | 4,531,481 | $10.6M | Reduce -7.2% |
| MRUS Merus NV | 2.51% | 189,098 | $9.9M | No change |
| KRYS Krystal Biotech Inc. | 2.29% | 66,000 | $9.1M | Add +1.5% |
| MLTX Moonlake Immunotherapeutics | 2.17% | 181,600 | $8.6M | Add +5.8% |
| RVMD Revolution Medicines Inc. | 2.10% | 226,000 | $8.3M | No change |
| ACRS Aclaris Therapeutics Inc. | 1.45% | 4,041,736 | $5.7M | No change |
| LYEL Lyell Immunopharma Inc. | 1.33% | 595,466 | $5.3M | No change |
| ACLX Arcellx Inc. | 1.13% | 547,609 | $4.5M | Add +995.2% |
| CRNX Crinetics Pharmaceuticals Inc. | 1.04% | 143,000 | $4.1M | Reduce -19.6% |
| AURA Aura Biosciences Inc. | 0.82% | 515,555 | $3.2M | No change |
| ZNTL Zentalis Pharmaceuticals Inc. | 0.39% | 1,323,327 | $1.5M | Reduce -34.5% |
| EQ Equillium Inc. | 0.35% | 4,447,308 | $1.4M | No change |
| FDMT 4D Molecular Therapeutics Inc. | 0.22% | 239,510 | $889K | Reduce -28.6% |
| RCUS Arcus Biosciences Inc. | 0.20% | 160,000 | $811K | Reduce -80.2% |
| ILMN Illumina Inc. | 0.19% | 7,979 | $761K | Reduce -32.1% |
| LEGN Legend Biotech Corp.-ADR | 0.18% | 20,000 | $710K | Reduce -80.0% |
| GRAL Grail Inc. | 0.13% | 9,684 | $498K | No change |
| PYXS Pyxis Oncology Inc. | 0.09% | 326,810 | $359K | No change |
| RZLT Rezolute Inc. | 0.07% | 59,900 | $267K | New |
Other holdings (1): bonds, preferreds, convertibles and warrants · $127K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| NUVB.WS Nuvation Bio Inc. -CW27 | *W EXP 02/10/202 | 646,057 | $127K | No change |
Total filed on the 13F, all lines: $396.0M.
Portfolio Sells Q1 2025 → Q2 2025
| RCUS Arcus Biosciences Inc. | Reduce -80.2% | 0.20% | −1.58 |
| CYTK Cytokinetics Inc. | Sold out | 0.00% | −1.13 |
| LEGN Legend Biotech Corp.-ADR | Reduce -80.0% | 0.18% | −0.77 |
| CRNX Crinetics Pharmaceuticals Inc. | Reduce -19.6% | 1.04% | −0.64 |
| ZNTL Zentalis Pharmaceuticals Inc. | Reduce -34.5% | 0.39% | −0.51 |
| BNTX Biontech SE-ADR | Sold out | 0.00% | −0.51 |
| FDMT 4D Molecular Therapeutics Inc. | Reduce -28.6% | 0.22% | −0.08 |
| ILMN Illumina Inc. | Reduce -32.1% | 0.19% | −0.07 |
| VERA Vera Therapeutics Inc. | Sold out | 0.00% | −0.03 |
| BYSI Beyondspring Inc. | Reduce -7.2% | 2.69% | +0.73 |
Portfolio Buys Q1 2025 → Q2 2025
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 |