Decheng Capital LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Decheng Capital LLC reported 22 stock positions worth $573.1 million. Its top holding was CG Oncology (CGON) at 44.8% of the portfolio, followed by Nuvation Bio (NUVB, 16.8%) and Upstream Bio (UPB, 10.8%). Compared with Q2 2025, it sold out of 2, added to 1 and reduced 6. The biggest buy was Arcus Biosciences (RCUS, shares +242%) and the biggest sale Beyondspring (BYSI, shares −5%).
- Most Recent 13F
- Q2 2026
- Location
- MENLO PARK, CA
- CIK
- 0002010850
- Portfolio Value
- $573.1M (Q3 2025)
- SEC Filing
- 0001104659-25-112117 ↗ filed Nov 14, 2025
Holdings Value
Holdings 22 stocks · $573.1M
| CGON CG Oncology Inc. | 44.78% | 6,371,669 | $256.7M | No change |
| NUVB Nuvation Bio Inc. | 16.76% | 25,954,439 | $96.0M | No change |
| UPB Upstream Bio Inc. | 10.78% | 3,285,293 | $61.8M | No change |
| AARD Aardvark Therapeutics Inc. | 9.08% | 3,917,299 | $52.1M | No change |
| NAMS Newamsterdam Pharma Co. NV | 3.26% | 657,051 | $18.7M | Reduce -14.7% |
| MRUS Merus NV | 3.06% | 186,546 | $17.6M | Reduce -1.4% |
| RVMD Revolution Medicines Inc. | 1.71% | 210,000 | $9.8M | Reduce -7.1% |
| LYEL Lyell Immunopharma Inc. | 1.69% | 595,466 | $9.7M | No change |
| BYSI Beyondspring Inc. | 1.35% | 4,286,104 | $7.8M | Reduce -5.4% |
| ACRS Aclaris Therapeutics Inc. | 1.34% | 4,041,736 | $7.7M | No change |
| RCUS Arcus Biosciences Inc. | 1.30% | 547,609 | $7.4M | Add +242.3% |
| EQ Equillium Inc. | 1.11% | 4,447,308 | $6.4M | No change |
| CRNX Crinetics Pharmaceuticals Inc. | 1.04% | 143,000 | $6.0M | No change |
| KRYS Krystal Biotech Inc. | 0.99% | 32,300 | $5.7M | Reduce -51.1% |
| AURA Aura Biosciences Inc. | 0.56% | 515,555 | $3.2M | No change |
| ZNTL Zentalis Pharmaceuticals Inc. | 0.35% | 1,323,327 | $2.0M | No change |
| MLTX Moonlake Immunotherapeutics | 0.23% | 181,600 | $1.3M | No change |
| FDMT 4D Molecular Therapeutics Inc. | 0.14% | 92,748 | $806K | Reduce -61.3% |
| ILMN Illumina Inc. | 0.13% | 7,979 | $758K | No change |
| PYXS Pyxis Oncology Inc. | 0.13% | 326,810 | $726K | No change |
| GRAL Grail Inc. | 0.10% | 9,684 | $573K | No change |
| RZLT Rezolute Inc. | 0.10% | 59,900 | $563K | No change |
Other holdings (1): bonds, preferreds, convertibles and warrants · $115K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| NUVB.WS Nuvation Bio Inc. -CW27 | *W EXP 02/10/202 | 646,057 | $115K | No change |
Total filed on the 13F, all lines: $573.2M.
Portfolio Sells Q2 2025 → Q3 2025
| BYSI Beyondspring Inc. | Reduce -5.4% | 1.35% | −1.34 |
| KRYS Krystal Biotech Inc. | Reduce -51.1% | 0.99% | −1.30 |
| ACLX Arcellx Inc. | Sold out | 0.00% | −1.13 |
| RVMD Revolution Medicines Inc. | Reduce -7.1% | 1.71% | −0.39 |
| NAMS Newamsterdam Pharma Co. NV | Reduce -14.7% | 3.26% | −0.26 |
| LEGN Legend Biotech Corp.-ADR | Sold out | 0.00% | −0.18 |
| FDMT 4D Molecular Therapeutics Inc. | Reduce -61.3% | 0.14% | −0.08 |
| MRUS Merus NV | Reduce -1.4% | 3.06% | +0.55 |
Portfolio Buys Q2 2025 → Q3 2025
| RCUS Arcus Biosciences Inc. | Add +242.3% | 1.30% | +1.09 |
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 |