Decheng Capital LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), Decheng Capital LLC reported 18 stock positions worth $743.2 million. Its top holding was CG Oncology (CGON) at 35.6% of the portfolio, followed by Nuvation Bio (NUVB, 31.3%) and Upstream Bio (UPB, 11.5%). Compared with Q3 2025, it sold out of 4, added to 1 and reduced 9. The biggest buy was Lyell Immunopharma (LYEL, shares +16%) and the biggest sale an exit from Merus (MRUS).
- Most Recent 13F
- Q2 2026
- Location
- MENLO PARK, CA
- CIK
- 0002010850
- Portfolio Value
- $743.2M (Q4 2025)
- SEC Filing
- 0001104659-26-014146 ↗ filed Feb 12, 2026
Holdings Value
Holdings 18 stocks · $743.2M
| CGON CG Oncology Inc. | 35.60% | 6,371,669 | $264.6M | No change |
| NUVB Nuvation Bio Inc. | 31.29% | 25,954,439 | $232.6M | No change |
| UPB Upstream Bio Inc. | 11.48% | 3,143,078 | $85.3M | Reduce -4.3% |
| AARD Aardvark Therapeutics Inc. | 6.92% | 3,917,299 | $51.4M | No change |
| LYEL Lyell Immunopharma Inc. | 2.87% | 692,050 | $21.3M | Add +16.2% |
| NAMS Newamsterdam Pharma Co. NV | 2.79% | 592,057 | $20.8M | Reduce -9.9% |
| RVMD Revolution Medicines Inc. | 2.14% | 200,000 | $15.9M | Reduce -4.8% |
| RCUS Arcus Biosciences Inc. | 1.74% | 541,559 | $12.9M | Reduce -1.1% |
| ACRS Aclaris Therapeutics Inc. | 1.64% | 4,041,736 | $12.2M | No change |
| EQ Equillium Inc. | 0.93% | 4,447,308 | $6.9M | No change |
| BYSI Beyondspring Inc. | 0.83% | 3,800,702 | $6.2M | Reduce -11.3% |
| CRNX Crinetics Pharmaceuticals Inc. | 0.58% | 92,700 | $4.3M | Reduce -35.2% |
| KRYS Krystal Biotech Inc. | 0.57% | 17,300 | $4.3M | Reduce -46.4% |
| AURA Aura Biosciences Inc. | 0.26% | 360,483 | $2.0M | Reduce -30.1% |
| ZNTL Zentalis Pharmaceuticals Inc. | 0.24% | 1,323,327 | $1.8M | No change |
| PYXS Pyxis Oncology Inc. | 0.05% | 326,810 | $376K | No change |
| FDMT 4D Molecular Therapeutics Inc. | 0.04% | 44,311 | $332K | Reduce -52.2% |
| RZLT Rezolute Inc. | 0.02% | 59,900 | $141K | No change |
Other holdings (1): bonds, preferreds, convertibles and warrants · $213K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| NUVB.WS Nuvation Bio Inc. -CW27 | *W EXP 02/10/202 | 646,057 | $213K | No change |
Total filed on the 13F, all lines: $743.4M.
Portfolio Sells Q3 2025 → Q4 2025
| MRUS Merus NV | Sold out | 0.00% | −3.06 |
| BYSI Beyondspring Inc. | Reduce -11.3% | 0.83% | −0.52 |
| NAMS Newamsterdam Pharma Co. NV | Reduce -9.9% | 2.79% | −0.47 |
| CRNX Crinetics Pharmaceuticals Inc. | Reduce -35.2% | 0.58% | −0.46 |
| KRYS Krystal Biotech Inc. | Reduce -46.4% | 0.57% | −0.42 |
| AURA Aura Biosciences Inc. | Reduce -30.1% | 0.26% | −0.29 |
| MLTX Moonlake Immunotherapeutics | Sold out | 0.00% | −0.23 |
| ILMN Illumina Inc. | Sold out | 0.00% | −0.13 |
| GRAL Grail Inc. | Sold out | 0.00% | −0.10 |
| FDMT 4D Molecular Therapeutics Inc. | Reduce -52.2% | 0.04% | −0.10 |
| RVMD Revolution Medicines Inc. | Reduce -4.8% | 2.14% | +0.43 |
| RCUS Arcus Biosciences Inc. | Reduce -1.1% | 1.74% | +0.44 |
| UPB Upstream Bio Inc. | Reduce -4.3% | 11.48% | +0.70 |
Portfolio Buys Q3 2025 → Q4 2025
| LYEL Lyell Immunopharma Inc. | Add +16.2% | 2.87% | +1.18 |
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 |