Decheng Capital LLC
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 13, 2026), Decheng Capital LLC reported 14 stock positions worth $661.3 million. Its top holding was CG Oncology (CGON) at 65.2% of the portfolio, followed by Nuvation Bio (NUVB, 16.8%) and Upstream Bio (UPB, 3.7%). Compared with Q4 2025, it sold out of 4 and reduced 5. The biggest sale was Upstream Bio (UPB, shares −13%).
- Most Recent 13F
- Q2 2026
- Location
- MENLO PARK, CA
- CIK
- 0002010850
- Portfolio Value
- $661.3M (Q1 2026)
- SEC Filing
- 0001104659-26-060145 ↗ filed May 13, 2026
Holdings Value
Holdings 14 stocks · $661.3M
| CGON CG Oncology Inc. | 65.21% | 6,371,669 | $431.2M | No change |
| NUVB Nuvation Bio Inc. | 16.84% | 25,954,439 | $111.3M | No change |
| UPB Upstream Bio Inc. | 3.71% | 2,724,868 | $24.5M | Reduce -13.3% |
| ACRS Aclaris Therapeutics Inc. | 2.29% | 4,041,736 | $15.2M | No change |
| AARD Aardvark Therapeutics Inc. | 2.23% | 3,917,299 | $14.8M | No change |
| LYEL Lyell Immunopharma Inc. | 2.10% | 692,050 | $13.9M | No change |
| NAMS Newamsterdam Pharma Co. NV | 1.57% | 325,057 | $10.4M | Reduce -45.1% |
| RCUS Arcus Biosciences Inc. | 1.56% | 477,819 | $10.3M | Reduce -11.8% |
| RVMD Revolution Medicines Inc. | 1.38% | 93,500 | $9.1M | Reduce -53.3% |
| EQ Equillium Inc. | 1.34% | 4,447,308 | $8.9M | No change |
| BYSI Beyondspring Inc. | 0.94% | 3,800,702 | $6.2M | No change |
| ZNTL Zentalis Pharmaceuticals Inc. | 0.47% | 1,323,327 | $3.1M | No change |
| KRYS Krystal Biotech Inc. | 0.29% | 7,300 | $1.9M | Reduce -57.8% |
| PYXS Pyxis Oncology Inc. | 0.07% | 326,810 | $477K | No change |
Portfolio Sells Q4 2025 → Q1 2026
| UPB Upstream Bio Inc. | Reduce -13.3% | 3.71% | −7.77 |
| NAMS Newamsterdam Pharma Co. NV | Reduce -45.1% | 1.57% | −1.22 |
| RVMD Revolution Medicines Inc. | Reduce -53.3% | 1.38% | −0.77 |
| CRNX Crinetics Pharmaceuticals Inc. | Sold out | 0.00% | −0.58 |
| KRYS Krystal Biotech Inc. | Reduce -57.8% | 0.29% | −0.29 |
| AURA Aura Biosciences Inc. | Sold out | 0.00% | −0.26 |
| RCUS Arcus Biosciences Inc. | Reduce -11.8% | 1.56% | −0.18 |
| FDMT 4D Molecular Therapeutics Inc. | Sold out | 0.00% | −0.04 |
| RZLT Rezolute Inc. | Sold out | 0.00% | −0.02 |
Portfolio Buys Q4 2025 → Q1 2026
| None this quarter. | |||
Notes & Other Activity Q4 2025 → Q1 2026
| NUVB.WS Nuvation Bio Inc. -CW27 | *W EXP 02/10/202 | Sold out | 646,057 | $213Kbefore exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
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 |