Institutional Manager · CIK 0002010850
Decheng Capital LLC
Menlo Park, CA · File #028-23697
Latest AUM
$743.4M
Positions
19
Top-10 Concentration
97.4%
Filings
8
Portfolio Value Over Time
2024-03
2024-06
2024-09
2024-12
2025-03
2025-06
2025-09
2025-12
Biggest QoQ Changes
Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.
| Action | Issuer | Ticker / CUSIP | Δ Shares | Flow ($) | Price Effect |
|---|---|---|---|---|---|
| EXITED | MERUS NV | N5749R100 | -186,546 | -$17.6M | $0 |
| REDUCE | Upstream Bio Inc. | UPB | -142,215 | -$3.9M | +$27.4M |
| REDUCE | KRYSTAL BIOTECH INC | KRYS | -15,000 | -$3.7M | +$2.3M |
| ADD | Lyell Immunopharma, Inc. | LYEL | +96,584 | +$3.0M | +$8.7M |
| REDUCE | CRINETICS PHARMACEUTICALS IN | CRNX | -50,300 | -$2.3M | +$700,700 |
| REDUCE | NEWAMSTERDAM PHARMA CO NV | NAMSW | -64,994 | -$2.3M | +$4.4M |
| EXITED | MOONLAKE IMMUNOTHERAPEUTICS | G4444C102 | -181,600 | -$1.3M | $0 |
| REDUCE | Aura Biosciences, Inc. | AURA | -155,072 | -$845,142 | -$376,356 |
| REDUCE | REVOLUTION MEDICINES INC(NSM) | RVMDW | -10,000 | -$796,500 | +$6.9M |
| REDUCE | BeyondSpring Inc. | BYSI | -485,402 | -$791,205 | -$771,498 |
Sector Allocation
Filing History
- 13F HOLDINGS REPORTQ/E Dec 202519 pos · $743.4M
- 13F HOLDINGS REPORTQ/E Sep 202523 pos · $573.2M
- 13F HOLDINGS REPORTQ/E Jun 202525 pos · $396.0M
- 13F HOLDINGS REPORTQ/E Mar 202527 pos · $356.5M
- 13F HOLDINGS REPORTQ/E Dec 202428 pos · $466.2M
- 13F HOLDINGS REPORTQ/E Sep 202426 pos · $422.2M
- 13F HOLDINGS REPORTQ/E Jun 202424 pos · $326.3M
- 13F HOLDINGS REPORTQ/E Mar 202422 pos · $745.6M
Top 19 Holdings — Dec 2025
| # | Issuer | Ticker | Shares | Value | % of Portfolio |
|---|---|---|---|---|---|
| 1 | CG ONCOLOGY INC | CGON | 6,371,669 | $264.6M | 35.59% |
| 2 | Nuvation Bio Inc. | NUVB | 25,954,439 | $232.6M | 31.28% |
| 3 | Upstream Bio Inc. | UPB | 3,143,078 | $85.3M | 11.48% |
| 4 | AARDVARK THERAPEUTICS INC | AARD | 3,917,299 | $51.4M | 6.92% |
| 5 | Lyell Immunopharma, Inc. | LYEL | 692,050 | $21.3M | 2.87% |
| 6 | NEWAMSTERDAM PHARMA CO NV | NAMSW | 592,057 | $20.8M | 2.79% |
| 7 | REVOLUTION MEDICINES INC(NSM) | RVMDW | 200,000 | $15.9M | 2.14% |
| 8 | Arcus Biosciences, Inc | RCUS | 541,559 | $12.9M | 1.74% |
| 9 | Aclaris Therapeutics, Inc. | ACRS | 4,041,736 | $12.2M | 1.64% |
| 10 | Equillium Inc. | EQ | 4,447,308 | $6.9M | 0.93% |
| 11 | BeyondSpring Inc. | BYSI | 3,800,702 | $6.2M | 0.83% |
| 12 | CRINETICS PHARMACEUTICALS IN | CRNX | 92,700 | $4.3M | 0.58% |
| 13 | KRYSTAL BIOTECH INC | KRYS | 17,300 | $4.3M | 0.57% |
| 14 | Aura Biosciences, Inc. | AURA | 360,483 | $2.0M | 0.26% |
| 15 | Zentalis Pharmaceuticals Inc. | ZNTL | 1,323,327 | $1.8M | 0.24% |
| 16 | Pyxis Oncology, Inc (formerly Apexigen) | PYXS | 326,810 | $375,832 | 0.05% |
| 17 | 4D MOLECULAR THERAPEUTICS IN | FDMT | 44,311 | $332,333 | 0.04% |
| 18 | Nuvation Bio Inc. | NUVB | 646,057 | $213,198 | 0.03% |
| 19 | REZOLUTE INC | RZLT | 59,900 | $141,364 | 0.02% |