Q4 2025 · 13F-HR
Decheng Capital LLCholdings as filed
Filed 2026-02-12 · accession 0001104659-26-014146
$743.4M
Reported value
19
Positions
2025-12-31
Period end
The Brief · Decheng Capital LLC · Q4 2025
AI · grounded in 13F
Decheng Capital LLC closed its position in 2GH for a reduction of $17.56M. The fund also exited its holding in MOONLAKE IMMUNOTHERAPEUTICS, resulting in a $1.3M decrease. To offset these sells, the fund accumulated shares of LYEL by 16.22%.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 156944100 | CGON | CG ONCOLOGY INC | $264.6M | 35.6% | 6,371,669 | Common | SOLE |
| 67080N101 | NUVB | Nuvation Bio Inc. | $232.6M | 31.3% | 25,954,439 | Common | SOLE |
| 91678A107 | UPB | Upstream Bio Inc. | $85.3M | 11.5% | 3,143,078 | Common | SOLE |
| 002942100 | AARD | AARDVARK THERAPEUTICS INC | $51.4M | 6.92% | 3,917,299 | Common | SOLE |
| 55083R104 | LYEL | Lyell Immunopharma, Inc. | $21.3M | 2.87% | 692,050 | Common | SOLE |
| N62509109 | NAMS | NEWAMSTERDAM PHARMA CO NV | $20.8M | 2.79% | 592,057 | Common | SOLE |
| 76155X100 | RVMD | REVOLUTION MEDICINES INC(NSM) | $15.9M | 2.14% | 200,000 | Common | SOLE |
| 03969F109 | RCUS | Arcus Biosciences, Inc | $12.9M | 1.74% | 541,559 | Common | SOLE |
| 00461U105 | ACRS | Aclaris Therapeutics, Inc. | $12.2M | 1.64% | 4,041,736 | Common | SOLE |
| 29446K106 | EQ | Equillium Inc. | $6.9M | 0.93% | 4,447,308 | Common | SOLE |
| G10830100 | BYSI | BeyondSpring Inc. | $6.2M | 0.83% | 3,800,702 | Common | SOLE |
| 22663K107 | CRNX | CRINETICS PHARMACEUTICALS IN | $4.3M | 0.58% | 92,700 | Common | SOLE |
| 501147102 | KRYS | KRYSTAL BIOTECH INC | $4.3M | 0.57% | 17,300 | Common | SOLE |
| 05153U107 | AURA | Aura Biosciences, Inc. | $2.0M | 0.26% | 360,483 | Common | SOLE |
| 98943L107 | ZNTL | Zentalis Pharmaceuticals Inc. | $1.8M | 0.24% | 1,323,327 | Common | SOLE |
| 747324101 | PYXS | Pyxis Oncology, Inc (formerly Apexigen) | $375,832 | 0.05% | 326,810 | Common | SOLE |
| 35104E100 | FDMT | 4D MOLECULAR THERAPEUTICS IN | $332,333 | 0.04% | 44,311 | Common | SOLE |
| 67080N119 | NUVB/WS | Nuvation Bio Inc. | $213,198 | 0.03% | 646,057 | Common | SOLE |
| 76200L309 | RZLT | REZOLUTE INC | $141,364 | 0.02% | 59,900 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.