Q3 2025 · 13F-HR
Decheng Capital LLCholdings as filed
Filed 2025-11-14 · accession 0001104659-25-112117
$573.2M
Reported value
23
Positions
2025-09-30
Period end
The Brief · Decheng Capital LLC · Q3 2025
AI · grounded in 13F
Decheng Capital LLC established a new position in CG Oncology Inc. CGON valued at $256.7M. The fund also initiated new stakes in Nuvation Bio Inc. NUVB for $96M and Upstream Bio Inc. UPB for $61.8M. Additional new positions include Aardvark Therapeutics Inc. AARD and NewAmsterdam Pharma Co NV NAMS.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 156944100 | CGON | CG ONCOLOGY INC | $256.7M | 44.8% | 6,371,669 | Common | SOLE |
| 67080N101 | NUVB | Nuvation Bio Inc. | $96.0M | 16.8% | 25,954,439 | Common | SOLE |
| 91678A107 | UPB | Upstream Bio Inc. | $61.8M | 10.8% | 3,285,293 | Common | SOLE |
| 002942100 | AARD | AARDVARK THERAPEUTICS INC | $52.1M | 9.08% | 3,917,299 | Common | SOLE |
| N62509109 | NAMS | NEWAMSTERDAM PHARMA CO NV | $18.7M | 3.26% | 657,051 | Common | SOLE |
| N5749R100 | 2GH | MERUS NV | $17.6M | 3.06% | 186,546 | Common | SOLE |
| 76155X100 | RVMD | REVOLUTION MEDICINES INC(NSM) | $9.8M | 1.71% | 210,000 | Common | SOLE |
| 55083R104 | LYEL | Lyell Immunopharma, Inc. | $9.7M | 1.69% | 595,466 | Common | SOLE |
| G10830100 | BYSI | BeyondSpring Inc. | $7.8M | 1.35% | 4,286,104 | Common | SOLE |
| 00461U105 | ACRS | Aclaris Therapeutics, Inc. | $7.7M | 1.34% | 4,041,736 | Common | SOLE |
| 03969F109 | RCUS | Arcus Biosciences, Inc | $7.4M | 1.30% | 547,609 | Common | SOLE |
| 29446K106 | EQ | Equillium Inc. | $6.4M | 1.11% | 4,447,308 | Common | SOLE |
| 22663K107 | CRNX | CRINETICS PHARMACEUTICALS IN | $6.0M | 1.04% | 143,000 | Common | SOLE |
| 501147102 | KRYS | KRYSTAL BIOTECH INC | $5.7M | 0.99% | 32,300 | Common | SOLE |
| 05153U107 | AURA | Aura Biosciences, Inc. | $3.2M | 0.56% | 515,555 | Common | SOLE |
| 98943L107 | ZNTL | Zentalis Pharmaceuticals Inc. | $2.0M | 0.35% | 1,323,327 | Common | SOLE |
| G4444C102 | MLTX | MOONLAKE IMMUNOTHERAPEUTICS | $1.3M | 0.23% | 181,600 | Common | SOLE |
| 35104E100 | FDMT | 4D MOLECULAR THERAPEUTICS IN | $805,980 | 0.14% | 92,748 | Common | SOLE |
| 452327109 | ILMN | Illumnia, Inc. | $757,766 | 0.13% | 7,979 | Common | SOLE |
| 747324101 | PYXS | Pyxis Oncology, Inc (formerly Apexigen) | $725,518 | 0.13% | 326,810 | Common | SOLE |
| 384747101 | GRAL | GRAIL INC | $572,615 | 0.10% | 9,684 | Common | SOLE |
| 76200L309 | RZLT | REZOLUTE INC | $563,060 | 0.10% | 59,900 | Common | SOLE |
| 67080N119 | NUVB/WS | Nuvation Bio Inc. | $115,458 | 0.02% | 646,057 | 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.