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Decheng Capital LLC

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13F filer, CIK 2010850, MENLO PARK, CA

Decheng Capital LLC reported $395,968,030 across 25 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-13. Its ten largest share positions make up 92.38% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001104659-25-077492

Period
2025-06-30
Reported value
$396M
Holdings
25
Top 10 weight
92.38%
New
1
Sold out
3

Largest buys vs the previous quarter

SecurityShares changeApprox. value
ACLXadded+497,609$4.05M
MOONLAKE IMMUNOTHERAPEUTICSadded+10,000$472K
RZLTnew+59,900$267K
KRYSadded+1,000$137K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
LYELL IMMUNOPHARMA INCreduced-11,313,875-$100M
CYTKexited-100,000-$4.02M
RCUSreduced-648,789-$3.29M
LEGNreduced-80,000-$2.84M
BNTXexited-20,000-$1.82M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q2 2025

Share positions as resolved from 13F-HR 0001104659-25-077492, largest first. % of portfolio is the value over $395,968,030, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
CGONCG ONCOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,478,810 shares; 2024Q4: 6,371,669 shares; 2025Q1: 6,371,669 shares; 2025Q2: 6,371,669 shares 6,371,669$166M41.84%0Timeline
AARDAARDVARK THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 3,917,299 shares; 2025Q2: 3,917,299 shares 3,917,299$53M13.38%0Timeline
NUVBNUVATION BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 25,954,439 shares; 2024Q4: 25,954,439 shares; 2025Q1: 25,954,439 shares; 2025Q2: 25,954,439 shares 25,954,439$50.6M12.78%0Timeline
UPBUPSTREAM BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 3,285,293 shares; 2025Q1: 3,285,293 shares; 2025Q2: 3,285,293 shares 3,285,293$36.1M9.11%0Timeline
NAMSNEWAMSTERDAM PHARMA COMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 590,000 shares; 2024Q4: 770,000 shares; 2025Q1: 770,000 shares; 2025Q2: 770,000 shares 770,000$13.9M3.52%0Timeline
BYSIBEYONDSPRING INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,958,143 shares; 2024Q4: 4,882,651 shares; 2025Q1: 4,882,651 shares; 2025Q2: 4,531,481 shares 4,531,481$10.6M2.69%-351,170Timeline
MERUS N VMERUS N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 189,098 shares; 2024Q4: 189,098 shares; 2025Q1: 189,098 shares; 2025Q2: 189,098 shares 189,098$9.95M2.51%0
KRYSKRYSTAL BIOTECH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 71,772 shares; 2024Q4: 76,772 shares; 2025Q1: 65,000 shares; 2025Q2: 66,000 shares 66,000$9.07M2.29%+1,000Timeline
MOONLAKE IMMUNOTHERAPEUTICSMOONLAKE IMMUNOTHERAPEUTICSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 166,600 shares; 2024Q4: 171,600 shares; 2025Q1: 171,600 shares; 2025Q2: 181,600 shares 181,600$8.57M2.16%+10,000
RVMDREVOLUTION MEDICINES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,000 shares; 2024Q4: 226,000 shares; 2025Q1: 226,000 shares; 2025Q2: 226,000 shares 226,000$8.31M2.1%0Timeline
ACRSACLARIS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 2,266,667 shares; 2025Q1: 4,041,736 shares; 2025Q2: 4,041,736 shares 4,041,736$5.74M1.45%0Timeline
LYELL IMMUNOPHARMA INCLYELL IMMUNOPHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 11,909,341 shares; 2025Q1: 11,909,341 shares; 2025Q2: 595,466 shares 595,466$5.26M1.33%-11,313,875
ACLXARCELLX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 21,177 shares; 2024Q4: 84,377 shares; 2025Q1: 50,000 shares; 2025Q2: 547,609 shares 547,609$4.46M1.13%+497,609Timeline
CRNXCRINETICS PHARMACEUTICALS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 157,958 shares; 2024Q4: 167,958 shares; 2025Q1: 177,958 shares; 2025Q2: 143,000 shares 143,000$4.11M1.04%-34,958Timeline
AURAAURA BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 515,555 shares; 2024Q4: 515,555 shares; 2025Q1: 515,555 shares; 2025Q2: 515,555 shares 515,555$3.23M0.82%0Timeline
ZNTLZENTALIS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,108,095 shares; 2024Q4: 2,338,095 shares; 2025Q1: 2,019,762 shares; 2025Q2: 1,323,327 shares 1,323,327$1.54M0.39%-696,435Timeline
EQEQUILLIUM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,447,308 shares; 2024Q4: 4,447,308 shares; 2025Q1: 4,447,308 shares; 2025Q2: 4,447,308 shares 4,447,308$1.4M0.35%0Timeline
FDMT4D MOLECULAR THERAPEUTICS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 397,835 shares; 2024Q4: 400,000 shares; 2025Q1: 335,515 shares; 2025Q2: 239,510 shares 239,510$889K0.22%-96,005Timeline
RCUSARCUS BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 869,790 shares; 2024Q4: 808,789 shares; 2025Q1: 808,789 shares; 2025Q2: 160,000 shares 160,000$811K0.2%-648,789Timeline
ILMNILLUMINA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 94,767 shares; 2024Q4: 94,767 shares; 2025Q1: 11,749 shares; 2025Q2: 7,979 shares 7,979$761K0.19%-3,770Timeline
LEGNLEGEND BIOTECH CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 108,558 shares; 2024Q4: 153,558 shares; 2025Q1: 100,000 shares; 2025Q2: 20,000 shares 20,000$710K0.18%-80,000Timeline
GRALGRAIL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 9,684 shares; 2024Q4: 9,684 shares; 2025Q1: 9,684 shares; 2025Q2: 9,684 shares 9,684$498K0.13%0Timeline
PYXSPYXIS ONCOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 326,810 shares; 2024Q4: 326,810 shares; 2025Q1: 326,810 shares; 2025Q2: 326,810 shares 326,810$359K0.09%0Timeline
RZLTREZOLUTE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 59,900 shares 59,900$267K0.07%newTimeline
NUVATION BIO INCNUVATION BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 646,057 shares; 2024Q4: 646,057 shares; 2025Q1: 646,057 shares; 2025Q2: 646,057 shares 646,057$127K0.03%0

Sold out in Q2 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
CYTKCYTOKINETICS INC100,000$4.02Mshares
BNTXBIONTECH SE20,000$1.82Mshares
VERAVERA THERAPEUTICS INC4,495$108Kshares

How Q2 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001104659-25-077492 base2025-08-13acceptance time not in the bulk data set