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Decheng Capital LLC

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13F filer, CIK 2010850, MENLO PARK, CA

Decheng Capital LLC reported $573,195,689 across 23 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 93.81% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001104659-25-112117

Period
2025-09-30
Reported value
$573M
Holdings
23
Top 10 weight
93.81%
New
0
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
RCUSadded+387,609$5.27M

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
KRYSreduced-33,700-$5.95M
ACLXexited-547,609-$4.46M
NAMSreduced-112,949-$3.21M
FDMTreduced-146,762-$1.28M
RVMDreduced-16,000-$747K

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, Q3 2025

Share positions as resolved from 13F-HR 0001104659-25-112117, largest first. % of portfolio is the value over $573,195,689, 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; 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; 2025Q3: 6,371,669 shares 6,371,669$257M44.78%0Timeline
NUVBNUVATION BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 25,954,439 shares 25,954,439$96M16.75%0Timeline
UPBUPSTREAM BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 3,285,293 shares; 2025Q1: 3,285,293 shares; 2025Q2: 3,285,293 shares; 2025Q3: 3,285,293 shares 3,285,293$61.8M10.78%0Timeline
AARDAARDVARK THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 3,917,299 shares; 2025Q2: 3,917,299 shares; 2025Q3: 3,917,299 shares 3,917,299$52.1M9.08%0Timeline
NAMSNEWAMSTERDAM PHARMA COMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 590,000 shares; 2024Q4: 770,000 shares; 2025Q1: 770,000 shares; 2025Q2: 770,000 shares; 2025Q3: 657,051 shares 657,051$18.7M3.26%-112,949Timeline
MERUS N VMERUS N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 189,098 shares; 2024Q4: 189,098 shares; 2025Q1: 189,098 shares; 2025Q2: 189,098 shares; 2025Q3: 186,546 shares 186,546$17.6M3.06%-2,552
RVMDREVOLUTION MEDICINES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,000 shares; 2024Q4: 226,000 shares; 2025Q1: 226,000 shares; 2025Q2: 226,000 shares; 2025Q3: 210,000 shares 210,000$9.81M1.71%-16,000Timeline
LYELL IMMUNOPHARMA INCLYELL IMMUNOPHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 11,909,341 shares; 2025Q1: 11,909,341 shares; 2025Q2: 595,466 shares; 2025Q3: 595,466 shares 595,466$9.67M1.69%0
BYSIBEYONDSPRING INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 4,286,104 shares 4,286,104$7.76M1.35%-245,377Timeline
ACRSACLARIS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 2,266,667 shares; 2025Q1: 4,041,736 shares; 2025Q2: 4,041,736 shares; 2025Q3: 4,041,736 shares 4,041,736$7.68M1.34%0Timeline
RCUSARCUS BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 869,790 shares; 2024Q4: 808,789 shares; 2025Q1: 808,789 shares; 2025Q2: 160,000 shares; 2025Q3: 547,609 shares 547,609$7.45M1.3%+387,609Timeline
EQEQUILLIUM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 4,447,308 shares 4,447,308$6.36M1.11%0Timeline
CRNXCRINETICS PHARMACEUTICALS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 157,958 shares; 2024Q4: 167,958 shares; 2025Q1: 177,958 shares; 2025Q2: 143,000 shares; 2025Q3: 143,000 shares 143,000$5.96M1.04%0Timeline
KRYSKRYSTAL BIOTECH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 71,772 shares; 2024Q4: 76,772 shares; 2025Q1: 65,000 shares; 2025Q2: 66,000 shares; 2025Q3: 32,300 shares 32,300$5.7M0.99%-33,700Timeline
AURAAURA BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 515,555 shares; 2024Q4: 515,555 shares; 2025Q1: 515,555 shares; 2025Q2: 515,555 shares; 2025Q3: 515,555 shares 515,555$3.19M0.56%0Timeline
ZNTLZENTALIS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,323,327 shares 1,323,327$2M0.35%0Timeline
MOONLAKE IMMUNOTHERAPEUTICSMOONLAKE IMMUNOTHERAPEUTICSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 166,600 shares; 2024Q4: 171,600 shares; 2025Q1: 171,600 shares; 2025Q2: 181,600 shares; 2025Q3: 181,600 shares 181,600$1.3M0.23%0
FDMT4D MOLECULAR THERAPEUTICS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 397,835 shares; 2024Q4: 400,000 shares; 2025Q1: 335,515 shares; 2025Q2: 239,510 shares; 2025Q3: 92,748 shares 92,748$806K0.14%-146,762Timeline
ILMNILLUMINA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 94,767 shares; 2024Q4: 94,767 shares; 2025Q1: 11,749 shares; 2025Q2: 7,979 shares; 2025Q3: 7,979 shares 7,979$758K0.13%0Timeline
PYXSPYXIS ONCOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 326,810 shares; 2024Q4: 326,810 shares; 2025Q1: 326,810 shares; 2025Q2: 326,810 shares; 2025Q3: 326,810 shares 326,810$726K0.13%0Timeline
GRALGRAIL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 9,684 shares; 2024Q4: 9,684 shares; 2025Q1: 9,684 shares; 2025Q2: 9,684 shares; 2025Q3: 9,684 shares 9,684$573K0.1%0Timeline
RZLTREZOLUTE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 59,900 shares; 2025Q3: 59,900 shares 59,900$563K0.1%0Timeline
NUVATION BIO INCNUVATION BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 646,057 shares; 2024Q4: 646,057 shares; 2025Q1: 646,057 shares; 2025Q2: 646,057 shares; 2025Q3: 646,057 shares 646,057$115K0.02%0

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
ACLXARCELLX INC547,609$4.46Mshares
LEGNLEGEND BIOTECH CORP20,000$710Kshares

How Q3 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 0001104659-25-112117 base2025-11-14acceptance time not in the bulk data set