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Decheng Capital LLC

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13F filer, CIK 2010850, MENLO PARK, CA

Decheng Capital LLC reported $743,406,873 across 19 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-12. Its ten largest share positions make up 97.36% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001104659-26-014146

Period
2025-12-31
Reported value
$743M
Holdings
19
Top 10 weight
97.36%
New
0
Sold out
4

Largest buys vs the previous quarter

SecurityShares changeApprox. value
LYELL IMMUNOPHARMA INCadded+96,584$2.97M

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
MERUS N Vexited-186,546-$17.6M
UPBreduced-142,215-$3.86M
KRYSreduced-15,000-$3.7M
CRNXreduced-50,300-$2.34M
NAMSreduced-64,994-$2.28M

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, Q4 2025

Share positions as resolved from 13F-HR 0001104659-26-014146, largest first. % of portfolio is the value over $743,406,873, 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; 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; 2025Q4: 6,371,669 shares 6,371,669$265M35.59%0Timeline
NUVBNUVATION BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 25,954,439 shares 25,954,439$233M31.28%0Timeline
UPBUPSTREAM BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,143,078 shares 3,143,078$85.3M11.48%-142,215Timeline
AARDAARDVARK THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,917,299 shares 3,917,299$51.4M6.92%0Timeline
LYELL IMMUNOPHARMA INCLYELL IMMUNOPHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 692,050 shares 692,050$21.3M2.87%+96,584
NAMSNEWAMSTERDAM PHARMA COMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 590,000 shares; 2024Q4: 770,000 shares; 2025Q1: 770,000 shares; 2025Q2: 770,000 shares; 2025Q3: 657,051 shares; 2025Q4: 592,057 shares 592,057$20.8M2.79%-64,994Timeline
RVMDREVOLUTION MEDICINES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,000 shares; 2024Q4: 226,000 shares; 2025Q1: 226,000 shares; 2025Q2: 226,000 shares; 2025Q3: 210,000 shares; 2025Q4: 200,000 shares 200,000$15.9M2.14%-10,000Timeline
RCUSARCUS BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 869,790 shares; 2024Q4: 808,789 shares; 2025Q1: 808,789 shares; 2025Q2: 160,000 shares; 2025Q3: 547,609 shares; 2025Q4: 541,559 shares 541,559$12.9M1.74%-6,050Timeline
ACRSACLARIS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 4,041,736 shares 4,041,736$12.2M1.64%0Timeline
EQEQUILLIUM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 4,447,308 shares 4,447,308$6.89M0.93%0Timeline
BYSIBEYONDSPRING INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,800,702 shares 3,800,702$6.2M0.83%-485,402Timeline
CRNXCRINETICS PHARMACEUTICALS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 157,958 shares; 2024Q4: 167,958 shares; 2025Q1: 177,958 shares; 2025Q2: 143,000 shares; 2025Q3: 143,000 shares; 2025Q4: 92,700 shares 92,700$4.32M0.58%-50,300Timeline
KRYSKRYSTAL BIOTECH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 71,772 shares; 2024Q4: 76,772 shares; 2025Q1: 65,000 shares; 2025Q2: 66,000 shares; 2025Q3: 32,300 shares; 2025Q4: 17,300 shares 17,300$4.27M0.57%-15,000Timeline
AURAAURA BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 515,555 shares; 2024Q4: 515,555 shares; 2025Q1: 515,555 shares; 2025Q2: 515,555 shares; 2025Q3: 515,555 shares; 2025Q4: 360,483 shares 360,483$1.96M0.26%-155,072Timeline
ZNTLZENTALIS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,323,327 shares 1,323,327$1.79M0.24%0Timeline
PYXSPYXIS ONCOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 326,810 shares; 2024Q4: 326,810 shares; 2025Q1: 326,810 shares; 2025Q2: 326,810 shares; 2025Q3: 326,810 shares; 2025Q4: 326,810 shares 326,810$376K0.05%0Timeline
FDMT4D MOLECULAR THERAPEUTICS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 397,835 shares; 2024Q4: 400,000 shares; 2025Q1: 335,515 shares; 2025Q2: 239,510 shares; 2025Q3: 92,748 shares; 2025Q4: 44,311 shares 44,311$332K0.04%-48,437Timeline
NUVATION BIO INCNUVATION BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 646,057 shares; 2024Q4: 646,057 shares; 2025Q1: 646,057 shares; 2025Q2: 646,057 shares; 2025Q3: 646,057 shares; 2025Q4: 646,057 shares 646,057$213K0.03%0
RZLTREZOLUTE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 59,900 shares; 2025Q3: 59,900 shares; 2025Q4: 59,900 shares 59,900$141K0.02%0Timeline

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
MERUS N VMERUS N V186,546$17.6Mshares
MOONLAKE IMMUNOTHERAPEUTICSMOONLAKE IMMUNOTHERAPEUTICS181,600$1.3Mshares
ILMNILLUMINA INC7,979$758Kshares
GRALGRAIL INC9,684$573Kshares

How Q4 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 0001104659-26-014146 base2026-02-12acceptance time not in the bulk data set