# Decheng Capital Management III (Cayman), LLC

> Institutional holdings reported to the SEC as of Q3 2023 on Form 13F. CIK 1747821. Source: https://holderbook.com/funds/1747821-decheng-capital-management-iii-cayman-llc/

- Reported value: $299.6M
- Positions: 26
- Weight of the ten largest: 79.2%
- Filed: 2023-12-12

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| ALPINE IMMUNE SCIENCES INC | [ALPN](https://holderbook.com/stocks/ALPN/) | $76.8M | 6,708,288 | 25.6% | 1 |
| ZENTALIS PHARMACEUTICALS INC | [ZNTL](https://holderbook.com/stocks/ZNTL/) | $42.1M | 2,099,583 | 14.1% | 6 |
| AURA BIOSCIENCES INC | [AURA](https://holderbook.com/stocks/AURA/) | $18.2M | 1,163,123 | 6.1% | 7 |
| ROIVANT SCIENCES LTD | [ROIV](https://holderbook.com/stocks/ROIV/) | $17.0M | 1,459,700 | 5.7% | 1 |
| ACELYRIN INC | [SLRN](https://holderbook.com/stocks/SLRN/) | $15.7M | 1,548,317 | 5.3% | 2 |
| ARCUS BIOSCIENCES INC | [RCUS](https://holderbook.com/stocks/RCUS/) | $15.6M | 869,790 | 5.2% | 7 |
| 10X GENOMICS INC | [TXG](https://holderbook.com/stocks/TXG/) | $14.8M | 359,554 | 4.9% | 7 |
| ARGENX SE | [ARGX](https://holderbook.com/stocks/ARGX/) | $13.5M | 27,429 | 4.5% | 5 |
| PACIFIC BIOSCIENCES CALIF IN | [PACB](https://holderbook.com/stocks/PACB/) | $12.2M | 1,463,872 | 4.1% | 7 |
| ILLUMINA INC | [ILMN](https://holderbook.com/stocks/ILMN/) | $11.1M | 80,859 | 3.7% | 7 |
| LANTHEUS HLDGS INC | [LNTH](https://holderbook.com/stocks/LNTH/) | $9.9M | 142,196 | 3.3% | 1 |
| HORIZON THERAPEUTICS PUB L | [HZNP](https://holderbook.com/stocks/HZNP/) | $9.1M | 78,900 | 3.0% | 6 |
| PHATHOM PHARMACEUTICALS INC | [PHAT](https://holderbook.com/stocks/PHAT/) | $8.8M | 850,000 | 2.9% | 2 |
| IMMUNOGEN INC | [IMGN](https://holderbook.com/stocks/IMGN/) | $6.6M | 415,880 | 2.2% | 1 |
| SEAGEN INC | [SGEN](https://holderbook.com/stocks/SGEN/) | $4.9M | 23,014 | 1.6% | 1 |
| CUE HEALTH INC | [HLTHQ](https://holderbook.com/stocks/HLTHQ/) | $4.0M | 8,980,909 | 1.3% | 7 |
| BEYONDSPRING INC | [BYSI](https://holderbook.com/stocks/BYSI/) | $4.0M | 4,958,143 | 1.3% | 1 |
| TERNS PHARMACEUTICALS INC | [TERN](https://holderbook.com/stocks/TERN/) | $3.6M | 714,285 | 1.2% | 7 |
| EQUILLIUM INC | [EQ](https://holderbook.com/stocks/EQ/) | $3.3M | 4,447,308 | 1.1% | 7 |
| WHITEHAWK THERAPEUTICS INC | [WHWK](https://holderbook.com/stocks/WHWK/) | $2.5M | 526,329 | 0.9% | 7 |
| ATRICURE INC | [ATRC](https://holderbook.com/stocks/ATRC/) | $2.0M | 46,259 | 0.7% | 1 |
| SCYNEXIS INC | [SCYX](https://holderbook.com/stocks/SCYX/) | $1.3M | 555,555 | 0.4% | 7 |
| MERSANA THERAPEUTICS INC COM | [MRSN](https://holderbook.com/stocks/MRSN/) | $1.1M | 904,268 | 0.4% | 7 |
| PYXIS ONCOLOGY INC | [PYXS](https://holderbook.com/stocks/PYXS/) | $650.4K | 326,810 | 0.2% | 1 |
| GENEDX HOLDINGS CORP | [WGS](https://holderbook.com/stocks/WGS/) | $377.1K | 103,604 | 0.1% | 1 |
| ADICET BIO INC | [ACET](https://holderbook.com/stocks/ACET/) | $274.3K | 200,201 | 0.1% | 7 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q3 2023 | -26.6% | -3.6% | -23.0% | 69% |
| Q2 2023 | +2.2% | +8.3% | -6.1% | 77% |
| Q1 2023 | -1.4% | +7.0% | -8.4% | 71% |
| Q4 2022 | +0.1% | +7.1% | -7.0% | 98% |
| Q3 2022 | -4.8% | -5.3% | +0.5% | 99% |
| Q2 2022 | -35.4% | -16.5% | -18.9% | 98% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2023 | $299.6M | 26 |
| Q2 2023 | $318.8M | 25 |
| Q1 2023 | $247.9M | 24 |
| Q4 2022 | $267.2M | 26 |
| Q3 2022 | $275.8M | 26 |
| Q2 2022 | $263.7M | 25 |
| Q1 2022 | $326.3M | 24 |