# Decheng Capital LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 2010850. Source: https://holderbook.com/funds/2010850-decheng-capital-llc/

- Reported value: $731.7M
- Positions: 14
- Weight of the ten largest: 98.1%
- Filed: 2026-08-14

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 |
|---|---|---|---|---|---|
| CG ONCOLOGY INC | [CGON](https://holderbook.com/stocks/CGON/) | $452.7M | 6,371,669 | 61.9% | 10 |
| NUVATION BIO INC | [NUVB](https://holderbook.com/stocks/NUVB/) | $147.4M | 25,954,439 | 20.1% | 9 |
| AARDVARK THERAPEUTICS INC | [AARD](https://holderbook.com/stocks/AARD/) | $22.6M | 3,917,299 | 3.1% | 6 |
| ACLARIS THERAPEUTICS INC | [ACRS](https://holderbook.com/stocks/ACRS/) | $21.4M | 4,041,736 | 2.9% | 7 |
| UPSTREAM BIO INC | [UPB](https://holderbook.com/stocks/UPB/) | $18.9M | 2,724,868 | 2.6% | 7 |
| ARCUS BIOSCIENCES INC | [RCUS](https://holderbook.com/stocks/RCUS/) | $14.3M | 464,779 | 2.0% | 11 |
| EQUILLIUM INC | [EQ](https://holderbook.com/stocks/EQ/) | $14.2M | 4,447,308 | 1.9% | 11 |
| REVOLUTION MEDICINES INC | [RVMD](https://holderbook.com/stocks/RVMD/) | $9.9M | 52,667 | 1.3% | 8 |
| LYELL IMMUNOPHARMA INC | [LYELXXXX](https://holderbook.com/stocks/LYELXXXX/) | $9.7M | 692,050 | 1.3% | 7 |
| BEYONDSPRING INC | [BYSI](https://holderbook.com/stocks/BYSI/) | $6.7M | 3,800,702 | 0.9% | 11 |
| ZENTALIS PHARMACEUTICALS INC | [ZNTL](https://holderbook.com/stocks/ZNTL/) | $6.4M | 1,323,327 | 0.9% | 11 |
| NEWAMSTERDAM PHARMA COMPANY | [NAMS](https://holderbook.com/stocks/NAMS/) | $6.0M | 176,887 | 0.8% | 9 |
| PYXIS ONCOLOGY INC | [PYXS](https://holderbook.com/stocks/PYXS/) | $983.7K | 326,810 | 0.1% | 11 |
| TANGO THERAPEUTICS INC | [TNGX](https://holderbook.com/stocks/TNGX/) | $625.2K | 20,000 | 0.1% | 1 |

## 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 |
|---|---|---|---|---|
| Q2 2026 | +13.9% | +14.8% | -1.0% | 98% |
| Q1 2026 | -5.7% | -4.6% | -1.1% | 97% |
| Q4 2025 | +34.4% | +2.4% | +32.1% | 98% |
| Q3 2025 | +48.3% | +7.8% | +40.5% | 105% |
| Q2 2025 | +43.9% | +10.5% | +33.4% | 98% |
| Q1 2025 | -25.8% | -4.6% | -21.2% | 98% |
| Q4 2024 | -14.1% | +2.1% | -16.2% | 98% |
| Q3 2024 | +11.2% | +5.4% | +5.8% | 98% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $731.7M | 14 |
| Q1 2026 | $661.3M | 14 |
| Q4 2025 | $743.4M | 19 |
| Q3 2025 | $573.2M | 23 |
| Q2 2025 | $396.0M | 25 |
| Q1 2025 | $356.5M | 27 |
| Q4 2024 | $466.2M | 28 |
| Q3 2024 | $422.2M | 26 |
| Q2 2024 | $326.3M | 24 |
| Q1 2024 | $745.6M | 22 |
| Q4 2023 | $357.9M | 24 |