Data as of Q4 2025 (Dec 31, 2025)

Decheng Capital LLC

•CIK: 2010850•Filing: Q4 2025

**Decheng Capital LLC** manages $743M across a concentrated portfolio of 19 positions. The fund exhibits significant conviction in select names, with its top holdings including CGON at $264.6M and NUVB at $232.6M. Further substantial allocations are maintained in UPB ($85.3M) and AARD ($51.4M). This structure suggests a high-conviction, deep-value approach targeting outsized returns within specific market sectors.

Total AUM
$743.4M
QoQ Performance
+29.7%
Positions
18
Top 10 Concentration
97.4%
Latest Filing
Q4 2025

Top Holdings Allocation

CGON
NUVB
UPB
AARD
CGON35.6%
NUVB31.3%
UPB11.5%
AARD6.9%
Lyell2.9%
NAMS2.8%
RVMD2.1%
RCUS1.7%

📈 Biggest Buys

—
Lyell Immunopharma, Inc.
+16.2%
2.9% of portfolio

📉 Biggest Sells

UPB
Upstream Bio Inc.
-4.3%
11.5% of portfolio
KRYS
KRYSTAL BIOTECH INC
-46.4%
0.6% of portfolio
CRNX
CRINETICS PHARMACEUTICALS IN
-35.2%
0.6% of portfolio
NAMS
NEWAMSTERDAM PHARMA CO NV
-9.9%
2.8% of portfolio
AURA
Aura Biosciences, Inc.
-30.1%
0.3% of portfolio

Sector Breakdown

Other100.0%

🚪 Exited Positionssold since Q3 2025

2GH
MERUS NV
SOLD
$17.6M
—
MOONLAKE IMMUNOTHERAPEUTICS
SOLD
$1.3M
ILMN
Illumnia, Inc.
SOLD
$757.8K
GRAL
GRAIL INC
SOLD
$572.6K

Changes from Q3 2025

↑1 increased
↓9 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

CGON35.6%
CG ONCOLOGY INC
$264.6M
NUVB31.3%
Nuvation Bio Inc.
$232.6M
UPB11.5%
Upstream Bio Inc.
$85.3M
AARD6.9%
AARDVARK THERAPEUTICS INC
$51.4M
NAMS2.8%
NEWAMSTERDAM PHARMA CO NV
$20.8M

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