Filed: 11/14/2025ACC: 0001104659-25-112117
📋 What this filing means
DECHENG CAPITAL LLC filed this quarterly 13F‑HR report disclosing 23 equity positions with a total reported market value of $573.20M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.
23
Positions
$573.20M
Total AUM (reported)
57.84M
Total Shares
Allocation by class
COM$565.32M98.6%
SHS$7.76M1.4%
WARRANTS$115.5K0.0%
Portfolio Concentration
Top 3$414.48M72.3%
4–10$123.23M21.5%
11–25$35.49M6.2%
Top 3 weight
72.3%
Top 10 weight
93.8%
Voting Authority Distribution
Total shares with voting rights: 57.84M
Sole
Full voting authority
57.84M
shares
% of voting shares100.0%
Shared
Joint voting authority
0.00
shares
% of voting shares0.0%
None
No voting authority
0.00
shares
% of voting shares0.0%
Investment Discretion (by position count)
Sole23
Shared0
Other0
Dominant voting typeSole · 100.0% of voting shares
Institutional Holdings23
Rows:
CG ONCOLOGY INC
SOLEShares6.37M
TypeSH
Market value$256.65M
44.78%
Sole
6.37M
Shared
0.00
None
0.00
Nuvation Bio Inc.
SOLEShares25.95M
TypeSH
Market value$96.03M
16.75%
Sole
25.95M
Shared
0.00
None
0.00
Upstream Bio Inc.
SOLEShares3.29M
TypeSH
Market value$61.80M
10.78%
Sole
3.29M
Shared
0.00
None
0.00
AARDVARK THERAPEUTICS INC
SOLEShares3.92M
TypeSH
Market value$52.06M
9.08%
Sole
3.92M
Shared
0.00
None
0.00
NEWAMSTERDAM PHARMA CO NV
SOLEShares657.05K
TypeSH
Market value$18.69M
3.26%
Sole
657.05K
Shared
0.00
None
0.00
MERUS NV
SOLEShares186.55K
TypeSH
Market value$17.56M
3.06%
Sole
186.55K
Shared
0.00
None
0.00
REVOLUTION MEDICINES INC(NSM)
SOLEShares210K
TypeSH
Market value$9.81M
1.71%
Sole
210K
Shared
0.00
None
0.00
Lyell Immunopharma, Inc.
SOLEShares595.47K
TypeSH
Market value$9.67M
1.69%
Sole
595.47K
Shared
0.00
None
0.00
BeyondSpring Inc.
SOLEShares4.29M
TypeSH
Market value$7.76M
1.35%
Sole
4.29M
Shared
0.00
None
0.00
Aclaris Therapeutics, Inc.
SOLEShares4.04M
TypeSH
Market value$7.68M
1.34%
Sole
4.04M
Shared
0.00
None
0.00
Arcus Biosciences, Inc
SOLEShares547.61K
TypeSH
Market value$7.45M
1.30%
Sole
547.61K
Shared
0.00
None
0.00
Equillium Inc.
SOLEShares4.45M
TypeSH
Market value$6.36M
1.11%
Sole
4.45M
Shared
0.00
None
0.00
CRINETICS PHARMACEUTICALS IN
SOLEShares143K
TypeSH
Market value$5.96M
1.04%
Sole
143K
Shared
0.00
None
0.00
KRYSTAL BIOTECH INC
SOLEShares32.30K
TypeSH
Market value$5.70M
0.99%
Sole
32.30K
Shared
0.00
None
0.00
Aura Biosciences, Inc.
SOLEShares515.55K
TypeSH
Market value$3.19M
0.56%
Sole
515.55K
Shared
0.00
None
0.00
Zentalis Pharmaceuticals Inc.
SOLEShares1.32M
TypeSH
Market value$2.00M
0.35%
Sole
1.32M
Shared
0.00
None
0.00
MOONLAKE IMMUNOTHERAPEUTICS
SOLEShares181.60K
TypeSH
Market value$1.30M
0.23%
Sole
181.60K
Shared
0.00
None
0.00
4D MOLECULAR THERAPEUTICS IN
SOLEShares92.75K
TypeSH
Market value$806.0K
0.14%
Sole
92.75K
Shared
0.00
None
0.00
Illumnia, Inc.
SOLEShares7.98K
TypeSH
Market value$757.8K
0.13%
Sole
7.98K
Shared
0.00
None
0.00
Pyxis Oncology, Inc (formerly Apexigen)
SOLEShares326.81K
TypeSH
Market value$725.5K
0.13%
Sole
326.81K
Shared
0.00
None
0.00
GRAIL INC
SOLEShares9.68K
TypeSH
Market value$572.6K
0.10%
Sole
9.68K
Shared
0.00
None
0.00
REZOLUTE INC
SOLEShares59.90K
TypeSH
Market value$563.1K
0.10%
Sole
59.90K
Shared
0.00
None
0.00
Nuvation Bio Inc.
SOLEShares646.06K
TypeSH
Market value$115.5K
0.02%
Sole
646.06K
Shared
0.00
None
0.00
| Issuer | Class | Shares | Type | Value / Portfolio % | Voting — Sole | Shared | None |
|---|---|---|---|---|---|---|---|
CG ONCOLOGY INCSOLE | COM | 6.37M | SH | $256.65M 44.78% | 6.37M | 0.00 | 0.00 |
Nuvation Bio Inc.SOLE | COM | 25.95M | SH | $96.03M 16.75% | 25.95M | 0.00 | 0.00 |
Upstream Bio Inc.SOLE | COM | 3.29M | SH | $61.80M 10.78% | 3.29M | 0.00 | 0.00 |
AARDVARK THERAPEUTICS INCSOLE | COM | 3.92M | SH | $52.06M 9.08% | 3.92M | 0.00 | 0.00 |
NEWAMSTERDAM PHARMA CO NVSOLE | COM | 657.05K | SH | $18.69M 3.26% | 657.05K | 0.00 | 0.00 |
MERUS NVSOLE | COM | 186.55K | SH | $17.56M 3.06% | 186.55K | 0.00 | 0.00 |
REVOLUTION MEDICINES INC(NSM)SOLE | COM | 210K | SH | $9.81M 1.71% | 210K | 0.00 | 0.00 |
Lyell Immunopharma, Inc.SOLE | COM | 595.47K | SH | $9.67M 1.69% | 595.47K | 0.00 | 0.00 |
BeyondSpring Inc.SOLE | SHS | 4.29M | SH | $7.76M 1.35% | 4.29M | 0.00 | 0.00 |
Aclaris Therapeutics, Inc.SOLE | COM | 4.04M | SH | $7.68M 1.34% | 4.04M | 0.00 | 0.00 |
Arcus Biosciences, IncSOLE | COM | 547.61K | SH | $7.45M 1.30% | 547.61K | 0.00 | 0.00 |
Equillium Inc.SOLE | COM | 4.45M | SH | $6.36M 1.11% | 4.45M | 0.00 | 0.00 |
CRINETICS PHARMACEUTICALS INSOLE | COM | 143K | SH | $5.96M 1.04% | 143K | 0.00 | 0.00 |
KRYSTAL BIOTECH INCSOLE | COM | 32.30K | SH | $5.70M 0.99% | 32.30K | 0.00 | 0.00 |
Aura Biosciences, Inc.SOLE | COM | 515.55K | SH | $3.19M 0.56% | 515.55K | 0.00 | 0.00 |
Zentalis Pharmaceuticals Inc.SOLE | COM | 1.32M | SH | $2.00M 0.35% | 1.32M | 0.00 | 0.00 |
MOONLAKE IMMUNOTHERAPEUTICSSOLE | COM | 181.60K | SH | $1.30M 0.23% | 181.60K | 0.00 | 0.00 |
4D MOLECULAR THERAPEUTICS INSOLE | COM | 92.75K | SH | $806.0K 0.14% | 92.75K | 0.00 | 0.00 |
Illumnia, Inc.SOLE | COM | 7.98K | SH | $757.8K 0.13% | 7.98K | 0.00 | 0.00 |
Pyxis Oncology, Inc (formerly Apexigen)SOLE | COM | 326.81K | SH | $725.5K 0.13% | 326.81K | 0.00 | 0.00 |
GRAIL INCSOLE | COM | 9.68K | SH | $572.6K 0.10% | 9.68K | 0.00 | 0.00 |
REZOLUTE INCSOLE | COM | 59.90K | SH | $563.1K 0.10% | 59.90K | 0.00 | 0.00 |
Nuvation Bio Inc.SOLE | WARRANTS | 646.06K | SH | $115.5K 0.02% | 646.06K | 0.00 | 0.00 |