Decheng Capital LLC Diversified Active

CIK: 0002010850 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 12, 2026

Total Value ($000): $743,407 (100.0% shares, 0.0% debt)

Holdings (19)

Increased Positions (1)

Value ($000) $21,301 (+120.3%) Shares 692,050 (+16.2%) Est. Cost $4.85 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	Lyell Immunopharma, Inc.	692,050 (+16.2%)	$21,301 (+120.3%)	2.9%	$4.85	—	COM	55083R104

Exited Positions (4)

— MERUS NV 2.4%

Value ($000) $17,563 Shares 186,546 Est. Cost $51.07 Unrealized —

MLTX MOONLAKE IMMUNOTHERAPEUTICS 0.2%

Value ($000) $1,302 Shares 181,600 Est. Cost $50.17 Unrealized —

ILMN Illumnia, Inc. 0.1%

Value ($000) $758 Shares 7,979 Est. Cost $122.34 Unrealized -4.0%

GRAL GRAIL INC 0.1%

Value ($000) $573 Shares 9,684 Est. Cost $16.22 Unrealized +432.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	MERUS NV	186,546	$17,563	2.4%	$51.07	—	—	N5749R100
MLTX	MOONLAKE IMMUNOTHERAPEUTICS	181,600	$1,302	0.2%	$50.17	—	—	G4444C102
ILMN	Illumnia, Inc.	7,979	$758	0.1%	$122.34	-4.0%	—	452327109
GRAL	GRAIL INC	9,684	$573	0.1%	$16.22	+432.7%	—	384747101

Decreased Positions (9)

UPB Upstream Bio Inc. 11.5%

Value ($000) $85,335 (+38.1%) Shares 3,143,078 (-4.3%) Est. Cost $22.33 Unrealized +11.5%

RVMD REVOLUTION MEDICINES INC(NSM) 2.1%

Value ($000) $15,930 (+62.4%) Shares 200,000 (-4.8%) Est. Cost $50.40 Unrealized +30.1%

RCUS Arcus Biosciences, Inc 1.7%

Value ($000) $12,905 (+73.3%) Shares 541,559 (-1.1%) Est. Cost $12.03 Unrealized +69.6%

NAMS NEWAMSTERDAM PHARMA CO NV 2.8%

Value ($000) $20,769 (+11.1%) Shares 592,057 (-9.9%) Est. Cost $19.66 Unrealized +85.1%

CRNX CRINETICS PHARMACEUTICALS IN 0.6%

Value ($000) $4,315 (-27.5%) Shares 92,700 (-35.2%) Est. Cost $39.97 Unrealized +11.4%

BYSI BeyondSpring Inc. 0.8%

Value ($000) $6,195 (-20.1%) Shares 3,800,702 (-11.3%) Est. Cost $0.92 Unrealized +109.3%

KRYS KRYSTAL BIOTECH INC 0.6%

Value ($000) $4,265 (-25.2%) Shares 17,300 (-46.4%) Est. Cost $122.01 Unrealized +72.5%

AURA Aura Biosciences, Inc. 0.3%

Value ($000) $1,965 (-38.3%) Shares 360,483 (-30.1%) Est. Cost $8.47 Unrealized -29.9%

FDMT 4D MOLECULAR THERAPEUTICS IN 0.0%

Value ($000) $332 (-58.8%) Shares 44,311 (-52.2%) Est. Cost $24.39 Unrealized -58.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
UPB	Upstream Bio Inc.	3,143,078 (-4.3%)	$85,335 (+38.1%)	11.5%	$22.33	+11.5%	COM	91678A107
RVMD	REVOLUTION MEDICINES INC(NSM)	200,000 (-4.8%)	$15,930 (+62.4%)	2.1%	$50.40	+30.1%	COM	76155X100
RCUS	Arcus Biosciences, Inc	541,559 (-1.1%)	$12,905 (+73.3%)	1.7%	$12.03	+69.6%	COM	03969F109
NAMS	NEWAMSTERDAM PHARMA CO NV	592,057 (-9.9%)	$20,769 (+11.1%)	2.8%	$19.66	+85.1%	COM	N62509109
CRNX	CRINETICS PHARMACEUTICALS IN	92,700 (-35.2%)	$4,315 (-27.5%)	0.6%	$39.97	+11.4%	COM	22663K107
BYSI	BeyondSpring Inc.	3,800,702 (-11.3%)	$6,195 (-20.1%)	0.8%	$0.92	+109.3%	SHS	G10830100
KRYS	KRYSTAL BIOTECH INC	17,300 (-46.4%)	$4,265 (-25.2%)	0.6%	$122.01	+72.5%	COM	501147102
AURA	Aura Biosciences, Inc.	360,483 (-30.1%)	$1,965 (-38.3%)	0.3%	$8.47	-29.9%	COM	05153U107
FDMT	4D MOLECULAR THERAPEUTICS IN	44,311 (-52.2%)	$332 (-58.8%)	0.0%	$24.39	-58.4%	COM	35104E100

Unchanged Positions (9)

NUVB Nuvation Bio Inc. 31.3%

Value ($000) $232,552 Shares 25,954,439 Est. Cost $3.05 Unrealized +103.1%

CGON CG ONCOLOGY INC 35.6%

Value ($000) $264,552 Shares 6,371,669 Est. Cost $39.91 Unrealized +3.7%

ACRS Aclaris Therapeutics, Inc. 1.6%

Value ($000) $12,166 Shares 4,041,736 Est. Cost $2.33 Unrealized +8.3%

AARD AARDVARK THERAPEUTICS INC 6.9%

Value ($000) $51,415 Shares 3,917,299 Est. Cost $11.23 Unrealized +11.1%

EQ Equillium Inc. 0.9%

Value ($000) $6,893 Shares 4,447,308 Est. Cost $0.59 Unrealized +104.9%

RZLT REZOLUTE INC 0.0%

Value ($000) $141 Shares 59,900 Est. Cost $3.71 Unrealized +111.1%

PYXS Pyxis Oncology, Inc (formerly Apexigen) 0.1%

Value ($000) $376 Shares 326,810 Est. Cost $1.71 Unrealized +106.0%

ZNTL Zentalis Pharmaceuticals Inc. 0.2%

Value ($000) $1,786 Shares 1,323,327 Est. Cost $13.39 Unrealized -89.1%

— Nuvation Bio Inc. 0.0%

Value ($000) $213 Shares 646,057 Est. Cost $0.16 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NUVB	Nuvation Bio Inc.	25,954,439	$232,552	31.3%	$3.05	+103.1%	COM	67080N101
CGON	CG ONCOLOGY INC	6,371,669	$264,552	35.6%	$39.91	+3.7%	COM	156944100
ACRS	Aclaris Therapeutics, Inc.	4,041,736	$12,166	1.6%	$2.33	+8.3%	COM	00461U105
AARD	AARDVARK THERAPEUTICS INC	3,917,299	$51,415	6.9%	$11.23	+11.1%	COM	002942100
EQ	Equillium Inc.	4,447,308	$6,893	0.9%	$0.59	+104.9%	COM	29446K106
RZLT	REZOLUTE INC	59,900	$141	0.0%	$3.71	+111.1%	COM	76200L309
PYXS	Pyxis Oncology, Inc (formerly Apexigen)	326,810	$376	0.1%	$1.71	+106.0%	COM	747324101
ZNTL	Zentalis Pharmaceuticals Inc.	1,323,327	$1,786	0.2%	$13.39	-89.1%	COM	98943L107
—	Nuvation Bio Inc.	646,057	$213	0.0%	$0.16	—	WARRANTS	67080N119