Pharvaris (PHVS) had the highest return in December 2022 by a small-cap US stock, returning 425.7%.

ASSET	MONTH	% RETURN
Pharvaris (PHVS)	December 2022	425.7%
SS Innovations International Inc Common Stock (SSII)	December 2022	304%
American Coastal Insurance (ACIC)	December 2022	229.54%
Studio City International (MSC)	December 2022	140.32%
Rigel Pharmaceuticals (RIGL)	December 2022	119.62%
Akebia Ther (AKBA)	December 2022	113.78%
Waterdrop Inc ADR (WDH)	December 2022	100.6%
Gaotu Techedu Inc DRC (GOTU)	December 2022	83.66%
Ehang (EH)	December 2022	78.01%
Frequency Therapeutics (KRRO)	December 2022	73.42%
Mama's Creations (MAMA)	December 2022	72.6%
ATRenew Inc DRC (RERE)	December 2022	69.01%
So-Young International (SY)	December 2022	67.51%
Wave Life Sciences (WVE)	December 2022	66.67%
Oric Pharmaceuticals (ORIC)	December 2022	64.07%
Tuya Inc ADR (TUYA)	December 2022	63.24%
Ardelyx (ARDX)	December 2022	62.86%
Hello (MOMO)	December 2022	60.07%
Amber International (AMBR)	December 2022	59.09%
Altimmune (ALT)	December 2022	52.31%
Astria Therapeutics (ATXS)	December 2022	48.31%
HUYA (HUYA)	December 2022	47.4%
Pulse Biosciences (PLSE)	December 2022	44.27%
ARS Pharmaceuticals (SPRY)	December 2022	39.15%
Smart Share Global Ltd ADR (EM)	December 2022	39.04%

Small-cap stocks are treated as having a market cap between $300M and $2B.