We studied a 0.15-µm InGaP/InGaAs/GaAs pseudomorphic HEMT operating under a negative drain bias, using a parameter extraction technique based on an analytical parameter transformation. The bias-dependent data of smallsignal equivalent circuit elements was obtained from Sparameters measured at up to 62.5 GHz at various bias settings. We then described the intrinsic part of the device using a new empirical large-signal model in which charge conservation and dispersion effects were taken into consideration. As far as we know, this is the first report to clarify the behavior of a HEMT operating under negative drain bias. We included our largesignal model in a commercially-available harmonic-balance simulator as a user-defined model, and designed a 60 GHz MMIC oscillator. The fabricated oscillator's characteristics agreed well with the design calculations.