Burning Rock Reports Unaudited Fourth Quarter and Full Year 2025 Financial Results
Rhea-AI Summary
Burning Rock (NASDAQ: BNR) reported unaudited Q4 and full‑year 2025 results on March 12, 2026. 2025 revenue was RMB539.6 million (US$77.2M), up 4.6% YoY; Q4 revenue was RMB126.3 million (US$18.1M). Gross margin rose to 74.7% for 2025 and operating expenses fell 36.4% year-over-year.
Key operational updates include USPTO grant for ELSA-seq patent, CMDE priority review for OncoScreen BCMatch Tissue Kit, and MRD study presentation at Annals of Surgery.
Positive
- Revenue +4.6% year-over-year to RMB539.6M in 2025
- Gross margin +440 bps to 74.7% in 2025
- Operating expenses down 36.4% in 2025
- Cash balance RMB481.1M as of December 31, 2025
Negative
- Net loss RMB55.3M for 2025 remains negative
- Q4 pharma R&D revenue -27.7% YoY to RMB31.3M
Key Figures
Market Reality Check
Peers on Argus
BNR’s pre-news move (-0.04%) was minimal while peers showed mixed directions: PRE +8.21%, BDSX +3.03%, MDXH -1.19%, XGN -1.89%, FONR -0.03%, suggesting stock-specific drivers rather than a unified sector move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 20 | Q3 2025 earnings | Positive | -3.1% | Q3 revenue growth, margin expansion, narrowed net loss, strong pharma R&D. |
| Sep 08 | Q2 2025 earnings | Positive | +9.2% | Q2 revenue growth, improved gross margin, sharply lower operating expenses and loss. |
| Jun 06 | Q1 2025 earnings | Positive | -1.4% | Q1 revenue increase, higher gross margin, significantly reduced net loss. |
| Mar 25 | FY 2024 results | Positive | -12.4% | Q4 and FY 2024 margin improvements and reduced net loss despite segment mix shifts. |
| Dec 03 | Q3 2024 earnings | Positive | +13.7% | Q3 2024 revenue growth, better gross margin and lower operating expenses. |
Earnings releases have generally been operationally positive, but price reactions skew mixed-to-negative, with 3 divergences vs 2 alignments.
Across 2024–2025, Burning Rock’s earnings updates showed steady revenue gains, rising gross margins and sharply reduced net losses, supported by cost controls and business-mix shifts toward in-hospital and pharma R&D services. Q1–Q3 2025 results highlighted narrowing losses and improving efficiency, and the latest FY 2025 report continues this trajectory with higher revenue, better margins and a much smaller annual net loss versus 2024.
Historical Comparison
Past earnings headlines (5 in 2024–2025) produced an average ±1.2% move, with recurring themes of margin expansion and shrinking losses that mirror the FY 2025 results.
Earnings from Q3 2024 through FY 2025 show a progression of modest revenue growth, rising gross margins and substantial net-loss reduction as cost controls and business-mix shifts take hold.
Market Pulse Summary
This announcement highlights FY 2025 revenue growth to RMB539.6M, gross margin expansion to 74.7%, and a major reduction in net loss to RMB55.3M, driven by cost controls and mix shifts across central lab, in-hospital, and pharma R&D services. Investors may track whether margin gains persist, operating expenses remain disciplined, and cash of RMB481.1M continues to support clinical and commercial execution.
Key Terms
next-generation sequencing medical
ngs medical
precision oncology medical
ctdna medical
mrd medical
dfs medical
non-gaap financial
AI-generated analysis. Not financial advice.
GUANGZHOU, China, March 12, 2026 (GLOBE NEWSWIRE) -- Burning Rock Biotech Limited (NASDAQ: BNR, the “Company” or “Burning Rock”), a company focused on the application of next-generation sequencing (NGS) technology in the field of precision oncology, today reported unaudited financial results for the three months and the year ended December 31, 2025.
2025 Business Overview and Recent Updates
- Early Detection
- The core patent related to Burning Rock's proprietary ultrasensitive detection technology, ELSA-seq (Patent No.: US 12460202 B2), has officially been granted by the United States Patent and Trademark Office (USPTO).
- Therapy Selection & MRD
- Presented study results at Annals of Surgery in December 2025. "ctDNA-based MRD detected by CanCatch® Custom associates with recurrence in CRC. Day 7 is an effective alternative landmark to Day 30 for MRD assessment and CanCatch® Custom outperforms TIFP and TNFP in the association of DFS."
- OncoScreen® BCMatch Tissue Kit has officially entered the Priority Review Channel of the Center for Medical Device Evaluation (CMDE) under the NMPA.
Fourth Quarter 2025 Financial Results
Revenues were RMB126.3 million (US
- Revenue generated from central laboratory business was RMB44.0 million (US
$6.3 million ) for the three months ended December 31, 2025, representing a12.1% increase from RMB39.3 million for the same period in 2024, primarily attributable to an increase in the number of CanCatch® tests. - Revenue generated from in-hospital business was RMB51.0 million (US
$7.3 million ) for the three months ended December 31, 2025, representing a17.3% increase from RMB43.4 million for the same period in 2024, driven by an increase in sales volume from existing hospitals and new contracted partner hospitals. - Revenue generated from pharma research and development services was RMB31.3 million (US
$4.5 million ) for the three months ended December 31, 2025, representing a27.7% decrease from RMB43.3 million for the same period in 2024, primarily attributable to decreased testing services performed for our pharma customers due to timing of lumpy projects.
Cost of revenues was RMB27.7 million (US
Gross profit was RMB98.6 million (US
Non-GAAP gross profit, which excludes depreciation and amortization expenses, was RMB101.4 million (US
Operating expenses were RMB110.6 million (US
- Research and development expenses were RMB34.8 million (US
$5.0 million ) for the three months ended December 31, 2025, representing a33.2% decrease from RMB52.2 million for the same period in 2024, primarily due to (i) a decrease in staff cost resulted from the reorganization of our research and development department; (ii) a decrease in the expenditure for detection research, and (iii) a decrease in amortized expense on share-based compensation; and (iv) a decrease in amortized expenses for office building decoration. - Selling and marketing expenses were RMB44.1 million (US
$6.3 million ) for the three months ended December 31, 2025, representing a5.7% decrease from RMB46.7 million for the same period in 2024, primarily due to (i) a decrease in staff cost resulted from the reorganization; (ii) a decreased depreciation and amortization, offset by an increase in conference fee. - General and administrative expenses were RMB31.7 million (US
$4.5 million ) for the three months ended December 31, 2025, representing a15.1% decrease from RMB37.3 million for the same period in 2024, primarily due to (i) a decrease in amortized expense on share-based compensation; (ii) a decrease in operating lease; and (iii) a decrease in staff cost resulted from the reorganization; offset by an increase in impairment expenses for accounts receivables and contract assets.
Net loss was RMB15.4 million (US
Cash, cash equivalents and restricted cash were RMB481.1 million (US
Full Year 2025 Financial Results
Revenues were RMB539.6 million (US
- Revenue generated from central laboratory business was RMB160.0 million (US
$22.9 million ) for 2025, representing a8.9% decrease from RMB175.6 million for 2024, primarily attributable to a decrease in the number of tests, as we continued our transition towards in-hospital testing and pharma research and development services. - Revenue generated from in-hospital business was RMB224.1 million (US
$32.0 million ) for 2025, remaining relatively stable as compared with RMB224.5 million for 2024. - Revenue generated from pharma research and development services was RMB155.5 million (US
$22.2 million ) for 2025, representing a34.5% increase from RMB115.7 million for 2024, primarily attributable to an increased development and testing services performed for our pharma customers.
Cost of revenues was RMB136.7 million (US
Gross profit was RMB402.9 million (US
Non-GAAP gross profit, which excludes depreciation and amortization expenses, was RMB413.5 million (US
Operating expenses were RMB457.8 million (US
- Research and development expenses were RMB166.5 million (US
$23.8 million ) for 2025, representing a28.3% decrease from RMB232.4 million for 2024, primarily due to (i) a decrease in amortized expense on share-based compensation; (ii) a decrease in the expenditure for detection research; (iii) a decrease in staff cost resulted from the reorganization of our research and development department; and (iv) a decreased depreciation and amortization expenses. - Selling and marketing expenses were RMB165.2 million (US
$23.6 million ) for 2025, representing a13.5% decrease from RMB190.9 million for 2024, primarily due to (i) a decrease in staff cost resulted from the reorganization of our sales department; (ii) a decrease in depreciation and amortization expenses; and (iii) a decrease in amortized expense on share-based compensation; offset by (iv) an increase in conference fee. - General and administrative expenses were RMB126.1 million (US
$18.0 million ) for 2025, representing a51.8% decrease from RMB261.6 million for 2024, primarily due to (i) a decrease in amortized expense on share-based compensation; (ii) a decrease in staff cost resulted from the reorganization of our general and administrative department; (iii) a decrease in operating lease; and (iv) a decrease in depreciation and amortization expenses.
There is no impairment loss on long-lived assets for the year ended December 31, 2025, compared to RMB35.1 million for 2024.
Net loss was RMB55.3 million (US
Exchange Rate Information
This press release contains translations of certain Renminbi amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars and from U.S. dollars to Renminbi are made at a rate of RMB6.9931 to US
About Burning Rock
Burning Rock Biotech Limited (NASDAQ: BNR), whose mission is to guard life via science, focuses on the application of next generation sequencing (NGS) technology in the field of precision oncology. Its business consists of i) NGS-based therapy selection testing for late-stage cancer patients, and ii) cancer early detection, which has moved beyond proof-of-concept R&D into the clinical validation stage.
For more information about Burning Rock, please visit: ir.brbiotech.com.
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “confident” and similar statements. Burning Rock may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Burning Rock’s beliefs and expectations, are forward-looking statements. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Burning Rock’s control. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. All information provided in this press release is as of the date of this press release, and Burning Rock does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
Non-GAAP Measures
In evaluating the business, the Company considers and uses non-GAAP measures, such as non-GAAP gross profit and non-GAAP gross margin, as supplemental measures to review and assess operating performance and formulate business plans. However, the presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). These non-GAAP financial measures may be different from non-GAAP methods of accounting and reporting used by other companies, including peer companies, and therefore their comparability may be limited.
The Company defines non-GAAP gross profit as gross profit excluding depreciation and amortization. The Company defines non-GAAP gross margin as non-GAAP gross profit divided by its revenue.
The Company believes presenting non-GAAP gross profit and non-GAAP gross margin excluding non-cash impact of depreciation and amortization, in addition to the Company’s GAAP gross profit and gross margin, provides a better understanding of the underlying trends in the Company’s operating business performance.
Reconciliation of these non-GAAP financial measures to the most directly comparable U.S. GAAP measures are set forth at the end of this press release, all of which should be considered when evaluating the Company’s performance.
Contact: IR@brbiotech.com
| Selected Operating Data | |||||||||||||||
| As of | |||||||||||||||
| March 31, 2024 | June 30, 2024 | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | December 31, 2025 | ||||||||
| In-hospital channel: | |||||||||||||||
| Pipeline partner hospitals(1) | 28 | 29 | 30 | 29 | 30 | 30 | 31 | 30 | |||||||
| Contracted partner hospitals(2) | 59 | 59 | 61 | 63 | 63 | 63 | 63 | 64 | |||||||
| Total number of partner hospitals | 87 | 88 | 91 | 92 | 93 | 93 | 94 | 94 | |||||||
(1) Refers to hospitals that are in the process of establishing in-hospital laboratories, laboratory equipment procurement or installation, staff training or pilot testing using the Company’s products.
(2) Refers to hospitals that have entered into contracts to purchase the Company’s products for use on a recurring basis in their respective in-hospital laboratories the Company helped them establish. Kit revenue is generated from contracted hospitals.
| Selected Financial Data | |||||||||||||||
| For the three months ended | |||||||||||||||
| Revenues | March 31, 2024 | June 30, 2024 | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | December 31, 2025 | |||||||
| (RMB in thousands) | |||||||||||||||
| Central laboratory channel | 47,614 | 48,773 | 39,984 | 39,278 | 38,296 | 40,861 | 36,811 | 44,025 | |||||||
| In-hospital channel | 57,387 | 59,872 | 63,769 | 43,464 | 57,687 | 62,496 | 52,847 | 51,005 | |||||||
| Pharma research and development channel | 20,622 | 26,888 | 24,891 | 43,280 | 37,099 | 45,197 | 41,959 | 31,285 | |||||||
| Total revenues | 125,623 | 135,533 | 128,644 | 126,022 | 133,082 | 148,554 | 131,617 | 126,315 | |||||||
| For the three months ended | |||||||||||||||
| Revenues by location of contracting customer | March 31, 2024 | June 30, 2024 | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | December 31, 2025 | |||||||
| (RMB in thousands) | |||||||||||||||
| Overseas | 13,923 | 19,791 | 25,840 | 40,534 | 24,407 | 37,458 | 17,214 | 21,849 | |||||||
| Mainland China | 111,700 | 115,742 | 102,804 | 85,488 | 108,675 | 111,096 | 114,403 | 104,466 | |||||||
| Total Revenues | 125,623 | 135,533 | 128,644 | 126,022 | 133,082 | 148,554 | 131,617 | 126,315 | |||||||
| For the three months ended | |||||||||||||||
| Gross profit | March 31, 2024 | June 30, 2024 | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | December 31, 2025 | |||||||
| (RMB in thousands) | |||||||||||||||
| Central laboratory channel | 37,002 | 38,424 | 33,262 | 33,153 | 32,191 | 35,937 | 30,126 | 39,322 | |||||||
| In-hospital channel | 39,192 | 44,058 | 46,580 | 29,563 | 43,895 | 46,490 | 37,925 | 38,388 | |||||||
| Pharma research and development channel | 9,500 | 12,956 | 12,004 | 26,706 | 21,315 | 25,676 | 30,793 | 20,856 | |||||||
| Total gross profit | 85,694 | 95,438 | 91,846 | 89,422 | 97,401 | 108,103 | 98,844 | 98,566 | |||||||
| For the three months ended | ||||||||||||||||
| Share-based compensation expenses | March 31, 2024 | June 30, 2024 | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | December 31, 2025 | ||||||||
| (RMB in thousands) | ||||||||||||||||
| Cost of revenues | 596 | 464 | 289 | 520 | 308 | 280 | 301 | 300 | ||||||||
| Research and development expenses | 12,287 | 12,008 | 3,180 | 3,202 | 1,800 | (270 | ) | 73 | 259 | |||||||
| Selling and marketing expenses | 508 | 1,232 | 1,917 | 1,353 | 1,025 | 364 | 624 | 748 | ||||||||
| General and administrative expenses | 55,990 | 54,407 | 4,732 | 2,937 | 1,413 | 2,005 | 2,831 | 1,815 | ||||||||
| Total share-based compensation expenses | 69,381 | 68,111 | 10,118 | 8,012 | 4,546 | 2,379 | 3,829 | 3,122 | ||||||||
| Burning Rock Biotech Limited Unaudited Condensed Statements of Comprehensive Loss (in thousands, except for number of shares and per share data) | ||||||||||||||||||
| For the three months ended | ||||||||||||||||||
| March 31, 2024 | June 30, 2024 | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | December 31, 2025 | December 31, 2025 | ||||||||||
| RMB | RMB | RMB | RMB | RMB | RMB | RMB | RMB | US$ | ||||||||||
| Revenues | 125,623 | 135,533 | 128,644 | 126,022 | 133,082 | 148,554 | 131,617 | 126,315 | 18,063 | |||||||||
| Cost of revenues | (39,929 | ) | (40,095 | ) | (36,798 | ) | (36,600 | ) | (35,681 | ) | (40,451 | ) | (32,773 | ) | (27,749 | ) | (3,968 | ) |
| Gross profit | 85,694 | 95,438 | 91,846 | 89,422 | 97,401 | 108,103 | 98,844 | 98,566 | 14,095 | |||||||||
| Operating expenses: | ||||||||||||||||||
| Research and development expenses | (65,985 | ) | (64,952 | ) | (49,150 | ) | (52,203 | ) | (40,389 | ) | (49,770 | ) | (41,469 | ) | (34,866 | ) | (4,986 | ) |
| Selling and marketing expenses | (46,856 | ) | (48,907 | ) | (48,411 | ) | (46,730 | ) | (40,888 | ) | (38,413 | ) | (41,808 | ) | (44,066 | ) | (6,301 | ) |
| General and administrative expenses | (98,681 | ) | (92,794 | ) | (32,874 | ) | (37,289 | ) | (31,303 | ) | (31,417 | ) | (31,698 | ) | (31,672 | ) | (4,529 | ) |
| Impairment loss on long-lived assets | - | - | - | (35,127 | ) | - | - | - | - | - | ||||||||
| Total operating expenses | (211,522 | ) | (206,653 | ) | (130,435 | ) | (171,349 | ) | (112,580 | ) | (119,600 | ) | (114,975 | ) | (110,604 | ) | (15,816 | ) |
| Loss from operations | (125,828 | ) | (111,215 | ) | (38,589 | ) | (81,927 | ) | (15,179 | ) | (11,497 | ) | (16,131 | ) | (12,038 | ) | (1,721 | ) |
| Interest income | 4,038 | 3,187 | 3,173 | 1,814 | 2,581 | 2,226 | 1,744 | 1,502 | 215 | |||||||||
| Interest expense | - | - | - | - | - | - | (15 | ) | (15 | ) | (2 | ) | ||||||
| Other income (expense), net | 434 | (82 | ) | 1 | 4,353 | (652 | ) | 387 | 7 | 1 | - | |||||||
| Foreign exchange (loss) gain, net | (13 | ) | 262 | (129 | ) | (220 | ) | (26 | ) | (574 | ) | (2,151 | ) | (3,960 | ) | (566 | ) | |
| Loss before income tax | (121,369 | ) | (107,848 | ) | (35,544 | ) | (75,980 | ) | (13,276 | ) | (9,458 | ) | (16,546 | ) | (14,510 | ) | (2,074 | ) |
| Income tax expenses | (180 | ) | (190 | ) | (201 | ) | (5,314 | ) | (224 | ) | (244 | ) | (212 | ) | (876 | ) | (125 | ) |
| Net loss | (121,549 | ) | (108,038 | ) | (35,745 | ) | (81,294 | ) | (13,500 | ) | (9,702 | ) | (16,758 | ) | (15,386 | ) | (2,199 | ) |
| Net loss attributable to Burning Rock Biotech Limited’s shareholders | (121,549 | ) | (108,038 | ) | (35,745 | ) | (81,294 | ) | (13,500 | ) | (9,702 | ) | (16,758 | ) | (15,386 | ) | (2,199 | ) |
| Net loss attributable to ordinary shareholders | (121,549 | ) | (108,038 | ) | (35,745 | ) | (81,294 | ) | (13,500 | ) | (9,702 | ) | (16,758 | ) | (15,386 | ) | (2,199 | ) |
| Loss per share for class A and class B ordinary shares: | ||||||||||||||||||
| Class A ordinary shares - basic and diluted | (1.19 | ) | (1.05 | ) | (0.35 | ) | (0.79 | ) | (0.13 | ) | (0.09 | ) | (0.16 | ) | (0.15 | ) | (0.02 | ) |
| Class B ordinary shares - basic and diluted | (1.19 | ) | (1.05 | ) | (0.35 | ) | (0.79 | ) | (0.13 | ) | (0.09 | ) | (0.16 | ) | (0.15 | ) | (0.02 | ) |
| Weighted average shares outstanding used in loss per share computation: | ||||||||||||||||||
| Class A ordinary shares - basic and diluted | 85,219,188 | 85,271,858 | 85,902,670 | 86,036,286 | 90,291,658 | 90,357,970 | 90,416,619 | 87,444,109 | 87,444,109 | |||||||||
| Class B ordinary shares - basic and diluted | 17,324,848 | 17,324,848 | 17,324,848 | 17,324,848 | 17,324,848 | 17,324,848 | 17,324,848 | 17,324,848 | 17,324,848 | |||||||||
| Other comprehensive (loss) income, net of tax of nil: | ||||||||||||||||||
| Foreign currency translation adjustments | 590 | 940 | (4,054 | ) | 6,009 | (72 | ) | (243 | ) | (1,724 | ) | (2,050 | ) | (293 | ) | |||
| Total comprehensive loss | (120,959 | ) | (107,098 | ) | (39,799 | ) | (75,285 | ) | (13,572 | ) | (9,945 | ) | (18,482 | ) | (17,436 | ) | (2,492 | ) |
| Total comprehensive loss attributable to Burning Rock Biotech Limited’s shareholders | (120,959 | ) | (107,098 | ) | (39,799 | ) | (75,285 | ) | (13,572 | ) | (9,945 | ) | (18,482 | ) | (17,436 | ) | (2,492 | ) |
| Burning Rock Biotech Limited Unaudited Condensed Statements of Comprehensive Loss (in thousands, except for number of shares and per share data) | ||||||
| For the year ended | ||||||
| December 31, 2024 | December 31, 2025 | December 31, 2025 | ||||
| RMB | RMB | US$ | ||||
| Revenues | 515,822 | 539,568 | 77,157 | |||
| Cost of revenues | (153,422 | ) | (136,654 | ) | (19,542 | ) |
| Gross profit | 362,400 | 402,914 | 57,615 | |||
| Operating expenses: | ||||||
| Research and development expenses | (232,290 | ) | (166,494 | ) | (23,808 | ) |
| Selling and marketing expenses | (190,904 | ) | (165,175 | ) | (23,620 | ) |
| General and administrative expenses | (261,638 | ) | (126,090 | ) | (18,031 | ) |
| Impairment on long-lived assets | (35,127 | ) | - | - | ||
| Total operating expenses | (719,959 | ) | (457,759 | ) | (65,459 | ) |
| Loss from operations | (357,559 | ) | (54,845 | ) | (7,844 | ) |
| Interest income | 12,212 | 8,053 | 1,152 | |||
| Interest expense | - | (30 | ) | (4 | ) | |
| Other income (expense), net | 4,706 | (257 | ) | (37 | ) | |
| Foreign exchange loss, net | (100 | ) | (6,711 | ) | (960 | ) |
| Loss before income tax | (340,741 | ) | (53,790 | ) | (7,693 | ) |
| Income tax expenses | (5,885 | ) | (1,556 | ) | (223 | ) |
| Net loss | (346,626 | ) | (55,346 | ) | (7,916 | ) |
| Net loss attributable to Burning Rock Biotech Limited’s shareholders | (346,626 | ) | (55,346 | ) | (7,916 | ) |
| Loss per share for class A and class B ordinary shares: | ||||||
| Class A ordinary shares - basic and diluted | (3.37 | ) | (0.51 | ) | (0.07 | ) |
| Class B ordinary shares - basic and diluted | (3.37 | ) | (0.51 | ) | (0.07 | ) |
| Weighted average shares outstanding used in loss per share computation: | ||||||
| Class A ordinary shares - basic and diluted | 85,610,197 | 90,526,199 | 90,526,199 | |||
| Class B ordinary shares - basic and diluted | 17,324,848 | 17,324,848 | 17,324,848 | |||
| Other comprehensive income, net of tax of nil: | ||||||
| Foreign currency translation adjustments | 3,485 | (4,089 | ) | (585 | ) | |
| Total comprehensive loss | (343,141 | ) | (59,435 | ) | (8,501 | ) |
| Total comprehensive loss attributable to Burning Rock Biotech Limited’s shareholders | (343,141 | ) | (59,435 | ) | (8,501 | ) |
| Burning Rock Biotech Limited Unaudited Condensed Consolidated Balance Sheets (In thousands) | |||||
| As of | |||||
| December 31, 2024 | December 31, 2025 | December 31, 2025 | |||
| RMB | RMB | US$ | |||
| ASSETS | |||||
| Current assets: | |||||
| Cash and cash equivalents | 519,849 | 478,392 | 68,409 | ||
| Restricted cash | 2,313 | 2,696 | 386 | ||
| Accounts receivable, net | 152,013 | 169,611 | 24,254 | ||
| Contract assets, net | 13,855 | 12,301 | 1,759 | ||
| Inventories, net | 62,625 | 56,975 | 8,147 | ||
| Prepayments and other current assets | 25,963 | 18,611 | 2,661 | ||
| Total current assets | 776,618 | 738,586 | 105,616 | ||
| Non-current assets: | |||||
| Property and equipment, net | 47,152 | 31,099 | 4,447 | ||
| Operating right-of-use assets | 53,188 | 42,774 | 6,117 | ||
| Intangible assets, net | 421 | 284 | 41 | ||
| Other non-current assets | 7,926 | 7,632 | 1,091 | ||
| Total non-current assets | 108,687 | 81,789 | 11,696 | ||
| TOTAL ASSETS | 885,305 | 820,375 | 117,312 | ||
| Burning Rock Biotech Limited Unaudited Condensed Consolidated Balance Sheets (Continued) (in thousands) | ||||||
| As of | ||||||
| December 31, 2024 | December 31, 2025 | December 31, 2025 | ||||
| RMB | RMB | US$ | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
| Current liabilities: | ||||||
| Accounts payable | 33,747 | 40,744 | 5,826 | |||
| Deferred revenue | 117,895 | 107,819 | 15,418 | |||
| Accrued liabilities and other current liabilities | 89,498 | 80,861 | 11,563 | |||
| Customer deposits | 592 | 592 | 85 | |||
| Current portion of long-term borrowings | - | 200 | 29 | |||
| Current portion of operating lease liabilities | 24,567 | 16,762 | 2,397 | |||
| Total current liabilities | 266,299 | 246,978 | 35,318 | |||
| Non-current liabilities: | ||||||
| Long-term borrowings | - | 1,700 | 243 | |||
| Non-current portion of operating lease liabilities | 27,754 | 24,458 | 3,497 | |||
| Other non-current liabilities | 10,425 | 11,975 | 1,712 | |||
| Total non-current liabilities | 38,179 | 38,133 | 5,452 | |||
| TOTAL LIABILITIES | 304,478 | 285,111 | 40,770 | |||
Shareholders’ equity: | ||||||
| Class A ordinary shares | 124 | 120 | 17 | |||
| Class B ordinary shares | 21 | 21 | 3 | |||
| Additional paid-in capital | 5,002,255 | 5,010,060 | 716,429 | |||
| Treasury stock | (63,264 | ) | (57,193 | ) | (8,178 | ) |
| Accumulated deficits | (4,200,261 | ) | (4,255,607 | ) | (608,544 | ) |
| Accumulated other comprehensive loss | (158,048 | ) | (162,137 | ) | (23,185 | ) |
| Total shareholders’ equity | 580,827 | 535,264 | 76,542 | |||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 885,305 | 820,375 | 117,312 | |||
| Burning Rock Biotech Limited Unaudited Condensed Statements of Cash Flows (in thousands) | ||||||
| For the three months ended | ||||||
| December 31, 2024 | December 31, 2025 | December 31, 2025 | ||||
| RMB | RMB | US$ | ||||
| Net cash generated from operating activities | 19,062 | 23,039 | 3,293 | |||
| Net cash used in investing activities | (812 | ) | (320 | ) | (46 | ) |
| Net cash used in financing activities | (74 | ) | (100 | ) | (14 | ) |
| Effect of exchange rate on cash, cash equivalents and restricted cash | 5,739 | (8,510 | ) | (1,215 | ) | |
| Net increase in cash, cash equivalents and restricted cash | 23,915 | 14,109 | 2,018 | |||
| Cash, cash equivalents and restricted cash at the beginning of period | 498,247 | 466,979 | 66,777 | |||
| Cash, cash equivalents and restricted cash at the end of period | 522,162 | 481,088 | 68,795 | |||
| For the year ended | ||||||
| December 31, 2024 | December 31, 2025 | December 31, 2025 | ||||
| RMB | RMB | US$ | ||||
| Net cash used in operating activities | (92,261 | ) | (28,443 | ) | (4,068 | ) |
| Net cash used in investing activities | (4,412 | ) | (4,391 | ) | (628 | ) |
| Net cash (used in) generated from financing activities | (72 | ) | 1,900 | 272 | ||
| Effect of exchange rate on cash, cash equivalents and restricted cash | 3,691 | (10,140 | ) | (1,449 | ) | |
| Net decrease in cash, cash equivalents and restricted cash | (93,054 | ) | (41,074 | ) | (5,873 | ) |
| Cash, cash equivalents and restricted cash at the beginning of period | 615,216 | 522,162 | 74,668 | |||
| Cash, cash equivalents and restricted cash at the end of period | 522,162 | 481,088 | 68,795 | |||
| Burning Rock Biotech Limited Reconciliations of GAAP and Non-GAAP Results | ||||||||||||||||
| For the three months ended | ||||||||||||||||
| March 31, 2024 | June 30, 2024 | September 30, 2024 | December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | December 31, 2025 | |||||||||
| (RMB in thousands) | ||||||||||||||||
| Gross profit: | ||||||||||||||||
| Central laboratory channel | 37,002 | 38,424 | 33,262 | 33,153 | 32,191 | 35,937 | 30,126 | 39,322 | ||||||||
| In-hospital channel | 39,192 | 44,058 | 46,580 | 29,563 | 43,895 | 46,490 | 37,925 | 38,388 | ||||||||
| Pharma research and development channel | 9,500 | 12,956 | 12,004 | 26,706 | 21,315 | 25,676 | 30,793 | 20,856 | ||||||||
| Total gross profit | 85,694 | 95,438 | 91,846 | 89,422 | 97,401 | 108,103 | 98,844 | 98,566 | ||||||||
| Add: depreciation and amortization: | ||||||||||||||||
| Central laboratory channel | 1,919 | 1,226 | 1,277 | 1,010 | 562 | 456 | 231 | 490 | ||||||||
| In-hospital channel | 1,524 | 824 | 798 | 623 | 290 | 389 | 372 | 308 | ||||||||
| Pharma research and development channel | 3,856 | 4,417 | 3,846 | 2,534 | 2,412 | 1,528 | 1,491 | 2,057 | ||||||||
| Total depreciation and amortization included in cost of revenues | 7,299 | 6,467 | 5,921 | 4,167 | 3,264 | 2,373 | 2,094 | 2,855 | ||||||||
| Non-GAAP gross profit： | ||||||||||||||||
| Central laboratory channel | 38,921 | 39,650 | 34,539 | 34,163 | 32,753 | 36,393 | 30,357 | 39,812 | ||||||||
| In-hospital channel | 40,716 | 44,882 | 47,378 | 30,186 | 44,185 | 46,879 | 38,297 | 38,696 | ||||||||
| Pharma research and development channel | 13,356 | 17,373 | 15,850 | 29,240 | 23,727 | 27,204 | 32,284 | 22,913 | ||||||||
| Total non-GAAP gross profit | 92,993 | 101,905 | 97,767 | 93,589 | 100,665 | 110,476 | 100,938 | 101,421 | ||||||||
| Non-GAAP gross margin： | ||||||||||||||||
| Central laboratory channel | 81.7 | % | 81.3 | % | 86.4 | % | 87.0 | % | 85.5 | % | 89.1 | % | 82.5 | % | 90.4 | % |
| In-hospital channel | 70.9 | % | 75.0 | % | 74.3 | % | 69.5 | % | 76.6 | % | 75.0 | % | 72.5 | % | 75.9 | % |
| Pharma research and development channel | 64.8 | % | 64.6 | % | 63.7 | % | 67.6 | % | 64.0 | % | 60.2 | % | 76.9 | % | 73.2 | % |
| Total non-GAAP gross margin | 74.0 | % | 75.2 | % | 76.0 | % | 74.3 | % | 75.6 | % | 74.4 | % | 76.7 | % | 80.3 | % |
| Burning Rock Biotech Limited Reconciliations of GAAP and Non-GAAP Results | |||||
| For the year ended | |||||
| December 31, 2024 | December 31, 2025 | ||||
| (RMB in thousands | |||||
| Gross profit: | |||||
| Central laboratory channel | 141,841 | 137,576 | |||
| In-hospital channel | 159,393 | 166,698 | |||
| Pharma research and development channel | 61,166 | 98,640 | |||
| Total gross profit | 362,400 | 402,914 | |||
| Add: depreciation and amortization: | |||||
| Central laboratory channel | 5,432 | 1,739 | |||
| In-hospital channel | 3,769 | 1,359 | |||
| Pharma research and development channel | 14,653 | 7,487 | |||
| Total depreciation and amortization included in cost of revenues | 23,854 | 10,585 | |||
| Non-GAAP gross profit： | |||||
| Central laboratory channel | 147,273 | 139,315 | |||
| In-hospital channel | 163,162 | 168,057 | |||
| Pharma research and development channel | 75,819 | 106,128 | |||
| Total non-GAAP gross profit | 386,254 | 413,500 | |||
| Non-GAAP gross margin： | |||||
| Central laboratory channel | 83.8 | % | 87.1 | % | |
| In-hospital channel | 72.7 | % | 75.0 | % | |
| Pharma research and development channel | 65.5 | % | 68.2 | % | |
| Total non-GAAP gross margin | 74.9 | % | 76.6 | % | |
FAQ
What were Burning Rock (BNR) total revenues for full-year 2025?
How did Burning Rock (BNR) gross margin change in 2025?
What was Burning Rock's (BNR) net loss for 2025 and how did it compare to 2024?
What caused the Q4 2025 decline in pharma R&D revenue for Burning Rock (BNR)?
Does Burning Rock (BNR) have any recent regulatory or IP milestones in 2025?
How strong is Burning Rock's (BNR) cash position at year-end 2025?
