Burning Rock Biotech Limited (BNR) reports developments in next-generation sequencing technology for precision oncology. Its news commonly covers financial results, Form 20-F annual reporting, annual general meeting actions, ADS-related ownership announcements, and clinical or regulatory updates for NGS assays used in therapy selection, MRD assessment, companion diagnostics and cancer early detection.
Company updates reference products and technologies such as OncoScreen, CanCatch and ELSA-seq, including study publications, patent grants and companion-diagnostic approvals connected to precision oncology testing.
Burning Rock Biotech has announced its intention to delist its American Depositary Shares (ADSs) from the London Stock Exchange (LSE) and cancel their listing on the Official List of the UK Financial Conduct Authority. The company cites sustained low trading volume and liquidity of its ADSs on the LSE as the primary reason for this decision, along with the costs associated with maintaining the listing. The delisting is expected to take effect on or around September 18, 2024. Importantly, Burning Rock's ADSs will continue to trade on the Nasdaq Global Market after the LSE delisting.
Burning Rock Biotech has regained compliance with NASDAQ's minimum bid price requirement. The company received a notification from NASDAQ on May 30, 2024, confirming the compliance. Previously, on December 29, 2023, Burning Rock was notified of non-compliance due to its American depositary shares (ADSs) trading below $1.00 for 30 consecutive business days. To address this, the company adjusted the ratio of its ADSs from 1:1 to 1:10, effective May 15, 2024. This adjustment helped maintain a closing bid price of $1.00 or higher for 10 consecutive business days, leading to the regaining of compliance.
Burning Rock Biotech (NASDAQ: BNR) has announced a collaboration with Bayer to develop next-generation sequencing (NGS)-based companion diagnostic assays (CDx) in China. This partnership aims to enhance diagnostic methods and enable better treatment choices for cancer patients. The collaboration will focus on developing CDx products for Bayer's precision cancer therapies. Burning Rock's CEO, Mr. Han, emphasized the commitment to global development in cancer diagnosis and treatment, aiming to set high standards and provide more effective treatment options through this partnership.
Burning Rock Biotech (NASDAQ: BNR, LSE: BNR), a precision oncology firm using next-generation sequencing (NGS) technology, announced its Q1 2024 financial results. Total revenues for the quarter were RMB125.6 million (US$17.4 million), an 11.9% decrease year-over-year (YoY). The in-hospital segment grew by 11.3%, while central laboratory and pharma research services declined by 23.0% and 29.3% respectively. Gross profit dropped by 13.2% to RMB85.7 million (US$11.9 million), and the gross margin fell to 68.2%. Operating expenses decreased by 26.4% to RMB211.5 million (US$29.3 million), driven by improved efficiency. Net loss narrowed to RMB121.5 million (US$16.8 million) from RMB185.3 million YoY. The company expects to break even by the end of 2024 based on non-GAAP measures. Cash and equivalents stood at RMB572.7 million (US$79.3 million). Additionally, the company relocated its headquarters to Guangzhou.
Burning Rock Biotech (NASDAQ: BNR; LSE: BNR) will release its unaudited financial results for Q1 2024 on May 29, 2024, before the U.S. market opens.
The company will host a conference call at 8:00 a.m. ET (8:00 p.m. Hong Kong time) on the same day to discuss the results. Interested participants should register in advance and join the call 15 minutes early.
A live and archived webcast of the call will be available on the company’s investor relations website for 12 months.
Visit the investor relations website on May 29, 2024, to access the earnings release.
Burning Rock Biotech (NASDAQ: BNR, LSE: BNR) will change the ratio of its American Depositary Shares (ADS) to Class A ordinary shares, effective May 15, 2024. The new ratio will be one ADS representing ten Class A shares, akin to a one-for-ten reverse ADS split. Certificates must be exchanged through Citibank for new ADSs, while uncertificated ADSs will be automatically adjusted. Trading on NASDAQ and LSE will continue under the symbol 'BNR' with updated security codes. Fractional new ADSs won't be issued; instead, they will be sold, and proceeds distributed to holders. The ADS price is anticipated to rise tenfold, although no guarantee is provided.
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