Burning Rock Q2 revenue falls 9.3%, loss widens

Burning Rock Biotech Ltd (BNR) reported second quarter 2026 results showing lower year-over-year revenue but a clear sequential rebound.

Rhea-AI Filing Summary

Burning Rock Biotech Ltd (BNR) reported second quarter 2026 results showing lower year-over-year revenue but a clear sequential rebound. Revenue was RMB134.7 million (US$19.9 million) for the three months ended June 30, 2026, down 9.3% from RMB148.5 million a year earlier but up from RMB107.9 million in the first quarter of 2026. Gross profit was RMB97.8 million with a gross margin of 72.6%, essentially flat versus 72.8% a year ago, as margins in the in-hospital channel improved while central lab and pharma services margins softened.

Operating expenses were RMB115.8 million, a 3.2% decrease year over year, reflecting cost controls, but net loss widened to RMB18.4 million (US$2.7 million) from RMB9.7 million. Cash, cash equivalents and restricted cash totaled RMB419.1 million (US$61.8 million) as of June 30, 2026. Management highlighted several products entering the Priority Review Channel and Special Review Procedure for Innovative Medical Devices at CMDE and expressed confidence in achieving sustainable long-term top-line growth.

Positive

• Revenue rebounded sequentially from RMB107.9 million in Q1 2026 to RMB134.7 million in Q2 2026, led by growth in the in-hospital channel.
• Operating expenses fell 3.2% year over year to RMB115.8 million, reflecting ongoing cost control efforts.
• Net cash used in operating activities improved from RMB67.9 million to RMB51.7 million for the six months ended June 30, 2026, reducing cash burn.

Negative

• Revenue declined 9.3% year over year to RMB134.7 million in Q2 2026, indicating continued top-line pressure.
• Net loss nearly doubled year over year to RMB18.4 million in Q2 2026, despite lower operating expenses.
• Gross profit fell 9.5% to RMB97.8 million, with weaker margins in the central laboratory and pharma R&D channels.

Filing Explained

Most quarterly information is incorporated into effective F-3 registration statements; June 30 cash was RMB419.1 million alongside six-month operating use of RMB51.657 million.

The company filed a September 10 Form 6-K and states that most of its quarterly-results exhibit is incorporated by reference into its Form F-3 registration statements, making that disclosed information part of those registration documents.

Form 6-K is an interim report for a foreign private issuer; the incorporation excludes the exhibit’s non-GAAP measures and related discussions, so the filing carries the specified GAAP and other included material into the registration statements.

For the six months ended June 30, 2026, net cash used in operating activities was RMB51.657 million, while cash, cash equivalents and restricted cash at period-end were RMB419.108 million.

The company says new registration certificates are expected in coming quarters; this filing reports an expectation, not completed issuance.

Key Figures

Revenue Q2 2026: RMB134.7 million (US$19.9 million) Gross profit Q2 2026: RMB97.8 million (US$14.4 million) Gross margin Q2 2026: 72.6% +5 more

8 metrics

Revenue Q2 2026 RMB134.7 million (US$19.9 million) Three months ended June 30, 2026; down 9.3% from RMB148.5 million in Q2 2025

Gross profit Q2 2026 RMB97.8 million (US$14.4 million) Three months ended June 30, 2026; down 9.5% from RMB108.1 million in Q2 2025

Gross margin Q2 2026 72.6% Three months ended June 30, 2026; compared with 72.8% in Q2 2025

Operating expenses Q2 2026 RMB115.8 million (US$17.1 million) Three months ended June 30, 2026; 3.2% lower than RMB119.6 million in Q2 2025

Net loss Q2 2026 RMB18.4 million (US$2.7 million) Three months ended June 30, 2026; compared with RMB9.7 million in Q2 2025

Cash, cash equivalents and restricted cash RMB419.1 million (US$61.8 million) Balance as of June 30, 2026

Net cash used in operating activities RMB51.7 million (US$7.6 million) Six months ended June 30, 2026; improved from RMB67.9 million in 2025

In-hospital channel revenue Q2 2026 RMB67.1 million Three months ended June 30, 2026; up from RMB52.8 million in Q1 2026

Key Terms

Priority Review Channel, Special Review Procedure for Innovative Medical Devices, Non-GAAP gross margin, operating lease liabilities, +2 more

6 terms

Priority Review Channel regulatory

"several products having entered the Priority Review Channel and Special Review"

Special Review Procedure for Innovative Medical Devices regulatory

"Special Review Procedure for Innovative Medical Devices of CMDE and new"

Non-GAAP gross margin financial

"Non-GAAP gross margin was 74.3% for the three months ended"

Non-GAAP gross margin is a measure of a company's profitability that shows how much money it makes from sales after subtracting the direct costs of producing its products or services, but without applying certain accounting adjustments required by standard rules. It helps investors understand the company's core earning ability by excluding items like one-time expenses or accounting changes. This metric provides a clearer picture of ongoing business performance beyond official financial reports.

operating lease liabilities financial

"Current portion of operating lease liabilities | | | 16,762"

Long-term lease payments a company is legally committed to because it rents assets such as offices, factories, or equipment; under modern accounting rules these future rent obligations are recorded on the balance sheet as liabilities. Investors care because operating lease liabilities act like debt that drains future cash, affects measures of leverage and borrowing capacity, and can change profitability and valuation — think of them as a company’s large, ongoing rent payments that limit its financial flexibility.

contract assets financial

"Contract assets, net | | | 12,301 | | | | 9,777"

Contract assets are amounts a company has earned by doing work or delivering goods under a customer agreement but has not yet billed or collected because certain contract conditions remain. Think of it as completed work sitting in a company’s toolbox waiting for an invoice trigger. For investors, growing contract assets signal future cash and revenue potential but also raise questions about timing, cash collection risk and the real strength of reported sales.

share-based compensation expenses financial

"Share-based compensation expenses | | | June 30, 2025"

Share-based compensation expenses are the accounting costs a company records when it pays employees, directors or contractors with company stock, stock options, or other equity instruments instead of cash. Investors care because these expenses reduce reported profits and can increase the number of outstanding shares, diluting ownership — like a business paying wages with gift cards that count as payroll cost and also add more gift cards in circulation.

Earnings Snapshot

Revenue: RMB134.7 million

three months ended June 30, 2026

Revenue RMB134.7 million -9.3% vs Q2 2025

Gross profit RMB97.8 million -9.5% vs Q2 2025

Gross margin 72.6% -0.2 percentage points vs 72.8% in Q2 2025

Operating expenses RMB115.8 million -3.2% vs RMB119.6 million in Q2 2025

Net loss RMB18.4 million from RMB9.7 million net loss in Q2 2025

Cash, cash equivalents and restricted cash RMB419.1 million balance as of June 30, 2026

FAQ

How did Burning Rock Biotech (BNR) Q2 2026 revenue compare year over year?

Burning Rock Biotech reported Q2 2026 revenue of RMB134.7 million (US$19.9 million), a 9.3% decrease from RMB148.5 million in Q2 2025. The in-hospital channel grew versus Q1 2026, but overall revenue was still below the prior-year quarter.

What was BNR’s profitability in Q2 2026?

For Q2 2026, Burning Rock Biotech recorded a net loss of RMB18.4 million (US$2.7 million), wider than the RMB9.7 million net loss in Q2 2025. Loss from operations was RMB18.0 million, compared with a loss of RMB11.5 million a year earlier.

How did Burning Rock Biotech’s gross margin perform in Q2 2026?

Burning Rock Biotech’s gross margin was 72.6% in Q2 2026, essentially flat versus 72.8% in Q2 2025. Non-GAAP gross margin was 74.3%, compared with 74.4% a year earlier, showing stable overall pricing and cost structure.

What was BNR’s cash position as of June 30, 2026?

As of June 30, 2026, Burning Rock Biotech held RMB419.1 million (US$61.8 million) in cash, cash equivalents and restricted cash. Total assets were RMB750.6 million, and total shareholders’ equity was RMB497.1 million.

How are BNR’s different business channels performing?

In Q2 2026, revenue was RMB36.8 million from the central laboratory channel, RMB67.1 million from the in-hospital channel, and RMB30.8 million from pharma R&D services. In-hospital revenue increased versus Q1 2026, while central lab and pharma R&D remained below Q2 2025 levels.

Did Burning Rock Biotech improve its cash burn in 2026?

Yes. For the six months ended June 30, 2026, net cash used in operating activities was RMB51.7 million, better than RMB67.9 million in the same period of 2025, indicating reduced cash burn from operations.

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Available on EDGAR 09/10/2026 - 07:02 AM Accepted by SEC EDGAR 09/10/2026 - 07:01 AM Learn about SEC filing dates

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of September 2026

Commission File Number: 001-39316

BURNING ROCK BIOTECH LIMITED

(Registrant’s Name)

No.5 Xingdao Ring Road North, International Bio Island

Guangzhou, Guangdong

People’s Republic of China

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒    Form 40-F ☐

INCORPORATION BY REFERENCE

Exhibit 99.1 (excluding the paragraphs under the heading “Non-GAAP Measures,” the table under the heading “Burning Rock Biotech Limited Reconciliations of GAAP and Non-GAAP Results,” and other discussions on non-GAAP measures therein) of this current report on Form 6-K (the “Report”) shall be incorporated by reference into the Company’s registration statements on Form F-3, which became effective on September 30, 2022 (File no. 333-264577).

2

EXHIBIT INDEX

Number		Description of Document
Exhibit 99.1		Press release

3

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		Burning Rock Biotech Limited
		By:		/s/ Yusheng Han
		Name:		Yusheng Han
		Title:		Chief Executive officer
Date: September 10, 2026

4

Exhibit 99.1

Burning Rock Reports Second Quarter 2026 Financial Results

GUANGZHOU, China, September 10, 2026—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 financial results for the three months ended June 30, 2026.

Recent Business Updates

• Therapy Selection & MRD

• OncoScreen^® BCMatch Tissue Kit has officially entered the Priority Review Channel of the Center for Medical Device Evaluation (CMDE) under the NMPA.

• CanCatch Custom Kit and CanCatch Custom Kit (cPAS) have officially entered the Special Review Procedure for Innovative Medical Devices of CMDE under the NMPA.

• In August 2026, the Priority Review Channel application for OncoCompass Target Cancer Mutation Profiling Liquid Kit was resubmitted and subsequently accepted for review.

“After navigating a challenging first quarter, we delivered the anticipated sequential recovery in the second quarter, offsetting the order volatility in the first quarter” said Mr. Yusheng Han, Chairman and Chief Executive Officer of Burning Rock. “With several products having entered the Priority Review Channel and Special Review Procedure for Innovative Medical Devices of CMDE and new registration certificates expected in the coming quarters, we are confident that we will achieve sustainable and meaningful top-line growth over the long term.”

Second Quarter 2026 Financial Results

Revenues were RMB134.7 million (US$19.9 million) for the three months ended June 30, 2026, representing a 9.3% decrease from RMB148.5 million for the same period in 2025.

• Revenue generated from central laboratory business was RMB36.8 million (US$5.4million) for the three months ended June 30, 2026, representing a 10.0% decrease from RMB40.9 million for the same period in 2025, primarily attributable to a decrease in the number of tests, as we continued our transition towards in-hospital business.

• Revenue generated from in-hospital business was RMB67.1 million (US$9.9 million) for the three months ended June 30, 2026, representing a 7.4% increase from RMB62.5 million for the same period in 2025, driven by an increase in sales volume.

• Revenue generated from pharma research and development services was RMB30.8 million (US$4.6 million) for the three months ended June 30, 2026, representing a 31.8% decrease from RMB45.1 million for the same period in 2025, primarily attributable to decreased testing services performed for our pharma customers.

Cost of revenues was RMB36.9 million (US$5.5 million) for the three months ended June 30, 2026, representing an 8.6% decrease from RMB40.4 million for the same period in 2025.

Gross profit was RMB97.8 million (US$14.4 million) for the three months ended June 30, 2026, representing a 9.5% decrease from RMB108.1 million for the same period in 2025. Gross margin was 72.6% for the three months ended June 30, 2026, compared to 72.8% for the same period in 2025. By channel, gross margin of central laboratory business was 85.7% for the three months ended June 30, 2026, compared to 87.9% during the same period in 2025, primarily driven by an increased depreciation; gross margin of in-hospital business was 77.1% for the three months ended June 30, 2026, compared to 74.4% during the same period in 2025, primarily attributable to an increase in sales volume to high margin products; gross margin of pharma research and development services was 47.2% for the three months ended June 30, 2026, compared to 56.8% during the same period of 2025, primarily due to a decrease in test volume of higher-margin projects.

Non-GAAP gross profit, which excludes depreciation and amortization expenses, was RMB100.1 million (US$14.8 million) for the three months ended June 30, 2026, representing a 9.4% decrease from RMB110.5 million for the same period in 2025. Non-GAAP gross margin was 74.3% for the three months ended June 30, 2026, compared to 74.4% for the same period in 2025. For more details on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.

1

Operating expenses were RMB115.8 million (US$17.1 million) for the three months ended June 30, 2026, representing a 3.2% decrease from RMB119.6 million for the same period in 2025. The decrease was primarily driven by business cost control to improve operating efficiency.

• Research and development expenses were RMB31.2 million (US$4.6 million) for the three months ended June 30, 2026, representing a 37.3% decrease from RMB49.8 million for the same period in 2025, primarily due to a temporary decrease across different research phases.

• Selling and marketing expenses were RMB47.1 million (US$6.9 million) for the three months ended June 30, 2026, representing a 22.7% increase from RMB38.4 million for the same period in 2025, primarily due to an increase in staff costs.

• General and administrative expenses were RMB37.5 million (US$5.6 million) for the three months ended June 30, 2026, representing a 19.2% increase from RMB31.4 million for the same period in 2025, primarily due to an increase in allowance for credit loss in relation to accounts receivables, partially offset by a decrease in share-based compensation expenses.

Net loss was RMB18.4 million (US$2.7 million) for the three months ended June 30, 2026, compared to RMB9.7 million for the same period in 2025.

Cash, cash equivalents and restricted cash were RMB419.1 million (US$61.8 million) as of June 30, 2026.

2

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 RMB6.7851 to US$1.00, the exchange rate on June 30 2026, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.

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.

3

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

4

Selected Operating Data

		As of
		June 30, 2025				September 30, 2025				December 31, 2025				March 31, 2026				June 30, 2026
In-hospital channel:
Pipeline partner hospitals(1)			30				31				30				30				30
Contracted partner hospitals(2)			63				63				64				64				64
Total number of partner hospitals			93				94				94				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.

5

Selected Financial Data

		For the three months ended
Revenues		June 30, 2025				September 30, 2025				December 31, 2025				March 31, 2026				June 30, 2026
						(RMB in thousands)
Central laboratory channel			40,861				36,811				44,025				32,420				36,782
In-hospital channel			62,496				52,847				51,005				52,761				67,145
Pharma research and development channel			45,197				41,959				31,285				22,762				30,838
Total revenues			148,554				131,617				126,315				107,943				134,765

		For the three months ended
Revenues by location of contracting customer		June 30, 2025				September 30, 2025				December 31, 2025				March 31, 2026				June 30, 2026
						(RMB in thousands)
Overseas			37,458				17,214				21,849				8,544				17,878
Chinese mainland			111,096				114,403				104,466				99,399				116,887
Total revenues			148,554				131,617				126,315				107,943				134,765

		For the three months ended
Gross profit		June 30, 2025				September 30, 2025				December 31, 2025				March 31, 2026				June 30, 2026
						(RMB in thousands)
Central laboratory channel			35,937				30,126				39,322				28,761				31,510
In-hospital channel			46,490				37,925				38,388				38,458				51,760
Pharma research and development channel			25,676				30,793				20,856				10,789				14,543
Total gross profit			108,103				98,844				98,566				78,008				97,813

6

		For the three months ended
Share-based compensation expenses		June 30, 2025				September 30, 2025				December 31, 2025				March 31, 2026				June 30, 2026
						(RMB in thousands)
Cost of revenues			280				301				300				82				141
Research and development expenses			(270	)			73				259				(345	)			345
Selling and marketing expenses			364				624				748				164				269
General and administrative expenses			2,005				2,831				1,815				1,907				1,244
Total share-based compensation expenses			2,379				3,829				3,122				1,808				1,999

7

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
		June 30, 2025				September 30, 2025				December 31, 2025				March 31, 2026				June 30, 2026				June 30, 2026
		RMB				RMB				RMB				RMB				RMB				US$
Revenues			148,554				131,617				126,315				107,943				134,765				19,862
Cost of revenues			(40,451	)			(32,773	)			(27,749	)			(29,935	)			(36,952	)			(5,446	)
Gross profit			108,103				98,844				98,566				78,008				97,813				14,416
Operating expenses:
Research and development expenses			(49,770	)			(41,469	)			(34,866	)			(27,559	)			(31,230	)			(4,603	)
Selling and marketing expenses			(38,413	)			(41,808	)			(44,066	)			(41,206	)			(47,141	)			(6,948	)
General and administrative expenses			(31,417	)			(31,698	)			(31,672	)			(28,088	)			(37,443	)			(5,518	)
Total operating expenses			(119,600	)			(114,975	)			(110,604	)			(96,853	)			(115,814	)			(17,069	)
Loss from operations			(11,497	)			(16,131	)			(12,038	)			(18,845	)			(18,001	)			(2,653	)
Interest income			2,226				1,744				1,502				1,261				1,370				202
Interest expense			—				(15	)			(15	)			(15	)			(15	)			(2	)
Other income (expense), net			387				7				1				294				(199	)			(29	)
Foreign exchange (loss) gain, net			(574	)			(2,151	)			(3,960	)			65				(1,278	)			(188	)
Loss before income tax			(9,458	)			(16,546	)			(14,510	)			(17,240	)			(18,123	)			(2,670	)
Income tax expenses			(244	)			(212	)			(876	)			(232	)			(287	)			(42	)
Net loss			(9,702	)			(16,758	)			(15,386	)			(17,472	)			(18,410	)			(2,712	)
Net loss attributable to Burning Rock Biotech Limited’s shareholders			(9,702	)			(16,758	)			(15,386	)			(17,472	)			(18,410	)			(2,712	)
Net loss attributable to ordinary shareholders			(9,702	)			(16,758	)			(15,386	)			(17,472	)			(18,410	)			(2,712	)
Loss per share for class A and class B ordinary shares:
Class A ordinary shares - basic and diluted			(0.09	)			(0.16	)			(0.15	)			(0.17	)			(0.17	)			(0.02	)
Class B ordinary shares - basic and diluted			(0.09	)			(0.16	)			(0.15	)			(0.17	)			(0.17	)			(0.02	)
Weighted average shares outstanding used in loss per share computation:
Class A ordinary shares - basic and diluted			90,357,970				90,416,619				87,444,109				87,871,026				91,279,393				91,279,393
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
Other comprehensive loss, net of tax of nil:
Foreign currency translation adjustments			(243	)			(1,724	)			(2,050	)			(3,143	)			(2,971	)			(438	)
Total comprehensive loss			(9,945	)			(18,482	)			(17,436	)			(20,615	)			(21,381	)			(3,150	)
Total comprehensive loss attributable to Burning Rock Biotech Limited’s shareholders			(9,945	)			(18,482	)			(17,436	)			(20,615	)			(21,381	)			(3,150	)

8

Burning Rock Biotech Limited

Unaudited Condensed Consolidated Balance Sheets

(In thousands)

		As of
		December 31, 2025				June 30, 2026				June 30, 2026
		RMB				RMB				US$
ASSETS
Current assets:
Cash and cash equivalents			478,392				416,818				61,431
Restricted cash			2,696				2,290				338
Accounts receivable, net			169,611				172,768				25,463
Contract assets, net			12,301				9,777				1,441
Inventories, net			48,576				34,131				5,030
Contract costs			8,399				5,597				825
Prepayments and other current assets			18,611				22,636				3,337
Total current assets			738,586				664,017				97,865
Non-current assets:
Property and equipment, net			31,099				31,808				4,688
Operating right-of-use assets			42,774				46,282				6,821
Intangible assets, net			284				233				35
Other non-current assets			7,632				8,271				1,219
Total non-current assets			81,789				86,594				12,763
TOTAL ASSETS			820,375				750,611				110,628

9

Burning Rock Biotech Limited

Unaudited Condensed Consolidated Balance Sheets (Continued)

(in thousands)

		As of
		December 31, 2025				June 30, 2026				June 30, 2026
		RMB				RMB				US$
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable			40,744				17,950				2,646
Deferred revenue			107,819				109,170				16,090
Accrued liabilities and other current liabilities			80,861				68,458				10,090
Customer deposits			592				592				87
Current portion of long-term borrowings			200				200				29
Current portion of operating lease liabilities			16,762				21,172				3,120
Total current liabilities			246,978				217,542				32,062
Non-current liabilities:
Long-term borrowings			1,700				1,600				236
Non-current portion of operating lease liabilities			24,458				22,140				3,263
Other non-current liabilities			11,975				12,248				1,805
Total non-current liabilities			38,133				35,988				5,304
TOTAL LIABILITIES			285,111				253,530				37,366
Shareholders’ equity:
Class A ordinary shares			120				126				19
Class B ordinary shares			21				21				3
Additional paid-in capital			5,010,060				5,013,867				738,953
Treasury stock			(57,193	)			(57,193	)			(8,429	)
Accumulated deficits			(4,255,607	)			(4,291,489	)			(632,487	)
Accumulated other comprehensive loss			(162,137	)			(168,251	)			(24,797	)
Total shareholders’ equity			535,264				497,081				73,262
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			820,375				750,611				110,628

10

Burning Rock Biotech Limited

Unaudited Condensed Statements of Cash Flows

(in thousands)

		For the six months ended
		June 30, 2025				June 30, 2026				June 30, 2026
		RMB				RMB				US$
Net cash used in operating activities			(67,876	)			(51,657	)			(7,613	)
Net cash used in investing activities			(1,324	)			(2,841	)			(419	)
Net cash generated from/(used in) financing activities			2,000				(100	)			(15	)
Effect of exchange rate on cash, cash equivalents and restricted cash			62				(7,382	)			(1,088	)
Net decrease in cash, cash equivalents and restricted cash			(67,138	)			(61,980	)			(9,135	)
Cash, cash equivalents and restricted cash at the beginning of period			522,162				481,088				70,904
Cash, cash equivalents and restricted cash at the end of period			455,024				419,108				61,769

11

Burning Rock Biotech Limited

Reconciliations of GAAP and Non-GAAP Results

		For the three months ended
		June 30, 2025				September 30, 2025				December 31, 2025				March 31, 2026				June 30, 2026
						(RMB in thousands)
Gross profit:
Central laboratory channel			35,937				30,126				39,322				28,761				31,510
In-hospital channel			46,490				37,925				38,388				38,458				51,760
Pharma research and development channel			25,676				30,793				20,856				10,789				14,543
Total gross profit			108,103				98,844				98,566				78,008				97,813
Add: depreciation and amortization:
Central laboratory channel			456				231				490				412				548
In-hospital channel			389				372				308				228				297
Pharma research and development channel			1,528				1,491				2,057				1,885				1,425
Total depreciation and amortization included in cost of revenues			2,373				2,094				2,855				2,525				2,270
Non-GAAP gross profit:
Central laboratory channel			36,393				30,357				39,812				29,173				32,058
In-hospital channel			46,879				38,297				38,696				38,686				52,057
Pharma research and development channel			27,204				32,284				22,913				12,674				15,968
Total non-GAAP gross profit			110,476				100,938				101,421				80,533				100,083
Non-GAAP gross margin:
Central laboratory channel			89.1	%			82.5	%			90.4	%			90.0	%			87.2	%
In-hospital channel			75.0	%			72.5	%			75.9	%			73.3	%			77.5	%
Pharma research and development channel			60.2	%			76.9	%			73.2	%			55.7	%			51.8	%
Total non-GAAP gross margin			74.4	%			76.7	%			80.3	%			74.6	%			74.3	%

12

Filing Exhibits & Attachments

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