Burning Rock (NASDAQ: BNR) narrows 2025 loss on higher margins, cost cuts

Rhea-AI Filing Summary

Burning Rock Biotech reported much narrower losses for 2025 as efficiency improved. Full-year revenue reached RMB539.6 million, up 4.6% from 2024, while gross margin rose to 74.7% from 70.3% as cost of revenues fell 10.9%.

Operating expenses dropped sharply to RMB457.8 million from RMB720.0 million, helped by budget controls and headcount reductions, reducing net loss to RMB55.3 million from RMB346.6 million. In the fourth quarter, revenue was RMB126.3 million, gross margin climbed to 78.0%, and net loss shrank to RMB15.4 million from RMB81.3 million. Cash, cash equivalents and restricted cash totaled RMB481.1 million as of December 31, 2025.

Positive

• Net loss reduced substantially: Full-year 2025 net loss narrowed to RMB55.3 million from RMB346.6 million, driven by higher gross margins and significantly lower operating expenses.
• Margin expansion across businesses: 2025 gross margin rose to 74.7% from 70.3%, with central lab, in-hospital, and pharma R&D channels all reporting higher gross margins.
• Operating cost discipline: Operating expenses fell to RMB457.8 million from RMB720.0 million, aided by budget control and headcount reduction, improving overall operating leverage.

Negative

• None.

Insights

Equity analyst

Burning Rock paired modest growth with major loss reduction in 2025.

Burning Rock Biotech grew 2025 revenue 4.6% to RMB539.6 million while lifting gross margin from 70.3% to 74.7%. Cost of revenues declined 10.9%, and each business channel showed higher gross margins, indicating better pricing mix and lower depreciation and input costs.

Operating expenses fell to RMB457.8 million from RMB720.0 million, with no new impairment on long-lived assets after a prior-year charge. This drove net loss down to RMB55.3 million from RMB346.6 million, a substantial improvement in profitability even though the company remains loss-making.

In Q4 2025, revenue was stable at RMB126.3 million, but gross margin improved to 78.0% and net loss narrowed to RMB15.4 million. Year-end cash, cash equivalents and restricted cash of RMB481.1 million supports ongoing operations, with future filings expected to show whether these margin and cost gains are sustainable.

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 March 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: March 12, 2026

4

Exhibit 99.1

Burning Rock Reports Unaudited Fourth Quarter and Full Year 2025 Financial Results

GUANGZHOU, China, March 12, 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 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$18.1 million) for the three months ended December 31, 2025, remaining relatively stable as compared with RMB126.0 million for the same period in 2024.

• Revenue generated from central laboratory business was RMB44.0 million (US$6.3 million) for the three months ended December 31, 2025, representing a 12.1% 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 a 17.3% 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 a 27.7% 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$4.0 million) for the three months ended December 31, 2025, representing a 24.2% decrease from RMB36.6 million for the same period in 2024.

Gross profit was RMB98.6 million (US$14.1 million) for the three months ended December 31, 2025, representing a 10.2% increase from RMB89.4 million for the same period in 2024. Gross margin was 78.0% for the three months ended December 31, 2025, compared to 71.0% for the same period in 2024. By channel, gross margin of central laboratory business was 89.3% for the three months ended December 31, 2025, compared to 84.4% during the same period in 2024, primarily due to the decreased depreciation and rental cost in relation to our laboratory of Guangzhou headquarters; gross margin of in-hospital business was 75.3% for the three months ended December 31, 2025, compared to 68.0% during the same period in 2024, primarily due to an increase in sales volume to high margin hospitals and decreased depreciation and rental cost in relation to our laboratory of Guangzhou headquarters; gross margin of pharma research and development services was 66.7% for the three months ended December 31, 2025, compared to 61.7% during the same period of 2024, primarily due to an increase in test volume of higher margin projects.

Non-GAAP gross profit, which excludes depreciation and amortization expenses, was RMB101.4 million (US$14.5 million) for the three months ended December 31, 2025, representing a 8.4% increase from RMB93.6 million for the same period in 2024. Non-GAAP gross margin was 80.3% for the three months ended December 31, 2025, compared to 74.3% for the same period in 2024. 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 RMB110.6 million (US$15.8 million) for the three months ended December 31, 2025, representing a 35.5% decrease from RMB171.3 million for the same period in 2024. The decrease was primarily driven by budget control measures, including headcount reduction, to improve our operating efficiency

• Research and development expenses were RMB34.8 million (US$5.0 million) for the three months ended December 31, 2025, representing a 33.2% 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 a 5.7% 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 a 15.1% 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$2.2 million) for the three months ended December 31, 2025, compared to RMB81.3 million for the same period in 2024.

Cash, cash equivalents and restricted cash were RMB481.1 million (US$68.8 million) as of December 31, 2025.

Full Year 2025 Financial Results

Revenues were RMB539.6 million (US$77.2 million) for 2025, representing a 4.6% increase from RMB515.8 million for 2024.

• Revenue generated from central laboratory business was RMB160.0 million (US$22.9 million) for 2025, representing a 8.9% 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 a 34.5% 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$19.5 million) for 2025, representing a 10.9% decrease from RMB153.4 million for 2024, primarily due to a decrease in cost of revenues for our central laboratory business and in-hospital business.

Gross profit was RMB402.9 million (US$57.6 million) for 2025, compared to RMB362.4 million for 2024. Gross margin increased to 74.7% for 2025 from 70.3% for 2024. By channel, gross margin of central laboratory business was 86.0% for 2025, compared to 80.8% for 2024, primarily due to the decreased depreciation; gross margin of in-hospital business was 74.4% for 2025, compared to 71.0% for 2024, primarily due to a decreased depreciation and amortization and a reduction in material and labor costs resulted from cost optimization and control measures; gross margin of pharma research and development services was 63.4% for 2025, compared to 52.9% for 2024, primarily due to an increase in test volume of higher margin projects and a decreased depreciation.

Non-GAAP gross profit, which excludes depreciation and amortization expenses, was RMB413.5 million (US$59.1 million) for 2025, representing a 7.1% increase from RMB386.3 million for 2024. Non-GAAP gross margin was 76.6% for 2025, compared to 74.9% for 2024. 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.

2

Operating expenses were RMB457.8 million (US$65.5 million) for 2025, representing a 36.4% decrease from RMB720.0 million for 2024.

• Research and development expenses were RMB166.5 million (US$23.8 million) for 2025, representing a 28.3% 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 a 13.5% 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 a 51.8% 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$7.9 million) for 2025, compared to RMB346.6 million for 2024.

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$1.00, the exchange rate on December 31, 2025, 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
		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.

5

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

6

		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

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
		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	)

8

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	)

9

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

10

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

11

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

12

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	%

13

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	%

14

FAQ

How did Burning Rock Biotech (BNR) perform financially in full-year 2025?

Burning Rock Biotech modestly grew revenue and sharply cut losses in 2025. Revenue reached RMB539.6 million, up 4.6% from 2024. Gross margin improved to 74.7%, while net loss narrowed significantly to RMB55.3 million from RMB346.6 million.

What were Burning Rock Biotech’s Q4 2025 revenue and profit metrics?

In Q4 2025, Burning Rock’s revenue was stable but margins improved. Revenue was RMB126.3 million, roughly flat year over year, while gross margin rose to 78.0% from 71.0%. Net loss narrowed to RMB15.4 million from RMB81.3 million.

How did Burning Rock Biotech (BNR) manage its operating expenses in 2025?

Burning Rock significantly reduced operating expenses in 2025. Operating expenses fell to RMB457.8 million from RMB720.0 million, helped by budget controls and headcount reduction, contributing to a much smaller net loss for the year.

What is Burning Rock Biotech’s cash position at the end of 2025?

Burning Rock ended 2025 with a solid cash position. Cash, cash equivalents and restricted cash totaled RMB481.1 million (US$68.8 million) as of December 31, 2025, providing liquidity to support ongoing operations and future business activities.

How did Burning Rock Biotech’s non-GAAP gross margin change in 2025?

Non-GAAP gross margin improved for Burning Rock in 2025. Non-GAAP gross profit was RMB413.5 million versus RMB386.3 million in 2024, with non-GAAP gross margin rising to 76.6% from 74.9%, reflecting lower depreciation and amortization within cost of revenues.

Which Burning Rock Biotech business channels drove margin improvement in 2025?

All three business channels contributed to margin gains. In 2025, gross margins increased in the central laboratory, in-hospital, and pharma research and development services, aided by lower depreciation, cost optimization, and greater volumes in higher-margin projects.

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 EX-99.1 289.6 KB