Burning Rock (NASDAQ: BNR) posts Q1 2026 loss as revenue declines

Rhea-AI Filing Summary

Burning Rock Biotech Limited reported weaker results for the three months ended March 31, 2026, with revenues of RMB107.9 million (US$15.6 million), an 18.9% decrease from RMB133.1 million a year earlier. Gross profit fell to RMB78.0 million (US$11.3 million), and gross margin edged down to 72.3% from 73.2%.

Operating expenses declined 14.0% to RMB96.9 million (US$14.1 million), reflecting efforts to control business costs and payment collection, but the company still recorded a net loss of RMB17.5 million (US$2.5 million), compared with RMB13.5 million in the prior-year period. Cash, cash equivalents and restricted cash totaled RMB448.7 million (US$65.1 million) as of March 31, 2026, providing liquidity to support operations.

Positive

• None.

Negative

• Revenues declined 18.9% year over year to RMB107.9 million while net loss widened to RMB17.5 million, signaling soft topline performance and continued losses despite lower operating expenses.

Insights

Biotech equity analyst

Q1 2026 shows double‑digit revenue decline and ongoing losses.

Burning Rock generated revenues of RMB107.9 million in Q1 2026, down 18.9% year over year, as all three channels contributed less revenue versus prior periods. Gross margin slipped slightly to 72.3%, indicating pressure on profitability despite still-strong lab economics.

Management cut operating expenses by 14.0% to RMB96.9 million, citing business cost and payment collection control. Even so, net loss widened to RMB17.5 million from RMB13.5 million a year earlier, and operating cash outflow increased to RMB29.3 million for the quarter.

Liquidity remained solid, with cash, cash equivalents and restricted cash of RMB448.7 million as of March 31, 2026. Subsequent filings may provide more detail on the sustainability of cost controls and revenue trends across central laboratory, in-hospital, and pharma research channels.

Key Figures

Revenue Q1 2026: RMB107.9 million (US$15.6 million) Gross margin Q1 2026: 72.3% Operating expenses Q1 2026: RMB96.9 million (US$14.1 million) +5 more

8 metrics

Revenue Q1 2026 RMB107.9 million (US$15.6 million) Three months ended March 31, 2026; down 18.9% year over year

Gross margin Q1 2026 72.3% Three months ended March 31, 2026; 73.2% in same period 2025

Operating expenses Q1 2026 RMB96.9 million (US$14.1 million) Three months ended March 31, 2026; down 14.0% from RMB112.6 million

Net loss Q1 2026 RMB17.5 million (US$2.5 million) Three months ended March 31, 2026; versus RMB13.5 million prior year

Cash, cash equivalents and restricted cash RMB448.7 million (US$65.1 million) Balance as of March 31, 2026

Non-GAAP gross profit Q1 2026 RMB80.5 million (US$11.7 million) Three months ended March 31, 2026; down from RMB100.7 million

Operating cash flow Q1 2026 RMB29.3 million net outflow Net cash used in operating activities for three months ended March 31, 2026

Central laboratory revenue Q1 2026 RMB32.4 million Channel revenue for three months ended March 31, 2026

Key Terms

non-GAAP gross margin, operating expenses, foreign currency translation adjustments, deferred revenue, +2 more

6 terms

non-GAAP gross margin financial

"Non-GAAP gross margin was 74.6% for the three months ended March 31, 2026, compared to 75.6% for the same period in 2025."

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 expenses financial

"Operating expenses were RMB96.9 million (US$14.1 million) for the three months ended March 31, 2026, representing a 14.0% decrease from RMB112.6 million for the same period in 2025."

Operating expenses are the routine costs a company pays to keep its business running day to day — things like salaries, rent, utilities, office supplies, and marketing. Investors watch them because they reduce the profit available to shareholders and reveal how efficiently a company runs; lower or well-controlled operating expenses (relative to revenue) are like trimming household bills to improve savings.

foreign currency translation adjustments financial

"Foreign currency translation adjustments ... Total comprehensive loss ..."

Adjustments made when a company converts the financial results of its foreign operations into its reporting currency to reflect changes in exchange rates; these gains or losses are recorded separately from operating profit and usually affect the company’s reported equity. Investors care because large swings can change a firm’s reported financial strength and hide or amplify real business performance — like checking how much a foreign bank account is worth at today’s exchange rate rather than when the money was first deposited.

deferred revenue financial

"Deferred revenue was RMB107,819 as of December 31, 2025 and RMB114,487 as of March 31, 2026."

Cash a company has already received for goods or services it has promised but not yet delivered; it's recorded as a liability because the company still owes that product, service, or future revenue recognition. For investors, deferred revenue signals upcoming work or deliveries that will convert into reported sales over time and affects short-term obligations, cash flow quality, and how quickly a firm can grow recognized revenue—think of it like prepaid subscriptions or gift cards a business must honor later.

share-based compensation expenses financial

"Share-based compensation expenses ... Total share-based compensation expenses ... RMB1,808 for the three months ended March 31, 2026."

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.

operating lease liabilities financial

"Current portion of operating lease liabilities was RMB21,113 and non-current portion was RMB27,850 as of March 31, 2026."

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.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did Burning Rock Biotech (BNR) perform financially in Q1 2026?

Burning Rock reported Q1 2026 revenue of RMB107.9 million, down 18.9% year over year, with a net loss of RMB17.5 million. Gross margin remained high at 72.3%, but lower revenue and ongoing operating expenses kept the company unprofitable.

What were Burning Rock Biotech’s revenues by business channel in Q1 2026?

In Q1 2026, Burning Rock generated RMB32.4 million from the central laboratory channel, RMB52.8 million from the in-hospital channel, and RMB22.8 million from pharma research and development services, for total revenues of RMB107.9 million during the quarter.

Did Burning Rock Biotech improve profitability in Q1 2026?

Burning Rock’s profitability did not improve in Q1 2026. Net loss increased to RMB17.5 million from RMB13.5 million a year earlier, even though operating expenses fell 14.0% to RMB96.9 million, reflecting the impact of lower revenue on overall results.

What was Burning Rock Biotech’s cash position as of March 31, 2026?

As of March 31, 2026, Burning Rock held RMB448.7 million (US$65.1 million) in cash, cash equivalents and restricted cash. This balance provides liquidity to support operations despite ongoing net losses and negative operating cash flow for the quarter.

How did non-GAAP gross margin trend for Burning Rock Biotech in Q1 2026?

Non-GAAP gross profit in Q1 2026 was RMB80.5 million, with a non-GAAP gross margin of 74.6%, slightly below 75.6% a year earlier. These figures exclude depreciation and amortization from cost of revenues to highlight underlying gross profitability.

What were Burning Rock Biotech’s operating expenses in Q1 2026?

Operating expenses totaled RMB96.9 million in Q1 2026, down from RMB112.6 million in Q1 2025. The company attributed this 14.0% decrease mainly to business cost control and tighter payment collection aimed at improving overall operating efficiency.

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 June 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: June 9, 2026

4

Exhibit 99.1

Burning Rock Reports First Quarter 2026 Financial Results

GUANGZHOU, China, June 9, 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 March 31, 2026.

Recent Business Updates

• Early Detection, Therapy Selection & MRD

• Presented multiple study results at the 2026 AACR in April, showcasing validation data on MMcall, CanCatch Surf, 25-plex ddPCR, and SPIRAL.

• Presented study results at Journal for ImmunoTherapy of Cancer in April 2026. “A four-cycle perioperative regimen of serplulimab combined with taxane-carboplatin demonstrated promising MPR and pCR rates with an acceptable safety profile in patients with resectable sq-NSCLC.”

First Quarter 2026 Financial Results

Revenues were RMB107.9 million (US$15.6 million) for the three months ended March 31, 2026, representing an 18.9% decrease from RMB133.1 million for the same period in 2025.

• Revenue generated from central laboratory business was RMB32.3 million (US$4.7 million) for the three months ended March 31, 2026, representing a 15.3% decrease from RMB38.3 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 testing.

• Revenue generated from in-hospital business was RMB52.8 million (US$7.6 million) for the three months ended March 31, 2026, representing an 8.5% decrease from RMB57.7 million for the same period in 2025, primarily attributable to a decrease in revenue from two hospitals due to one-off issue. Excluding such two, in-hospital revenue for the three months ended March 31, 2026 would have increased by 2% year-over-year.

• Revenue generated from pharma research and development services was RMB22.8 million (US$3.3 million) for the three months ended March 31, 2026, representing a 38.6% decrease from RMB37.1 million for the same period in 2025, primarily attributable to decreased testing services performed for our pharma customers and lower milestone progress of our pharma programs achieved due to timing of the projects.

Cost of revenues was RMB29.9 million (US$4.3 million) for the three months ended March 31, 2026, representing a 16.1% decrease from RMB35.7 million for the same period in 2025.

Gross profit was RMB78.0 million (US$11.3 million) for the three months ended March 31, 2026, representing a 19.9% decrease from RMB97.4 million for the same period in 2025. Gross margin was 72.3% for the three months ended March 31, 2026, compared to 73.2% for the same period in 2025. By channel, gross margin of central laboratory business was 88.7% for the three months ended March 31, 2026, compared to 84.1% during the same period in 2025, primarily driven by a reduction in inventory write-downs; gross margin of in-hospital business was 72.9% for the three months ended March 31, 2026, compared to 76.1% during the same period in 2025, primarily attributable to a decrease in sales volume to high margin products; gross margin of pharma research and development services was 47.4% for the three months ended March 31, 2026, compared to 57.5% 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 RMB80.5 million (US$11.7 million) for the three months ended March 31, 2026, representing a 20.0% decrease from RMB100.7 million for the same period in 2025. Non-GAAP gross margin was 74.6% for the three months ended March 31, 2026, compared to 75.6% 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 RMB96.9 million (US$14.1 million) for the three months ended March 31, 2026, representing a 14.0% decrease from RMB112.6 million for the same period in 2025. The decrease was primarily driven by business cost and payment collection control to improve operating efficiency.

• Research and development expenses were RMB27.6 million (US$4.0 million) for the three months ended March 31, 2026, representing a 31.8% decrease from RMB40.4 million for the same period in 2025, primarily due to (i) a temporary decrease across different research phases, and (ii) a decrease in amortized expense on share-based compensation.

• Selling and marketing expenses were RMB41.2 million (US$6.0 million) for the three months ended March 31, 2026, remaining relatively stable as compared with RMB40.9 million for the same period in 2025.

• General and administrative expenses were RMB28.1 million (US$4.1 million) for the three months ended March 31, 2026, representing a 10.3% decrease from RMB31.3 million for the same period in 2025, primarily due to a decrease in impairment expenses for accounts receivables and contract assets.

Net loss was RMB17.5 million (US$2.5 million) for the three months ended March 31, 2026, compared to RMB13.5 million for the same period in 2025.

Cash, cash equivalents and restricted cash were RMB448.7 million (US$65.1 million) as of March 31, 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 RMB6.8980 to US$1.00, the exchange rate on March 31, 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
		March 31,				June 30,				September				December				March 31,
		2025				2025				30, 2025				31, 2025				2026
In-hospital channel:
Pipeline partner hospitals(1)			30				30				31				30				30
Contracted partner hospitals(2)			63				63				63				64				64
Total number of partner hospitals			93				93				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
		March 31,				June 30,				September				December				March 31,
Revenues		2025				2025				30, 2025				31, 2025				2026
						(RMB in thousands)
Central laboratory channel			38,296				40,861				36,811				44,025				32,420
In-hospital channel			57,687				62,496				52,847				51,005				52,761
Pharma research and development channel			37,099				45,197				41,959				31,285				22,762
Total revenues			133,082				148,554				131,617				126,315				107,943

		For the three months ended
		March 31,				June 30,				September				December				March 31,
Revenues by location of contracting customer		2025				2025				30, 2025				31, 2025				2026
						(RMB in thousands)
Overseas			24,407				37,458				17,214				21,849				8,544
Chinese mainland			108,675				111,096				114,403				104,466				99,399
Total revenues			133,082				148,554				131,617				126,315				107,943

		For the three months ended
		March 31,				June 30,				September				December				March 31,
Gross profit		2025				2025				30, 2025				31, 2025				2026
						(RMB in thousands)
Central laboratory channel			32,191				35,937				30,126				39,322				28,761
In-hospital channel			43,895				46,490				37,925				38,388				38,458
Pharma research and development channel			21,315				25,676				30,793				20,856				10,789
Total gross profit			97,401				108,103				98,844				98,566				78,008

6

		For the three months ended
		March 31,				June 30,				September				December				March 31,
Share-based compensation expenses		2025				2025				30, 2025				31, 2025				2026
						(RMB in thousands)
Cost of revenues			308				280				301				300				82
Research and development expenses			1,800				(270	)			73				259				(345	)
Selling and marketing expenses			1,025				364				624				748				164
General and administrative expenses			1,413				2,005				2,831				1,815				1,907
Total share-based compensation expenses			4,546				2,379				3,829				3,122				1,808

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,				June 30,				September				December				March 31,				March 31,
		2025				2025				30, 2025				31, 2025				2026				2026
		RMB				RMB				RMB				RMB				RMB				US$
Revenues			133,082				148,554				131,617				126,315				107,943				15,649
Cost of revenues			(35,681	)			(40,451	)			(32,773	)			(27,749	)			(29,935	)			(4,339	)
Gross profit			97,401				108,103				98,844				98,566				78,008				11,310
Operating expenses:
Research and development expenses			(40,389	)			(49,770	)			(41,469	)			(34,866	)			(27,559	)			(3,995	)
Selling and marketing expenses			(40,888	)			(38,413	)			(41,808	)			(44,066	)			(41,206	)			(5,974	)
General and administrative expenses			(31,303	)			(31,417	)			(31,698	)			(31,672	)			(28,088	)			(4,072	)
Total operating expenses			(112,580	)			(119,600	)			(114,975	)			(110,604	)			(96,853	)			(14,041	)
Loss from operations			(15,179	)			(11,497	)			(16,131	)			(12,038	)			(18,845	)			(2,731	)
Interest income			2,581				2,226				1,744				1,502				1,261				183
Interest expense			—				—				(15	)			(15	)			(15	)			(2	)
Other (expense) income, net			(652	)			387				7				1				294				43
Foreign exchange (loss) gain, net			(26	)			(574	)			(2,151	)			(3,960	)			65				9
Loss before income tax			(13,276	)			(9,458	)			(16,546	)			(14,510	)			(17,240	)			(2,498	)
Income tax expenses			(224	)			(244	)			(212	)			(876	)			(232	)			(34	)
Net loss			(13,500	)			(9,702	)			(16,758	)			(15,386	)			(17,472	)			(2,532	)
Net loss attributable to Burning Rock Biotech Limited’s shareholders			(13,500	)			(9,702	)			(16,758	)			(15,386	)			(17,472	)			(2,532	)
Net loss attributable to ordinary shareholders			(13,500	)			(9,702	)			(16,758	)			(15,386	)			(17,472	)			(2,532	)
Loss per share for class A and class B ordinary shares:
Class A ordinary shares - basic and diluted			(0.13	)			(0.09	)			(0.16	)			(0.15	)			(0.17	)			(0.02	)
Class B ordinary shares - basic and diluted			(0.13	)			(0.09	)			(0.16	)			(0.15	)			(0.17	)			(0.02	)
Weighted average shares outstanding used in loss per share computation:
Class A ordinary shares - basic and diluted			90,291,658				90,357,970				90,416,619				87,444,109				87,871,026				87,871,026
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			(72	)			(243	)			(1,724	)			(2,050	)			(3,143	)			(456	)
Total comprehensive loss			(13,572	)			(9,945	)			(18,482	)			(17,436	)			(20,615	)			(2,988	)
Total comprehensive loss attributable to Burning Rock Biotech Limited’s shareholders			(13,572	)			(9,945	)			(18,482	)			(17,436	)			(20,615	)			(2,988	)

8

Burning Rock Biotech Limited

Unaudited Condensed Consolidated Balance Sheets

(In thousands)

		As of
		December 31,				March 31,				March 31,
		2025				2026				2026
		RMB				RMB				US$
ASSETS
Current assets:
Cash and cash equivalents			478,392				446,002				64,657
Restricted cash			2,696				2,728				395
Accounts receivable, net			169,611				164,497				23,847
Contract assets, net			12,301				12,715				1,843
Inventories, net			56,975				54,294				7,871
Prepayments and other current assets			18,611				20,759				3,010
Total current assets			738,586				700,995				101,623
Non-current assets:
Property and equipment, net			31,099				26,997				3,914
Operating right-of-use assets			42,774				51,931				7,528
Intangible assets, net			284				258				37
Other non-current assets			7,632				7,603				1,102
Total non-current assets			81,789				86,789				12,581
TOTAL ASSETS			820,375				787,784				114,204

9

Burning Rock Biotech Limited

Unaudited Condensed Consolidated Balance Sheets (Continued)

(in thousands)

		As of
		December 31,				March 31,				March 31,
		2025				2026				2026
		RMB				RMB				US$
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable			40,744				18,043				2,616
Deferred revenue			107,819				114,487				16,597
Accrued liabilities and other current liabilities			80,861				75,381				10,928
Customer deposits			592				592				86
Current portion of long-term borrowings			200				200				29
Current portion of operating lease liabilities			16,762				21,113				3,061
Total current liabilities			246,978				229,816				33,317
Non-current liabilities:
Long-term borrowings			1,700				1,700				246
Non-current portion of operating lease liabilities			24,458				27,850				4,037
Other non-current liabilities			11,975				11,961				1,734
Total non-current liabilities			38,133				41,511				6,017
TOTAL LIABILITIES			285,111				271,327				39,334
Shareholders’ equity:
Class A ordinary shares			120				120				17
Class B ordinary shares			21				21				3
Additional paid-in capital			5,010,060				5,011,868				(8,291	)
Treasury stock			(57,193	)			(57,193	)			726,568
Accumulated deficits			(4,255,607	)			(4,273,079	)			(619,466	)
Accumulated other comprehensive loss			(162,137	)			(165,280	)			(23,961	)
Total shareholders’ equity			535,264				516,457				74,870
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			820,375				787,784				114,204

10

Burning Rock Biotech Limited

Unaudited Condensed Statements of Cash Flows

(in thousands)

		For the three months ended
		March 31,				March 31,				March 31,
		2025				2026				2026
		RMB				RMB				US$
Net cash used in operating activities			(23,527	)			(29,304	)			(4,248	)
Net cash used in investing activities			(1,531	)			(364	)			(53	)
Net cash generated from financing activities			—				—				—
Effect of exchange rate on cash, cash equivalents and restricted cash			302				(2,690	)			(390	)
Net decrease in cash, cash equivalents and restricted cash			(24,756	)			(32,358	)			(4,691	)
Cash, cash equivalents and restricted cash at the beginning of period			522,162				481,088				69,743
Cash, cash equivalents and restricted cash at the end of period			497,406				448,730				65,052

11

Burning Rock Biotech Limited

Reconciliations of GAAP and Non-GAAP Results

		For the three months ended
		March 31,				June 30,				September				December				March 31,
		2025				2025				30, 2025				31, 2025				2026
						(RMB in thousands)
Gross profit:
Central laboratory channel			32,191				35,937				30,126				39,322				28,761
In-hospital channel			43,895				46,490				37,925				38,388				38,458
Pharma research and development channel			21,315				25,676				30,793				20,856				10,789
Total gross profit			97,401				108,103				98,844				98,566				78,008
Add: depreciation and amortization:
Central laboratory channel			562				456				231				490				412
In-hospital channel			290				389				372				308				228
Pharma research and development channel			2,412				1,528				1,491				2,057				1,885
Total depreciation and amortization included in cost of revenues			3,264				2,373				2,094				2,855				2,525
Non-GAAP gross profit:
Central laboratory channel			32,753				36,393				30,357				39,812				29,173
In-hospital channel			44,185				46,879				38,297				38,696				38,686
Pharma research and development channel			23,727				27,204				32,284				22,913				12,674
Total non-GAAP gross profit			100,665				110,476				100,938				101,421				80,533
Non-GAAP gross margin:
Central laboratory channel			85.5	%			89.1	%			82.5	%			90.4	%			90.0	%
In-hospital channel			76.6	%			75.0	%			72.5	%			75.9	%			73.3	%
Pharma research and development channel			64.0	%			60.2	%			76.9	%			73.2	%			55.7	%
Total non-GAAP gross margin			75.6	%			74.4	%			76.7	%			80.3	%			74.6	%

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Filing Exhibits & Attachments

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