Burning Rock Biotech (BNR) director discloses 17.36M shares and options

Rhea-AI Filing Summary

Burning Rock Biotech Ltd director Han Yusheng has filed an initial ownership report showing a substantial equity stake and multiple option awards. The filing lists direct ownership of 17,357,806 Ordinary Shares.

Han also holds several option grants over Ordinary Shares. These include 1,413,063 and 2,119,595 options with a $3.33 exercise price that vest only if the company’s valuation reaches $4 billion within seven years of the September 26, 2022 grant date and employment conditions are met. Additional grants of 706,532 and 1,059,797 options at the same exercise price require a $10 billion valuation target plus similar service conditions.

Further grants on April 30, 2023, April 30, 2024 and April 30, 2025 cover 236,023, 86,000 and 116,000 options at a $0.0002 exercise price, vesting in stages from 2025 through 2029 based on continued employment and minimum performance ratings. Each option gives the right to receive one Ordinary Share upon exercise.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Han Yusheng

(Last) (First) (Middle)

NO. 46 - 2000 JIANHE ROAD

(Street)

SHANGHAI F4 200336

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
03/17/2026

3. Issuer Name and Ticker or Trading Symbol
Burning Rock Biotech Ltd [ BNR ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Ordinary Shares	17,357,806	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
OPTIONS (RIGHT TO BUY)	(1)	09/26/2032	Ordinary Shares	1,413,063	$3.33(8)	D
OPTIONS (RIGHT TO BUY)	(2)	09/26/2032	Ordinary Shares	2,119,595	$3.33(8)	D
OPTIONS (RIGHT TO BUY)	(3)	09/26/2032	Ordinary Shares	706,532	$3.33(8)	D
OPTIONS (RIGHT TO BUY)	(4)	09/26/2032	Ordinary Shares	1,059,797	$3.33(8)	D
OPTIONS (RIGHT TO BUY)	(5)	04/30/2033	Ordinary Shares	118,012	$0.0002(8)	D
OPTIONS (RIGHT TO BUY)	(6)	04/30/2033	Ordinary Shares	86,000	$0.0002(8)	D
OPTIONS (RIGHT TO BUY)	(7)	04/30/2033	Ordinary Shares	116,000	$0.0002(8)	D

Explanation of Responses:

1. On September 26, 2022, the Reporting Person was granted 1,413,063 share options, which will vest once (a) the valuation of the Issuer (based on the 60-day average closing share price of its publicly traded shares) reaches US$4 billion by the seventh anniversary of the date of grant (the "valuation target"), and (b) the Reporting Person remains employed by the Issuer at the time when the valuation target is achieved.

2. On September 26, 2022, the Reporting Person was granted 2,119,595 share options, which will vest once (a) the valuation of the Issuer (based on the 60-day average closing share price of its publicly traded shares) reaches US$4 billion by the seventh anniversary of the date of grant (the "valuation target"), (b) the Reporting Person remains employed by the Issuer at the time when the valuation target is achieved, and (c) the Reporting Person has been employed by the Issuer for five years from the date of grant.

3. On September 26, 2022, the Reporting Person was granted 706,532 share options, which will vest once (a) the valuation of the Issuer (based on the 60-day average closing share price of its publicly traded shares) reaches US$10 billion by the seventh anniversary of the date of grant (the "valuation target"), and (b) the Reporting Person remains employed by the Issuer at the time when the valuation target is achieved.

4. On September 26, 2022, the Reporting Person was granted 1,059,797 share options, which will vest once (a) the valuation of the Issuer (based on the 60-day average closing share price of its publicly traded shares) reaches US$10 billion by the seventh anniversary of the date of grant (the "valuation target"), (b) the Reporting Person remains employed by the Issuer at the time when the valuation target is achieved, and (c) the Reporting Person has been employed by the Issuer for five years from the date of grant.

5. On April 30, 2023, the Reporting Person was granted 236,023 share options, with 50%, 25% and 25% of the granted share options vesting on January 1, 2025, January 1, 2026 and January 1, 2027, respectively, subject to: (a) the Reporting Person's continued employment, and (b) the annual performance rating of the Reporting Person reaching at least 3.3 for each year from 2023 to 2026.

6. On April 30, 2024, the Reporting Person was granted 86,000 share options, with 50%, 25% and 25% of the granted share options vesting on January 1, 2026, January 1, 2027 and January 1, 2028, respectively, subject to: (a) the Reporting Person's continued employment, and (b) the annual performance rating of the Reporting Person reaching at least 3.3 for the year of 2024.

7. On April 30, 2025, the Reporting Person was granted 116,000 share options, with 50%, 25% and 25% of the granted share options vesting on January 1, 2027, January 1, 2028 and January 1, 2029, respectively, subject to: (a) the Reporting Person's continued employment, and (b) the annual performance rating of the Reporting Person reaching at least 3.3 for the year of 2025.

8. Each share option represents the right to receive, upon exercise, one ordinary share.

Remarks:

Exhibit 24 (Power of Attorney)

	/s/ Yuheng Huang, Attorney-in-Fact for Yusheng Han	03/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What does Han Yusheng report owning in Burning Rock Biotech (BNR)?

Han Yusheng reports direct ownership of 17,357,806 Ordinary Shares of Burning Rock Biotech Ltd. He also holds multiple option grants that, if vested and exercised, would provide additional Ordinary Shares, strengthening his long-term alignment with the company’s equity performance.

What performance-based options tied to valuation targets does Han Yusheng hold at BNR?

Han holds options for 1,413,063 and 2,119,595 Ordinary Shares at a $3.33 exercise price, vesting only if Burning Rock’s valuation reaches $4 billion within seven years of September 26, 2022 and specified employment conditions are satisfied.

Are there higher valuation target options disclosed for Han Yusheng at Burning Rock Biotech?

Yes. Han has additional grants of 706,532 and 1,059,797 options at a $3.33 exercise price that vest only if Burning Rock’s valuation reaches $10 billion within seven years of the September 26, 2022 grant and employment conditions are met.

What time-based and performance-based options does Han Yusheng hold with low exercise prices?

The filing shows options for 236,023, 86,000 and 116,000 Ordinary Shares at a $0.0002 exercise price. These vest in tranches from 2025 through 2029, contingent on continued employment and achieving at least a 3.3 annual performance rating.

How many shares does each option grant allow Han Yusheng to receive at Burning Rock?

Each option held by Han Yusheng represents the right to receive one Ordinary Share upon exercise. The grants together cover millions of potential shares, but vesting depends on reaching valuation targets or meeting service and performance-based conditions described in the award terms.

Does this Form 3 for Burning Rock Biotech show any recent insider buying or selling?

No recent buying or selling activity is indicated. The Form 3 is an initial ownership report that lists existing holdings of Ordinary Shares and options by director Han Yusheng, rather than reporting new market transactions or changes in his equity position.