Burning Rock Biotech (BNR) finance executive reports detailed option grants

Rhea-AI Filing Summary

Burning Rock Biotech Ltd filed an initial Form 3 for Hu Xiaozhi, a Senior Director in Finance, detailing existing stock option holdings rather than new market trades. The options give the right to receive one ordinary share per option at exercise prices as low as $0.0002 and $3.33.

The footnotes show these awards vest only if strict conditions are met, including continued employment, annual performance ratings of at least 3.3%, and ambitious company valuation targets of $2 billion, $4 billion, or $10 billion within specified five- or seven-year periods from each grant date.

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

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Hu Xiaozhi

(Last) (First) (Middle)

NO. 5, XINGDAO RING ROAD NORTH

(Street)

GUANGZHOU F4 510005

(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)

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

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)

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)	04/30/2032	Ordinary Shares	3,097	$0.0002(11)	D
OPTIONS (RIGHT TO BUY)	(2)	09/26/2032	Ordinary Shares	7,850	$3.33(11)	D
OPTIONS (RIGHT TO BUY)	(3)	09/26/2032	Ordinary Shares	11,776	$3.33(11)	D
OPTIONS (RIGHT TO BUY)	(4)	09/26/2032	Ordinary Shares	7,850	$3.33(11)	D
OPTIONS (RIGHT TO BUY)	(5)	09/26/2032	Ordinary Shares	11,776	$3.33(11)	D
OPTIONS (RIGHT TO BUY)	(6)	09/26/2032	Ordinary Shares	7,850	$3.33(11)	D
OPTIONS (RIGHT TO BUY)	(7)	09/26/2032	Ordinary Shares	11,776	$3.33(11)	D
OPTIONS (RIGHT TO BUY)	(8)	04/30/2033	Ordinary Shares	29,239	$0.0002(11)	D
OPTIONS (RIGHT TO BUY)	(9)	04/30/2034	Ordinary Shares	19,000	$0.0002(11)	D
OPTIONS (RIGHT TO BUY)	(10)	04/30/2035	Ordinary Shares	36,000	$0.0002(11)	D

Explanation of Responses:

1. On April 30, 2022, the Reporting Person was granted 12,389 share options, with 50%, 25% and 25% of the granted share options vesting on January 1, 2024, January 1, 2025 and January 1, 2026, 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 2022 to 2025.

2. On September 26, 2022, the Reporting Person was granted 7,850 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$2 billion by the fifth 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.

3. On September 26, 2022, the Reporting Person was granted 11,776 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$2 billion by the fifth 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.

4. On September 26, 2022, the Reporting Person was granted 7,850 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.

5. On September 26, 2022, the Reporting Person was granted 11,776 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.

6. On September 26, 2022, the Reporting Person was granted 7,850 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 grants (the "valuation target"), and (b) the Reporting Person remains employed by the Issuer at the time when the valuation target is achieved.

7. On September 26, 2022, the Reporting Person was granted 11,776 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 grants (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.

8. On April 30, 2023, the Reporting Person was granted 58,477 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.

9. On April 30, 2024, the Reporting Person was granted 19,000 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.

10. On April 30, 2025, the Reporting Person was granted 36,000 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.

11. 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 Xiaozhi Hu	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 Burning Rock Biotech (BNR) report in Hu Xiaozhi’s Form 3?

The Form 3 reports Hu Xiaozhi’s existing stock option holdings in Burning Rock Biotech. These options grant rights to ordinary shares at exercise prices of $0.0002 and $3.33, with vesting tied to performance ratings, employment duration, and company valuation milestones.

What are the key vesting conditions for Hu Xiaozhi’s options at Burning Rock Biotech (BNR)?

Hu Xiaozhi’s options vest only if employment continues and annual performance ratings reach at least 3.3% in specified years. Several grants also require Burning Rock Biotech’s valuation to hit $2 billion, $4 billion, or $10 billion within five to seven years from each grant date.

What exercise prices apply to Hu Xiaozhi’s options in Burning Rock Biotech (BNR)?

The reported options have exercise prices of $0.0002 and $3.33 per ordinary share. Each option represents the right to receive one ordinary share upon exercise, as long as the detailed vesting, performance, and company valuation conditions described in the footnotes are satisfied.

Do Hu Xiaozhi’s options in Burning Rock Biotech (BNR) depend on company valuation targets?

Yes. Several option grants vest only if Burning Rock Biotech’s valuation, based on a 60-day average closing share price, reaches $2 billion, $4 billion, or $10 billion by specific anniversaries of the grant date, in addition to continued employment requirements.

What performance criteria affect Hu Xiaozhi’s option vesting at Burning Rock Biotech (BNR)?

Multiple grants require Hu Xiaozhi’s annual performance rating to reach at least 3.3% over defined years for options to vest. These criteria apply alongside continued employment and, for some awards, company valuation thresholds tied to multi-year timelines from the original grant dates.