GUANGZHOU, China, June 09, 2026 (GLOBE NEWSWIRE) -- 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 pro 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.
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.
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.
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
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.
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
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
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
)
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
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
Burning Rock Biotech Limited
Unaudited Condensed Statements of Cash Flows
(in
thousands)
For
the
three
months e
nded
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
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
%
