GUANGZHOU, China, Nov. 20, 2025 (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 September 30, 2025.

Recent Business Updates

  • Therapy Selection
    • Presented study results at the Cell Reports Medicine on esophageal squamous cell carcinoma in September 2025. “Integrating ctDNA with clinical response evaluation improves residual disease detection post-neoadjuvant chemoradiotherapy to support organsparing strategies and that postoperative ctDNA stratifies recurrence risk beyond pathological response to inform adjuvant immunotherapy decisions”.
  • Early Detection
    • PROMISE study test results presented at The Innovation in September 2025. “The PROMISE study was conducted to investigate the feasibility of a multi-omics integration strategy in multi-cancer detection blood tests across nine types of cancers in head and neck (excluding nasopharynx), esophagus, lung, stomach, liver, biliary tract, pancreas, colorectum, and ovary……Compared to the methylation-based classifier, the multimodal classifier combining methylation and protein features, exhibited an improved sensitivity of 75.1% (95% 75 confidence interval [CI], 69.3%–80.3%) at the same specificity of 98.8% with the accuracy of top predicted origin (TPO1) of 73.1% (95% CI, 66.2%–79.2%)”.
  • Pharma Services
    • The OncoGuide™ OncoScreen™ Plus CDx System based on OncoScreen™ Plus to be used as a companion diagnostic for AstraZeneca’s capivasertib has received Manufacturing and Marketing Approval from Japan’s Ministry of Health, Labour and Welfare (MHLW) in September, 2025.

Third Quarter 2025 Financial Results

Total revenues were RMB131.6 million (US$18.5 million) for the three months ended September 30, 2025, representing a 2.3% increase from RMB128.6 million for the same period in 2024.

  • Revenue generated from in-hospital business was RMB52.8 million (US$7.4 million) for the three months ended September 30, 2025, representing a 17.1% decrease from RMB63.8 million for the same period in 2024, driven by a decrease in sales volume.
  • Revenue generated from central laboratory business was RMB36.8 million (US$5.2 million) for the three months ended September 30, 2025, representing a 7.9% decrease from RMB40.0 million for the same period in 2024, primarily attributable to a decrease in the number of tests, as we continued our transition towards in-hospital testing.
  • Revenue generated from pharma research and development services was RMB42.0 million (US$5.9 million) for the three months ended September 30, 2025, representing a 68.6% increase from RMB24.9 million for the same period in 2024, primarily attributable to an increased development and testing services performed for our pharma customers.

Cost of revenues was RMB32.8 million (US$4.6 million) for the three months ended September 30, 2025, representing an 10.9% decrease from RMB36.8 million for the same period in 2024.

Gross profit was RMB98.8 million (US$13.9 million) for the three months ended September 30, 2025, representing a 7.6% increase from RMB91.8 million for the same period in 2024. Gross margin was 75.1% for the three months ended September 30, 2025, compared to 71.4% for the same period in 2024. By channel, gross margin of central laboratory business and in-hospital business were 81.8% and 71.8% for the three months ended September 30, 2025, compared to 83.2% and 73.0% during the same period in 2024, primarily due to the cost reduction caused by the rent subsidy for the headquarter building in the third quarter of 2024; gross margin of pharma research and development services was 73.4% for the three months ended September 30, 2025, compared to 48.2% during the same period of 2024, primarily due to the significant increase in revenue from high-margin companion diagnostic (CDx) projects.

Non-GAAP gross profit, which excludes depreciation and amortization expenses, was RMB100.9 million (US$14.2million) for the three months ended September 30, 2025, representing a 3.2% increase from RMB97.8 million for the same period in 2024. Non-GAAP gross margin was 76.7% for the three months ended September 30, 2025, compared to 76.0% for the same period in 2024.

Operating expenses were RMB115.0 million (US$16.2 million) for the three months ended September 30, 2025, representing a 11.9% decrease from RMB130.4 million for the same period in 2024. The decrease was primarily driven by decreases in amortized expense on share-based compensation, budget control measures and headcount reduction to improve the Company’s operating efficiency.

  • Research and development expenses were RMB41.5 million (US$5.8 million) for the three months ended September 30, 2025, representing a 15.6% decrease from RMB49.2 million for the same period in 2024, primarily due to (i) a decrease in the expenditure for research projects; (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 RMB41.8 million (US$5.9 million) for the three months ended September 30, 2025, representing a 13.6% decrease from RMB48.4 million for the same period in 2024, primarily due to (i) a decrease in staff cost resulted from the reorganization of the sales department and improvement in operating efficiency; (ii) a decrease in amortized expense on share-based compensation; and (iii) a decrease in amortized expenses for office building decoration.
  • General and administrative expenses were RMB31.7 million (US$4.5 million) for the three months ended September 30, 2025, representing a 3.6% decrease from RMB32.9 million for the same period in 2024, primarily due to (i) a decrease in the general and administrative personnel’s staff cost; (ii) a decrease in amortized expense on share-based compensation; and partially offset by (i) an increase in impairment expenses for accounts receivables and contract assets; (iii) an increase in operating lease.

Net loss was RMB16.8 million (US$2.4 million) for the three months ended September 30, 2025, compared to RMB35.7 million for the same period in 2024.

Cash, cash equivalents and restricted cash were RMB467.0 million (US$65.6 million) as of September 30, 2025.

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. 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”). The company defines non-GAAP gross profit as gross profit excluding depreciation and amortization. The company defines non-GAAP gross margin as gross margin excluding depreciation and amortization.

The company presents these non-GAAP financial measures because they are used by management to evaluate operating performance and formulate business plans. The company believe non-GAAP gross profit and non-GAAP gross margin excluding non-cash impact of depreciation and amortization reflect the company’s ongoing business operations in a manner that allows more meaningful period-to-period comparisons.

Contact: [email protected]

Selected Operating Data
As of
September 30,
2024 		December 31,
2024 		March 31,
2025 		June 30,
2025 		September 30,
2025
In-hospital Channel:
Pipeline partner hospitals (1) 30 29 30 30 31
Contracted partner hospitals (2) 61 63 63 63 63
Total number of partner hospitals 69 92 93 93 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
For the nine months ended
Revenues September 30,
2024 		September 30,
2025 		September 30,
2024 		September 30,
2025
(RMB in thousands)
(RMB in thousands)
Central laboratory channel 39,984 36,811 136,371 115,968
In-hospital channel 63,769 52,847 181,028 173,030
Pharma research and development channel 24,891 41,959 72,401 124,255
Total revenues 128,644 131,617 389,800 413,253


For the three months ended
For the nine months ended
Revenues by location of customer September 30,
2024 		September 30,
2025 		September 30,
2024 		September 30,
2025
(RMB in thousands)
(RMB in thousands)
Overseas 25,840 17,214 59,553 79,079
Mainland China 102,804 114,403 330,247 334,174
Total Revenues 128,644 131,617 389,800 413,253


For the three months ended
For the nine months ended
Gross profit September 30,
2024 		September 30, 2025 September 30,
2024 		September 30, 2025
(RMB in thousands)
(RMB in thousands)
Central laboratory channel 33,262 30,126 108,688 98,254
In-hospital channel 46,580 37,925 129,830 128,310
Pharma research and development channel 12,004 30,793 34,460 77,784
Total gross profit 91,846 98,844 272,978 304,348


For the three months ended
For the nine months ended
Share-based compensation expenses September 30,
2024 		September 30,
2025 		September 30,
2024 		September 30,
2025
(RMB in thousands)
(RMB in thousands)
Cost of revenues 289 301 1,349 889
Research and development expenses 3,180 73 27,475 1,603
Selling and marketing expenses 1,917 624 3,657 2,013
General and administrative expenses 4,732 2,831 115,129 6,249
Total share-based compensation expenses 10,118 3,829 147,610 10,754


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
September 30,
2024 		December 31,
2024 		March 31,
2025 		June 30,
2025 		September 30,
2025 		September 30,
2025
RMB RMB RMB RMB RMB US$
Revenues 128,644 126,022 133,082 148,554 131,617 18,488
Cost of revenues (36,798 ) (36,600 ) (35,681 ) (40,451 ) (32,773 ) (4,604 )
Gross profit 91,846 89,422 97,401 108,103 98,844 13,884
Operating expenses:
Research and development expenses (49,150 ) (52,203 ) (40,389 ) (49,770 ) (41,469 ) (5,825 )
Selling and marketing expenses (48,411 ) (46,730 ) (40,888 ) (38,413 ) (41,808 ) (5,873 )
General and administrative expenses (32,874 ) (37,289 ) (31,303 ) (31,417 ) (31,698 ) (4,453 )
Impairment loss on long-lived assets - (35,127 ) - - - -
Total operating expenses (130,435 ) (171,349 ) (112,580 ) (119,600 ) (114,975 ) (16,151 )
Loss from operations (38,589 ) (81,927 ) (15,179 ) (11,497 ) (16,131 ) (2,267 )
Interest income 3,173 1,814 2,581 2,226 1,744 245
Interest expense - - - - (15 ) (2 )
Other income (expense), net 1 4,353 (652 ) 387 7 1
Foreign exchange loss, net (129 ) (220 ) (26 ) (574 ) (2,151 ) (302 )
Loss before income tax (35,544 ) (75,980 ) (13,276 ) (9,458 ) (16,546 ) (2,325 )
Income tax expenses (201 ) (5,314 ) (224 ) (244 ) (212 ) (30 )
Net loss (35,745 ) (81,294 ) (13,500 ) (9,702 ) (16,758 ) (2,355 )
Net loss attributable to Burning Rock Biotech Limited’s shareholders (35,745 ) (81,294 ) (13,500 ) (9,702 ) (16,758 ) (2,355 )
Net loss attributable to ordinary shareholders (35,745 ) (81,294 ) (13,500 ) (9,702 ) (16,758 ) (2,355 )
Loss per share for class A and class B ordinary shares:
Class A ordinary shares - basic and diluted (0.35 ) (0.79 ) (0.13 ) (0.09 ) (0.16 ) (0.02 )
Class B ordinary shares - basic and diluted (0.35 ) (0.79 ) (0.13 ) (0.09 ) (0.16 ) (0.02 )
Weighted average shares outstanding used in loss per share computation:
Class A ordinary shares - basic and diluted 85,902,670 86,036,286 90,291,658 90,357,970 90,416,619 90,416,619
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) income, net of tax of nil:
Foreign currency translation adjustments (4,054 ) 6,009 (72 ) (243 ) (1,724 ) (242 )
Total comprehensive loss (39,799 ) (75,285 ) (13,572 ) (9,945 ) (18,482 ) (2,597 )
Total comprehensive loss attributable to Burning Rock Biotech Limited’s shareholders (39,799 ) (75,285 ) (13,572 ) (9,945 ) (18,482 ) (2,597 )



Burning Rock Biotech Limited
Unaudited Condensed Statements of Comprehensive Loss
(in thousands, except for number of shares and per share data)
For the nine months ended
September 30,
2024 		September 30,
2025 		September 30,
2025
RMB RMB US$
Revenues 389,800 413,253 58,049
Cost of revenues (116,822 ) (108,905 ) (15,299 )
Gross profit 272,978 304,348 42,750
Operating expenses:
Research and development expenses (180,087 ) (131,628 ) (18,490 )
Selling and marketing expenses (144,174 ) (121,109 ) (17,012 )
General and administrative expenses (224,349 ) (94,418 ) (13,263 )
Total operating expenses (548,610 ) (347,155 ) (48,765 )
Loss from operations (275,632 ) (42,807 ) (6,015 )
Interest income 10,398 6,551 920
Interest expense - (15 ) (2 )
Other income, net 353 (258 ) (36 )
Foreign exchange gain (loss), net 120 (2,751 ) (386 )
Loss before income tax (264,761 ) (39,280 ) (5,519 )
Income tax expenses (571 ) (680 ) (96 )
Net loss (265,332 ) (39,960 ) (5,615 )
Net loss attributable to Burning Rock Biotech Limited’s shareholders (265,332 ) (39,960 ) (5,615 )
Net loss attributable to ordinary shareholders (265,332 ) (39,960 ) (5,615 )
Loss per share for class A and class B ordinary shares:
Class A ordinary shares - basic and diluted (2.58 ) (0.37 ) (0.05 )
Class B ordinary shares - basic and diluted (2.58 ) (0.37 ) (0.05 )
Weighted average shares outstanding used in loss per share computation:
Class A ordinary shares - basic and diluted 85,467,131 90,332,672 90,332,672
Class B ordinary shares - basic and diluted 17,324,848 17,324,848 17,324,848
Other comprehensive loss, net of tax of nil:
Foreign currency translation adjustments (2,524 ) (2,039 ) (286 )
Total comprehensive loss (267,856 ) (41,999 ) (5,901 )
Total comprehensive loss attributable to Burning Rock Biotech Limited’s shareholders (267,856 ) (41,999 ) (5,901 )



Burning Rock Biotech Limited

Unaudited Condensed Consolidated Balance Sheets

(In thousands)
As of
December 31,
2024 		September 30,
2025 		September 30,
2025
RMB RMB US$
ASSETS
Current assets:
Cash and cash equivalents 519,849 463,994 65,177
Restricted cash 2,313 2,985 419
Accounts receivable, net 152,013 183,841 25,824
Contract assets, net 13,855 13,049 1,833
Inventories, net 62,625 54,469 7,651
Prepayments and other current assets, net 25,963 20,985 2,950
Total current assets 776,618 739,323 103,854

Non-current assets:
Property and equipment, net 47,152 33,755 4,742
Operating right-of-use assets 53,188 32,281 4,534
Intangible assets, net 421 316 44
Other non-current assets 7,926 6,493 912
Total non-current assets 108,687 72,845 10,232
TOTAL ASSETS 885,305 812,168 114,086



Burning Rock Biotech Limited

Unaudited Condensed Consolidated Balance Sheets (Continued)

(in thousands)
As of
December 31,
2024 		September 30,
2025 		September 30,
2025
RMB RMB US$
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable 33,747 34,277 4,815
Deferred revenue 117,895 106,448 14,953
Accrued liabilities and other current liabilities 89,498 76,992 10,816
Customer deposits 592 592 83
Short-term borrowings - 200 28
Current portion of operating lease liabilities 24,567 16,603 2,332
Total current liabilities 266,299 235,112 33,027
Non-current liabilities:
Long-term borrowings - 1,800 253
Non-current portion of operating lease liabilities 27,754 14,577 2,048
Other non-current liabilities 10,425 11,102 1,559
Total non-current liabilities 38,179 27,479 3,860
TOTAL LIABILITIES 304,478 262,591 36,887

Shareholders’ equity:
Class A ordinary shares 124 120 17
Class B ordinary shares 21 21 3
Additional paid-in capital 5,002,255 5,006,937 703,320
Treasury stock (63,264 ) (57,193 ) (8,034 )
Accumulated deficits (4,200,261 ) (4,240,221 ) (595,620 )
Accumulated other comprehensive loss (158,048 ) (160,087 ) (22,487 )
Total shareholders’ equity 580,827 549,577 77,199
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 885,305 812,168 114,086



Burning Rock Biotech Limited

Unaudited Condensed Statements of Cash Flows

(in thousands)
For the three months ended
September
30, 2024 		September
30, 2025 		September 30,
2025
RMB RMB US$
Net cash used in operating activities (30,278 ) 16,394 2,303
Net cash used in investing activities (987 ) (2,747 ) (386 )
Net cash generated from financing activities 2 - -
Effect of exchange rate on cash, cash equivalents and restricted cash (3,537 ) (1,692 ) (237 )
Net decrease in cash, cash equivalents and restricted cash (34,800 ) 11,955 1,680
Cash, cash equivalents and restricted cash at the beginning of period 533,047 455,024 63,916
Cash, cash equivalents and restricted cash at the end of period 498,247 466,979 65,596


For the nine months ended
September
30, 2024 		September
30, 2025 		September
30, 2025
RMB RMB US$
Net cash used in operating activities (111,323 ) (51,482 ) (7,232 )
Net cash used in investing activities (3,600 ) (4,071 ) (572 )
Net cash generated from financing activities 2 2,000 281
Effect of exchange rate on cash, cash equivalents and restricted cash (2,048 ) (1,630 ) (229 )
Net decrease in cash, cash equivalents and restricted cash (116,969 ) (55,183 ) (7,752 )
Cash, cash equivalents and restricted cash at the beginning of period 615,216 522,162 73,348
Cash, cash equivalents and restricted cash at the end of period 498,247 466,979 65,596


Burning Rock Biotech Limited

Reconciliations of GAAP and Non-GAAP Results
For the three months ended
September 30,
2024 		December 31,
2024 		March 31,
2025 		June 30,
2025 		September 30,
2025
(RMB in thousands)
Gross profit:
Central laboratory channel 33,262 33,153 32,191 35,937 30,126
In-hospital channel 46,580 29,563 43,895 46,490 37,925
Pharma research and development channel 12,004 26,706 21,315 25,676 30,793
Total gross profit
91,846 89,422 97,401 108,103 98,844
Add: depreciation and amortization:
Central laboratory channel 1,277 1,010 562 456 231
In-hospital channel 798 623 290 389 372
Pharma research and development channel 3,846 2,534 2,412 1,528 1,491
Total depreciation and amortization included in cost of revenues
5,921 4,167 3,264 2,373 2,094
Non-GAAP gross profit：
Central laboratory channel 34,539 34,163 32,753 36,393 30,357
In-hospital channel 47,378 30,186 44,185 46,879 38,297
Pharma research and development channel 15,850 29,240 23,727 27,204 32,284
Total non-GAAP gross profit 97,767 93,589 100,665 110,476 100,938
Non-GAAP gross margin：
Central laboratory channel 86.4% 87.0% 85.5% 89.1% 82.5%
In-hospital channel 74.3% 69.5% 76.6% 75.0% 72.5%
Pharma research and development channel 63.7% 67.6% 64.0% 60.2% 76.9%
Total non-GAAP gross margin 76.0 % 74.3 % 75.6 % 74.4 % 76.7 %