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BNR

Burning Rock Biotech Limited

BNR

Burning Rock Biotech Limited • NASDAQ
$21.59 ▲ 1.17% (+0.25)
Market Cap $23.25 M
52w High $23.45
52w Low $2.18
Dividend Yield 0%
P/E -13.16
Volume 22.91K
Outstanding Shares 1.08M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $131.617M ▼ $114.975M ▼ $-16.758M ▼ -12.732% ▼ $-15.6 ▼ $-3.284M ▼
Q2-2025 $148.554M ▲ $119.6M ▲ $-9.702M ▲ -6.531% ▲ $-9 ▲ $1.35M ▲
Q1-2025 $133.082M ▲ $112.58M ▼ $-13.5M ▲ -10.144% ▲ $-12.5 ▲ $-15.179M ▲
Q4-2024 $126.022M ▼ $171.349M ▲ $-81.294M ▼ -64.508% ▼ $-78.7 ▼ $-46.8M ▼
Q3-2024 $128.644M $130.435M $-35.745M -27.786% $-34.6 $-5.726M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $463.994M ▲ $812.168M ▼ $262.591M ▲ $549.577M ▼
Q2-2025 $452.721M ▼ $824.931M ▼ $260.696M ▼ $564.235M ▼
Q1-2025 $495.145M ▼ $854.717M ▼ $282.915M ▼ $571.802M ▼
Q4-2024 $519.849M ▲ $885.305M ▼ $304.478M ▼ $580.827M ▼
Q3-2024 $497.969M $984.805M $336.639M $648.166M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-16.758M ▼ $16.394M ▲ $-2.747M ▼ $0 ▼ $11.955M ▲ $16.394M ▲
Q2-2025 $-9.702M ▲ $-44.349M ▼ $207K ▲ $2M ▲ $-42.382M ▼ $-44.349M ▼
Q1-2025 $-13.5M ▼ $-23.527M ▼ $-1.531M ▼ $0 ▲ $-24.756M ▼ $-23.527M ▼
Q4-2024 $0 $19.062M ▲ $-812K ▲ $-74K ▼ $23.915M ▲ $13.643M ▲
Q3-2024 $0 $-30.278M $-987K $2K $-34.8M $-30.278M

Revenue by Products

Product Q2-2022Q4-2022
Product
Product
 $80.00M ▲$90.00M ▲
Service
Service
 $190.00M ▲$210.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Burning Rock’s revenue has grown from its early years but has essentially flattened out more recently, suggesting that commercial traction is progressing slowly. Gross margins are reasonably healthy, meaning the core tests themselves create value, but operating expenses remain far higher than revenues. As a result, the company has posted sizable losses every year, although these losses have clearly narrowed over the past two years. The business is still in a scale‑up, investment-heavy phase rather than a profit‑making phase, and it is not yet close to break-even.

Balance Sheet

Balance Sheet The balance sheet has steadily shrunk, with total assets, cash, and shareholders’ equity all moving down year after year as losses accumulate. Cash still makes up a large share of total assets, and debt levels are low, so the company is not heavily leveraged and still operates from a net cash position. However, the cash cushion is much thinner than it was around the time of the IPO, leaving less room for many more years of sizable losses without either turning the business around or raising additional capital. Overall, financial flexibility is adequate but clearly weaker than in earlier years.

Cash Flow

Cash Flow The company has consistently used cash rather than generated it, with operating cash flow negative every year. The good news is that cash burn from operations has improved meaningfully from its peak, and capital spending has been scaled back, which together have reduced the free cash outflow. Even so, the business is still consuming cash and is not self‑funding. Future sustainability will depend on either further improving cash efficiency or achieving stronger revenue growth and margin improvement, or accessing outside capital if needed.

Competitive Edge

Competitive Edge Burning Rock has built a strong niche in cancer diagnostics, particularly in China, with a focus on next‑generation sequencing for therapy selection, monitoring, and early detection. Its portfolio spans hospital tests, liquid biopsies, minimal residual disease monitoring, and services for pharmaceutical partners, giving it a presence across much of the cancer care continuum. The company benefits from proprietary technology, clinical studies, and multiple regulatory recognitions, including high‑profile designations for its multi‑cancer blood test, which together create a meaningful competitive moat. Collaborations with large global drugmakers further embed its tests into clinical development. Against this, the firm operates in an intensely competitive and rapidly evolving global field, where reimbursement, regulation, and the pace of clinical adoption remain key uncertainties.

Innovation and R&D

Innovation and R&D Innovation is the core of Burning Rock’s strategy. It has developed several proprietary platforms—such as its methylation‑based early detection technology, advanced liquid biopsy panels, automation systems for sample prep, and bioinformatics tools—that are backed by peer‑reviewed publications and regulatory milestones. The company also invests heavily in clinical studies for early detection, therapy selection, and minimal residual disease, and in companion diagnostic partnerships with global pharma companies. This research intensity gives it multiple avenues for future products and geographies but also drives the high cost base that keeps the firm unprofitable today. The key question is how quickly and broadly these R&D investments can convert into scalable, reimbursed clinical offerings worldwide.

Summary

Burning Rock is a classic high‑science, early‑commercialization story: it has strong technology, meaningful clinical and regulatory validation, and a leading position in China’s NGS‑based oncology diagnostics market, but its revenue base is still modest and flat, and it continues to record sizable losses. The company has been tightening its cost structure and reducing cash burn, yet its cash pile and equity base have been drawn down over time, which heightens sensitivity to execution and financing risks. The long‑term opportunity rests on successfully commercializing its early cancer detection blood tests, expanding companion diagnostic and MRD offerings, and scaling internationally, particularly in the U.S. and Europe. Overall, this is a financially pressured but technologically advanced player, where outcomes will be driven less by scientific proof‑of‑concept—which is already substantial—and more by commercialization, reimbursement, and capital management over the next several years.

NEWS

November 20, 2025 · 1:52 AM UTC

Burning Rock Reports Third Quarter 2025 Financial Results

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September 24, 2025 · 2:42 AM UTC

Burning Rock's OncoGuide™ OncoScreen™ Plus CDx System Now Approved in Japan as a Companion Diagnostic for Capivasertib in Breast Cancer

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September 8, 2025 · 1:39 AM UTC

Burning Rock Reports Second Quarter 2025 Financial Results

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