# EDGAR Filing Document

**Accession Number:** 0001792267
**File Stem:** 0001193125-25-288773
**Filing Date:** 2025-11
**Character Count:** 30375
**Document Hash:** 4ae1fa2cd78a51a32eb30ac2f2c21831
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-288773.hdr.sgml**: 20251120

**ACCESSION NUMBER**: 0001193125-25-288773

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251120

**FILED AS OF DATE**: 20251120

**DATE AS OF CHANGE**: 20251120

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Burning Rock Biotech Ltd
- **CENTRAL INDEX KEY:** 0001792267
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MEDICAL LABORATORIES [8071]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39316
- **FILM NUMBER:** 251500913

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** NO. 5 XINGDAO RING ROAD NORTH,
- **STREET 2:** INTERNATIONAL BIO ISLAND
- **CITY:** GUANGZHOU, GUANGDONG
- **PROVINCE COUNTRY:** F4
- **ZIP:** 510005
- **BUSINESS PHONE:** 86 18501641666

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** NO. 5 XINGDAO RING ROAD NORTH,
- **STREET 2:** INTERNATIONAL BIO ISLAND
- **CITY:** GUANGZHOU, GUANGDONG
- **PROVINCE COUNTRY:** F4
- **ZIP:** 510005

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

**FORM 6-K** 

**REPORT OF FOREIGN PRIVATE ISSUER** 

**PURSUANT TO RULE 13a-16 OR 15d-16 UNDER** 

**THE SECURITIES EXCHANGE ACT OF 1934** 

**For the month of November 2025** 

**Commission File Number: 001-39316** 

## BURNING ROCK BIOTECH LIMITED
**(Registrant's Name)** 

**No.5 Xingdao Ring Road North, International Bio Island** 

**Guangzhou, Guangdong** 

**People's Republic of China** 

**(Address of principal executive offices)** 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

------

**<u>INCORPORATION BY REFERENCE</u>**

Exhibit 99.1 (excluding the paragraphs under the heading "Non-GAAP Measures," the table under the heading "Burning Rock Biotech Limited Reconciliations of GAAP and Non-GAAP Results," and other discussions on non-GAAP measures therein) of this current report on Form 6-K (the "Report") shall be incorporated by reference into the Company's registration statements on Form F-3, which became effective on September 30, 2022 (File no. 333-264577).

------

**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| **Number** | **Description of Document** |
| Exhibit 99.1 | [Press release](d61502dex991.htm) |

---

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | Burning Rock Biotech Limited | Burning Rock Biotech Limited |
|  | By: | /s/ Yusheng Han |
|  | Name: | Yusheng Han |
|  | Title: | Chief Executive officer |
| Date: November 20, 2025 |  |  |

---

## Exhibit 99.1

**Exhibit 99.1** 

**Burning Rock Reports Third Quarter 2025 Financial Results** 

GUANGZHOU, China, November 20, 2025—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** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Therapy Selection

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Early Detection

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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%)".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pharma Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The OncoGuide<sup>™</sup> OncoScreen<sup>™</sup> Plus CDx System based on OncoScreen<sup>™</sup> 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 .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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: IR@brbiotech.com

------

**Selected Operating Data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** | **As of** |
|  | **September<br>30, 2024** | **December<br>31, 2024** | **March 31,<br>2025** | **June 30,**<br>**2025** | **September 30,<br>2025** |
|  **In-hospital Channel:** |  |  |  |  |  |
|  Pipeline partner hospitals<sup>(1)</sup> | 30 | 29 | 30 | 30 | 31 |
|  Contracted partner hospitals<sup>(2)</sup> | 61 | 63 | 63 | 63 | 63 |
|  **Total number of partner hospitals** | **69** | **92** | **93** | **93** | **94** |

---

<sup>(1)</sup> 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.

<sup>(2)</sup> 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 three months ended** | **For the nine months ended** | **For the nine months ended** |
| **Revenues** | **September<br>30, 2024** | **September 30,<br>2025** | **September 30,<br>2024** | **September 30,<br>2025** |
|  | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** |
|  Central laboratory channel | 39984 | 36811 | 136371 | 115968 |
|  In-hospital channel | 63769 | 52847 | 181028 | 173030 |
|  Pharma research and development channel | 24891 | 41959 | 72401 | 124255 |
|  **Total revenues** | **128644** | **131617** | **389800** | **413253** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended** | **For the three months ended** | **For the nine months ended** | **For the nine months ended** |
| **Revenues by location of customer** | **September<br>30, 2024** | **September 30,<br>2025** | **September 30,<br>2024** | **September 30,<br>2025** |
|  | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** |
|  Overseas | 25840 | 17214 | 59553 | 79079 |
|  Mainland China | 102804 | 114403 | 330247 | 334174 |
|  **Total Revenues** | **128644** | **131617** | **389800** | **413253** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended** | **For the three months ended** | **For the nine months ended** | **For the nine months ended** |
| **Gross profit** | **September<br>30, 2024** | **September 30,<br>2025** | **September 30,<br>2024** | **September 30,<br>2025** |
|  | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** |
|  Central laboratory channel | 33262 | 30126 | 108688 | 98254 |
|  In-hospital channel | 46580 | 37925 | 129830 | 128310 |
|  Pharma research and development channel | 12004 | 30793 | 34460 | 77784 |
|  **Total gross profit** | **91846** | **98844** | **272978** | **304348** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended** | **For the three months ended** | **For the nine months ended** | **For the nine months ended** |
| **Share-based compensation expenses** | **September<br>30, 2024** | **September 30,<br>2025** | **September 30,<br>2024** | **September 30,<br>2025** |
|  | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** |
|  Cost of revenues | 289 | 301 | 1349 | 889 |
|  Research and development expenses | 3180 | 73 | 27475 | 1603 |
|  Selling and marketing expenses | 1917 | 624 | 3657 | 2013 |
|  General and administrative expenses | 4732 | 2831 | 115129 | 6249 |
|  **Total share-based compensation expenses** | **10118** | **3829** | **147610** | **10754** |

---

------

**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** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** |
|  | **September 30,<br>2024** | **December 31, 2024** | **March 31,<br>2025** | **June 30,**<br>**2025** | **September 30,<br>2025** | **September 30,<br>2025** |
|  | **RMB** | **RMB** | **RMB** | **RMB** | **RMB** | **US$** |
|  **Revenues** | **128644** | **126022** | **133082** | **148554** | **131617** | **18488** |
|  **Cost of revenues** | **(36798)** | **(36600)** | **(35681)** | **(40451)** | **(32773)** | **(4604)** |
|  **Gross profit** | **91846** | **89422** | **97401** | **108103** | **98844** | **13884** |
|  **Operating expenses:** |  |  |  |  |  |  |
|  Research and development expenses | (49150) | (52203) | (40389) | (49770) | (41469) | (5825) |
|  Selling and marketing expenses | (48411) | (46730) | (40888) | (38413) | (41808) | (5873) |
|  General and administrative expenses | (32874) | (37289) | (31303) | (31417) | (31698) | (4453) |
|  Impairment loss on long-lived assets |  | (35127) |  |  |  |  |
|  **Total operating expenses** | **(130435)** | **(171349)** | **(112580)** | **(119600)** | **(114975)** | **(16151)** |
|  **Loss from operations** | **(38589)** | **(81927)** | **(15179)** | **(11497)** | **(16131)** | **(2267)** |
|  Interest income | 3173 | 1814 | 2581 | 2226 | 1744 | 245 |
|  Interest expense |  |  |  |  | (15) | (2) |
|  Other income (expense), net | 1 | 4353 | (652) | 387 | 7 | 1 |
|  Foreign exchange loss, net | (129) | (220) | (26) | (574) | (2151) | (302) |
|  **Loss before income tax** | **(35544)** | **(75980)** | **(13276)** | **(9458)** | **(16546)** | **(2325)** |
|  Income tax expenses | (201) | (5314) | (224) | (244) | (212) | (30) |
|  **Net loss** | **(35745)** | **(81294)** | **(13500)** | **(9702)** | **(16758)** | **(2355)** |
|  **Net loss attributable to Burning Rock Biotech Limited's shareholders** | **(35745)** | **(81294)** | **(13500)** | **(9702)** | **(16758)** | **(2355)** |
|  **Net loss attributable to ordinary shareholders** | **(35745)** | **(81294)** | **(13500)** | **(9702)** | **(16758)** | **(2355)** |
|  **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 | 85902670 | 86036286 | 90291658 | 90357970 | 90416619 | 90416619 |
|  Class B ordinary shares - basic and diluted | 17324848 | 17324848 | 17324848 | 17324848 | 17324848 | 17324848 |
|  **Other comprehensive (loss) income, net of tax of nil:** |  |  |  |  |  |  |
|  Foreign currency translation adjustments | (4054) | 6009 | (72) | (243) | (1724) | (242) |
|  **Total comprehensive loss** | **(39799)** | **(75285)** | **(13572)** | **(9945)** | **(18482)** | **(2597)** |
|  **Total comprehensive loss attributable to Burning Rock Biotech Limited's shareholders** | **(39799)** | **(75285)** | **(13572)** | **(9945)** | **(18482)** | **(2597)** |

---

------

**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** | **For the nine months ended** | **For the nine months ended** |
|  | **September 30,<br>2024** | **September 30,<br>2025** | **September 30,<br>2025** |
|  | **RMB** | **RMB** | **US$** |
|  **Revenues** | **389800** | **413253** | **58049** |
|  **Cost of revenues** | **(116822)** | **(108905)** | **(15299)** |
|  **Gross profit** | **272978** | **304348** | **42750** |
|  **Operating expenses:** |  |  |  |
|  Research and development expenses | (180087) | (131628) | (18490) |
|  Selling and marketing expenses | (144174) | (121109) | (17012) |
|  General and administrative expenses | (224349) | (94418) | (13263) |
|  **Total operating expenses** | **(548610)** | **(347155)** | **(48765)** |
|  **Loss from operations** | **(275632)** | **(42807)** | **(6015)** |
|  Interest income | 10398 | 6551 | 920 |
|  Interest expense |  | (15) | (2) |
|  Other income, net | 353 | (258) | (36) |
|  Foreign exchange gain (loss), net | 120 | (2751) | (386) |
|  **Loss before income tax** | **(264761)** | **(39280)** | **(5519)** |
|  Income tax expenses | (571) | (680) | (96) |
|  **Net loss** | **(265332)** | **(39960)** | **(5615)** |
|  **Net loss attributable to Burning Rock Biotech Limited's shareholders** | **(265332)** | **(39960)** | **(5615)** |
|  **Net loss attributable to ordinary shareholders** | **(265332)** | **(39960)** | **(5615)** |
|  **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 | 85467131 | 90332672 | 90332672 |
|  Class B ordinary shares—basic and diluted | 17324848 | 17324848 | 17324848 |
|  **Other comprehensive loss, net of tax of nil:** |  |  |  |
|  Foreign currency translation adjustments | (2524) | (2039) | (286) |
|  **Total comprehensive loss** | **(267856)** | **(41999)** | **(5901)** |
|  **Total comprehensive loss attributable to Burning Rock Biotech Limited's shareholders** | **(267856)** | **(41999)** | **(5901)** |

---

------

**Burning Rock Biotech Limited** 

**Unaudited Condensed Consolidated Balance Sheets** 

*(In thousands)* 

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **December 31,<br>2024** | **September 30,<br>2025** | **September 30,<br>2025** |
|  | **RMB** | **RMB** | **US$** |
|  **ASSETS** |  |  |  |
|  **Current assets:** |  |  |  |
|  Cash and cash equivalents | 519849 | 463994 | 65177 |
|  Restricted cash | 2313 | 2985 | 419 |
|  Accounts receivable, net | 152013 | 183841 | 25824 |
|  Contract assets, net | 13855 | 13049 | 1833 |
|  Inventories, net | 62625 | 54469 | 7651 |
|  Prepayments and other current assets, net | 25963 | 20985 | 2950 |
|  **Total current assets** | **776618** | **739323** | **103854** |
|  **Non-current assets:** |  |  |  |
|  Property and equipment, net | 47152 | 33755 | 4742 |
|  Operating right-of-use assets | 53188 | 32281 | 4534 |
|  Intangible assets, net | 421 | 316 | 44 |
|  Other non-current assets | 7926 | 6493 | 912 |
|  **Total non-current assets** | **108687** | **72845** | **10232** |
|  **TOTAL ASSETS** | **885305** | **812168** | **114086** |

---

------

**Burning Rock Biotech Limited** 

**Unaudited Condensed Consolidated Balance Sheets (Continued)** 

*(in thousands)* 

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **December 31,<br>2024** | **September 30,<br>2025** | **September 30,<br>2025** |
|  | **RMB** | **RMB** | **US$** |
|  **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |
|  **Current liabilities:** |  |  |  |
|  Accounts payable | 33747 | 34277 | 4815 |
|  Deferred revenue | 117895 | 106448 | 14953 |
|  Accrued liabilities and other current liabilities | 89498 | 76992 | 10816 |
|  Customer deposits | 592 | 592 | 83 |
|  Short-term borrowings |  | 200 | 28 |
|  Current portion of operating lease liabilities | 24567 | 16603 | 2332 |
|  **Total current liabilities** | **266299** | **235112** | **33027** |
|  **Non-current liabilities:** |  |  |  |
|  Long-term borrowings |  | 1800 | 253 |
|  Non-current portion of operating lease liabilities | 27754 | 14577 | 2048 |
|  Other non-current liabilities | 10425 | 11102 | 1559 |
|  **Total non-current liabilities** | **38179** | **27479** | **3860** |
|  **TOTAL LIABILITIES** | **304478** | **262591** | **36887** |
|  **Shareholders' equity:** |  |  |  |
|  Class A ordinary shares | 124 | 120 | 17 |
|  Class B ordinary shares | 21 | 21 | 3 |
|  Additional paid-in capital | 5002255 | 5006937 | 703320 |
|  Treasury stock | (63264) | (57193) | (8034) |
|  Accumulated deficits | (4200261) | (4240221) | (595620) |
|  Accumulated other comprehensive loss | (158048) | (160087) | (22487) |
|  **Total shareholders' equity** | **580827** | **549577** | **77199** |
|  **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | **885305** | **812168** | **114086** |

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**Burning Rock Biotech Limited** 

**Unaudited Condensed Statements of Cash Flows** 

*(in thousands)* 

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| | | | |
|:---|:---|:---|:---|
|  | **For the three months ended** | **For the three months ended** | **For the three months ended** |
|  | **September 30,<br>2024** | **September 30,<br>2025** | **September 30,<br>2025** |
|  | **RMB** | **RMB** | **US$** |
|  Net cash used in operating activities | (30278) | 16394 | 2303 |
|  Net cash used in investing activities | (987) | (2747) | (386) |
|  Net cash generated from financing activities | 2 |  |  |
|  Effect of exchange rate on cash, cash equivalents and restricted cash | (3537) | (1692) | (237) |
|  **Net decrease in cash, cash equivalents and restricted cash** | **(34800)** | **11955** | **1680** |
|  Cash, cash equivalents and restricted cash at the beginning of period | 533047 | 455024 | 63916 |
|  **Cash, cash equivalents and restricted cash at the end of period** | **498247** | **466979** | **65596** |

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| | | | |
|:---|:---|:---|:---|
|  | **For the nine months ended** | **For the nine months ended** | **For the nine months ended** |
|  | **September 30,<br>2024** | **September<br>30, 2025** | **September 30,<br>2025** |
|  | **RMB** | **RMB** | **US$** |
|  Net cash used in operating activities | (111323) | (51482) | (7232) |
|  Net cash used in investing activities | (3600) | (4071) | (572) |
|  Net cash generated from financing activities | 2 | 2000 | 281 |
|  Effect of exchange rate on cash, cash equivalents and restricted cash | (2048) | (1630) | (229) |
|  **Net decrease in cash, cash equivalents and restricted cash** | **(116969)** | **(55183)** | **(7752)** |
|  Cash, cash equivalents and restricted cash at the beginning of period | 615216 | 522162 | 73348 |
|  **Cash, cash equivalents and restricted cash at the end of period** | **498247** | **466979** | **65596** |

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**Burning Rock Biotech Limited** 

**Reconciliations of GAAP and Non-GAAP Results** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** |
|  | **September 30,<br>2024** | **December 31,<br>2024** | **March 31,**<br>**2025** | **June 30,**<br>**2025** | **September 30,<br>2025** |
|  | | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** |
|  **Gross profit:** |  | | | | |
|  Central laboratory channel | 33262 | 33153 | 32191 | 35937 | 30126 |
|  In-hospital channel | 46580 | 29563 | 43895 | 46490 | 37925 |
|  Pharma research and development channel | 12004 | 26706 | 21315 | 25676 | 30793 |
|  **Total gross profit** | **91846** | **89422** | **97401** | **108103** | **98844** |
|  **Add: depreciation and amortization:** |  |  |  |  |  |
|  Central laboratory channel | 1277 | 1010 | 562 | 456 | 231 |
|  In-hospital channel | 798 | 623 | 290 | 389 | 372 |
|  Pharma research and development channel | 3846 | 2534 | 2412 | 1528 | 1491 |
|  **Total depreciation and amortization included in cost of revenues** | **5921** | **4167** | **3264** | **2373** | **2094** |
|  **Non-GAAP gross profit:** |  |  |  |  |  |
|  Central laboratory channel | 34539 | 34163 | 32753 | 36393 | 30357 |
|  In-hospital channel | 47378 | 30186 | 44185 | 46879 | 38297 |
|  Pharma research and development channel | 15850 | 29240 | 23727 | 27204 | 32284 |
|  **Total non-GAAP gross profit** | **97767** | **93589** | **100665** | **110476** | **100938** |
|  **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%** |

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