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6-K 1 d940667d6k.htm FORM 6-K Form 6-K

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 March 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 ☐

INCORPORATION BY REFERENCE

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

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

By:		/s/ Yusheng Han
Name:		Yusheng Han
Title:		Chief Executive officer

Date: March 25, 2025

EX-99.1 2 d940667dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

Burning Rock Reports Unaudited Fourth Quarter and Full Year 2024 Financial Results

GUANGZHOU, China, March 25, 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 unaudited financial results for the three months and the year ended December 31, 2024.

2024 Business Overview and Recent Updates

•

Corporate Updates

•

Completed profitability-driven organizational optimization, execution towards profitability well underway

•

Early Detection

•

THUNDER study for 6-cancer test was included in the Diagnosis and Treatment Guidelines for Primary Liver Cancer (2024 Edition) and the Expert Consensus on Detection and Clinical Application of Tumor DNA Methylation Markers (2024 Edition), showing an impressive performance of ELSA-seq using cfDNA in cancer detection and origin prediction.

•

Therapy Selection

•

Presented study results on small-cell lung cancer and colorectal cancer at the ASCO in June 2024. “The efficacy and safety of high dose Almonertinib in untreated EGFR-mutated NSCLC with brain metastases, including biomarker analysis” and “Individualized tumor-informed circulating tumor DNA analysis for molecular residual disease detection in predicting recurrence and efficacy of adjuvant chemotherapy in colorectal cancer.”

•

Presented study results at the 2024 World Conference on Lung Cancer in September 2024. “Neoadjuvant sintilimab plus chemotherapy could be an optional treatment modality in selected EGFR-mutant NSCLC” and “Distinct Genomic and Immune Microenvironment Features of Solid or Micropapillary Predominant Subtype in Stage I Lung Adenocarcinomas.”

•

Pharma Services

•

New companion diagnostics (CDx) collaboration announced with Bayer in China in May 2024.

•

The companion diagnostic (CDx) for EGFR exon 20 insertion mutation (exon20ins) for sunvozertinib, developed through the collaboration of Burning Rock and Dizal, has been approved by the National Medical Products Administration (NMPA) of China in October 2024, which marks the first co-developed NGS-based CDx for lung cancer approved by NMPA since the release of the CDx guideline in China.

Fourth Quarter 2024 Financial Results

Revenues were RMB126.0 million (US$17.3 million) for the three months ended December 31, 2024, representing a 4.1% increase from RMB121.1 million for the same period in 2023.

•

Revenue generated from central laboratory business was RMB39.3 million (US$5.4 million) for the three months ended December 31, 2024, representing a 23.4% decrease from RMB51.3 million for the same period in 2023, 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 RMB43.5 million (US$6.0 million) for the three months ended December 31, 2024, representing a 50.9% increase from RMB28.8 million for the same period in 2024, driven by an increase in sales volume from existing hospitals and new contracted partner hospitals.

•

Revenue generated from pharma research and development services was RMB43.3 million (US$5.9 million) for the three months ended December 31, 2024, representing a 5.6% increase from RMB41.0 million for the same period in 2023, primarily attributable to increased development and testing services performed for our pharma customers.

Cost of revenues was RMB36.6 million (US$5.0 million) for the three months ended December 31, 2024, representing a 14.8% decrease from RMB43.0 million for the same period in 2023, primarily due to (i) a decrease in cost of central laboratory business, which was in line with the decrease in revenue generated from this business; and (ii) a decrease in amortization expense for all kinds of business.

Gross profit was RMB89.4 million (US$12.3 million) for the three months ended December 31, 2024, representing a 14.5% increase from RMB78.1 million for the same period in 2023. Gross margin was 71.0% for the three months ended December 31, 2024, compared to 64.5% for the same period in 2023. By channel, gross margin of central laboratory business was 84.4% for the three months ended December 31, 2024, compared to 81.7% during the same period in 2023, primarily due to the decreased depreciation; gross margin of in-hospital business was 68.0% for the three months ended December 31, 2024, compared to 44.8% during the same period in 2023, and such increase was primarily due to an increase in sales volume to high margin hospitals and decreased depreciation and rental cost in relation to our laboratory of Guangzhou headquarters; gross margin of pharma research and development services was 61.7% for the three months ended December 31, 2024, compared to 56.9% during the same period of 2023, primarily due to an increase in test volume of higher margin projects.

Non-GAAP gross profit, which excludes depreciation and amortization expenses, was RMB93.6 million (US$12.8 million) for the three months ended December 31, 2024, representing a 7.5% increase from RMB87.1 million for the same period in 2023. Non-GAAP gross margin was 74.3% for the three months ended December 31, 2024, compared to 71.9% for the same period in 2023. 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 RMB171.3 million (US$23.5 million) for the three months ended December 31, 2024, representing a 29.9% decrease from RMB244.4 million for the same period in 2023. The decrease was primarily driven by budget control measures, including headcount reduction, to improve our operating efficiency.

•

Research and development expenses were RMB52.2 million (US$7.2 million) for the three months ended December 31, 2024, representing a 28.6% decrease from RMB73.1 million for the same period in 2023, primarily due to (i) a decrease in the expenditure for detection research, and (ii) a decrease in amortized expense on share-based compensation; and (iii) a decrease in amortized expenses for office building decoration.

•

Selling and marketing expenses were RMB46.7 million (US$6.4 million) for the three months ended December 31, 2024, representing a 6.1% decrease from RMB49.8 million for the same period in 2023, primarily due to a decrease in staff cost resulted from the reorganization of our sales department to improve operating efficiency.

•

General and administrative expenses were RMB37.3 million (US$5.1 million) for the three months ended December 31, 2024, representing a 69.3% decrease from RMB121.5 million for the same period in 2023, primarily due to (i) a decrease in amortized expense on share-based compensation; (ii) a decrease in amortized expenses for office building decoration; and (iii) a decrease in impairment expenses for accounts receivables and contract assets resulting from accelerated settlement with customers with long accounts receivable.

Net loss was RMB81.3 million (US$11.1 million) for the three months ended December 31, 2024, compared to RMB162.2 million for the same period in 2023.

Cash, cash equivalents, restricted cash were RMB522.2 million (US$71.5 million) as of December 31, 2024.

Full Year 2024 Financial Results

Revenues were RMB515.8 million (US$70.7 million) for 2024, representing a 4.0% decrease from RMB537.4 million for 2023.

•

Revenue generated from central laboratory business was RMB175.6 million (US$24.1 million) for 2024, representing a 24.6% decrease from RMB232.8 million for 2023, 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 RMB224.5 million (US$30.8 million) for 2024, representing an 19.0% increase from RMB188.7 million for 2023, driven by an increase in sales volume from existing hospitals and new contracted partner hospitals.

•

Revenue generated from pharma research and development services was RMB115.7 million (US$15.8 million) for 2024, remaining relatively stable (decreasing by 0.2%) from RMB115.9 million for 2023.

Cost of revenues was RMB153.4 million (US$21.0 million) for 2024, representing a 11.9% decrease from RMB174.2 million for 2023, primarily due to a decrease in cost of revenues for our central laboratory business, as we continued our transition towards in-hospital testing.

Gross profit remained relatively stable at RMB362.4 million (US$49.6 million) for 2024, compared to RMB363.2 million for the same period in 2023. Gross margin increased to 70.3% for 2024 from 67.6% for 2023.

Non-GAAP gross profit, which excludes depreciation and amortization expenses, was RMB386.3 million (US$52.9 million) for 2024, representing a 3.3% decrease from RMB399.4 million for 2023. Non-GAAP gross margin was 74.9% for 2024, compared to 74.3% for 2023. 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 RMB720.0 million (US$98.6 million) for 2024, representing a 30.3% decrease from RMB1,032.5 million for 2023.

•

Research and development expenses were RMB232.3 million (US$31.8 million) for 2024, representing a 33.1% decrease from RMB347.0 million for 2023, primarily due to (i) a decrease in the expenditure for detection research; (ii) a decrease in amortized expense on share-based compensation; (iii) a decrease in staff cost resulted from the reorganization of our research and development department to improve operating efficiency; and (iv) a decrease in amortized expenses for office building.

•

Selling and marketing expenses were RMB190.9 million (US$26.2 million) for 2024, representing a 22.9% decrease from RMB247.7 million for 2023, primarily due to (i) a decrease in staff cost resulted from the reorganization of our sales department to improve operating efficiency; (ii) a decrease in marketing and conference fee; (iii) a decrease in amortized expense on share-based compensation; and (iv) a decrease in travel expense.

•

General and administrative expenses were RMB261.6 million (US$35.8 million) for 2024, representing a 40.2% decrease from RMB437.8 million for 2023, primarily due to (i) a decrease in amortized expense on share-based compensation; (ii) a decrease in amortized expenses for office building; (iii) a decrease in staff cost resulted from the reorganization of our general and administrative department to improve operating efficiency; and (iv) a decrease in operating lease

•

Impairment loss on long-lived assets were RMB35.1 million (US$4.8 million) for the year ended December 31, 2024 as a result of the long-lived assets impairment test conducted by the management.

Net loss was RMB346.6 million (US$47.5 million) for 2024, compared to RMB653.7 million for 2023.

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 RMB7.2993 to US$1.00, the exchange rate on December 31, 2024, 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, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024		December 31, 2024
In-hospital channel:
Pipeline partner hospitals(1)		29		30		29		28		28		29		30		29
Contracted partner hospitals(2)		49		50		55		59		59		59		61		63
Total number of partner hospitals		78		80		84		87		87		88		91		92

(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
Revenues	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024		December 31, 2024
	(RMB in thousands)
Central laboratory channel		61,804		66,239		53,481		51,288		47,614		48,773		39,984		39,278
In-hospital channel		51,561		53,835		54,496		28,809		57,387		59,872		63,769		43,464
Pharma research and development channel		29,151		26,194		19,589		40,988		20,622		26,888		24,891		43,280
Total revenues		142,516		146,268		127,566		121,085		125,623		135,533		128,644		126,022


	For the three months ended
Gross profit	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024		December 31, 2024
	(RMB in thousands)
Central laboratory channel		48,090		51,876		41,487		41,886		37,002		38,424		33,262		33,153
In-hospital channel		34,409		33,353		35,459		12,910		39,192		44,058		46,580		29,563
Pharma research and development channel		16,273		15,193		8,974		23,317		9,500		12,956		12,004		26,706
Total gross profit		98,772		100,422		85,920		78,113		85,694		95,438		91,846		89,422


	For the three months ended
Share-based compensation expenses	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024		December 31, 2024
	(RMB in thousands)
Cost of revenues		353		627		680		654		596		464		289		520
Research and development expenses		13,612		15,301		12,161		12,401		12,287		12,008		3,180		3,202
Selling and marketing expenses		1,606		3,389		2,848		1,816		508		1,232		1,917		1,353
General and administrative expenses		62,595		18,502		57,704		56,472		55,990		54,407		4,732		2,937
Total share-based compensation expenses		78,166		37,819		73,393		71,343		69,381		68,111		10,118		8,012

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, 2023			June 30, 2023			September 30, 2023			December 31, 2023			March 31, 2024			June 30, 2024			September 30, 2024			December 31, 2024			December 31, 2024
	RMB			RMB			RMB			RMB			RMB			RMB			RMB			RMB			US$
Revenues		142,516			146,268			127,566			121,085			125,623			135,533			128,644			126,022			17,265
Cost of revenues		(43,744	)		(45,846	)		(41,646	)		(42,972	)		(39,929	)		(40,095	)		(36,798	)		(36,600	)		(5,014	)

Gross profit		98,772			100,422			85,920			78,113			85,694			95,438			91,846			89,422			12,251
Operating expenses:
Research and development expenses		(94,417	)		(95,779	)		(83,701	)		(73,119	)		(65,985	)		(64,952	)		(49,150	)		(52,203	)		(7,152	)
Selling and marketing expenses		(64,774	)		(70,842	)		(62,310	)		(49,785	)		(46,856	)		(48,907	)		(48,411	)		(46,730	)		(6,402	)
General and administrative expenses		(128,039	)		(69,525	)		(118,724	)		(121,533	)		(98,681	)		(92,794	)		(32,874	)		(37,289	)		(5,109	)
Impairment loss on long-lived assets		—			—			—			—			—			—			—			(35,127	)		(4,812	)

Total operating expenses		(287,230	)		(236,146	)		(264,735	)		(244,437	)		(211,522	)		(206,653	)		(130,435	)		(171,349	)		(23,475	)

Loss from operations		(188,458	)		(135,724	)		(178,815	)		(166,324	)		(125,828	)		(111,215	)		(38,589	)		(81,927	)		(11,224	)
Interest income		3,144			5,255			4,018			5,539			4,038			3,187			3,173			1,814			249
Other income (expense), net		599			(118	)		(157	)		160			434			(82	)		1			4,353			596
Foreign exchange (loss) gain, net		(116	)		(210	)		423			(517	)		(13	)		262			(129	)		(220	)		(30	)

Loss before income tax		(184,831	)		(130,797	)		(174,531	)		(161,142	)		(121,369	)		(107,848	)		(35,544	)		(75,980	))		(10,409	)
Income tax expenses		(422	)		(445	)		(450	)		(1,071	)		(180	)		(190	)		(201	)		(5,314	)		(728	)

Net loss		(185,253	)		(131,242	)		(174,981	)		(162,213	)		(121,549	)		(108,038	)		(35,745	)		(81,294	)		(11,137	)

Net loss attributable to Burning Rock Biotech Limited’s shareholders		(185,253	)		(131,242	)		(174,981	)		(162,213	)		(121,549	)		(108,038	)		(35,745	)		(81,294	)		(11,137	)
Loss per share for class A and class B ordinary shares:
Class A ordinary shares - basic and diluted		(1.81	)		(1.28	)		(1.71	)		(1.58	)		(1.19	)		(1.05	)		(0.35	)		(0.79	)		(0.11	)
Class B ordinary shares - basic and diluted		(1.81	)		(1.28	)		(1.71	)		(1.58	)		(1.19	)		(1.05	)		(0.35	)		(0.79	)		(0.11	)
Weighted average shares outstanding used in loss per share computation:
Class A ordinary shares - basic and diluted		85,065,585			85,151,052			85,000,869			85,071,360			85,219,188			85,271,858			85,902,670			86,036,286			86,036,286
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			17,324,848			17,324,848			17,324,848
Other comprehensive (loss) income, net of tax of nil:
Foreign currency translation adjustments		(5,659	)		14,829			(1,955	)		(3,026	)		590			940			(4,054	)		6,009			823
Total comprehensive loss		(190,912	)		(116,413	)		(176,936	)		(165,239	)		(120,959	)		(107,098	)		(39,799	)		(75,285	)		(10,314	)
Total comprehensive loss attributable to Burning Rock Biotech Limited’s shareholders		(190,912	)		(116,413	)		(176,936	)		(165,239	)		(120,959	)		(107,098	)		(39,799	)		(75,285	)		(10,314	)

Burning Rock Biotech Limited

Unaudited Condensed Statements of Comprehensive Loss

(in thousands, except for number of shares and per share data)


	For the year ended
	December 31, 2023			December 31, 2024			December 31, 2024
	RMB			RMB			US$
Revenues		537,435			515,822			70,667
Cost of revenues		(174,208	)		(153,422	)		(21,020	)

Gross profit		363,227			362,400			49,647
Operating expenses:
Research and development expenses		(347,016	)		(232,290	)		(31,824	)
Selling and marketing expenses		(247,711	)		(190,904	)		(26,154	)
General and administrative expenses		(437,821	)		(261,638	)		(35,844	)
Impairment loss on long-lived assets		—			(35,127	)		(4,812	)

Total operating expenses		(1,032,548	)		(719,959	)		(98,634	)

Loss from operations		(669,321	)		(357,559	)		(48,987	)
Interest income		17,956			12,212			1,673
Other income, net		484			4,706			645
Foreign exchange loss, net		(420	)		(100	)		(14	)
Loss before income tax		(651,301	)		(340,741	)		(46,683	)
Income tax expenses		(2,388	)		(5,885	)		(806	)

Net loss		(653,689	)		(346,626	)		(47,489	)

Net loss attributable to Burning Rock Biotech Limited’s shareholders		(653,689	)		(346,626	)		(47,489	)
Loss per share for class A and class B ordinary shares:
Class A ordinary shares - basic and diluted		(6.38	)		(3.37	)		(0.46	)
Class B ordinary shares - basic and diluted		(6.38	)		(3.37	)		(0.46	)
Weighted average shares outstanding used in loss per share computation:
Class A ordinary shares - basic and diluted		85,071,691			85,610,197			85,610,197
Class B ordinary shares - basic and diluted		17,324,848			17,324,848			17,324,848
Other comprehensive income, net of tax of nil:
Foreign currency translation adjustments		4,189			3,485			477
Total comprehensive loss		(649,500	)		(343,141	)		(47,012	)
Total comprehensive loss attributable to Burning Rock Biotech Limited’s shareholders		(649,500	)		(343,141	)		(47,012	)

Burning Rock Biotech Limited

Unaudited Condensed Consolidated Balance Sheets

(In thousands)


	As of
	December 31, 2023		December 31, 2024		December 31, 2024
	RMB		RMB		US$
ASSETS
Current assets:
Cash and cash equivalents		615,096		519,849		71,219
Restricted cash		120		2,313		317
Accounts receivable, net		126,858		152,013		20,826
Contract assets, net		22,748		13,855		1,898
Inventories, net		69,020		62,625		8,580
Prepayments and other current assets		50,254		25,963		3,557

Total current assets		884,096		776,618		106,397

Non-current assets:
Equity method investment		337		—		—
Convertible note receivable		5,320		—		—
Property and equipment, net		131,912		47,152		6,460
Operating right-of-use assets		12,284		53,188		7,287
Intangible assets, net		964		421		58
Other non-current assets		5,088		7,926		1,086

Total non-current assets		155,905		108,687		14,891

TOTAL ASSETS		1,040,001		885,305		121,288

Burning Rock Biotech Limited

Unaudited Condensed Consolidated Balance Sheets (Continued)

(in thousands)


	As of
	December 31, 2023			December 31, 2024			December 31, 2024
	RMB			RMB			US$
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable		18,061			33,747			4,623
Deferred revenue		130,537			117,895			16,152
Accrued liabilities and other current liabilities		104,935			89,498			12,262
Customer deposits		1,197			592			81
Current portion of operating lease liabilities		8,634			24,567			3,366

Total current liabilities		263,364			266,299			36,484

Non-current liabilities:
Non-current portion of operating lease liabilities		3,690			27,754			3,802
Other non-current liabilities		4,537			10,425			1,428

Total non-current liabilities		8,227			38,179			5,230

TOTAL LIABILITIES		271,591			304,478			41,714

Shareholders’ equity:
Class A ordinary shares		116			124			17
Class B ordinary shares		21			21			3
Additional paid-in capital		4,849,337			5,002,255			685,306
Treasury stock		(65,896	)		(63,264	)		(8,667	)
Accumulated deficits		(3,853,635	)		(4,200,261	)		(575,433	)
Accumulated other comprehensive loss		(161,533	)		(158,048	)		(21,652	)

Total shareholders’ equity		768,410			580,827			79,574

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		1,040,001			885,305			121,288

Burning Rock Biotech Limited

Unaudited Condensed Statements of Cash Flows

(in thousands)


	For the three months ended
	December 31, 2023			December 31, 2024			December 31, 2024
	RMB			RMB			US$
Net cash (used in) generated from operating activities		(16,019	)		19,062			2,611
Net cash used in investing activities		(328	)		(812	)		(111	)
Net cash used in financing activities		(1,909	)		(74	)		(10	)
Effect of exchange rate on cash, cash equivalents and restricted cash		(3,277	)		5,739			787
Net (decrease) increase in cash, cash equivalents and restricted cash		(21,533	)		23,915			3,277
Cash, cash equivalents and restricted cash at the beginning of period		636,749			498,247			68,259
Cash, cash equivalents and restricted cash at the end of period		615,216			522,162			71,536


	For the year ended
	December 31, 2023			December 31, 2024			December 31, 2024
	RMB			RMB			US$
Net cash used in operating activities		(255,783	)		(92,261	)		(12,640	)
Net cash used in investing activities		(9,300	)		(4,412	)		(604	)
Net cash used in financing activities		(48,832	)		(72	)		(10	)
Effect of exchange rate on cash, cash equivalents and restricted cash		3,863			3,691			506
Net decrease in cash, cash equivalents and restricted cash		(310,052	)		(93,054	)		(12,748	)
Cash, cash equivalents and restricted cash at the beginning of period		925,268			615,216			84,284
Cash, cash equivalents and restricted cash at the end of period		615,216			522,162			71,536

Burning Rock Biotech Limited

Reconciliations of GAAP and Non-GAAP Results


	For the three months ended
	March 31, 2023			June 30, 2023			September 30, 2023			December 31, 2023			March 31, 2024			June 30, 2024			September 30, 2024			December 31, 2024
				(RMB in thousands)
Gross profit:
Central laboratory channel		48,090			51,876			41,487			41,886			37,002			38,424			33,262			33,153
In-hospital channel		34,409			33,353			35,459			12,910			39,192			44,058			46,580			29,563
Pharma research and development channel		16,273			15,193			8,974			23,317			9,500			12,956			12,004			26,706
Total gross profit		98,772			100,422			85,920			78,113			85,694			95,438			91,846			89,422
Add: depreciation and amortization:
Central laboratory channel		2,567			2,645			2,550			2,414			1,919			1,226			1,277			1,010
In-hospital channel		2,582			2,637			2,751			2,728			1,524			824			798			623
Pharma research and development channel		3,974			3,665			3,863			3,808			3,856			4,417			3,846			2,534
Total depreciation and amortization included in cost of revenues		9,123			8,947			9,164			8,950			7,299			6,467			5,921			4,167
Non-GAAP gross profit:
Central laboratory channel		50,657			54,521			44,037			44,300			38,921			39,650			34,539			34,163
In-hospital channel		36,991			35,990			38,210			15,638			40,716			44,882			47,378			30,186
Pharma research and development channel		20,247			18,858			12,837			27,125			13,356			17,373			15,850			29,240
Total non-GAAP gross profit		107,895			109,369			95,084			87,063			92,993			101,905			97,767			93,589
Non-GAAP gross margin:
Central laboratory channel		82.0	%		82.3	%		82.3	%		86.4	%		81.7	%		81.3	%		86.4	%		87.0	%
In-hospital channel		71.7	%		66.9	%		70.1	%		54.3	%		70.9	%		75.0	%		74.3	%		69.5	%
Pharma research and development channel		69.5	%		72.0	%		65.5	%		66.2	%		64.8	%		64.6	%		63.7	%		67.6	%
Total non-GAAP gross margin		75.7	%		74.8	%		74.5	%		71.9	%		74.0	%		75.2	%		76.0	%		74.3	%

Burning Rock Biotech Limited

Reconciliations of GAAP and Non-GAAP Results


	For the year ended
	December 31, 2023			December 31, 2024
	(RMB in thousands)
Gross profit:
Central laboratory channel		183,339			141,841
In-hospital channel		116,131			159,393
Pharma research and development channel		63,757			61,166
Total gross profit		363,227			362,400
Add: depreciation and amortization:
Central laboratory channel		10,176			5,432
In-hospital channel		10,699			3,769
Pharma research and development channel		15,310			14,653
Total depreciation and amortization included in cost of revenues		36,185			23,854
Non-GAAP gross profit:
Central laboratory channel		193,515			147,273
In-hospital channel		126,830			163,162
Pharma research and development channel		79,067			75,819
Total non-GAAP gross profit		399,412			386,254
Non-GAAP gross margin:
Central laboratory channel		83.1	%		83.8	%
In-hospital channel		67.2	%		72.7	%
Pharma research and development channel		68.2	%		65.5	%
Total non-GAAP gross margin		74.3	%		74.9	%