燃石医学（バーニングロックバイオテック）ADRの適時開示

6-K 1 d61502d6k.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 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 ☐

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: November 20, 2025

EX-99.1 2 d61502dex991.htm EX-99.1 EX-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

•

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: IR@brbiotech.com

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	%