GUANGZHOU, China, March 12, 2026 (GLOBE NEWSWIRE) -- Burning Rock Biotech Limited (NASDAQ: BNR, the “Company” or “Burning Rock”), a company focused on the application of next-generation sequencing (NGS) technology in the field of precision oncology, today reported unaudited financial results for the three months and the year ended December 31, 2025.

2025 Business Overview and Recent Updates

• Early Detection
  • The core patent related to Burning Rock's proprietary ultrasensitive detection technology, ELSA-seq (Patent No.: US 12460202 B2), has officially been granted by the United States Patent and Trademark Office (USPTO).
• Therapy Selection & MRD
  • Presented study results at Annals of Surgery in December 2025. "ctDNA-based MRD detected by CanCatch^® Custom associates with recurrence in CRC. Day 7 is an effective alternative landmark to Day 30 for MRD assessment and CanCatch^® Custom outperforms TIFP and TNFP in the association of DFS."
  • OncoScreen^® BCMatch Tissue Kit has officially entered the Priority Review Channel of the Center for Medical Device Evaluation (CMDE) under the NMPA.
    
    

Fourth Quarter 2025 Financial Results

Revenues were RMB126.3 million (US$18.1 million) for the three months ended December 31, 2025, remaining relatively stable as compared with RMB126.0 million for the same period in 2024.

• Revenue generated from central laboratory business was RMB44.0 million (US$6.3 million) for the three months ended December 31, 2025, representing a 12.1% increase from RMB39.3 million for the same period in 2024, primarily attributable to an increase in the number of CanCatch^® tests.
• Revenue generated from in-hospital business was RMB51.0 million (US$7.3 million) for the three months ended December 31, 2025, representing a 17.3% increase from RMB43.4 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 RMB31.3 million (US$4.5 million) for the three months ended December 31, 2025, representing a 27.7% decrease from RMB43.3 million for the same period in 2024, primarily attributable to decreased testing services performed for our pharma customers due to timing of lumpy projects.
  
  

Cost of revenues was RMB27.7 million (US$4.0 million) for the three months ended December 31, 2025, representing a 24.2% decrease from RMB36.6 million for the same period in 2024.

Gross profit was RMB98.6 million (US$14.1 million) for the three months ended December 31, 2025, representing a 10.2% increase from RMB89.4 million for the same period in 2024. Gross margin was 78.0% for the three months ended December 31, 2025, compared to 71.0% for the same period in 2024. By channel, gross margin of central laboratory business was 89.3% for the three months ended December 31, 2025, compared to 84.4% during the same period in 2024, primarily due to the decreased depreciation and rental cost in relation to our laboratory of Guangzhou headquarters; gross margin of in-hospital business was 75.3% for the three months ended December 31, 2025, compared to 68.0% during the same period in 2024, 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 66.7% for the three months ended December 31, 2025, compared to 61.7% during the same period of 2024, primarily due to an increase in test volume of higher margin projects.

Non-GAAP gross profit, which excludes depreciation and amortization expenses, was RMB101.4 million (US$14.5 million) for the three months ended December 31, 2025, representing a 8.4% increase from RMB93.6 million for the same period in 2024. Non-GAAP gross margin was 80.3% for the three months ended December 31, 2025, compared to 74.3% for the same period in 2024. 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 RMB110.6 million (US$15.8 million) for the three months ended December 31, 2025, representing a 35.5% decrease from RMB171.3 million for the same period in 2024. The decrease was primarily driven by budget control measures, including headcount reduction, to improve our operating efficiency

• Research and development expenses were RMB34.8 million (US$5.0 million) for the three months ended December 31, 2025, representing a 33.2% decrease from RMB52.2 million for the same period in 2024, primarily due to (i) a decrease in staff cost resulted from the reorganization of our research and development department; (ii) a decrease in the expenditure for detection research, and (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 RMB44.1 million (US$6.3 million) for the three months ended December 31, 2025, representing a 5.7% decrease from RMB46.7 million for the same period in 2024, primarily due to (i) a decrease in staff cost resulted from the reorganization; (ii) a decreased depreciation and amortization, offset by an increase in conference fee.
• General and administrative expenses were RMB31.7 million (US$4.5 million) for the three months ended December 31, 2025, representing a 15.1% decrease from RMB37.3 million for the same period in 2024, primarily due to (i) a decrease in amortized expense on share-based compensation; (ii) a decrease in operating lease; and (iii) a decrease in staff cost resulted from the reorganization; offset by an increase in impairment expenses for accounts receivables and contract assets.
  
  

Net loss was RMB15.4 million (US$2.2 million) for the three months ended December 31, 2025, compared to RMB81.3 million for the same period in 2024.

Cash, cash equivalents and restricted cash were RMB481.1 million (US$68.8 million) as of December 31, 2025.

Full Year 2025 Financial Results

Revenues were RMB539.6 million (US$77.2 million) for 2025, representing a 4.6% increase from RMB515.8 million for 2024.

• Revenue generated from central laboratory business was RMB160.0 million (US$22.9 million) for 2025, representing a 8.9% decrease from RMB175.6 million for 2024, primarily attributable to a decrease in the number of tests, as we continued our transition towards in-hospital testing and pharma research and development services.
• Revenue generated from in-hospital business was RMB224.1 million (US$32.0 million) for 2025, remaining relatively stable as compared with RMB224.5 million for 2024.
• Revenue generated from pharma research and development services was RMB155.5 million (US$22.2 million) for 2025, representing a 34.5% increase from RMB115.7 million for 2024, primarily attributable to an increased development and testing services performed for our pharma customers.

Cost of revenues was RMB136.7 million (US$19.5 million) for 2025, representing a 10.9% decrease from RMB153.4 million for 2024, primarily due to a decrease in cost of revenues for our central laboratory business and in-hospital business.

Gross profit was RMB402.9 million (US$57.6 million) for 2025, compared to RMB362.4 million for 2024. Gross margin increased to 74.7% for 2025 from 70.3% for 2024. By channel, gross margin of central laboratory business was 86.0% for 2025, compared to 80.8% for 2024, primarily due to the decreased depreciation; gross margin of in-hospital business was 74.4% for 2025, compared to 71.0% for 2024, primarily due to a decreased depreciation and amortization and a reduction in material and labor costs resulted from cost optimization and control measures; gross margin of pharma research and development services was 63.4% for 2025, compared to 52.9% for 2024, primarily due to an increase in test volume of higher margin projects and a decreased depreciation.

Non-GAAP gross profit, which excludes depreciation and amortization expenses, was RMB413.5 million (US$59.1 million) for 2025, representing a 7.1% increase from RMB386.3 million for 2024. Non-GAAP gross margin was 76.6% for 2025, compared to 74.9% for 2024. 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 RMB457.8 million (US$65.5 million) for 2025, representing a 36.4% decrease from RMB720.0 million for 2024.

• Research and development expenses were RMB166.5 million (US$23.8 million) for 2025, representing a 28.3% decrease from RMB232.4 million for 2024, primarily due to (i) a decrease in amortized expense on share-based compensation; (ii) a decrease in the expenditure for detection research; (iii) a decrease in staff cost resulted from the reorganization of our research and development department; and (iv) a decreased depreciation and amortization expenses.
• Selling and marketing expenses were RMB165.2 million (US$23.6 million) for 2025, representing a 13.5% decrease from RMB190.9 million for 2024, primarily due to (i) a decrease in staff cost resulted from the reorganization of our sales department; (ii) a decrease in depreciation and amortization expenses; and (iii) a decrease in amortized expense on share-based compensation; offset by (iv) an increase in conference fee.
• General and administrative expenses were RMB126.1 million (US$18.0 million) for 2025, representing a 51.8% decrease from RMB261.6 million for 2024, primarily due to (i) a decrease in amortized expense on share-based compensation; (ii) a decrease in staff cost resulted from the reorganization of our general and administrative department; (iii) a decrease in operating lease; and (iv) a decrease in depreciation and amortization expenses.
  
  

There is no impairment loss on long-lived assets for the year ended December 31, 2025, compared to RMB35.1 million for 2024.

Net loss was RMB55.3 million (US$7.9 million) for 2025, compared to RMB346.6 million for 2024.

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 RMB6.9931 to US$1.00, the exchange rate on December 31, 2025, 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, 2024		June 30, 2024		September 30, 2024		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025
In-hospital channel:
Pipeline partner hospitals(1)	28		29		30		29		30		30		31		30
Contracted partner hospitals(2)	59		59		61		63		63		63		63		64
Total number of partner hospitals	87		88		91		92		93		93		94		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
Revenues	March 31, 2024		June 30, 2024		September 30, 2024		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025
	(RMB in thousands)
Central laboratory channel	47,614		48,773		39,984		39,278		38,296		40,861		36,811		44,025
In-hospital channel	57,387		59,872		63,769		43,464		57,687		62,496		52,847		51,005
Pharma research and development channel	20,622		26,888		24,891		43,280		37,099		45,197		41,959		31,285
Total revenues	125,623		135,533		128,644		126,022		133,082		148,554		131,617		126,315

			For the three months ended
Revenues by location of contracting customer	March 31, 2024		June 30, 2024		September 30, 2024		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025
	(RMB in thousands)
Overseas	13,923		19,791		25,840		40,534		24,407		37,458		17,214		21,849
Mainland China	111,700		115,742		102,804		85,488		108,675		111,096		114,403		104,466
Total Revenues	125,623		135,533		128,644		126,022		133,082		148,554		131,617		126,315

			For the three months ended
Gross profit	March 31, 2024		June 30, 2024		September 30, 2024		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025
	(RMB in thousands)
Central laboratory channel	37,002		38,424		33,262		33,153		32,191		35,937		30,126		39,322
In-hospital channel	39,192		44,058		46,580		29,563		43,895		46,490		37,925		38,388
Pharma research and development channel	9,500		12,956		12,004		26,706		21,315		25,676		30,793		20,856
Total gross profit	85,694		95,438		91,846		89,422		97,401		108,103		98,844		98,566

			For the three months ended
Share-based compensation expenses	March 31, 2024		June 30, 2024		September 30, 2024		December 31, 2024		March 31, 2025		June 30, 2025			September 30, 2025		December 31, 2025
	(RMB in thousands)
Cost of revenues	596		464		289		520		308		280			301		300
Research and development expenses	12,287		12,008		3,180		3,202		1,800		(270	)		73		259
Selling and marketing expenses	508		1,232		1,917		1,353		1,025		364			624		748
General and administrative expenses	55,990		54,407		4,732		2,937		1,413		2,005			2,831		1,815
Total share-based compensation expenses	69,381		68,111		10,118		8,012		4,546		2,379			3,829		3,122

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, 2024		June 30, 2024		September 30, 2024		December 31,  2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025		December 31, 2025
	RMB		RMB		RMB		RMB		RMB		RMB		RMB		RMB		US$
Revenues	125,623		135,533		128,644		126,022		133,082		148,554		131,617		126,315		18,063
Cost of revenues	(39,929	)	(40,095	)	(36,798	)	(36,600	)	(35,681	)	(40,451	)	(32,773	)	(27,749	)	(3,968	)
Gross profit	85,694		95,438		91,846		89,422		97,401		108,103		98,844		98,566		14,095
Operating expenses:
Research and development expenses	(65,985	)	(64,952	)	(49,150	)	(52,203	)	(40,389	)	(49,770	)	(41,469	)	(34,866	)	(4,986	)
Selling and marketing expenses	(46,856	)	(48,907	)	(48,411	)	(46,730	)	(40,888	)	(38,413	)	(41,808	)	(44,066	)	(6,301	)
General and administrative expenses	(98,681	)	(92,794	)	(32,874	)	(37,289	)	(31,303	)	(31,417	)	(31,698	)	(31,672	)	(4,529	)
Impairment loss on long-lived assets	-		-		-		(35,127	)	-		-		-		-		-
Total operating expenses	(211,522	)	(206,653	)	(130,435	)	(171,349	)	(112,580	)	(119,600	)	(114,975	)	(110,604	)	(15,816	)
Loss from operations	(125,828	)	(111,215	)	(38,589	)	(81,927	)	(15,179	)	(11,497	)	(16,131	)	(12,038	)	(1,721	)
Interest income	4,038		3,187		3,173		1,814		2,581		2,226		1,744		1,502		215
Interest expense	-		-		-		-		-		-		(15	)	(15	)	(2	)
Other income (expense), net	434		(82	)	1		4,353		(652	)	387		7		1		-
Foreign exchange (loss) gain, net	(13	)	262		(129	)	(220	)	(26	)	(574	)	(2,151	)	(3,960	)	(566	)
Loss before income tax	(121,369	)	(107,848	)	(35,544	)	(75,980	)	(13,276	)	(9,458	)	(16,546	)	(14,510	)	(2,074	)
Income tax expenses	(180	)	(190	)	(201	)	(5,314	)	(224	)	(244	)	(212	)	(876	)	(125	)
Net loss	(121,549	)	(108,038	)	(35,745	)	(81,294	)	(13,500	)	(9,702	)	(16,758	)	(15,386	)	(2,199	)
Net loss attributable to Burning Rock Biotech Limited’s shareholders	(121,549	)	(108,038	)	(35,745	)	(81,294	)	(13,500	)	(9,702	)	(16,758	)	(15,386	)	(2,199	)
Net loss attributable to ordinary shareholders	(121,549	)	(108,038	)	(35,745	)	(81,294	)	(13,500	)	(9,702	)	(16,758	)	(15,386	)	(2,199	)
Loss per share for class A and class B ordinary shares:
Class A ordinary shares - basic and diluted	(1.19	)	(1.05	)	(0.35	)	(0.79	)	(0.13	)	(0.09	)	(0.16	)	(0.15	)	(0.02	)
Class B ordinary shares - basic and diluted	(1.19	)	(1.05	)	(0.35	)	(0.79	)	(0.13	)	(0.09	)	(0.16	)	(0.15	)	(0.02	)
Weighted average shares outstanding used in loss per share computation:
Class A ordinary shares - basic and diluted	85,219,188		85,271,858		85,902,670		86,036,286		90,291,658		90,357,970		90,416,619		87,444,109		87,444,109
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	590		940		(4,054	)	6,009		(72	)	(243	)	(1,724	)	(2,050	)	(293	)
Total comprehensive loss	(120,959	)	(107,098	)	(39,799	)	(75,285	)	(13,572	)	(9,945	)	(18,482	)	(17,436	)	(2,492	)
Total comprehensive loss attributable to Burning Rock Biotech Limited’s shareholders	(120,959	)	(107,098	)	(39,799	)	(75,285	)	(13,572	)	(9,945	)	(18,482	)	(17,436	)	(2,492	)

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, 2024		December 31, 2025		December 31, 2025
	RMB		RMB		US$
Revenues	515,822		539,568		77,157
Cost of revenues	(153,422	)	(136,654	)	(19,542	)
Gross profit	362,400		402,914		57,615
Operating expenses:
Research and development expenses	(232,290	)	(166,494	)	(23,808	)
Selling and marketing expenses	(190,904	)	(165,175	)	(23,620	)
General and administrative expenses	(261,638	)	(126,090	)	(18,031	)
Impairment on long-lived assets	(35,127	)	-		-
Total operating expenses	(719,959	)	(457,759	)	(65,459	)
Loss from operations	(357,559	)	(54,845	)	(7,844	)
Interest income	12,212		8,053		1,152
Interest expense	-		(30	)	(4	)
Other income (expense), net	4,706		(257	)	(37	)
Foreign exchange loss, net	(100	)	(6,711	)	(960	)
Loss before income tax	(340,741	)	(53,790	)	(7,693	)
Income tax expenses	(5,885	)	(1,556	)	(223	)
Net loss	(346,626	)	(55,346	)	(7,916	)
Net loss attributable to Burning Rock Biotech Limited’s shareholders	(346,626	)	(55,346	)	(7,916	)
Loss per share for class A and class B ordinary shares:
Class A ordinary shares - basic and diluted	(3.37	)	(0.51	)	(0.07	)
Class B ordinary shares - basic and diluted	(3.37	)	(0.51	)	(0.07	)
Weighted average shares outstanding used in loss per share computation:
Class A ordinary shares - basic and diluted	85,610,197		90,526,199		90,526,199
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	3,485		(4,089	)	(585	)
Total comprehensive loss	(343,141	)	(59,435	)	(8,501	)
Total comprehensive loss attributable to Burning Rock Biotech Limited’s shareholders	(343,141	)	(59,435	)	(8,501	)

Burning Rock Biotech Limited Unaudited Condensed Consolidated Balance Sheets (In thousands)
	As of
	December 31, 2024		December 31, 2025		December 31, 2025
	RMB		RMB		US$
ASSETS
Current assets:
Cash and cash equivalents	519,849		478,392		68,409
Restricted cash	2,313		2,696		386
Accounts receivable, net	152,013		169,611		24,254
Contract assets, net	13,855		12,301		1,759
Inventories, net	62,625		56,975		8,147
Prepayments and other current assets	25,963		18,611		2,661
Total current assets	776,618		738,586		105,616
Non-current assets:
Property and equipment, net	47,152		31,099		4,447
Operating right-of-use assets	53,188		42,774		6,117
Intangible assets, net	421		284		41
Other non-current assets	7,926		7,632		1,091
Total non-current assets	108,687		81,789		11,696
TOTAL ASSETS	885,305		820,375		117,312

Burning Rock Biotech Limited Unaudited Condensed Consolidated Balance Sheets (Continued) (in thousands)
	As of
	December 31, 2024		December 31, 2025		December 31, 2025
	RMB		RMB		US$
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	33,747		40,744		5,826
Deferred revenue	117,895		107,819		15,418
Accrued liabilities and other current liabilities	89,498		80,861		11,563
Customer deposits	592		592		85
Current portion of long-term borrowings	-		200		29
Current portion of operating lease liabilities	24,567		16,762		2,397
Total current liabilities	266,299		246,978		35,318
Non-current liabilities:
Long-term borrowings	-		1,700		243
Non-current portion of operating lease liabilities	27,754		24,458		3,497
Other non-current liabilities	10,425		11,975		1,712
Total non-current liabilities	38,179		38,133		5,452
TOTAL LIABILITIES	304,478		285,111		40,770
Shareholders’ equity:
Class A ordinary shares	124		120		17
Class B ordinary shares	21		21		3
Additional paid-in capital	5,002,255		5,010,060		716,429
Treasury stock	(63,264	)	(57,193	)	(8,178	)
Accumulated deficits	(4,200,261	)	(4,255,607	)	(608,544	)
Accumulated other comprehensive loss	(158,048	)	(162,137	)	(23,185	)
Total shareholders’ equity	580,827		535,264		76,542
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	885,305		820,375		117,312

Burning Rock Biotech Limited Unaudited Condensed Statements of Cash Flows (in thousands)
	For the three months ended
	December 31, 2024		December 31, 2025		December 31, 2025
	RMB		RMB		US$
Net cash generated from operating activities	19,062		23,039		3,293
Net cash used in investing activities	(812	)	(320	)	(46	)
Net cash used in financing activities	(74	)	(100	)	(14	)
Effect of exchange rate on cash, cash equivalents and restricted cash	5,739		(8,510	)	(1,215	)
Net increase in cash, cash equivalents and restricted cash	23,915		14,109		2,018
Cash, cash equivalents and restricted cash at the beginning of period	498,247		466,979		66,777
Cash, cash equivalents and restricted cash at the end of period	522,162		481,088		68,795

	For the year ended
	December 31, 2024		December 31, 2025		December 31, 2025
	RMB		RMB		US$
Net cash used in operating activities	(92,261	)	(28,443	)	(4,068	)
Net cash used in investing activities	(4,412	)	(4,391	)	(628	)
Net cash (used in) generated from financing activities	(72	)	1,900		272
Effect of exchange rate on cash, cash equivalents and restricted cash	3,691		(10,140	)	(1,449	)
Net decrease in cash, cash equivalents and restricted cash	(93,054	)	(41,074	)	(5,873	)
Cash, cash equivalents and restricted cash at the beginning of period	615,216		522,162		74,668
Cash, cash equivalents and restricted cash at the end of period	522,162		481,088		68,795

Burning Rock Biotech Limited Reconciliations of GAAP and Non-GAAP Results
			For the three months ended
	March 31, 2024		June 30, 2024		September 30, 2024		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025
			(RMB in thousands)
Gross profit:
Central laboratory channel	37,002		38,424		33,262		33,153		32,191		35,937		30,126		39,322
In-hospital channel	39,192		44,058		46,580		29,563		43,895		46,490		37,925		38,388
Pharma research and development channel	9,500		12,956		12,004		26,706		21,315		25,676		30,793		20,856
Total gross profit	85,694		95,438		91,846		89,422		97,401		108,103		98,844		98,566
Add: depreciation and amortization:
Central laboratory channel	1,919		1,226		1,277		1,010		562		456		231		490
In-hospital channel	1,524		824		798		623		290		389		372		308
Pharma research and development channel	3,856		4,417		3,846		2,534		2,412		1,528		1,491		2,057
Total depreciation and amortization included in cost of revenues	7,299		6,467		5,921		4,167		3,264		2,373		2,094		2,855
Non-GAAP gross profit:
Central laboratory channel	38,921		39,650		34,539		34,163		32,753		36,393		30,357		39,812
In-hospital channel	40,716		44,882		47,378		30,186		44,185		46,879		38,297		38,696
Pharma research and development channel	13,356		17,373		15,850		29,240		23,727		27,204		32,284		22,913
Total non-GAAP gross profit	92,993		101,905		97,767		93,589		100,665		110,476		100,938		101,421
Non-GAAP gross margin:
Central laboratory channel	81.7	%	81.3	%	86.4	%	87.0	%	85.5	%	89.1	%	82.5	%	90.4	%
In-hospital channel	70.9	%	75.0	%	74.3	%	69.5	%	76.6	%	75.0	%	72.5	%	75.9	%
Pharma research and development channel	64.8	%	64.6	%	63.7	%	67.6	%	64.0	%	60.2	%	76.9	%	73.2	%
Total non-GAAP gross margin	74.0	%	75.2	%	76.0	%	74.3	%	75.6	%	74.4	%	76.7	%	80.3	%

Burning Rock Biotech Limited Reconciliations of GAAP and Non-GAAP Results
	For the year ended
	December 31,  2024			December 31,  2025
	(RMB in thousands
Gross profit:
Central laboratory channel	141,841			137,576
In-hospital channel	159,393			166,698
Pharma research and development channel	61,166			98,640
Total gross profit	362,400			402,914
Add: depreciation and amortization:
Central laboratory channel	5,432			1,739
In-hospital channel	3,769			1,359
Pharma research and development channel	14,653			7,487
Total depreciation and amortization included in cost of revenues	23,854			10,585
Non-GAAP gross profit:
Central laboratory channel	147,273			139,315
In-hospital channel	163,162			168,057
Pharma research and development channel	75,819			106,128
Total non-GAAP gross profit	386,254			413,500
Non-GAAP gross margin:
Central laboratory channel	83.8	%		87.1	%
In-hospital channel	72.7	%		75.0	%
Pharma research and development channel	65.5	%		68.2	%
Total non-GAAP gross margin	74.9	%		76.6	%

Source: Burning Rock Biotech Limited