BNR

MKT CAP:$22M

Burning Rock Biotech Limited

Market Cap

$22M

Healthcare·Medical - Diagnostics & Research·🇨🇳 China·NASDAQ

Healthcare·Medical·🇨🇳·NASDAQ

Stock Price

$20.69+$1.01 (+5.13%)

Apr 24, 2026

Company Details

Burning Rock Biotech Limited primarily develops and provides cancer therapy selection tests in the People's Republic of China. It operates in three segments: Central Laboratory Business, In-Hospital Business, and Pharma Research and Develop...

CEO

Yusheng Han

IPO Date

Jun 12, 2020

Website

www.brbiotech.com

Key Metrics TTM

Revenue

$79M

+3.3% YoY

Net Income

-$8M

EPS (Diluted)

-$7.57

Free Cash Flow

-$13M

Revenue / Share

$75.01

Gross Margin

74.7%

Operating Margin

-10.2%

Net Margin

-10.3%

FCF Margin

-17.0%

P/S

0.3x

P/E

—

Earnings Reports

FY 2025

Dec 30, 2025

$77M+1.8%EPS -$7.25

Q4 2025

Mar 12, 2026

$18MEPS -$2.15

Q3 2025

Nov 20, 2025

$19MEPS -$2.28

Q2 2025

Sep 8, 2025

$22MEPS -$1.32

Q1 2025

Jun 6, 2025

$19M+5.9%EPS -$1.83

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 20	$18M	$13M	-$18M
Q4 20	$19M	$14M	-$23M
Q1 21	$16M	$11M	-$25M
Q2 21	$19M	$13M	-$30M
Q3 21	$19M	$13M	-$25M
Q4 21	$22M	$15M	-$37M
Q2 22	$19M	$12M	-$39M
Q1 23	$21M	$14M	-$28M
Q2 23	$21M	$15M	-$20M
Q3 23	$19M	$13M	-$26M
Q4 23	$18M	$11M	-$24M
Q1 24	$18M	$13M	-$18M
Q1 25	$19M	$14M	-$2M
Q2 25	$22M	$16M	-$2M
Q3 25	$19M	$14M	-$2M
Q4 25	$18M	$14M	-$2M

Valuation

Quarter	P/S	P/E
Q3 20	4.3x	—
Q4 20	3.9x	—
Q1 21	3.9x	—
Q2 21	4.3x	—
Q3 21	2.7x	—
Q4 21	1.4x	—
Q2 22	0.3x	—
Q1 23	0.4x	—
Q2 23	0.3x	—
Q3 23	0.1x	—
Q4 23	0.1x	—
Q1 24	0.1x	—
Q1 25	0.1x	—
Q2 25	0.0x	—
Q3 25	0.1x	—
Q4 25	0.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 20	$9M	$9M
Q3 20	-$5M	-$5M
Q4 20	-$13M	-$22M
Q1 21	-$17M	-$17M
Q2 21	-$17M	-$33M
Q3 21	-$19M	-$19M
Q4 21	-$16M	-$46M
Q2 22	-$16M	-$16M
Q1 23	-$17M	-$17M
Q2 23	-$12M	-$12M
Q3 23	-$7M	-$7M
Q4 23	-$2M	-$4M
Q1 24	-$6M	-$6M
Q1 25	-$3M	-$3M
Q2 25	-$6M	-$6M
Q3 25	$2M	$2M

Capital Expenditures

Quarter	CapEx
Q2 20	$0
Q3 20	$0
Q4 20	$8M
Q1 21	$0
Q2 21	$15M
Q3 21	$0
Q4 21	$30M
Q2 22	$0
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$1M
Q1 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 20	+19.4%	+81.0%
Q4 20	+48.5%	+55.9%
Q1 21	+58.4%	+119.8%
Q2 21	+19.0%	+82.9%
Q3 21	+2.2%	+19.8%
Q4 21	+11.9%	+39.1%
Q2 22	+22.7%	+42.3%
Q1 23	+12.0%	+0.5%
Q2 23	+15.5%	-5.3%
Q3 23	-13.4%	-23.3%
Q4 23	-7.5%	-27.5%
Q1 24	-11.9%	-24.0%
Q1 25	-9.0%	-47.4%
Q2 25	+16.5%	-47.8%
Q3 25	+8.7%	-48.6%
Q4 25	-0.8%	-45.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 20	$4M	25.8%
Q3 20	$10M	55.6%
Q4 20	$25M	128.3%
Q1 21	$12M	79.5%
Q2 21	$12M	65.5%
Q3 21	$8M	42.3%
Q4 21	$41M	191.7%
Q2 22	$11M	59.0%
Q1 23	$11M	54.8%
Q2 23	$6M	25.9%
Q3 23	$11M	57.5%
Q4 23	$10M	58.9%
Q1 24	$10M	55.2%
Q1 25	$664.2K	3.4%
Q2 25	$347.6K	1.6%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q3 20	$10M	$15M	$6M	—
Q4 20	$12M	$17M	$8M	—
Q1 21	$11M	$17M	$8M	—
Q2 21	$16M	$17M	$10M	—
Q3 21	$10M	$17M	$11M	—
Q4 21	$16M	$21M	$15M	—
Q2 22	$13M	$22M	$15M	—
Q1 23	$14M	$19M	$9M	—
Q2 23	$14M	$10M	$10M	—
Q3 23	$12M	$17M	$9M	—
Q4 23	$11M	$18M	$7M	—
Q1 24	$10M	$14M	$7M	—
Q1 25	$6M	$5M	$6M	—
Q2 25	$7M	$5M	$6M	—
Q3 25	$6M	$5M	$6M	—
Q4 25	$5M	—	—	$11M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$185M	$9M	$194M
Q2 22	$168M	$315.3K	$168M
Q3 22	$148M	$0	$148M
Q4 22	$132M	$0	$132M
Q1 23	$116M	$0	$116M
Q2 23	$107M	$0	$107M
Q3 23	$93M	$0	$93M
Q4 23	$90M	$0	$90M
Q1 24	$84M	$0	$84M
Q2 24	$78M	$0	$78M
Q3 24	$73M	$0	$73M
Q4 24	$76M	$0	$76M
Q1 25	$72M	$0	$72M
Q2 25	$66M	$0	$66M
Q3 25	$68M	$0	$68M
Q4 25	$70M	$0	$70M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 20	1M	+154.5%	+348.1%
Q4 20	1M	+0.0%	+325.0%
Q1 21	1M	+0.2%	+315.7%
Q2 21	1M	+0.0%	+155.2%
Q3 21	1M	+0.1%	+0.4%
Q4 21	1M	+0.2%	+0.6%
Q2 22	1M	+0.4%	+0.8%
Q1 23	1M	-2.4%	-1.6%
Q2 23	1M	+0.1%	-1.7%
Q3 23	1M	-0.1%	-2.0%
Q4 23	1M	+0.1%	-2.3%
Q1 24	1M	+0.1%	+0.2%
Q1 25	1M	+4.9%	+5.0%
Q2 25	1M	+0.1%	+5.2%
Q3 25	1M	0.0%	+5.2%
Q4 25	1M	-2.7%	+2.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 20	—	—
Q4 20	$5M	4
Q1 21	$4M	4
Q2 21	$5M	4
Q3 21	$5M	4
Q4 21	$5M	4
Q2 22	$5M	4
Q1 23	$5M	4
Q2 23	$5M	4
Q3 23	$5M	4
Q4 23	$4M	4
Q1 24	$5M	4
Q1 25	$5M	4
Q2 25	$5M	4
Q3 25	$5M	4
Q4 25	$5M	4

Revenue / Employee