Burning Rock Biotech Limited
- Open
- 9.35
- Day high
- 10.00
- Day low
- 9.10
- Prev close
- 9.10
- Volume
- 10K
- Mkt cap
- $98M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.3
- P/S
- 1.3
- Yield
- —
- Per share
- —
- ▲Insiders net buying $6.2M over the last 3 months (7 open-market buys, 0 sales)
- 🏛Institutions reducing (13F)
Burning Rock Biotech Limited (BNR) is a Healthcare company listed on NASDAQ. The stock is down 3% over the past year. Over the trailing 3 months, insiders filed 7 open-market buys and 0 sales (SEC Form 4).
Burning Rock Biotech Limited (BNR) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BNR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jun 9, 2026 | $-2.29 | $-0.20 | +91.3% | $16M | -18.3% |
| Nov 20, 2025 | — | $-0.26 | — | $18M | — |
| Sep 8, 2025 | — | $-0.15 | — | $21M | — |
| Jun 6, 2025 | — | $-0.17 | — | $18M | — |
| Mar 25, 2025 | $-1.40 | $-1.08 | +22.7% | $17M | — |
| Dec 3, 2024 | $-1.41 | $-0.50 | +64.5% | $18M | — |
| Aug 22, 2024 | $-1.49 | $-0.14 | +90.6% | $19M | — |
| May 29, 2024 | $-1.52 | $-0.16 | +89.5% | $17M | — |
| Nov 30, 2023 | $-1.81 | $-2.30 | -27.2% | $17M | -13.3% |
| Aug 31, 2023 | $-1.89 | $-1.80 | +4.7% | $20M | +0.3% |
| May 30, 2023 | $-2.00 | $-2.60 | -30.0% | $21M | +3.0% |
| Nov 15, 2022 | $-2.80 | $-3.10 | -10.7% | $22M | +0.3% |
BNR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 2, 2026 | Han Yushengdirector | Buy | 24,900 | $8.00 |
| Jul 2, 2026 | Han Yushengdirector | Buy | 24,760 | $8.74 |
| Jul 2, 2026 | Han Yushengdirector | Buy | 210,000 | $9.25 |
| Jul 2, 2026 | Han Yushengdirector | Buy | 111,110 | $9.00 |
| Jul 2, 2026 | Han Yushengdirector | Buy | 104,650 | $7.45 |
| Jul 2, 2026 | Han Yushengdirector | Buy | 5,990 | $7.50 |
| Jul 2, 2026 | Han Yushengdirector | Buy | 250,000 | $8.00 |
| Apr 2, 2026 | Han Yushengdirector | Buy | 314,870 | $17.36 |
Source: BNR SEC Form 4 filings, latest Jul 2, 2026. For informational purposes only — not investment advice.
See the full BNR insider & 13F page →Burning Rock Biotech Limited company profile
Overview
Burning Rock Biotech Limited (NASDAQ:BNR) is a Chinese precision oncology company founded in 2014 and headquartered in Guangzhou, China. The company went public on NASDAQ in June 2020. Burning Rock specializes in developing and providing cancer diagnostics and therapy selection tests using next-generation sequencing (NGS) technology. The company has evolved from primarily operating central laboratory services to increasingly focusing on in-hospital testing solutions and pharmaceutical research services, positioning itself as a key player in China's growing precision medicine market.
Business
Burning Rock operates in the precision oncology diagnostics industry, which uses advanced genetic testing to help doctors select the most effective cancer treatments for individual patients. The company's core business revolves around next-generation sequencing (NGS) technology, which analyzes DNA and RNA from cancer samples to identify specific genetic mutations that can guide treatment decisions. The company operates through three main business segments: Central Laboratory Business represents the traditional model where hospitals and clinics send patient samples to Burning Rock's centralized laboratories for testing. This segment has been declining as the company transitions to in-hospital solutions, but historically generated the majority of revenues. In-Hospital Business involves deploying Burning Rock's testing equipment and expertise directly within hospital facilities, allowing for faster turnaround times and closer integration with clinical workflows. This segment has grown rapidly and now exceeds central lab revenues, representing the company's strategic focus area. Pharma Research and Development Services provides genetic testing and biomarker analysis services to pharmaceutical companies conducting clinical trials and drug development programs. This segment has shown strong growth, increasing 59% in 2023, and serves clients including AstraZeneca, Bayer, Johnson & Johnson, and other major pharmaceutical companies. The company's key products include OncoCompass and OncoScreen series tests that analyze tissue and liquid biopsy samples across multiple cancer types including lung, gastrointestinal, breast, and other solid tumors. These tests identify actionable genetic mutations that can guide targeted therapy selection, helping oncologists choose treatments most likely to be effective for specific patients.
Revenue model
Burning Rock generates revenue through multiple business models across its three segments. The Central Laboratory Business operates on a fee-for-service model where hospitals and clinics pay for each test performed on patient samples sent to Burning Rock's laboratories. The In-Hospital Business combines equipment sales, reagent sales, and ongoing service contracts, creating recurring revenue streams as hospitals purchase testing kits and maintenance services. The Pharma Services segment operates on a contract research model, providing genetic testing and biomarker analysis services to pharmaceutical companies on a project basis. This segment has shown the strongest growth trajectory, benefiting from increased investment in precision medicine drug development. The company's paying customers include hospitals, clinics, oncologists, and pharmaceutical companies. In the clinical testing segments, payments typically come through China's healthcare system, including both public insurance and private pay patients. For pharma services, clients are primarily multinational and domestic pharmaceutical companies conducting clinical trials. Several factors influence Burning Rock's margins and profitability. Positive margin drivers include the shift toward higher-margin in-hospital testing, economies of scale in laboratory operations, and the growing adoption of precision medicine in China's healthcare system. The company has successfully reduced sales and marketing expenses from 77% of revenue to 35%, demonstrating improved operational efficiency. Margin pressures come from intense competition in the Chinese diagnostics market, pricing pressure from healthcare cost containment policies, the need for continuous R&D investment to maintain technological leadership, and the capital-intensive nature of expanding in-hospital deployments. Regulatory changes in China's healthcare reimbursement policies could also significantly impact demand and pricing for genetic testing services.
Competitive moat
Burning Rock's competitive moat appears moderate but faces significant challenges. The company's primary advantages include its early market entry in China's precision oncology space, established relationships with major hospitals and pharmaceutical companies, and a comprehensive product portfolio covering multiple cancer types and testing methodologies. The company has built regulatory expertise in navigating China's complex healthcare approval processes, evidenced by receiving Breakthrough Device Designation from the NMPA (China's FDA equivalent) for its multi-cancer early detection test. Its partnerships with global pharmaceutical companies for clinical trials provide both revenue diversification and validation of its technological capabilities. However, Burning Rock's moat faces substantial threats. The NGS technology underlying its products is not proprietary and is available to competitors. Large multinational diagnostics companies like Roche, Illumina, and Thermo Fisher Scientific have significantly greater resources and established global market positions. Chinese competitors including Berry Genomics and Genetron Health compete directly in the same market segments. The company's transition from central lab to in-hospital testing, while strategically sound, requires substantial capital investment and faces execution risks. Regulatory risk is particularly acute given China's evolving healthcare policies and potential geopolitical tensions affecting U.S.-listed Chinese companies. The precision medicine market in China, while growing rapidly, remains price-sensitive and subject to healthcare cost containment pressures. Overall, Burning Rock operates in a competitive market with limited sustainable differentiation, making its long-term moat position uncertain despite current market leadership in certain segments.
Risks & safety
Burning Rock demonstrates a reasonable margin of safety from a liquidity perspective but faces ongoing profitability challenges. **Cash Position and Solvency:** - Strong cash position with RMB 514 million ($71 million) in cash and short-term investments as of Q4 2024 - Current ratio of 2.92 indicates solid short-term liquidity - Low debt-to-equity ratio of 0.09 shows minimal financial leverage - Management projects 3-year cash runway based on current burn rates - Projected annual cash outflow of RMB 150-200 million ($21-28 million) **Profitability Metrics:** - Company remains unprofitable with negative EBITDA of $37 million for FY 2024 - Achieved positive commercial breakeven (excluding R&D) in Q1 2024 - Gross margins improved to 74.3% showing operational efficiency gains - Return on equity remains deeply negative at -60% **Valuation Considerations:** - Trading at 0.09x price-to-book ratio, suggesting potential asset value - Negative earnings make P/E ratios meaningless - Enterprise value reflects the ongoing losses and uncertain path to profitability - Market cap of $31 million appears low relative to cash position and revenue base **Other Risk Factors:** - Regulatory uncertainty in China's healthcare sector - Geopolitical risks for U.S.-listed Chinese companies - Intense competition from well-funded multinational players
Recent development
Over the past few years, Burning Rock has undergone a significant strategic transformation from a central laboratory-focused model to an in-hospital testing platform. This shift accelerated through 2023 and 2024, with in-hospital revenues exceeding central lab revenues for the first time in Q1 2024, marking a critical milestone in the company's evolution. The company has aggressively pursued operational efficiency improvements, reducing sales and marketing expenses from 77% of revenue in 2022 to a historic low of 35% in 2024. This cost discipline, combined with maintaining gross margins above 74%, enabled the company to achieve positive commercial breakeven (excluding R&D expenses) in Q1 2024. Product development has focused on expanding beyond traditional therapy selection into emerging areas. The company launched its brPROPHET MRD (Minimal Residual Disease) product for monitoring cancer recurrence, with particularly strong clinical validation in lung cancer. Burning Rock also received Breakthrough Device Designation from China's NMPA for its multi-cancer early detection test, positioning it to enter the growing cancer screening market. The pharmaceutical services segment has emerged as a key growth driver, with revenues growing 59% in 2023 and continuing to expand through partnerships with major pharmaceutical companies. The company signed a companion diagnostics contract with Boehringer Ingelheim and expanded collaborations with AstraZeneca, Bayer, and other multinational pharmaceutical companies. Strategic partnerships have been crucial to the company's development, including licensing agreements with Myriad Genetics for tumor testing technology and Oncocyte Corporation for lung cancer risk stratification. These partnerships provide access to validated technologies while reducing internal R&D costs and development timelines.
BNR company profile · for informational purposes only — not investment advice.
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