BNR Burning Rock Biotech Ltd
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Executive Summary
Burning Rock reported Q1 2026 revenue of RMB107.9M ($15.6M), an 18.9% YoY decline from RMB133.1M, with net loss widening to RMB17.5M from RMB13.5M. All three business segments (central lab, in-hospital, pharma R&D) posted revenue declines, led by a 38.6% drop in pharma services. The company's cash burn accelerated to RMB29.3M in operating cash outflow, reducing cash to RMB448.7M.
Actionable Insight
The accelerating revenue decline across all segments and widening net loss signal deteriorating fundamentals. With cash burn at ~RMB29M/quarter and only ~RMB449M remaining, the company has roughly 15 quarters of runway at current burn — but no path to profitability visible. Monitor for potential capital raise or restructuring given the 20-F cross-filing context showing ongoing losses.
Key Facts
- Q1 2026 revenue declined 18.9% YoY to RMB107.9M ($15.6M)
- Net loss widened to RMB17.5M from RMB13.5M YoY
- Pharma R&D services revenue fell 38.6% YoY to RMB22.8M
- Central lab revenue down 15.3% YoY; in-hospital down 8.5% YoY
- Operating cash outflow increased to RMB29.3M from RMB23.5M YoY
- Cash and equivalents fell to RMB448.7M from RMB481.1M at year-end 2025
- Gross margin contracted to 72.3% from 73.2% YoY
- Overseas revenue dropped 65% YoY to RMB8.5M
Financial Impact
Revenue decline of 18.9% YoY with net loss increase of 29.4% YoY; cash burn rate of ~RMB29M/quarter
Risk Factors
- Continued revenue contraction across all three business lines
- Accelerating cash burn reducing runway
- Pharma R&D services segment volatility with 38.6% drop
- Overseas revenue collapse of 65% YoY
- No guidance provided; forward visibility limited
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-262871 |
| Document: d150762d6k.htm | 0001193125-26-262871 |
| Document: 0001193125-26-262871-index-headers.html | 0001193125-26-262871 |
| Document: 0001193125-26-262871-index.html | 0001193125-26-262871 |
| Document: 0001193125-26-262871.txt | 0001193125-26-262871 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 9, 2026
4d ago
|
Press Release
| $9.66 awaiting T+20 | awaiting T+20 | — | $8.59 (+11.03%) |
|
Jun 9, 2026
4d ago
|
6-K
| $9.66 awaiting T+20 | awaiting T+20 | — | $8.59 (+11.03%) |
|
Apr 28, 2026
6w ago
|
Press Release
| $16.65 $12.17 | ▼ −26.91% | ▼ −32.36% | $8.59 (−48.41%) |
|
Mar 12, 2026
13w ago
|
Press Release
| $22.85 $15.85 | ▼ −30.66% | ▼ −32.63% | $8.59 (−62.41%) |
US Market Status
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