Burning Rock Biotech Limited
BNR evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for BNR—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · BNR
Burning Rock Biotech Limited is a China-based precision oncology company focused on NGS-based cancer therapy selection, MRD monitoring, and early cancer detection tests, currently operating at a net loss with a cash balance of $68.8M as of 2025-12-31.
Key risk: Profitability uncertainty
BioSniper Score
Based on 3 of 6 signals
Limited data coverage
Financial data as of Dec 31, 2025.
Burning Rock Biotech Limited is a China-based precision oncology company focused on NGS-based cancer therapy selection, MRD monitoring, and early cancer detection tests, currently operating at a net loss with a cash balance of $68.8M as of 2025-12-31.
- Total revenue of $77.2M for the year ended 2025-12-31 [sec].
- Net loss of $7.9M (RMB55.3M) for the year ended 2025-12-31 [sec].
- Cash & equivalents of $68.8M as of 2025-12-31 [sec].
- Shareholders' equity of $108.2M and total debt of $0.2M as of 2025-12-31 [sec].
- Cancer therapy selection tests continue to contribute a meaningful portion of revenues, while MRD and early detection products are under development [sec · filed 2026-04-28].
What works
- Revenue growth trajectory: net loss narrowed from RMB653.7M in 2023 to RMB55.3M in 2025, indicating improving operational efficiency [sec · filed 2026-04-28].
- Diversified pipeline: developing MRD and early cancer detection products (brELSA, brMERMAID) that could expand revenue streams beyond therapy selection [sec · filed 2026-04-28].
- Low debt burden: total debt of only $0.2M as of 2025-12-31 provides financial flexibility [sec].
What to weigh
- History of net losses: incurred net losses in 2023, 2024, and 2025, and may not achieve profitability in the near term [sec · filed 2026-04-28].
- Cash runway uncertainty: current cash flow from operations is insufficient to satisfy liquidity requirements, and additional capital may be needed [sec · filed 2026-04-28].
- Dependence on therapy selection products: cancer therapy selection tests account for substantially all revenues, and any decline in adoption would materially impact the business [sec · filed 2026-04-28].
- Development risk: early cancer detection and MRD product candidates may fail to demonstrate clinical utility or obtain regulatory approvals [sec · filed 2026-04-28].
From the filings
Quoted directly from source documents.
Net loss narrowed to $7.9M in 2025
“In 2023, 2024 and 2025, we incurred net loss of RMB653.7 million, RMB346.6 million and RMB55.3 million (US$7.9 million), respectively.”
SEC filings · April 28, 2026
Cancer therapy selection tests are the primary revenue source
“substantially all of our revenues for 2023, 2024 and 2025.”
SEC filings · April 28, 2026
Cash flow from operations is insufficient
“current and anticipated cash flow from operations are insufficient to satisfy our liquidity requirements”
SEC filings · April 28, 2026
Developing MRD and early detection products
“We are in the process of developing and commercializing MRD and early cancer detection products”
SEC filings · April 28, 2026
Risks & what to watch (4)›
Key risks
- Profitability uncertainty — Company has incurred net losses historically and may not achieve or maintain profitability [sec · filed 2026-04-28].
- Capital needs — Requires substantial capital for R&D, commercialization, and operations; may need to raise funds on uncertain terms [sec · filed 2026-04-28].
- Revenue concentration — Substantially all revenues depend on cancer therapy selection tests; any decline in adoption would materially hurt business [sec · filed 2026-04-28].
- Product development failure — Early cancer detection and MRD candidates may fail to demonstrate clinical utility or obtain regulatory approval [sec · filed 2026-04-28].
What to watch
- Adoption trends of cancer therapy selection tests and their contribution to revenue [sec · filed 2026-04-28].
- Progress in clinical development and regulatory filings for MRD and early detection products [sec · filed 2026-04-28].
- Cash burn rate and any future capital-raising activities [sec · filed 2026-04-28].
- Ability to narrow net losses and move toward profitability [sec · filed 2026-04-28].
Sources: SEC filings · Generated August 11, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 3 of 6 signals · derived from public data
No clinical pipeline tracked — this score reflects financial & catalyst signals only.
58.9 months
D/E 0.53
No tracked pipeline phase
No tracked pipeline candidates
No upcoming catalysts tracked
8 buys · 0 sells (180d)
Runway
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
11
Total value held
$2.1M
| Holder | Shares | Value |
|---|---|---|
| renaissance technologies llc | 35,407 | $571K |
| amova asset management americas, inc. | 30,137 | $488K |
| bank of america corp /de/ | 29,164 | $470K |
| citadel advisors llc | 17,669 | $285K |
| morgan stanley | 15,272 | $246K |
| bnp paribas financial markets | 2,800 | $45K |
| ubs group ag | 408 | $7K |
| jpmorgan chase & co | 187 | $3K |
| tower research capital llc (trc) | 28 | $452 |
| blackrock, inc. | 4 | $65 |
Showing top 10 of 11 institutional holders of Burning Rock Biotech Limited. Open the full 13F history after sign-in.
Short Interest
as of May 20, 2026- % of float
- 0.7%
- Days to cover
- 1.6
- Shares short
- 47,583
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
BNR short interestFrequently asked questions
What is the AI investment thesis for Burning Rock Biotech Limited?
Burning Rock Biotech Limited is a China-based precision oncology company focused on NGS-based cancer therapy selection, MRD monitoring, and early cancer detection tests, currently operating at a net loss with a cash balance of $68.8M as of 2025-12-31.
Who is the CEO of Burning Rock Biotech Limited?
Mr. Yusheng Han is the chief executive officer of Burning Rock Biotech Limited (BNR).
Where is Burning Rock Biotech Limited headquartered?
Burning Rock Biotech Limited (BNR) is headquartered in Guangzhou, China.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.