Burning Rock Biotech Ltd
BNR · Services-Medical Laboratories · EDGAR filings ↗
Reference price $17.36 — last insider purchase, 2026-03-31 (estimated from the dated SEC Form 4 price — not a live quote)
Grade
C55Well-capitalized Chinese precision-oncology testing leader, still lossmaking but with sharply narrowing losses.
Strengths
- Top-decile gross margin (74.7%, 93.8th pct) and strong liquidity (~$478M cash, current 3.0, runway 100th pct)
- Net loss narrowed ~84% YoY and revenue returned to growth (+4.6%)
- Clear leader in China NGS lung-cancer therapy selection with FDA/NMPA Breakthrough early-detection product
Risks
- Still unprofitable (net margin -10.3%) with negative operating cash flow and FCF
- China VIE/HFCAA structure and reliance on hospital budgets
Notable findings
- Cash burnNegative free cash flow (-4.8M)
- Customer concentration~42% of revenue from one customer/distributor — 5% and 41
- Net lossNet loss (net margin -10.3%)
- Insider buyingInsider buying — 1 open-market buy(s) by 1 insider(s) (~$5M, last 6mo) Form 4 ↗
- Notable holderHeld by 2 notable fund(s): RENAISSANCE TECHNOLOGIES LLC, CITADEL ADVISORS LLC (as of 2026-03-31)
- AccumulatingInstitutional holders rose 2→3 QoQ (2025-12-31→2026-03-31)
- New fund positionNotable fund(s) opened this quarter: CITADEL ADVISORS LLC
Key metrics
Gross margin
74.7%
Operating margin
-10.2%
Net margin
-10.3%
Return on equity
-10.3%
Return on assets
-6.7%
Revenue growth (QoQ)
9.2%
Current ratio
3.0×
Free cash flow
-$5M
EBITDA
-$5M
Tangible book value
$77M
Cash & investments
$68M
Cash runway
57q
Stock comp / revenue
2.6%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-03-31 | Han Yusheng | Buy | 315K | $17.36 |
All non-derivative Form 4 activity (SEC), newest first.
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-28 | 2025-12-31 | 0001193125-26-183377 ↗ |
| 20-F | 2025-04-29 | 2024-12-31 | 0001193125-25-101753 ↗ |
| 20-F | 2024-04-29 | 2023-12-31 | 0001193125-24-119655 ↗ |
| 20-F | 2023-04-20 | 2022-12-31 | 0001193125-23-108289 ↗ |
| 20-F | 2022-04-29 | 2021-12-31 | 0001193125-22-133522 ↗ |
| 20-F | 2021-03-23 | 2020-12-31 | 0001193125-21-090543 ↗ |