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Burning Rock Biotech Limited (NASDAQ: BNR, LSE: BNR) is a pioneering cancer diagnostics company headquartered in China, established in 2014. The company is dedicated to leveraging next-generation sequencing (NGS) technology to advance precision oncology. This innovative approach aids in the selection of cancer therapies and the early detection of cancer, enhancing treatment outcomes and patient care.
Burning Rock operates through three primary segments: Central laboratory business, In-hospital business, and Pharma research and development services. The central laboratory business generates the majority of the company’s revenue. The company’s suite of products includes Pan-HEME, OncoScreen-WES, brPROPHET, and OncoScreen Plus, which provide comprehensive cancer profiling and support personalized treatment plans.
In a strategic move to comply with NASDAQ Listing Rules 5810(c)(3)(A), Burning Rock must meet the minimum bid price requirement by June 26, 2024. Should the company's ADSs maintain a closing bid price of at least US$1.00 for ten consecutive business days, NASDAQ will confirm compliance, closing the matter. Failing this, the company might be granted an additional 180-day period to meet the requirement.
Recently, Burning Rock announced an ADS Ratio Change, equivalent to a one-for-ten reverse ADS split, effective immediately. Certificate holders must surrender existing ADSs for the new ratio, while uncertificated ADSs will auto-adjust. This change is expected to proportionally increase the ADS price, although no guarantees are provided.
Burning Rock’s mission, “Guard Life via Science,” underscores its commitment to advancing cancer diagnostics and treatment through scientific innovation. The company continues to make significant strides in cancer early detection, moving beyond proof-of-concept R&D into clinical validation.
For more information, visit ir.brbiotech.com.
Burning Rock Biotech (NASDAQ: BNR) reported Q3 2024 financial results with total revenues of RMB128.6 million (US$18.3 million), a 0.8% increase year-over-year. The company saw a 17% growth in in-hospital business revenue to RMB63.8 million, while central laboratory revenue decreased 25.2% to RMB40.0 million. Pharma R&D services revenue increased 27.1% to RMB24.9 million.
The company's gross profit increased 6.9% to RMB91.8 million, with gross margin improving to 71.4% from 67.4%. Operating expenses decreased 50.7% to RMB130.4 million due to reduced share-based compensation and improved efficiency. Net loss narrowed to RMB35.7 million from RMB175.0 million in the previous year. Cash and equivalents stood at RMB498.2 million as of September 30, 2024.
Burning Rock Biotech (NASDAQ: BNR) has announced its Annual General Meeting (AGM) scheduled for December 31, 2024, at 10:00 a.m. local time at the company's Shanghai office. The AGM will address three key proposals: ratification of Ernst & Young Hua Ming LLP as auditor for FY2024, re-election of Yusheng Han and Gang Lu as directors, and authorization for directors to implement these resolutions. The record date is set for December 4, 2024, for shareholders and ADS holders to determine voting eligibility. The board fully supports these proposals and recommends shareholders vote in favor.
Burning Rock Biotech (NASDAQ: BNR) and Dizal have jointly announced the approval of the first co-developed NGS-based companion diagnostic (CDx) for lung cancer by China's National Medical Products Administration (NMPA). This CDx is designed for EGFR exon 20 insertion mutation (exon20ins) for sunvozertinib, marking a significant milestone in precision oncology.
The approval is the result of simultaneous development of Burning Rock's LungCure CDx and Dizal's sunvozertinib therapy, offering an innovative precision treatment solution for non-small cell lung cancer patients with EGFR exon20ins. This collaboration sets a new benchmark for concurrent development of companion diagnostics for anti-tumor drugs and positions Burning Rock to drive global CDx development for pharmaceutical companies.
Burning Rock Biotech (NASDAQ: BNR) announced significant changes in its management and Board of Directors on September 27, 2024. Mr. Leo Li has resigned from his positions as a director on the company's Board and as the Chief Financial Officer, effective immediately. Mr. Li confirmed that his resignation was due to personal reasons and not related to any disagreements with the company.
In light of this change, Ms. Xiaozhi Hu, senior director in finance, will take charge of financial operations, reporting, and related matters. Ms. Hu, who joined Burning Rock in May 2014, will report directly to Mr. Yusheng Han, the chairman of the board and CEO. Mr. Han expressed gratitude for Mr. Li's contributions, particularly during the company's IPO and subsequent business development projects.
Burning Rock Biotech (NASDAQ: BNR, LSE: BNR) reported its Q2 2024 financial results. Total revenues decreased by 7.3% to RMB135.5 million (US$18.7 million) compared to the same period in 2023. The in-hospital segment showed 11.2% growth, while the central laboratory business experienced a 26.4% decline. Gross profit decreased by 5.0% to RMB95.4 million (US$13.1 million), with an improved gross margin of 70.4%. Operating expenses decreased by 12.5% due to efficiency measures. Net loss narrowed to RMB108.0 million (US$14.9 million). The company's cash position stood at RMB533.0 million (US$73.3 million) as of June 30, 2024.
Burning Rock Biotech has announced its intention to delist its American Depositary Shares (ADSs) from the London Stock Exchange (LSE) and cancel their listing on the Official List of the UK Financial Conduct Authority. The company cites sustained low trading volume and liquidity of its ADSs on the LSE as the primary reason for this decision, along with the costs associated with maintaining the listing. The delisting is expected to take effect on or around September 18, 2024. Importantly, Burning Rock's ADSs will continue to trade on the Nasdaq Global Market after the LSE delisting.
Burning Rock Biotech has regained compliance with NASDAQ's minimum bid price requirement. The company received a notification from NASDAQ on May 30, 2024, confirming the compliance. Previously, on December 29, 2023, Burning Rock was notified of non-compliance due to its American depositary shares (ADSs) trading below $1.00 for 30 consecutive business days. To address this, the company adjusted the ratio of its ADSs from 1:1 to 1:10, effective May 15, 2024. This adjustment helped maintain a closing bid price of $1.00 or higher for 10 consecutive business days, leading to the regaining of compliance.
Burning Rock Biotech (NASDAQ: BNR) has announced a collaboration with Bayer to develop next-generation sequencing (NGS)-based companion diagnostic assays (CDx) in China. This partnership aims to enhance diagnostic methods and enable better treatment choices for cancer patients. The collaboration will focus on developing CDx products for Bayer's precision cancer therapies. Burning Rock's CEO, Mr. Han, emphasized the commitment to global development in cancer diagnosis and treatment, aiming to set high standards and provide more effective treatment options through this partnership.
Burning Rock Biotech (NASDAQ: BNR, LSE: BNR), a precision oncology firm using next-generation sequencing (NGS) technology, announced its Q1 2024 financial results. Total revenues for the quarter were RMB125.6 million (US$17.4 million), an 11.9% decrease year-over-year (YoY). The in-hospital segment grew by 11.3%, while central laboratory and pharma research services declined by 23.0% and 29.3% respectively. Gross profit dropped by 13.2% to RMB85.7 million (US$11.9 million), and the gross margin fell to 68.2%. Operating expenses decreased by 26.4% to RMB211.5 million (US$29.3 million), driven by improved efficiency. Net loss narrowed to RMB121.5 million (US$16.8 million) from RMB185.3 million YoY. The company expects to break even by the end of 2024 based on non-GAAP measures. Cash and equivalents stood at RMB572.7 million (US$79.3 million). Additionally, the company relocated its headquarters to Guangzhou.
Burning Rock Biotech (NASDAQ: BNR; LSE: BNR) will release its unaudited financial results for Q1 2024 on May 29, 2024, before the U.S. market opens.
The company will host a conference call at 8:00 a.m. ET (8:00 p.m. Hong Kong time) on the same day to discuss the results. Interested participants should register in advance and join the call 15 minutes early.
A live and archived webcast of the call will be available on the company’s investor relations website for 12 months.
Visit the investor relations website on May 29, 2024, to access the earnings release.
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