Burning Rock Biotech (BNR) AI Stock Analysis

• Market Cap: $307.06M
• Dividend Yield: N/A
• Average Volume (3M): 22.64K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.83
• Revenue Growth: 5.44%
• EPS Growth: 72.17%
• Country: US
• Employees: 674
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Diagnostics & Research
• EPS (TTM): -0.22
• Shares Outstanding: 9,034,111
• 10 Day Avg. Volume: 13,298
• 30 Day Avg. Volume: 22,645
• PEG Ratio: <0.01
• Price to Book (P/B): 0.09
• Price to Sales (P/S): 0.10
• P/FCF Ratio: -0.52
• Enterprise Value/Market Cap: -0.08
• Enterprise Value/Revenue: -0.04
• Enterprise Value/Gross Profit: -0.06
• Enterprise Value/Ebitda: 0.38
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 57 Neutral
• Price Target: $34.00 ▲(45.30% Upside)

The score is driven primarily by improving (but still loss-making) financial performance—strong TTM revenue growth and high gross margins offset by negative net margin and ongoing cash burn. Technicals add support due to a strong uptrend and positive MACD, but overbought readings raise near-term risk. Valuation is a headwind given negative earnings (negative P/E) and no dividend yield.

Positive Factors

High Gross Margins

Sustained gross margins near 70% indicate strong unit economics and pricing power in NGS and diagnostics. Such margin durability supports incremental profitability as volumes scale, enabling reinvestment in R&D and product development without relying solely on cost cuts.

Low Financial Leverage

Very low debt provides financial flexibility while the company transitions toward profitability. Minimal leverage reduces solvency risk, preserves borrowing capacity for strategic investments or partnerships, and lowers the chance of distress-driven dilution over the medium term.

Revenue Mix Shift to Pharma & Companion Diagnostics

A structural shift toward pharma R&D services and companion diagnostics diversifies revenue into higher-margin, partnership-driven streams. These engagements can produce recurring, contract-based demand and deepen pharma relationships, improving long-term margin and visibility.

Negative Factors

Negative Profitability

Persistent net losses mean the company has yet to convert strong gross margins into sustainable operating profit. Continued negative margins erode equity and require management to sustain cost discipline or demonstrate consistent operating leverage to reach self-sustaining profitability.

Negative Operating and Free Cash Flow

Ongoing negative operating and free cash flow indicate cash burn despite improvements, creating reliance on external capital or asset sales for runway. This constrains strategic flexibility, can increase dilution risk, and may limit investments in commercialization or R&D without new funding.

Decline in Core In‑Hospital and Central Lab Revenue

Falling volumes in traditional hospital and central lab channels suggest competitive or adoption challenges in core markets. If durable, this shifts growth dependence to pharma contracts and may limit scale-driven, recurring testing revenue that historically underpinned unit economics.

Burning Rock Biotech Business Overview & Revenue Model

Company Description

Burning Rock Biotech Limited primarily develops and provides cancer therapy selection tests in the People's Republic of China. It operates in three segments: Central Laboratory Business, In-Hospital Business, and Pharma Research and Development Services. The company primarily offers next-generation sequencing-based cancer therapy selection and prognosis prediction tests applicable to a range of cancer types, including lung cancer, gastrointestinal cancer, prostate cancer, breast cancer, lymphomas, thyroid cancer, colorectal cancer, ovarian cancer, pancreatic cancer, and bladder cancer using tissue and liquid biopsy samples. Its principal products include OncoCompass IO, a corresponding test for liquid biopsy samples; OncoScreen IO, a pan-cancer test for tissue samples; OncoCompass Target, a ctDNA liquid biopsy-based test for NSCLC; ColonCore for assessing microsatellite loci related to MSI status and detecting mutations in genes associated with gastrointestinal cancers; and OncoScreen ParpMatch and OncoCompass ParpMatch to target critical genes associated with homologous recombination deficiency. In addition, the company has development and commercialization agreement with Myriad Genetics, Inc. to in-license Myriad myChoice tumor testing in China; and licensing agreement with Oncocyte Corporation to in-license DetermaRx, a risk stratification test for early stage lung cancer patients in China. It has collaborations on clinical trials and research studies with AstraZeneca, Bayer, Johnson & Johnson, CStone, BeiGene, Abbisko Therapeutics, and IMPACT Therapeutics and Merck KGaA. The company was incorporated in 2014 and is headquartered in Guangzhou, China.

How the Company Makes Money

Burning Rock Biotech generates revenue through a diverse range of business activities. The primary revenue streams include the sale of its genomic testing products and services to hospitals and medical institutions, which utilize these tests for cancer diagnosis and treatment decisions. Additionally, the company engages in partnerships with pharmaceutical firms for companion diagnostics, which further enhances its revenue through collaborative development and commercialization efforts. Research and development contracts with governmental and private entities also contribute to its earnings, as do potential licensing agreements for its proprietary technologies. Furthermore, as the demand for personalized medicine grows, BNR benefits from increased usage of its testing services, driving growth in its overall revenue.

Burning Rock Biotech Financial Statement Overview

Summary

Burning Rock Biotech faces significant financial challenges with declining revenues and persistent net losses. The balance sheet is relatively stable with low leverage, but negative cash flow from operations is a concern. The company needs to enhance revenue generation and operational efficiency to improve its financial health.

Income Statement

Burning Rock Biotech shows a declining revenue trend with a negative revenue growth rate of -4.03% from 2023 to 2024. Gross profit margin is relatively stable but the net profit margin remains deeply negative due to substantial net losses. The EBIT and EBITDA margins are also negative, indicating ongoing operational challenges and inefficiencies. The company needs to focus on revenue stabilization and cost control to improve its income statement.

Balance Sheet

The company's balance sheet shows a relatively healthy equity ratio with stockholders' equity forming a significant part of total assets. The debt-to-equity ratio is low at 0.09, indicating low leverage which is a positive sign for financial stability. However, the return on equity is negative due to consistent net losses, which impacts the overall attractiveness of the balance sheet.

Cash Flow

Burning Rock Biotech's cash flow statement reflects negative operating cash flows, though there is an improvement from the previous year. Free cash flow remains negative, reflecting ongoing cash burn. The operating cash flow to net income ratio is challenging due to both figures being negative, and the company needs to improve cash generation from operations to sustain long-term growth.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	539.27M	515.82M	537.43M	563.24M	507.86M	429.90M
Gross Profit	393.77M	362.40M	363.23M	380.04M	364.15M	313.92M
EBITDA	-63.91M	-270.23M	-517.90M	-856.31M	-746.50M	-373.26M
Net Income	-121.25M	-346.63M	-653.69M	-971.23M	-796.70M	-407.24M
Balance Sheet
Total Assets	812.17M	885.30M	1.04B	1.59B	2.28B	2.66B
Cash, Cash Equivalents and Short-Term Investments	463.99M	519.85M	615.10M	905.45M	1.50B	2.26B
Total Debt	33.18M	52.32M	12.32M	50.79M	86.69M	46.88M
Total Liabilities	262.59M	304.48M	271.59M	429.13M	433.28M	242.02M
Stockholders Equity	549.58M	580.83M	768.41M	1.16B	1.85B	2.42B
Cash Flow
Free Cash Flow	-37.84M	-98.24M	-265.17M	-518.84M	-691.33M	-153.08M
Operating Cash Flow	-32.42M	-92.26M	-255.78M	-456.81M	-477.89M	-73.54M
Investing Cash Flow	-4.88M	-4.41M	-9.30M	-7.46M	81.70M	-109.31M
Financing Cash Flow	1.93M	-72.00K	-48.83M	-86.24M	-52.90M	2.17B

Burning Rock Biotech Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 23.40
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BNR, the sentiment is Positive. The current price of 23.4 is above the 20-day moving average (MA) of 22.64, above the 50-day MA of 18.73, and above the 200-day MA of 9.13, indicating a bullish trend. The MACD of 2.58 indicates Negative momentum. The RSI at 74.51 is Negative, neither overbought nor oversold. The STOCH value of 87.54 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BNR.

Burning Rock Biotech Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BNR	57 Neutral	$307.06M	-20.72	-19.87%	―	5.44%	72.17%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
BDSX	50 Neutral	$68.34M	-1.55	-302.55%	―	22.29%	31.93%
VNRX	49 Neutral	$36.98M	-1.28	―	―	14.48%	36.83%
SERA	48 Neutral	$136.63M	-4.57	-47.69%	―	1.06%	22.41%
TRIB	41 Neutral	$13.04M	-0.30	―	―	-4.35%	-6.31%
BNGO	40 Underperform	$15.77M	-0.10	-78.22%	―	-13.84%	88.80%

Burning Rock Biotech Corporate Events

Burning Rock Biotech Shareholders Approve All Resolutions at 2025 AGM

On December 23, 2025, Burning Rock Biotech announced that all shareholder resolutions proposed at its 2025 annual general meeting held the same day were approved, reinforcing continuity in both its governance and audit oversight. Shareholders ratified the appointment of Ernst & Young Hua Ming LLP as auditor for the fiscal year ending December 31, 2025, re-elected Feng Deng and Licen Lisa Xu as directors, and authorized the board to take all necessary actions to implement these resolutions, steps that collectively signal stability in the company’s leadership and financial supervision for investors and other stakeholders.

The most recent analyst rating on (BNR) stock is a Hold with a $21.00 price target. To see the full list of analyst forecasts on Burning Rock Biotech stock, see the BNR Stock Forecast page.

Burning Rock Biotech Schedules 2025 AGM for December 23

Burning Rock Biotech Limited announced that its 2025 Annual General Meeting (AGM) will be held on December 23, 2025, in Shanghai. The AGM will address proposals such as the ratification of Ernst & Young Hua Ming LLP as auditors, the re-election of directors Feng Deng and Licen Lisa Xu, and authorizing directors to implement necessary actions. The board supports these proposals and encourages shareholders to vote in favor. The company has also filed its annual report for the year ended December 31, 2024, with the SEC.

The most recent analyst rating on (BNR) stock is a Hold with a $20.00 price target. To see the full list of analyst forecasts on Burning Rock Biotech stock, see the BNR Stock Forecast page.

Burning Rock Biotech Announces Q3 2025 Financial Results with Revenue Growth

Burning Rock Biotech reported its financial results for the third quarter of 2025, highlighting a 2.3% increase in total revenues compared to the same period in 2024. The company experienced a significant increase in revenue from pharma research and development services, while revenues from in-hospital and central laboratory businesses decreased. The company’s gross profit improved by 7.6%, with a notable increase in gross margin due to high-margin companion diagnostic projects. Operating expenses decreased by 11.9%, driven by cost control measures and headcount reduction. Despite a net loss of RMB16.8 million, this was a substantial improvement from the previous year’s loss.

The most recent analyst rating on (BNR) stock is a Hold with a $16.00 price target. To see the full list of analyst forecasts on Burning Rock Biotech stock, see the BNR Stock Forecast page.