Burning Rock Biotech (BNR) AI Stock Analysis

• Market Cap: $355.19M
• Dividend Yield: N/A
• Average Volume (3M): 22.64K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.79
• 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: 0.03
• Price to Book (P/B): 0.87
• Price to Sales (P/S): 0.98
• P/FCF Ratio: -5.16
• Enterprise Value/Market Cap: -0.57
• Enterprise Value/Revenue: -0.37
• Enterprise Value/Gross Profit: -0.51
• Enterprise Value/Ebitda: 3.16
• 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: $37.00 ▲(58.12% 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 and strong TTM revenue rebound

Sustained high gross margins (~70–73%) combined with a 55.4% TTM revenue rebound indicate robust unit economics in genomic testing. Durable margin profile supports reinvestment in R&D and scale-up, underpinning long-term profitability potential if top-line growth persists.

Conservative leverage and balance sheet flexibility

Very low debt-to-equity (~0.06) reduces financial risk and interest burden, providing flexibility to fund operations or strategic initiatives. This conservative leverage profile strengthens resilience during continued cash burn and eases pressure when accessing external capital for growth.

Improving operating efficiency and higher-margin mix

Reported 11.9% reduction in operating expenses and margin improvement from companion diagnostic projects show management executing cost control and shifting toward higher-margin revenue. Structural improvement in expense discipline and product mix can sustainably reduce cash burn and accelerate path to profitability.

Negative Factors

Ongoing unprofitable operations and negative cash flow

Despite revenue recovery, the company remains loss-making with TTM net margin around -22.5% and negative operating and free cash flow. Persistent unprofitability stresses the need for sustained improvement in margins or external funding to support operations and long-term growth initiatives.

Material deterioration in free cash flow

A 55.2% decline in free cash flow growth signals weakening cash generation capacity. Over months this constrains investments in R&D and commercialization, increases reliance on external financing, and elevates execution risk if cash burn cannot be sustainably reduced.

Erosion of shareholder value and negative returns

Negative TTM ROE (~-21%) and declining equity reflect cumulative losses eroding shareholder value. This structural deterioration can hinder investor confidence, limit strategic flexibility, and raise the likelihood of future equity raises that dilute existing holders if profitability does not recover.

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

Mixed fundamentals: TTM revenue rebounded strongly (+55.4% YoY) with high gross margins (~70–73%) and meaningfully narrowed losses, but profitability remains negative (TTM net margin -22.5%) and cash flow is still pressured with negative operating and free cash flow (FCF growth -55.2%). Balance sheet risk is mitigated by low leverage (debt-to-equity ~0.06).

Income Statement

TTM (Trailing-Twelve-Months) revenue rebounded strongly (+55.4% year over year) with consistently high gross margins (~70–73%), signaling solid underlying unit economics. However, profitability remains negative: TTM net margin is still -22.5% and EBIT is also negative, albeit dramatically improved versus 2024 and earlier years when losses were substantially deeper. Overall, the trajectory is improving, but the company has not yet reached sustainable operating profitability.

Balance Sheet

The balance sheet is conservatively levered, with low debt relative to equity (TTM debt-to-equity ~0.06), which reduces financial risk and provides flexibility. That said, the company is still generating losses, reflected in negative return on equity (TTM ROE about -21%), and equity has declined versus prior years—consistent with ongoing burn and cumulative losses. Strength is low leverage; weakness is continued erosion of shareholder value until profitability improves.

Cash Flow

Cash generation remains a key pressure point: TTM operating cash flow and free cash flow are both negative, and free cash flow deteriorated versus the prior period (TTM free cash flow growth -55.2%). While cash burn has improved materially compared with earlier years (notably 2021–2023), the business is still not self-funding and may require continued cost discipline and/or external capital if losses persist.

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: Positive
• RSI: Neutral
• STOCH: Neutral

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 below the 20-day moving average (MA) of 31.42, below the 50-day MA of 24.36, and above the 200-day MA of 11.16, indicating a bullish trend. The MACD of 3.52 indicates Positive momentum. The RSI at 55.11 is Neutral, neither overbought nor oversold. The STOCH value of 44.06 is Neutral, 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	$355.19M	-19.04	-19.87%	―	5.44%	72.17%
BDSX	52 Neutral	$81.94M	-1.86	-302.55%	―	22.29%	31.93%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SERA	48 Neutral	$101.50M	-3.01	-47.69%	―	1.06%	22.41%
VNRX	47 Neutral	$34.05M	-1.09	―	―	14.48%	36.83%
TRIB	46 Neutral	$14.50M	-0.30	―	―	-4.35%	-6.31%
BNGO	44 Neutral	$12.06M	-0.07	-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.