UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of September 2023

Commission File Number: 001-39316

 

 

BURNING ROCK BIOTECH LIMITED

(Registrant’s Name)

 

 

No.5 Xingdao Ring Road North, International Bio Island

Guangzhou, Guangdong

People’s Republic of China

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F  ☒             Form 40-F  ☐

 

 

 

INCORPORATION BY REFERENCE

Exhibit 99.1 (excluding the paragraphs under the heading “Non-GAAP Measures,” the table under the heading “Burning Rock Biotech Limited Reconciliations of GAAP and Non-GAAP Results,” and other discussions on non-GAAP measures therein) of this current report on Form 6-K (the “Report”) shall be incorporated by reference into the Company’s registration statements on Form F-3, which became effective on September 30, 2022 (File no. 333-264577).

 

2

EXHIBIT INDEX

 

Number   

Description of Document

Exhibit 99.1    Press release

 

3

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

    Burning Rock Biotech Limited
    By:  

/s/ Leo Li

    Name:   Leo Li
    Title:   Chief Financial Officer
Date: August 31, 2023      

 

4

Exhibit 99.1

Burning Rock Reports Second Quarter 2023 Financial Results

GUANGZHOU, China, August 31, 2023—Burning Rock Biotech Limited (NASDAQ: BNR and LSE: BNR, the “Company” or “Burning Rock”), a company focused on the application of next generation sequencing (NGS) technology in the field of precision oncology, today reported financial results for the three months ended June 30, 2023.

Recent Business Updates

 

•  

Therapy Selection and Minimal Residual Disease (MRD)

 

  •  

Presented study results on extensive-stage small-cell lung cancer and ovarian cancer at the ASCO in June 2023. “A Multicenter Phase I/II trial of Induction Chemotherapy Followed by Camrelizumab, Apatinib plus Chemotherapy as First-line Treatment for Extensive-stage Small-cell Lung Cancer” and “DNA methylation patterns between tissue and blood samples in ovarian cancers”.

 

  •  

Precision oncology diagnostics product supports advancement in late-stage breast cancer treatment, with results published in the New England Journal of Medicine in June 2023. The study, CAPItello-291, sponsored by our pharma client AstraZeneca, is a phase 3 trial that assessed the efficacy and safety of Capivasertib–fulvestrant therapy in advanced breast cancer patients with hormone receptor positive (HR+), human epidermal growth factor receptor 2 negative (HER2-) cancer whose disease had progressed during or after aromatase inhibitor therapy. The study demonstrated that Capivasertib–fulvestrant combination therapy resulted in significantly longer progression-free survival than treatment with fulvestrant alone.

 

  •  

Results of the study “Pharmaco-proteogenomic characterization of liver cancer organoids for precision oncology” were published at the Science Translational Medicine in August 2023. Through integrative analyses of LICOB pharmaco-proteogenomics data, we identified the molecular features associated with drug responses and predicted potential drug combinations for personalized patient treatment. The synergistic inhibition effect of mTOR inhibitor temsirolimus and the multitargeted tyrosine kinase inhibitor lenvatinib was validated in organoids and patient-derived xenografts models.

 

  •  

Pharma Services

 

  •  

New companion diagnostics (CDx) development for breast and prostatic cancer announced with AstraZeneca in China.

 

  •  

Total value of new contracts for the provision of pharma services entered into during the second quarter of 2023 amounted to RMB88 million, representing a 60% year-over-year increase.

Second Quarter 2023 Financial Results

Revenues were RMB146.3 million (US$20.2 million) for the three months ended June 30, 2023, representing a 11.8% increase from RMB130.8 million for the same period in 2022.

 

  •  

Revenue generated from central laboratory business was RMB66.2 million (US$9.1 million) for the three months ended June 30, 2023, representing a 15.7% decrease from RMB78.6 million for the same period in 2022, primarily due to a drop in the number of tests, as the Company continued to focus on its in-hospital business.

 

  •  

Revenue generated from in-hospital business was RMB53.8 million (US$7.4 million) for the three months ended June 30, 2023, representing a 57.5% increase from RMB34.2 million for the same period in 2022, driven by an increase in sales volume.

 

  •  

Revenue generated from pharma research and development services was RMB26.2 million (US$3.6 million) for the three months ended June 30, 2023, representing a 44.9% increase from RMB18.1 million for the same period in 2022, primarily attributable to a further increased testing volume performed and higher average contract value from existing and new customers.

 

1

Cost of revenues was RMB45.8 million (US$6.3 million) for the three months ended June 30, 2023, representing a 5.0% decrease from RMB48.2 million for the same period in 2022, primarily due to a decrease in cost of central laboratory business, which was in line with the decrease in revenue generated from this business.

Gross profit was RMB100.4 million (US$13.8 million) for the three months ended June 30, 2023, representing a 21.6% increase from RMB82.6 million for the same period in 2022. Gross margin was 68.7% for the three months ended June 30, 2023, compared to 63.1% for the same period in 2022. By channel, gross margin of central laboratory business was 78.3% for the three months ended June 30, 2023, compared to 73.3% during the same period in 2022, and such increase was primarily due to a decrease in inventory write down and royalty fee; gross margin of in-hospital business was 62.0% for the three months ended June 30, 2023, compared to 58.6% during the same period in 2022, and such increase was primarily due to an increase in sales volume to high margin hospitals; gross margin of pharma research and development services was 58.0% for the three months ended June 30, 2023, compared to 27.8% during the same period of 2022, and such increase was primarily due to an increase in test volume of higher margin projects.

Non-GAAP gross profit, which excludes depreciation and amortization expenses, was RMB109.4 million (US$15.1 million) for the three months ended June 30, 2023, representing a 20.3% increase from RMB90.9 million for the same period in 2022. Non-GAAP gross margin was 74.8% for the three months ended June 30, 2023, compared to 69.5% for the same period in 2022.

Operating expenses were RMB236.1 million (US$32.6 million) for the three months ended June 30, 2023, representing a 32.2% decrease from RMB348.1 million for the same period in 2022. The decrease was primarily driven by budget control measures and headcount reduction aimed at improving the Company’s operating efficiency.

 

  •  

Research and development expenses were RMB95.8 million (US$13.2 million) for the three months ended June 30, 2023, representing a 4.0% increase from RMB92.1 million for the same period in 2022, primarily due to (i) an increase in research and development project cost due to the temporary disruption of R&D activities during Covid lock-down in 2022, and partially offset by (ii) a decrease in research and development personnel’s staff cost.

 

  •  

Selling and marketing expenses were RMB70.8 million (US$9.8 million) for the three months ended June 30, 2023, representing a 32.9% decrease from RMB105.6 million for the same period in 2022, primarily due to (i) a decrease in staff cost resulted from the reorganization of our sales department and improved operating efficiency, and (ii) a decrease in marketing and conference fee.

 

  •  

General and administrative expenses were RMB69.5 million (US$9.6 million) for the three months ended June 30, 2023, representing a 53.7% decrease from RMB150.3 million for the same period in 2022, primarily due to (i) a decrease in amortized expense on share-based compensation; (ii) a decrease in general and administrative personnel’s staff cost, and (iii) a decrease in allowance for doubtful accounts resulting from accelerated settlement with customers with longer accounts receivable.

Net loss was RMB131.2 million (US$18.1 million) for the three months ended June 30, 2023, compared to RMB262.1 million for the same period in 2022.

Cash, cash equivalents, restricted cash and short-term investments were RMB733.3 million (US$101.1 million) as of June 30, 2023.

Conference Call Information

Burning Rock will host a conference call to discuss the second quarter 2023 financial results at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Hong Kong time) on August 31, 2023.

Please register in advance of the conference using the link provided below and dial in 15 minutes prior to the call, using participant dial-in numbers and unique registrant ID which would be provided upon registering.

PRE-REGISTER LINK: https://register.vevent.com/register/BI6587397828874b24931eb99fd4fb1c15.

Additionally, a live and archived webcast of the conference call will also be available on the company’s investor relations website at http://ir.brbiotech.com or through link https://edge.media-server.com/mmc/p/t4sgbsfb.

A replay of the webcast will be available for 12 months via the same link above.

 

2

About Burning Rock

Burning Rock Biotech Limited (NASDAQ: BNR and LSE: BNR), whose mission is to guard life via science, focuses on the application of next generation sequencing (NGS) technology in the field of precision oncology. Its business consists of i) NGS-based therapy selection testing for late-stage cancer patients, and ii) cancer early detection, which has moved beyond proof-of-concept R&D into the clinical validation stage.

For more information about Burning Rock, please visit: ir.brbiotech.com.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “confident” and similar statements. Burning Rock may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Burning Rock’s beliefs and expectations, are forward-looking statements. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Burning Rock’s control. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. All information provided in this press release is as of the date of this press release, and Burning Rock does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

Non-GAAP Measures

In evaluating the business, the company considers and uses non-GAAP measures, such as non-GAAP gross profit and non-GAAP gross margin, as supplemental measures to review and assess operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The company defines non-GAAP gross profit as gross profit excluding depreciation and amortization. The company defines non-GAAP gross margin as gross margin excluding depreciation and amortization.

The company presents these non-GAAP financial measures because they are used by management to evaluate operating performance and formulate business plans. The company believe non-GAAP gross profit and non-GAAP gross margin excluding non-cash impact of depreciation and amortization reflect the company’s ongoing business operations in a manner that allows more meaningful period-to-period comparisons.

Contact: IR@brbiotech.com

 

3

Selected Operating Data

 

     For the three months ended  
     June 30,
2022		      September 30,
2022		      December 31,
2022		      March 31,
2023		      June 30,
2023		  

Central Laboratory Channel:

               

Number of patients tested

      8,060        7,989        6,419        6,139        6,585  

Number of ordering physicians(1)

      767        897        797        792        725  

Number of ordering hospitals(2)

      264        257        238        241        225  

 

(1) 

Represents physicians who on average order at least one test from us every month during a relevant period in the central laboratory channel.

(2) 

Represents hospitals whose residing physicians who on average order at least one test from us every month during a relevant period in the central laboratory channel.

 

    As of  
    June 30,
2022		     September 30,
2022		     December 31,
2022		     March 31,
2023		     June 30,
2023		  

In-hospital Channel:

          

Pipeline partner hospitals(1)

     25       22       28       29       30  

Contracted partner hospitals(2)

     43       47       49       49       50  

Total number of partner hospitals

     68       69       77       78       80  

 

(1) 

Refers to hospitals that are in the process of establishing in-hospital laboratories, laboratory equipment procurement or installation, staff training or pilot testing using the Company’s products.

(2) 

Refers to hospitals that have entered into contracts to purchase the Company’s products for use on a recurring basis in their respective in-hospital laboratories the Company helped them establish. Kit revenue is generated from contracted hospitals.

 

4

Selected Financial Data

 

     For the three months ended  
Revenues    June 30,
2022		      September 30,
2022		      December 31,
2022		      March 31,
2023		      June 30,
2023		  
                                    
     (RMB in thousands)  

Central laboratory channel

      78,597        89,992        71,970        61,804        66,239  

In-hospital channel

      34,177        49,636        42,526        51,561        53,835  

Pharma research and development channel

      18,072        15,003        27,741        29,151        26,194  

Total revenues

      130,846        154,631        142,237        142,516        146,268  

 

     For the three months ended  
Gross profit    June 30,
2022		      September 30,
2022		      December 31,
2022		      March 31,
2023		      June 30,
2023		  
                                    
     (RMB in thousands)  

Central laboratory channel

      57,575        69,991        54,507        48,090        51,876  

In-hospital channel

      20,012        31,593        26,999        34,409        33,353  

Pharma research and development channel

      5,015        7,010        19,757        16,273        15,193  

Total gross profit

      82,602        108,594        101,263        98,772        100,422  

 

     For the three months ended  
Share-based compensation expenses    June 30,
2022		      September 30,
2022		      December 31,
2022		      March 31,
2023		      June 30,
2023		  
                                    
     (RMB in thousands)  

Cost of revenues

      441        481        496        353        627  

Research and development expenses

      11,923        13,978        14,673        13,612        15,301  

Selling and marketing expenses

      2,158        2,346        2,247        1,606        3,389  

General and administrative expenses

      62,615        61,041        74,232        62,595        18,502  

Total share-based compensation expenses

      77,137        77,846        91,648        78,166        37,819  

 

5

Burning Rock Biotech Limited

Unaudited Condensed Statements of Comprehensive Loss

(in thousands, except for number of shares and per share data)

 

     For the three months ended  
     June 30,
2022		     September 30,
2022		     December 31,
2022		     March 31,
2023		     June 30,
2023		     June 30,
2023		  
     RMB     RMB     RMB     RMB     RMB     US$  

Revenues

      130,846       154,631       142,237       142,516       146,268       20,172  

Cost of revenues

      (48,244 )      (46,037 )      (40,974 )      (43,744 )      (45,846 )      (6,323 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Gross profit

      82,602       108,594       101,263       98,772       100,422       13,849  

Operating expenses:

             

Research and development expenses

      (92,112 )      (109,433 )      (100,827 )      (94,417 )      (95,779 )      (13,209 ) 

Selling and marketing expenses

      (105,634 )      (90,275 )      (85,174 )      (64,774 )      (70,842 )      (9,770 ) 

General and administrative expenses

      (150,316 )      (143,530 )      (132,705 )      (128,039 )      (69,525 )      (9,588 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total operating expenses

      (348,062 )      (343,238 )      (318,706 )      (287,230 )      (236,146 )      (32,567 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Loss from operations

      (265,460 )      (234,644 )      (217,443 )      (188,458 )      (135,724 )      (18,718 ) 

Interest income

      2,685       2,001       2,838       3,144       5,255       725  

Interest expenses

      (29 )      12       —         —         —         —  

Other income (expense), net

      127       (189 )      (84 )      599       (118 )      (16 ) 

Foreign exchange (loss) gain, net

      624       1,337       365       (116 )      (210 )      (29 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Loss before income tax

      (262,053 )      (231,483 )      (214,324 )      (184,831 )      (130,797 )      (18,038 ) 

Income tax expenses

      (84 )      —         (1,901 )      (422 )      (445 )      (61 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net loss

      (262,137 )      (231,483 )      (216,225 )      (185,253 )      (131,242 )      (18,099 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net loss attributable to Burning Rock Biotech Limited’s shareholders

      (262,137 )      (231,483 )      (216,225 )      (185,253 )      (131,242 )      (18,099 ) 

Net loss attributable to ordinary shareholders

      (262,137 )      (231,483 )      (216,225 )      (185,253 )      (131,242 )      (18,099 ) 

Loss per share for class A and class B ordinary shares:

             

Class A ordinary shares - basic and diluted

      (2.50 )      (2.23 )      (2.11 )      (1.81 )      (1.28 )      (0.18 ) 

Class B ordinary shares - basic and diluted

      (2.50 )      (2.23 )      (2.11 )      (1.81 )      (1.28 )      (0.18 ) 

Weighted average shares outstanding used in loss per share computation:

             

Class A ordinary shares - basic and diluted

      87,532,539       86,585,322       85,051,882       85,065,585       85,151,052       85,151,052  

Class B ordinary shares - basic and diluted

      17,324,848       17,324,848       17,324,848       17,324,848       17,324,848       17,324,848  

Other comprehensive income (loss), net of tax of nil:

             

Foreign currency translation adjustments

      29,715       20,646       (5,950 )      (5,659 )      14,829       2,045  

Total comprehensive loss

      (232,422 )      (210,837 )      (222,175 )      (190,912 )      (116,413 )      (16,054 ) 

Total comprehensive loss attributable to Burning Rock Biotech Limited’s shareholders

      (232,422 )      (210,837 )      (222,175 )      (190,912 )      (116,413 )      (16,054 ) 

 

6

Burning Rock Biotech Limited

Unaudited Condensed Statements of Comprehensive Loss

(in thousands, except for number of shares and per share data)

 

     For the six months ended  
     June 30,
2022		     June 30,
2023		     June 30,
2023		  
                    
     RMB     RMB     US$  

Revenues

      266,370       288,784       39,825  

Cost of revenues

      (96,188 )      (89,590 )      (12,355 ) 
  

 

 

    

 

 

    

 

 

  

Gross profit

      170,182       199,194       27,470  

Operating expenses:

       

Research and development expenses

      (211,608 )      (190,196 )      (26,229 ) 

Selling and marketing expenses

      (194,845 )      (135,616 )      (18,702 ) 

General and administrative expenses

      (292,049 )      (197,564 )      (27,245 ) 
  

 

 

    

 

 

    

 

 

  

Total operating expenses

      (698,502 )      (523,376 )      (72,176 ) 
  

 

 

    

 

 

    

 

 

  

Loss from operations

      (528,320 )      (324,182 )      (44,706 ) 

Interest income

      4,517       8,399       1,158  

Interest expenses

      90       —         —    

Other income, net

      425       481       67  

Foreign exchange loss, net

      (153 )      (326 )      (45 ) 
  

 

 

    

 

 

    

 

 

  

Loss before income tax

      (523,441 )      (315,628 )      (43,526 ) 

Income tax expenses

      (84 )      (867 )      (120 ) 
  

 

 

    

 

 

    

 

 

  

Net loss

      (523,525 )      (316,495 )      (43,646 ) 
  

 

 

    

 

 

    

 

 

  

Net loss attributable to Burning Rock Biotech Limited’s shareholders

      (523,525 )      (316,495 )      (43,646 ) 

Net loss attributable to ordinary shareholders

      (523,525 )      (316,495 )      (43,646 ) 

Loss per share for class A and class B ordinary shares:

       

Class A ordinary shares - basic and diluted

      (5.00 )      (3.09 )      (0.43 ) 

Class B ordinary shares - basic and diluted

      (5.00 )      (3.09 )      (0.43 ) 

Weighted average shares outstanding used in loss per share computation:

       

Class A ordinary shares - basic and diluted

      87,357,120       85,108,555       85,108,555  

Class B ordinary shares - basic and diluted

      17,324,848       17,324,848       17,324,848  

Other comprehensive income (loss), net of tax of nil:

       

Foreign currency translation adjustments

      26,650       9,170       1,265  

Total comprehensive loss

      (496,875 )      (307,325 )      (42,381 ) 

Total comprehensive loss attributable to Burning Rock Biotech Limited’s shareholders

      (496,875 )      (307,325 )      (42,381 ) 

 

7

Burning Rock Biotech Limited

Unaudited Condensed Consolidated Balance Sheets

(In thousands)

 

     As of  
     December 31,
2022		      June 30,
2023		      June 30,
2023		  
                      
     RMB      RMB      US$  

ASSETS

         

Current assets:

         

Cash and cash equivalents

      905,451        732,568        101,026  

Restricted cash

      19,817        710        98  

Accounts receivable, net

      109,954        143,322        19,765  

Contract assets, net

      41,757        58,813        8,111  

Inventories, net

      130,321        101,625        14,015  

Prepayments and other current assets, net

      51,462        52,998        7,309  
  

 

 

     

 

 

     

 

 

  

Total current assets

      1,258,762        1,090,036        150,324  
  

 

 

     

 

 

     

 

 

  

Non-current assets:

         

Equity method investment

      690        505        70  

Convertible note receivable

      5,105        5,105        704  

Property and equipment, net

      251,829        191,017        26,342  

Operating right-of-use assets

      48,205        31,037        4,280  

Intangible assets, net

      1,986        1,204        166  

Other non-current assets

      20,890        11,852        1,634  
  

 

 

     

 

 

     

 

 

  

Total non-current assets

      328,705        240,720        33,196  
  

 

 

     

 

 

     

 

 

  

TOTAL ASSETS

      1,587,467        1,330,756        183,520  
  

 

 

     

 

 

     

 

 

  

 

8

Burning Rock Biotech Limited

Unaudited Condensed Consolidated Balance Sheets (Continued)

(in thousands)

 

     As of  
     December 31,
2022		     June 30,
2023		     June 30,
2023		  
                    
     RMB     RMB     US$  

LIABILITIES AND SHAREHOLDERS’ EQUITY

       

Current liabilities:

       

Accounts payable

      50,947       24,568       3,388  

Deferred revenue

      147,633       147,313       20,315  

Accrued liabilities and other current liabilities

      173,832       156,526       21,586  

Customer deposits

      1,803       1,197       165  

Current portion of operating lease liabilities

      37,236       23,400       3,227  
  

 

 

    

 

 

    

 

 

  

Total current liabilities

      411,451       353,004       48,681  
  

 

 

    

 

 

    

 

 

  

Non-current liabilities:

       

Non-current portion of operating lease liabilities

      13,551       7,128       983  

Other non-current liabilities

      4,124       3,016       416  
  

 

 

    

 

 

    

 

 

  

Total non-current liabilities

      17,675       10,144       1,399  
  

 

 

    

 

 

    

 

 

  

TOTAL LIABILITIES

      429,126       363,148       50,080  
  

 

 

    

 

 

    

 

 

  

Shareholders’ equity:

       

Class A ordinary shares

      117       117       16  

Class B ordinary shares

      21       21       3  

Additional paid-in capital

      4,582,790       4,705,734       648,950  

Treasury stock

      (58,919 )      (65,271 )      (9,001 ) 

Accumulated deficits

      (3,199,946 )      (3,516,441 )      (484,938 ) 

Accumulated other comprehensive loss

      (165,722 )      (156,552 )      (21,590 ) 
  

 

 

    

 

 

    

 

 

  

Total shareholders’ equity

      1,158,341       967,608       133,440  
  

 

 

    

 

 

    

 

 

  

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

      1,587,467       1,330,756       183,520  
  

 

 

    

 

 

    

 

 

  

 

9

Burning Rock Biotech Limited

Unaudited Condensed Statements of Cash Flows

(in thousands)

 

     For the three months ended  
     June 30,
2022		     June 30,
2023		     June 30,
2023		  
                    
     RMB     RMB     US$  

Net cash used in operating activities

      (109,274 )      (79,204 )      (10,923 ) 

Net cash generated from (used in) investing activities

      30,729       (2,928 )      (404 ) 

Net cash used in financing activities

      (69,559 )      (1,003 )      (138 ) 

Effect of exchange rate on cash, cash equivalents and restricted cash

      26,279       13,271       1,831  

Net decrease in cash, cash equivalents and restricted cash

      (121,825 )      (69,864 )      (9,634 ) 

Cash, cash equivalents and restricted cash at the beginning of period

      1,274,875       803,142       110,758  

Cash, cash equivalents and restricted cash at the end of period

      1,153,050       733,278       101,124  

 

     For the six months ended  
     June 30,
2022		     June 30,
2023		     June 30,
2023		  
                    
     RMB     RMB     US$  

Net cash used in operating activities

      (253,634 )      (192,347 )      (26,526 ) 

Net cash generated from (used in) investing activities

      17,718       (6,987 )      (964 ) 

Net cash used in financing activities

      (73,493 )      (1,035 )      (143 ) 

Effect of exchange rate on cash, cash equivalents and restricted cash

      23,347       8,379       1,157  

Net decrease in cash, cash equivalents and restricted cash

      (286,062 )      (191,990 )      (26,476 ) 

Cash, cash equivalents and restricted cash at the beginning of period

      1,439,112       925,268       127,600  

Cash, cash equivalents and restricted cash at the end of period

      1,153,050       733,278       101,124  

 

10

Burning Rock Biotech Limited

Reconciliations of GAAP and Non-GAAP Results

 

     For the three months ended  
     June 30,
2022		     September 30,
2022		     December 31,
2022		     March 31,
2023		     June 30,
2023		  
                                
           (RMB in thousands)  

Gross profit:

     

Central laboratory channel

      57,575       69,991       54,507       48,090       51,876  

In-hospital channel

      20,012       31,593       26,999       34,409       33,353  

Pharma research and development channel

      5,015       7,010       19,757       16,273       15,193  

Total gross profit

      82,602       108,594       101,263       98,772       100,422  

Add: depreciation and amortization:

           

Central laboratory channel

      2,545       3,138       3,609       2,567       2,645  

In-hospital channel

      1,428       2,479       2,449       2,582       2,637  

Pharma research and development channel

      4,327       2,805       3,065       3,974       3,665  

Total depreciation and amortization included in cost of revenues

      8,300       8,422       9,123       9,123       8,947  

Non-GAAP gross profit:

           

Central laboratory channel

      60,120       73,129       58,116       50,657       54,521  

In-hospital channel

      21,440       34,072       29,448       36,991       35,990  

Pharma research and development channel

      9,342       9,815       22,822       20,247       18,858  

Total non-GAAP gross profit

      90,902       117,016       110,386       107,895       109,369  

Non-GAAP gross margin:

           

Central laboratory channel

      76.5 %      81.3 %      80.8 %      82.0 %      82.3 % 

In-hospital channel

      62.7 %      68.6 %      69.2 %      71.7 %      66.9 % 

Pharma research and development channel

      51.7 %      65.4 %      82.3 %      69.5 %      72.0 % 

Total non-GAAP gross margin

      69.5 %      75.7 %      77.6 %      75.7 %      74.8 % 

 

11

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