Burning Rock Biotech Ltd. · NASDAQ:BNR
Burning Rock Biotech — Q1 2026 Earnings Presentation
52 slides from Burning Rock Biotech's earnings presentation, Jun 9, 2026
Slide 1: Burning Rock Biotech Limited 1Q 2026 results
Burning Rock Biotech Limited 1Q 2026 results 9 June 2026
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Burning Rock Biotech Limited (the “Company”) solely for information purpose and has not been independently verified. No representations, warranties or undertakings, express or implied, are made by the Company or any of its affiliates, advisers, or re
Slide 3: Our value-building blocks
Our value-building blocks Extending leadership in NGS-based precision oncology from late-stage to earlier stage patients New Businesses Early Detection Biopharma Oversea Asymptomatic Global biomarker Business Large market potential population services and CDx2 Reagent kit for breast at early commerc
Slide 4: Recent regulatory and academic progress
Recent regulatory and academic progress • Presented multiple study results at the 2026 AACR in April, showcasing validation data Early Detection, on MMcall, CanCatch Surf, 25-plex ddPCR, and SPIRAL. Therapy Selection and MRD • Presented study results at Journal for ImmunoTherapy of Cancer in April 2
Slide 5: Recent operating progress
Recent operating progress Continued efficiency gains, driving towards profitability 1 Increasing revenues from in-hospital channel • In-hospital revenue keep increasing: +2% YoY (excluding one-off issue for the revenue from 2 hospitals); +3% QoQ 2 Improving gross margin • Gross profit margin of cent
Slide 6: Commercial operation cash flow and cash balance
1 Commercial operation cash flow and cash balance RMB millions 26Q1 25Q1 FY25 FY24 FY23 Operating cash outflow1 29 24 28 92 256 Capex2 0 1 5 6 9 Sum 29 25 33 98 265 Cash balance at period-end 449 497 481 522 615 Notes: 1 Net cash generated from (used in) operating activities 6 2 Purchase and prepaym
Slide 7: Revenues by channel
2 Revenues by channel Revenues 26Q1 25Q1 YoY Revenues from central lab 32.3 38.3 -15% Revenues from in-hospital 52.8 57.7 -8% Revenues from pharma R&D 22.8 37.1 -39% Total revenues 107.9 133.1 -19% Total gross profit margin 73% 72% 1% 25Q1 26Q1 Increasing proportion of revenues from in-hospital 43%
Slide 8: Reducing operating expenses
3 Reducing operating expenses Expect cost savings going forward RMB millions 26Q1 25Q1 YoY R&D expense 27.6 40.4 -32% S&M expense 41.2 40.9 0% G&A expense 28.1 31.3 -10% Total expense 96.9 112.6 -14% Driven by business cost and payment collection control to improve operating efficiency, operating ex
Slide 9: Reducing G&A expenses
4 Reducing G&A expenses Cost savings going into 2026 General and admin expenses minus specific noncash items * (RMB millions) 29 29 29 251 28 188 137 115 26 1Q25 2Q25 3Q25 4Q25 1Q26 2022 2023 2024 2025 Notes: * Excluding share based compensation (SBC), depreciation and amortization (D&A). 9
Slide 10: Financials
Financials 1Q26 1Q26 RMB millions 2024 2025 YoY 1Q25 2Q25 3Q25 4Q25 1Q26 YoY QoQ Revenues 518.0 539.6 5% 133.1 148.6 131.6 126.3 108.0 -19% -15% Central lab 175.6 160.0 -9% 38.3 40.9 36.8 44.0 32.4 -15% -26% In-hospital1 224.5 224.0 0% 57.7 62.5 52.8 51.0 52.8 -8% 4% Pharma 115.7 155.6 35% 37.1 45.2
Slide 11: Molecular Residual Disease (MRD)
Molecular Residual Disease (MRD)
Slide 12: Burning Rock's MRD clinical publications
Burning Rock’s MRD clinical publications Covering adjuvant and relapse settings in lung, colorectal, gastric and other cancers Resectable Neo- Surgical Adjuvant Relapse Tumor adjuvant Resection The baseline Treatment Landmark MRD Treatment Longitudinal ctDNA level effectiveness effectiveness monitor
Slide 13: Overview of CanCatch Custom (Previously named brPROPHET)
Overview of CanCatch® Custom (Previously named brPROPHET) An ultrasensitive and quantitative MRD assay CanCatch® Custom Workflow 13 Source: Chen et al., Individualized tumor-informed circulating tumor DNA analysis for postoperative monitoring of non-small cell lung cancer, Cancer Cell, Sep 2023
Slide 14: MEDAL study
MEDAL study Personalized MRD using CanCatch® Custom on non-small cell lung cancer (NSCLC) 14 Source: Chen et al., Individualized tumor-informed circulating tumor DNA analysis for postoperative monitoring of non-small cell lung cancer, Cancer Cell, Sep 2023
Slide 15: Study design
Study design ❑ Cohort: ▪ 181 patients enrolled Stage I (63%), II (19%), and III (18%) ❑ Sampling Time: ▪ Tumor and adjacent paired tissue collected at surgery ▪ Blood samples collected at Pre-operative, 3 days, and 30 days post-surgery ▪ Median Follow-up Time: 30 months 15 Source: Chen et al., Indiv
Slide 16: CanCatch Custom demonstrates superior sensitivity in ctDNA detection
a b c CanCatch® Custom demonstrates superior sensitivity in ctDNA detection Clinical validation with pre-operative plasma samples (a) (b) Sensitivity of pre-operative plasma ctDNA fraction distribution of MRD (+) samples a b detected by different methods c d e f • For pre-operative plasma from patie
Slide 17: CanCatch shows strong prognostic value in post-surgery NSCLC patients
CanCatch® shows strong prognostic value in post-surgery NSCLC patients Prognostic analysis at Landmark time points Longitudinal MRD analysis 17 Source: Chen et al., Individualized tumor-informed circulating tumor DNA analysis for postoperative monitoring of non-small cell lung cancer, Cancer Cell, S
Slide 18: preSINO study
preSINO study Personalized MRD using CanCatch® Custom on esophageal cancer 18 Source: Liu et al. ctDNA detects residual disease after neoadjuvant chemoradiotherapy and guides adjuvant therapy in esophageal squamous cell carcinoma. Cell Rep Med. 2025.
Slide 19: Study design
Study design 19 Source: Liu et al. ctDNA detects residual disease after neoadjuvant chemoradiotherapy and guides adjuvant therapy in esophageal squamous cell carcinoma. Cell Rep Med. 2025.
Slide 20: CanCatch Custom demonstrates superior sensitivity in ctDNA detection
CanCatch® Custom demonstrates superior sensitivity in ctDNA detection • For baseline (before neoadjuvant therapy) plasma from patients with different clinical stages, CanCatch® Custom has a higher sensitivity than the other two methods • The median ctDNA fraction of the 9 patients detected by CanCat
Slide 21: CanCatch can predict residual disease after neoadjuvant therapy in esophageal cancer
CanCatch® can predict residual disease after neoadjuvant therapy in esophageal cancer • CanCatch® Custom deceases the false negative rate of predicting residual disease by 11.3%-13.6% when combined with clinical response evaluation (biopsy or biopsy+fine needle aspiration) 21 Source: Liu et al. ctDN
Slide 22: CanCatch shows strong prognostic value in post-surgery esophageal cancer
CanCatch® shows strong prognostic value in post-surgery esophageal cancer • The ctDNA (+) detected by CanCatch® Custom at 3-4 weeks post-surgery was associated with poor disease-free survival. • In patients with ctDNA (+) post-surgery, non-pCR patients treated with adjuvant immunotherapy had better
Slide 23: Early detection
of? aaes Burning Rock Dx Early detection
Slide 24: Burning Rock's multi-cancer early detection technology
Burning Rock’s multi-cancer early detection technology Competitive technology Methylation + machine learning to overcome challenges of low ctDNA abundance Multi-cancer validation data AACR 2022 ESMO 2022 breakthrough device designation granted Regulatory breakthrough China NMPA breakthrough designat
Slide 25: Product development roadmap
Product development roadmap • Proof of concept on our methylation based, machine learning aided technology platform Proof-of-concept • Results published on Nature Biomedical Engineering, “Ultrasensitive detection of circulating tumour DNA 2016 – 2019 via deep methylation sequencing aided by machine
Slide 26: Running the largest clinical programs in China supported by top physicians
Running the largest clinical programs in China supported by top physicians PREDICT Principal Investigator: Prof. Jia Fan • Leading site: Shanghai Zhongshan Hospital − One of China's largest comprehensive academic hospitals − Performs c.104,000 operations and serves c.169,000 inpatients and over 4,23
Slide 27: Appendix: Early detection
Appendix 1 Early detection
Slide 28: Product Development Roadmap
Product Development Roadmap • Proof of concept on our methylation based, machine learning aided technology platform Proof-of-concept • Results published on Nature Biomedical Engineering, “Ultrasensitive detection of circulating tumour DNA 2016 – 2019 via deep methylation sequencing aided by machine
Slide 29: 6-cancer test marker discovery and model training
6-cancer test marker discovery and model training The THUNDER study, 2395 participants A customized panel of 161,984 CpG sites was constructed and validated by public and in-house (cancer: n = 249; non-cancer: n = 288) methylome data, respectively. The cfDNA samples from 1,693 participants (cancer:
Slide 30: 6-cancer test, detection-of-cancer performance in case-control cohorts
6-cancer test, detection-of-cancer performance in case-control cohorts The THUNDER study Accuracy of top Accuracy of top two Data set Specificity (%) Sensitivity (%) predicted origin (%) predicted origins (%) Training set 99.7 (98.9-100.0) 75.2 (70.6-79.4) 89.7 (85.7-92.9) 94.7 (91.5-96.9) Validatio
Slide 31: 6-cancer test, top-predicted-origin performance in case-control cohorts
6-cancer test, top-predicted-origin performance in case-control cohorts The THUNDER study Accuracy of top Accuracy of top two Data set Specificity (%) Sensitivity (%) predicted origin (%) predicted origins (%) Training set 99.7 (98.9-100.0) 75.2 (70.6-79.4) 89.7 (85.7-92.9) 94.7 (91.5-96.9) Validati
Slide 32: Product Development Roadmap
Product Development Roadmap • Proof of concept on our methylation based, machine learning aided technology platform Proof-of-concept • Results published on Nature Biomedical Engineering, “Ultrasensitive detection of circulating tumour DNA 2016 – 2019 via deep methylation sequencing aided by machine
Slide 33: The PROMISE study
The PROMISE study Exploration of multi-omics classifier for 9 cancer 33 Source: Duan et al. Exploration of multi-omics liquid biopsy approaches for multi-cancer early detection: The PROMISE study a multi-cancer early detection model based on liquid biopsy of multi-omics. The Innovation, 2025.
Slide 34: Study design
Study design The PROMISE study, 1,706 participants 34 Source: Duan et al. Exploration of multi-omics liquid biopsy approaches for multi-cancer early detection: The PROMISE study a multi-cancer early detection model based on liquid biopsy of multi-omics. The Innovation, 2025.
Slide 35: Multimodal classifier for 9-cancer, detection-of-cancer performance
Multimodal classifier for 9-cancer, detection-of-cancer performance The PROMISE study Performance of the multimodal classifier based on both methylation and protein markers (A) Sensitivity, specificity, and top predicted origin accuracy. (B) Sensitivity reported by cancer stage and cancer type. Erro
Slide 36: Multimodal classifier for 9-cancer, top-predicted-origin performance
Multimodal classifier for 9-cancer, top-predicted-origin performance The PROMISE study Performance of the multimodal classifier based on both methylation and protein markers (C) Top predicted origin accuracy reported by cancer type. 36 Source: Duan et al. Exploration of multi-omics liquid biopsy app
Slide 37: Burning Rock's 22-cancer test covers 88% of China's cancer incidence
Burning Rock’s 22-cancer test covers 88% of China’s cancer incidence China Cancer Incidence1 per 100,000 population, across all ages All cancer types 288 BR-22 254 BR-6 144 Lung Breast Gastric Liver 28 Colorectal 28 Esophagus Cervix Thyroid Prostate Uterus 0 50 100 150 200 250 300 350 Notes: 1 Incid
Slide 38: Leadership in multi-cancer early detection
Leadership in multi-cancer early detection First-in-class, high entry-barrier, multi-year efforts Challenges BNR position 1 Low amount of cancer signal Proprietary chemistry and algorithm in the circulating bloodstream, much more • On par with global leader, competitive sensitivity in earlier Techno
Slide 39: Appendix: MRD
Appendix 2 MRD
Slide 40: How do MRD studies advance utility
How do MRD studies advance utility Example 1: IMvigor010, enrich the high-risk group and "tune-up" adjuvant treatment Atezo, MIUC Adjuvant Therapy “All comers” demonstrated NO efficacy TMB/PD-L1 showed NO prediction Indeed, only baseline MRD+ pts showed benefit Landmark MRD+ pts (39%) had worse prog
Slide 41: How do MRD studies advance utility
How do MRD studies advance utility Example 2: Dynamic, identify low-risk patients and “tune-down” adjuvant treatment ctDNA-guided vs standard The ctDNA-guided MRD- group had fewer patients with adjuvant chemotherapy than the standard group (15% vs. 29%) with non-inferiority of 3-year RFS (92.4% vs 9
Slide 42: CanCatch - Burning Rock's MRD solution
CanCatch® – Burning Rock’s MRD solution PROPHET Techology – CanCatch® Custom Assay Patient-specific pROgnostic and Potential tHErapeutic marker Tracking Whole Exome Sequencing Tumor Profiling with add-on region for SV detection SNV/SV/CNV/MSI/HLA/Therapy Selection Personalized Panel Intelligent sele
Slide 43: Colorectal cancer cohort publication at AACR 2025
Colorectal cancer cohort publication at AACR 2025 Flow chart Patients with negative ctDNA results detected Longitudinal ctDNA monitoring with by CanCatch® after curative treatment CanCatch® demonstrates potential demonstrated superior recurrence-free prognostic value survival Source: Li et al. Circu
Slide 44: Gastrointestinal stromal tumor publication at ASCO 2025
Gastrointestinal stromal tumor publication at ASCO 2025 Study Flow The positive post-operative ctDNA detected by CanCatch® informed tumor recurrence prior to radiological evidence with a lead time of 3 months in a 71-year-old patient. Patients with positive MRD detected by CanCatch® at landmark show
Slide 45: Colorectal cancer cohort publication at ASCO 2024
Colorectal cancer cohort publication at ASCO 2024 Day 7 Day 30 ctDNA positivity detected by CanCatch® at postoperative day 7 and 30 predicted worse RFS Among patients with results from all three approaches (n=168), the ® CanCatch assay outperformed TI and CanCatch® assay showed a positive rate of 96
Slide 46: Appendix: Therapy selection
Appendix 3 Therapy selection
Slide 47: NMPA approved NGS panels
NMPA approved NGS panels First NMPA-approved kit Second NMPA-approved kit EGFR, ALK, BRAF, KRAS EGFR, KRAS, MET, ERBB2, BRAF, PIK3CA, Approved in Jul 2018 ALK, ROS1, RET First approved NGS kit in China Approved in Mar 2022 Novogene EGFR, KRAS, BRAF, PIK3CA, ALK, ROS1 诺禾 Approved in Aug 2018 NMPA Gen
Slide 48: NGS testing
NGS testing Diagnostics companies focus on steps 1 and 3 Library Preparation NGS EGFR ALK MET Throughput High-throughput 1 Targeted genes enrichment Sequencing Efficiency Parallel testing Cost Low-cost per biomarker 22 Bioinformatics Analysis and Mutation Annotation Biomarker Comprehensive profiling
Slide 49: Leading liquid-biopsy product in China, with globally competitive performance
Leading liquid-biopsy product in China, with globally competitive performance Demonstrated in high-impact analytical validation study SEQC2 Study Overview Liquid Biopsy Source: 49 Slides from “Establishing the analytical validity of circulating tumor DNA sequencing for precision oncology“, 5th Annua
Slide 50: Participating assays and study design
Participating assays and study design 50 Source: “Evaluating the analytical validity of circulating tumor DNA sequencing assays for precision oncology“, Nature Biotechnology, Apr 2021
Slide 51: Overall analytical accuracy and specificity
Overall analytical accuracy and specificity • The analytical accuracy was measured by Precision- Sensitivity plot (25ng LBx-Low) • The false positive rates were computed by FP/kb region. • Once different VAF threshold increases, FP rates dropped further. “To compare the accuracy of the participating
Slide 52: Performance - Sensitivity
Performance – Sensitivity “The most sensitive assays (IDT and BRP) achieved sensitivity greater than 0.90 for variants with 0.3–0.5% VAF; however, no assays reached this mark for variants with 0.2–0.3% or 0.1– 0.2% VAF (Fig. 4a).” “The performance characteristics of the assays evaluated here were br