Monitor regulatory milestones for OncoScreen, CanCatch, and OncoCompass kits over the next 2–4 quarters for potential revenue catalysts. The in-hospital channel growth provides a bright spot, but the overall revenue decline and widening losses suggest continued cash burn risk. Watch for any equity or debt financing given the $61.8M cash position.
Price Chart
Executive Summary
Burning Rock reported Q2 2026 revenue of RMB134.7M ($19.9M), down 9.3% YoY, with net loss widening to RMB18.4M ($2.7M) from RMB9.7M a year ago. The sequential recovery from Q1 was offset by continued weakness in the pharma R&D channel (-31.8% YoY) and central lab business (-10.0% YoY). Regulatory progress on several diagnostic kits provides a long-term catalyst but no near-term revenue inflection.
Key Facts
- Q2 2026 revenue RMB134.7M, down 9.3% YoY from RMB148.5M
- Net loss widened to RMB18.4M from RMB9.7M YoY; loss per share RMB0.17 vs RMB0.09
- In-hospital channel revenue grew 7.4% YoY to RMB67.1M, but pharma R&D fell 31.8% and central lab fell 10.0%
- Gross margin held at 72.6% (vs 72.8% YoY); operating expenses down 3.2%
- Cash & equivalents RMB419.1M ($61.8M) vs RMB478.4M at Dec 2025; net cash burn of RMB62.0M in H1 2026
- OncoScreen BCMatch Tissue Kit entered Priority Review; CanCatch Custom Kits entered Special Review Procedure; OncoCompass liquid kit resubmitted for Priority Review
Financial Impact
Revenue decline of 9.3% YoY and net loss doubling to RMB18.4M; cash burn continues at ~RMB62M per half-year
Risk Factors
- Sustained revenue decline with no guidance for improvement
- Cash burn rate may require capital raising within 12–18 months
- Pharma R&D channel volatility and central lab contraction
- Regulatory approvals are uncertain and may not drive near-term sales
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-387190 |
| Document: d76318d6k.htm | 0001193125-26-387190 |
| Document: 0001193125-26-387190-index-headers.html | 0001193125-26-387190 |
| Document: 0001193125-26-387190-index.html | 0001193125-26-387190 |
| Document: 0001193125-26-387190.txt | 0001193125-26-387190 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 10, 2026 6w ago | Press Release | $11.62 $15.20 | ▼ −30.81% | ▼ −28.68% | $11.75 (−1.12%) |
Sep 10, 2026 6w ago | 6-K | $11.62 $15.20 | ▼ −30.81% | ▼ −28.68% | $11.75 (−1.12%) |
Jun 9, 2026 19w ago | Press Release | $8.18 $10.75 | ▼ −31.36% | ▼ −29.91% | $11.75 (−43.64%) |
Jun 9, 2026 19w ago | 6-K | $8.18 $10.75 | ▼ −31.36% | ▼ −29.91% | $11.75 (−43.64%) |
Apr 28, 2026 25w ago | Press Release | $16.65 $12.17 | ▼ −26.91% | ▼ −32.36% | $11.75 (−29.43%) |
Mar 12, 2026 32w ago | Press Release | $22.85 $15.85 | ▼ −30.66% | ▼ −32.63% | $11.75 (−48.58%) |
US Market Status
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