Form 6-K Burning Rock Biotech For: Mar 11

March 11, 2021 10:20 AM EST

News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.

 

 

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 March 2021

Commission File Number: 001-39316

 

 

BURNING ROCK BIOTECH LIMITED

(Registrant’s Name)

 

 

601, 6/F, Building 3, Standard Industrial Unit 2

No.7 Luoxuan 4th Road, 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

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

 

 

 


EXHIBIT INDEX

 

Number   

Description of Document

99.1    Press release

 

2


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: March 11, 2021

 

3

Exhibit 99.1

Burning Rock Reports Fourth Quarter and Full Year 2020 Financial Results

GUANGZHOU, China, March 11, 2021—Burning Rock Biotech Limited (NASDAQ: 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 and year ended December 31, 2020.

Recent Business Highlights

 

   

Early Detection

 

   

Completed product development of the 6-cancer test (training and validation data released in November 2020 at the ESMO Asia Virtual Congress). Capacity ramp-up under way for volume production.

 

   

Early access programs initiated to gather real-world feedback, with preparation in progress for commercialization (targeted for 2022).

 

   

Therapy Selection

 

   

Achieved strong performance in the FDA-led SEQC2 (sequencing quality control) consortium study on tissue-based and liquid-based targeted sequencing assays, with full results pending publication (manuscript for liquid-based study accepted by Nature Biotechnology).

 

   

OncoCompassTM Target (Burning Rock’s top selling liquid-based ctDNA assay, 101-gene panel including bMSI) passed typing test in Oct 2020. This places OncoCompassTM Target in a leading position for the multi-gene ctDNA NMPA1 4-stage approval process, which comprises (i) analytical validation, (ii) typing test, (iii) clinical validation, and (iv) review and approval.

Fourth Quarter 2020 Financial Results

Revenues were RMB131.7 million (US$20.2 million) for the three months ended December 31, 2020, representing a 48.5% increase from RMB88.7 million for the same period in 2019, or a 6.3% sequential increase from RMB123.9 million for the three months ended September 30, 2020. The growth in revenues was achievable despite Covid-19 related restrictions, which negatively impacted growth of testing volumes in the fourth quarter, especially in December.

 

   

Revenue generated from central laboratory business was RMB86.7 million (US$13.3 million) for the three months ended December 31, 2020, representing a 22.5% increase from RMB70.7 million for the same period in 2019, primarily attributable to (i) an increase in average sales price per patient, and (ii) volume growth of the central laboratory business. Number of patients tested in the central laboratory channel was 7,989 for the three months ended December 31, 2020, representing a 5.5% increase from 7,576 for the same period in 2019.

 

   

Revenue generated from in-hospital business was RMB41.5 million (US$6.4 million) for the three months ended December 31, 2020, representing a 194.3% increase from RMB14.1 million for the same period in 2019. Number of contracted partner hospitals in the in-hospital channel increased to 29 as of December 31, 2020 from 25 as of September 30, 2020 and 19 as of December 31, 2019.

 

   

Revenue generated from pharma research and development services was RMB3.6 million (US$0.5 million) for the three months ended December 31, 2020, representing a 7.0% decrease from RMB3.8 million for the same period in 2019, due to declined pharmaceutical testing volumes.

Cost of revenues was RMB32.6 million (US$5.0 million) for the three months ended December 31, 2020, representing a 3.4% decrease from RMB33.7 million for the same period in 2019, primarily due to economies of scale and reduced unit cost of certain reagents.

 

1 

National Medical Products Administration of China

 

1


Gross profit was RMB99.2 million (US$15.2 million) for the three months ended December 31, 2020, representing an 80.4% increase from RMB55.0 million for the same period in 2019. Gross margin was 75.3% for the three months ended December 31, 2020, compared to 62.0% for the same period in 2019.

Operating expenses were RMB254.5 million (US$39.0 million) for the three months ended December 31, 2020, representing a 69.2% increase from RMB150.5 million for the same period in 2019.

 

   

Research and development expenses were RMB83.4 million (US$12.8 million) for the three months ended December 31, 2020, representing an 59.7% increase from RMB52.2 million for the same period in 2019, primarily due to (i) an increase in staff cost of research and development personnel, and (ii) an increase in share-based compensation expenses for options granted to research and development personnel.

 

   

Selling and marketing expenses were RMB56.6 million (US$8.7 million) for the three months ended December 31, 2020, representing a 15.3% increase from RMB49.1 million for the same period in 2019, primarily due to an increase in staff cost of selling and marketing personnel as we continued the build-out of the sales organization.

 

   

General and administrative expenses increased significantly to RMB114.5 million (US$17.5 million) for the three months ended December 31, 2020 from RMB49.1 million for the same period in 2019, primarily due to (i) an increase in share-based compensation expenses for options granted to general and administrative personnel, and (ii) an increase in staff cost of general and administrative personnel.

Net loss was RMB156.5 million (US$24.0 million) for the three months ended December 31, 2020, compared to RMB95.1 million for the same period in 2019.

Cash, cash equivalents, restricted cash and short-term investments were RMB2.3 billion (US$350.6 million) as of December 31, 2020.

Full Year 2020 Financial Results

Revenues were RMB429.9 million (US$65.9 million) for 2020, representing a 12.6% increase from RMB381.7 million for 2019.

 

   

Revenue generated from central laboratory business was RMB297.3 million (US$45.6 million) for 2020, representing a 7.6% increase from RMB276.3 million for 2019. Number of patients tested in the central laboratory channel was 25,262 for 2020, representing a 9.5% increase from 23,075 for 2019.

 

   

Revenue generated from in-hospital business was RMB117.9 million (US$18.1 million) for 2020, representing a 34.4% increase from RMB87.7 million for 2019. Number of contracted partner hospitals in the in-hospital channel increased to 29 as of December 31, 2020 from 19 as of December 31, 2019.

 

   

Revenue generated from pharma research and development services was RMB14.7 million (US$2.2 million) for 2020, representing a 17.2% decrease from RMB17.7 million for 2019, due to declined pharmaceutical testing volumes.

Cost of revenues was RMB116.0 million (US$17.8 million) for 2020, representing a 7.0% increase from RMB108.3 million for 2019, which was in line with the Company’s continued business growth.

Gross profit was RMB313.9 million (US$48.1 million) for 2020, representing a 14.8% increase from RMB273.3 million for 2019. Gross margin was 73.0% for 2020, compared to 71.6% for 2019.

Operating expenses were RMB726.3 million (US$111.3 million) for 2020, representing a 64.2% increase from RMB442.4 million for 2019.

 

   

Research and development expenses were RMB263.9 million (US$40.5 million) for 2020, representing an 68.2% increase from RMB156.9 million for 2019, primarily due to (i) an increase in staff cost of research and development personnel, and (ii) an increase in share-based compensation expenses for options granted to research and development personnel.

 

   

Selling and marketing expenses were RMB168.6 million (US$25.8 million) for 2020, representing a 9.9% increase from RMB153.3 million for 2019, primarily due to an increase in staff cost of selling and marketing personnel.

 

   

General and administrative expenses increased significantly to RMB293.8 million (US$45.0 million) for 2020 from RMB132.2 million for 2019, primarily due to (i) an increase in share-based compensation expenses for options granted to general and administrative personnel, and (ii) an increase in staff cost of general and administrative personnel.

 

2


Net loss was RMB407.2 million (US$62.4 million) for 2020, compared to RMB169.2 million for 2019.

2021 Financial Guidance

Assuming there are no additional Covid-19 related restrictions imposed in China, which may negatively affect patient volumes and cancer testing, Burning Rock expects its full year 2021 revenues to be approximately RMB610 million (US$93.5 million), implying a 41.9% growth over full year 2020.

Conference Call Information

Burning Rock will host a conference call to discuss the fourth quarter 2020 financial results at 8:00 a.m. U.S. Eastern Time (9:00 p.m. Hong Kong time) on March 11, 2021.

Details of the conference call are as follows:

 

International:    +65 67135090
U.S.:    +1 8456750437
U.K.:    +44 2036214779
Hong Kong:    +852 30186771
China Mobile:    4006208038
China Landline:    8008190121
Conference ID:    5266945

A replay of the conference call will be available for one week (dial-in number: +61 2 8199 0299; same conference ID as shown above).

About Burning Rock

Burning Rock Biotech Limited (NASDAQ: 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, with the leading market share in China and over 273,000 tissue and liquid-based tests completed cumulatively, 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.

 

3


Selected Operating Data

 

     For the three months ended  
     March 31,
2019
     June 30,
2019
     September 30,
2019
     December 31,
2019
     March 31,
2020
     June 30,
2020
     September 30,
2020
     December 31,
2020
 

Central Laboratory Channel:

                       

Number of patients tested

     5,336        6,047        6,769        7,576        4,680        7,252        8,644        7,989  

Number of ordering physicians(1)

     984        1,059        1,155        1,222        810        1,175        1,194        1,114  

Number of ordering hospitals(2)

     249        265        281        304        232        284        289        294  

 

(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  
     March 31,
2019
     June 30,
2019
     September 30,
2019
     December 31,
2019
     March 31,
2020
     June 30,
2020
     September 30,
2020
     December 31,
2020
 

In-hospital Channel:

                       

Pipeline partner hospitals(1)

     17        20        21        21        23        23        22        23  

Contracted partner hospitals(2)

     14        15        19        19        21        24        25        29  

Total number of partner hospitals

     31        35        40        40        44        47        47        52  

 

(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    March 31,
2019
     June 30,
2019
     September 30,
2019
     December 31,
2019
     March 31,
2020
     June 30,
2020
     September 30,
2020
     December 31,
2020
 
     (RMB in thousands)  

Central laboratory channel

     72,807        63,394        69,304        70,749        46,141        74,607        89,899        86,695  

In-hospital channel

     26,557        16,329        30,704        14,088        17,123        27,588        31,704        41,457  

Pharma research and development channel

     5,101        5,090        3,716        3,838        4,065        4,776        2,278        3,570  

Total revenues

     104,465        84,813        103,724        88,675        67,329        106,971        123,881        131,722  

 

     For the three months ended  
Gross profit    March 31,
2019
     June 30,
2019
     September 30,
2019
     December 31,
2019
     March 31,
2020
     June 30,
2020
     September 30,
2020
     December 31,
2020
 
     (RMB in thousands)  

Central laboratory channel

     54,910        46,122        50,113        51,420        32,434        56,556        67,804        66,588  

In-hospital channel

     19,870        12,571        25,412        319        10,126        19,269        22,410        30,218  

Pharma research and development channel

     3,332        3,366        2,662        3,237        2,224        2,573        1,373        2,347  

Total gross profit

     78,112        62,059        78,187        54,976        44,784        78,398        91,587        99,153  

 

     For the three months ended  
Share-based compensation expenses    March 31,
2019
     June 30,
2019
     September 30,
2019
     December 31,
2019
    March 31,
2020
     June 30,
2020
     September 30,
2020
     December 31,
2020
 
     (RMB in thousands)  

Cost of revenues

     143        177        180        178       176        183        160        277  

Research and development expenses

     722        708        1,486        6,461       2,072        25,314        10,572        11,843  

Selling and marketing expenses

     364        517        485        (131     253        491        341        2,372  

General and administrative expenses

     429        537        1,149        9,387       1,665        1,639        57,805        58,057  

Total share-based compensation expenses

     1,658        1,939        3,300        15,895       4,166        27,627        68,878        72,549  

 

5


Burning Rock Biotech Limited Unaudited Condensed Statements of Comprehensive (Loss) Income

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

 

    For the three months ended  
    March 31,
2019
    June 30,
2019
    September 30,
2019
    December 31,
2019
    March 31,
2020
    June 30,
2020
    September 30,
2020
    December 31,
2020
    December 31,
2020
 
    RMB     RMB     RMB     RMB     RMB     RMB     RMB     RMB     US$  

Revenues

    104,465       84,813       103,724       88,675       67,329       106,971       123,881       131,722       20,187  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cost of revenues

    (26,353     (22,754     (25,537     (33,699     (22,545     (28,573     (32,294     (32,569     (4,991
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

    78,112       62,059       78,187       54,976       44,784       78,398       91,587       99,153       15,196  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating expenses:

                 

Research and development expenses

    (31,427     (34,992     (38,278     (52,238     (40,016     (71,176     (69,330     (83,418     (12,784

Selling and marketing expenses

    (26,690     (34,929     (42,606     (49,109     (29,815     (37,992     (44,174     (56,606     (8,675

General and administrative expenses

    (31,565     (20,614     (30,866     (49,112     (34,295     (42,272     (102,731     (114,502     (17,548
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

    (89,682     (90,535     (111,750     (150,459     (104,126     (151,440     (216,235     (254,526     (39,007
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Loss from operations

    (11,570     (28,476     (33,563     (95,483     (59,342     (73,042     (124,648     (155,373     (23,811
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Interest income

    128       3,806       3,686       3,541       3,985       44       698       1,341       206  

Interest expense

    (4,210     (1,826     (1,650     (1,303     (1,178     1,939       (776     (652     (100

Other (expense) income, net

    (176     (329     (37     (341     (151     122       (176     (682     (105

Foreign exchange (loss) gain, net

    (101     1,142       800       (355     611       (118     (2,228     (1,112     (170

Change in fair value of warrant liability

    64       (347     (1,403     (1,153     3,503       —         —         —         —    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Loss before income tax

    (15,865     (26,030     (32,167     (95,094     (52,572     (71,055     (127,130     (156,478     (23,980
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income tax expenses

    —         —         —         —         —         —         —         —         —    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

    (15,865     (26,030     (32,167     (95,094     (52,572     (71,055     (127,130     (156,478     (23,980
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net loss attributable to Burning Rock Biotech Limited’s shareholders

    (15,865     (26,030     (32,167     (95,094     (52,572     (71,055     (127,130     (156,478     (23,980

Accretion of convertible preferred shares

    (50,296     (41,770     (33,772     (39,173     (26,288     (38,400     —         —         —    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net loss attributable to ordinary shareholders

    (66,161     (67,800     (65,939     (134,267     (78,860     (109,455     (127,130     (156,478     (23,980

Loss per share:

                 

Ordinary shares - basic and diluted

    (2.86     (2.93     (2.85     (5.49     (3.15     (2.68     —         —         —    

Class A ordinary shares - basic and diluted

    —         —         —         —         —         —         (1.22     (1.51     (0.23

Class B ordinary shares - basic and diluted

    —         —         —         —         —         —         (1.22     (1.51     (0.23

Weighted average shares outstanding used in loss per share computation:

                 

Ordinary shares - basic and diluted

    23,167,232       23,167,232       23,167,232       24,437,444       25,031,575       40,786,167       —         —         —    

Class A ordinary shares - basic and diluted

    —         —         —         —         —         —         86,479,686       86,511,799       86,511,799  

Class B ordinary shares - basic and diluted

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

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

                 

Foreign currency translation adjustments

    (278     (14,288     45,317       (6,647     11,422       (2,336     (91,093     (94,881     (14,541

Total comprehensive (loss) income

    (16,143     (40,318     13,150       (101,741     (41,150     (73,391     (218,223     (251,359     (38,521

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

    (16,143     (40,318     13,150       (101,741     (41,150     (73,391     (218,223     (251,359     (38,521

 

6


Burning Rock Biotech Limited

Unaudited Condensed Statements of Comprehensive (Loss) Income

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

 

     For the year ended  
     December 31, 2019     December 31, 2020     December 31, 2020  
     RMB     RMB     US$  

Revenues

     381,677       429,903       65,885  
  

 

 

   

 

 

   

 

 

 

Cost of revenues

     (108,343     (115,981     (17,775
  

 

 

   

 

 

   

 

 

 

Gross profit

     273,334       313,922       48,110  
  

 

 

   

 

 

   

 

 

 

Operating expenses:

      

Research and development expenses

     (156,935     (263,940     (40,451

Selling and marketing expenses

     (153,334     (168,587     (25,837

General and administrative expenses

     (132,157     (293,800     (45,027
  

 

 

   

 

 

   

 

 

 

Total operating expenses

     (442,426     (726,327     (111,315
  

 

 

   

 

 

   

 

 

 

Loss from operations

     (169,092     (412,405     (63,205
  

 

 

   

 

 

   

 

 

 

Interest income

     11,161       6,068       930  

Interest expense

     (8,989     (667     (102

Other expense, net

     (883     (887     (136

Foreign exchange gain (loss), net

     1,486       (2,847     (436

Change in fair value of warrant liability

     (2,839     3,503       537  
  

 

 

   

 

 

   

 

 

 

Loss before income tax

     (169,156     (407,235     (62,412
  

 

 

   

 

 

   

 

 

 

Income tax expenses

     —         —         —    
  

 

 

   

 

 

   

 

 

 

Net loss

     (169,156     (407,235     (62,412
  

 

 

   

 

 

   

 

 

 

Net loss attributable to Burning Rock Biotech Limited’s shareholders

     (169,156     (407,235     (62,412

Accretion of convertible preferred shares

     (165,011     (64,688     (9,914
  

 

 

   

 

 

   

 

 

 

Net loss attributable to ordinary shareholders

     (334,167     (471,923     (72,326
  

 

 

   

 

 

   

 

 

 

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

      

Ordinary shares - basic and diluted

     (14.23     —         —    

Class A ordinary shares - basic and diluted

     —         (6.88     (1.05

Class B ordinary shares - basic and diluted

     —         (6.88     (1.05

Weighted average shares outstanding used in loss per share computation:

      

Ordinary shares - basic and diluted

     23,483,915       —         —    

Class A ordinary shares - basic and diluted

     —         51,309,631       51,309,631  

Class B ordinary shares - basic and diluted

     —         17,324,848       17,324,848  

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

      

Foreign currency translation adjustments

     24,104       (176,888     (27,109
  

 

 

   

 

 

   

 

 

 

Total comprehensive loss

     (145,052     (584,123     (89,521
  

 

 

   

 

 

   

 

 

 

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

     (145,052     (584,123     (89,521
  

 

 

   

 

 

   

 

 

 

 

7


Burning Rock Biotech Limited

Unaudited Condensed Consolidated Balance Sheets

(In thousands)

 

     As of  
     December 31,
2019
     December 31,
2020
     December 31,
2020
 
     RMB      RMB      US$  

ASSETS

        

Current assets:

        

Cash and cash equivalents

     94,235        1,895,308        290,469  

Restricted cash

     4,009        29,898        4,582  

Short-term investment

     313,988        362,132        55,499  

Accounts receivable

     88,822        88,218        13,520  

Contract assets

     909        22,534        3,453  

Amounts due from related parties

     74,368        212        32  

Inventories

     58,116        68,021        10,425  

Prepayments and other current assets

     72,340        57,329        8,789  
  

 

 

    

 

 

    

 

 

 

Total current assets

     706,787        2,523,652        386,769  
  

 

 

    

 

 

    

 

 

 

Non-current assets:

        

Equity method investment

     1,790        1,417        217  

Long-term investment

     38,369        —          —    

Property and equipment, net

     89,314        111,481        17,085  

Intangible assets, net

     343        3,457        530  

Other non-current assets

     10,954        23,021        3,528  
  

 

 

    

 

 

    

 

 

 

Total non-current assets

     140,770        139,376        21,360  
  

 

 

    

 

 

    

 

 

 

TOTAL ASSETS

     847,557        2,663,028        408,129  
  

 

 

    

 

 

    

 

 

 

 

8


Burning Rock Biotech Limited

Unaudited Condensed Consolidated Balance Sheets (Continued)

(in thousands)

 

     As of  
     December 31,
2019
    December 31,
2020
    December 31,
2020
 
     RMB     RMB     US$  

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ (DEFICIT) EQUITY

      

Current liabilities:

      

Accounts payable

     12,348       35,482       5,438  

Deferred revenue

     49,539       74,402       11,403  

Capital lease obligations, current

     4,893       4,816       738  

Accrued liabilities and other current liabilities

     54,059       83,648       12,820  

Customer deposits

     4,104       1,120       172  

Short-term borrowing

     2,370       7,370       1,130  

Current portion of long-term borrowings

     37,129       34,695       5,317  
  

 

 

   

 

 

   

 

 

 

Total current liabilities

     164,442       241,533       37,018  
  

 

 

   

 

 

   

 

 

 

Non-current liabilities:

      

Deferred government grants

     991       263       40  

Capital lease obligations

     4,816       —         —    

Long-term borrowings

     18,266       —         —    

Warrant liability

     23,503       —         —    

Other non-current liabilities

     —         228       35  
  

 

 

   

 

 

   

 

 

 

Total non-current liabilities

     47,576       491       75  
  

 

 

   

 

 

   

 

 

 

TOTAL LIABILITIES

     212,018       242,024       37,093  
  

 

 

   

 

 

   

 

 

 

Mezzanine equity:

      

Series A convertible preferred shares

     186,991       —         —    

Series B convertible preferred shares

     466,983       —         —    

Series C convertible preferred shares

     873,059       —         —    
  

 

 

   

 

 

   

 

 

 

Total mezzanine equity

     1,527,033       —         —    
  

 

 

   

 

 

   

 

 

 

Shareholders’ (deficit) equity:

      

Ordinary shares

     31       —         —    

Class A ordinary shares

     —         116       18  

Class B ordinary shares

     —         21       3  

Additional paid-in capital

     45,640       4,006,616       614,041  

Accumulated deficits

     (946,464     (1,418,160     (217,343

Accumulated other comprehensive income (loss)

     9,299       (167,589     (25,683
  

 

 

   

 

 

   

 

 

 

Total shareholders’ (deficit) equity

     (891,494     2,421,004       371,036  
  

 

 

   

 

 

   

 

 

 

TOTAL LIABILITIES, MEZZANIE EQUITY AND SHAREHOLDERS’ (DEFICIT) EQUITY

     847,557       2,663,028       408,129  
  

 

 

   

 

 

   

 

 

 

 

9


Burning Rock Biotech Limited

Unaudited Condensed Statements of Cash Flows

(in thousands)

 

     For the three months ended  
     December 31,
2019
    December 31,
2020
    December 31,
2020
 
     RMB     RMB     US$  

Net cash used in operating activities

     (50,136     (90,659     (13,890

Net cash generated from (used in) investing activities

     22,262       (36,428     (5,583

Net cash generated from financing activities

     1,092       68,477       10,494  

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

     (258     (78,013     (11,959

Net decrease cash, cash equivalents and restricted cash

     (27,040     (136,623     (20,938

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

     125,284       2,061,829       315,989  

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

     98,244       1,925,206       295,051  

 

     For the year ended  
     December 31,
2019
    December 31,
2020
    December 31,
2020
 
     RMB     RMB     US$  

Net cash used in operating activities

     (228,041     (73,543     (11,271

Net cash used in investing activities

     (346,660     (109,312     (16,752

Net cash generated from financing activities

     571,735       2,165,719       331,910  

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

     5,876       (155,902     (23,893

Net increase cash, cash equivalents and restricted cash

     2,910       1,826,962       279,994  

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

     95,334       98,244       15,057  

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

     98,244       1,925,206       295,051  

 

10



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

SEC Filings