Regulatory Environment - The company is subject to PRC laws regarding data security and foreign investments, which may impact operations and compliance requirements[24]. - The PRC government has significant authority to influence the company's business operations, with potential risks from changes in economic, political, or social conditions[25]. - Recent regulatory actions by the PRC government include enhanced supervision over China-based companies listed overseas and new cybersecurity measures[26]. - The CSRC's Overseas Listing Trial Measures, effective March 31, 2023, impose new filing requirements for overseas listings, creating uncertainties for future capital raising[35]. - The PRC Data Security Law, effective September 1, 2021, imposes obligations on data-related activities but has not materially impacted the company's operations as of the report date[33]. - The Holding Foreign Companies Accountable Act may impact the trading of the company's securities if audit reports are not compliant[43]. - The company has faced regulatory risks associated with offshore offerings and cybersecurity oversight by the PRC government[41]. - The company is subject to ongoing regulatory review, which could result in adverse government actions and negative publicity[144]. - The evolving government regulations may impose additional burdens on the company's efforts to commercialize its products and services[151]. - The Negative List (2024 Edition) prohibits foreign investment in businesses related to genomic diagnosis and treatment technology, effective May 1, 2024[161]. - The Foreign Investment Law, effective January 1, 2020, introduces uncertainties regarding the company's corporate structure and governance, potentially affecting business operations[178]. - Recent regulatory developments in China may impose additional review and disclosure requirements, affecting the company's ability to raise capital outside China[186]. Financial Performance - Total revenues for the year ended December 31, 2022, were RMB 563.2 million, with a net loss of RMB 971.2 million[45]. - For the year ended December 31, 2023, total revenues decreased to RMB 537.4 million, with a net loss of RMB 653.7 million[45]. - Projected revenues for the year ended December 31, 2024, are expected to be RMB 515.8 million, with a net loss of RMB 346.6 million[46]. - As of December 31, 2023, total assets amounted to RMB 1,040.0 million, with total liabilities of RMB 271.6 million[46]. - Cash and cash equivalents as of December 31, 2024, are projected to be RMB 519.8 million (approximately US$71.2 million)[46]. - The company reported net cash used in operating activities of RMB 456.8 million for the year ended December 31, 2022[46]. - For the year ended December 31, 2024, the consolidated net cash used in operating activities was RMB (92,261) thousand, with a significant decline from the previous year[47]. - The company reported a net cash used in investing activities of RMB (4,412) thousand for the year ended December 31, 2024, compared to RMB (9,300) thousand in the previous year[47]. - The company incurred net losses of RMB971.2 million, RMB653.7 million, and RMB346.6 million (US$47.5 million) in 2022, 2023, and 2024 respectively[74]. Operational Structure - The VIE structure allows the company to control operations in China despite restrictions on foreign ownership[39]. - The majority of the company's assets and revenues are generated by the VIE and its subsidiaries, making the corporate structure critical to its financial health[56]. - The company relies on contractual arrangements with the VIE for operational control, which may not be as effective as direct ownership[168]. - Any breach of contractual obligations by the VIE or its shareholders could lead to significant disruptions in business operations[171]. - The ultimate beneficial shareholders of the VIE may have conflicts of interest that could adversely affect the company's business[172]. - The company has the exclusive right to purchase equity interests in the VIE, but the purchase price may be subject to PRC law limitations, potentially increasing costs[175]. - Equity or asset transfers may require approvals from PRC authorities, and the transfer prices could be subject to tax adjustments, impacting financial results[176]. - Limitations on dividend payments from PRC subsidiaries could adversely affect the company's ability to fund operations and growth[218]. - The company's revenues are primarily in Renminbi, which is not freely convertible, potentially limiting the ability to pay dividends due to capital controls[219]. - A withholding tax rate of up to 10% may apply to dividends payable by Chinese companies to non-PRC resident enterprises, affecting returns for investors[220]. - The company relies on dividends from its subsidiaries in China for cash requirements, making it vulnerable to restrictions on these payments[217]. Product Development and Market Position - The company's cancer therapy selection products and services contributed substantially all of its revenues for 2022, 2023, and 2024[76]. - The company launched its first MRD product, CanCatch®, in March 2022, indicating ongoing product development efforts[69]. - The company has obtained NMPA approval for two NGS reagent kits and has one early cancer detection product with Breakthrough Device Designation from both the FDA and NMPA[93]. - The company anticipates fluctuations in revenues from in-hospital business based on partner hospitals' clinical needs and budgets[92]. - The company has experienced a decrease in demand for its products and services during the COVID-19 pandemic, affecting financial performance[105]. - The company faces increasing competition in the NGS-based cancer therapy selection market, which may impact revenue growth[107]. - The company plans to continue expanding collaborations with hospitals under the in-hospital model, which involves a lengthy and costly process[91]. - The company must continuously upgrade existing products and launch new ones to keep pace with rapid industry changes, which requires significant resources[81]. - The company has obtained clinical PCR testing laboratory and NGS laboratory certificates, reducing the risk of violations related to genetic testing regulations[154]. Human Resources and Operational Challenges - The company collaborates with hospitals and physicians, and maintaining these relationships is crucial for its operational success[87]. - The company faces intense competition for skilled personnel, which is critical for its research, development, and sales efforts, potentially impacting its business operations[113]. - The company must improve operational controls and hire additional personnel to meet increased demand for its products and services[104]. - The company relies heavily on its own sales and marketing team to promote the "Burning Rock" brand and NGS-based products, which may require significant expenses and resources[111]. Cybersecurity and Compliance - The company has established internal cybersecurity regulations and has completed necessary filings for information security protection[31]. - Cybersecurity threats pose risks to the company's information technology systems, which are essential for various operational functions, and any breaches could harm its reputation and financial standing[120][121]. - The company has not been involved in any cybersecurity reviews or received any penalties related to data security issues as of the report date[195]. - The company is subject to cybersecurity reviews if identified as a critical information infrastructure operator or network platform operator, which could impact operations[192]. - As of the report date, the likelihood of being identified as a CIIO or NPO is considered low, as the company has not received any identification notices and processes fewer than one million users' personal information[194]. Intellectual Property and Market Acceptance - The company has successfully registered several trademarks in China, with recent rulings in its favor regarding previously rejected applications, enhancing its intellectual property position[124]. - The company is subject to potential intellectual property infringement claims, which could lead to significant legal costs and disrupt business operations[128]. - Ethical, legal, and social concerns regarding genomic information may limit market acceptance of the company's products and services, affecting overall demand[130]. Future Outlook and Risks - The company requires substantial funding for operations, and failure to raise sufficient capital could adversely affect its business and financial condition[74]. - The company's ability to achieve profitability is uncertain, as it continues to invest significantly in research, development, and marketing[75]. - The company has a limited operating history, making it difficult to predict future performance and profitability[69]. - The company may face substantial liabilities from product liability claims, which could exceed its resources[85]. - The company may face significant delays in obtaining necessary approvals for its products, impacting its competitive position[140]. - The interpretation and enforcement of PRC laws regarding the cancer genotyping industry are uncertain, which may adversely affect the company's operations[213]. - The company may be classified as a "PRC resident enterprise," subjecting it to a 25% enterprise income tax on global income, which could reduce net income[215]. - The ongoing geopolitical tensions, particularly between the U.S. and China, may increase operational costs and affect the company's financial performance[207]. - The U.S. government may consider delisting Chinese companies from U.S. exchanges, which could materially affect the price of the company's ADSs[209]. - The Outbound Investment Rule, effective January 2025, restricts U.S. investments in certain technology sectors related to China, potentially limiting the company's business operations and capital raising abilities[210]. - The company may incur significant expenses and penalties if found in violation of anti-corruption laws, impacting its financial condition and reputation[155].

Core Viewpoint - Burning Rock Biotech Limited reported its financial results for the fourth quarter and full year of 2024, highlighting a mixed performance with a decrease in total revenues but improvements in gross profit and operating efficiency. Financial Performance - Revenues for Q4 2024 were RMB126.0 million (US$17.3 million), a 4.1% increase from RMB121.1 million in Q4 2023 [3] - Full year revenues for 2024 were RMB515.8 million (US$70.7 million), representing a 4.0% decrease from RMB537.4 million in 2023 [10] - Gross profit for Q4 2024 was RMB89.4 million (US$12.3 million), a 14.5% increase from RMB78.1 million in Q4 2023, with a gross margin of 71.0% compared to 64.5% in the prior year [5] - Full year gross profit remained stable at RMB362.4 million (US$49.6 million) for 2024, compared to RMB363.2 million in 2023, with an increase in gross margin to 70.3% from 67.6% [11] Cost Management - Cost of revenues for Q4 2024 was RMB36.6 million (US$5.0 million), a 14.8% decrease from RMB43.0 million in Q4 2023 [4] - Operating expenses for Q4 2024 were RMB171.3 million (US$23.5 million), a 29.9% decrease from RMB244.4 million in Q4 2023, driven by budget control measures and headcount reduction [7] - Full year operating expenses for 2024 were RMB720.0 million (US$98.6 million), a 30.3% decrease from RMB1,032.5 million in 2023 [13] Business Segments - Revenue from the central laboratory business in Q4 2024 was RMB39.3 million (US$5.4 million), a 23.4% decrease from RMB51.3 million in Q4 2023, attributed to a decrease in the number of tests [8] - Revenue from the in-hospital business in Q4 2024 was RMB43.5 million (US$6.0 million), a 50.9% increase from RMB28.8 million in Q4 2023, driven by increased sales volume [8] - Revenue from pharma research and development services in Q4 2024 was RMB43.3 million (US$5.9 million), a 5.6% increase from RMB41.0 million in Q4 2023 [8] Net Loss and Cash Position - Net loss for Q4 2024 was RMB81.3 million (US$11.1 million), compared to RMB162.2 million in Q4 2023 [9] - Cash, cash equivalents, and restricted cash totaled RMB522.2 million (US$71.5 million) as of December 31, 2024 [9] Research and Development - Research and development expenses for Q4 2024 were RMB52.2 million (US$7.2 million), a 28.6% decrease from RMB73.1 million in Q4 2023 [15] - The company completed an organizational optimization aimed at improving profitability and efficiency [8]

Core Insights - Burning Rock Biotech Limited successfully passed all shareholder resolutions at its 2024 annual general meeting, including the appointment of Ernst & Young Hua Ming LLP as auditor for the fiscal year ending December 31, 2024 [1] - The re-election of directors Yusheng Han and Gang Lu was also approved by shareholders [1] - Directors were authorized to take necessary actions to implement the resolutions [1] Company Overview - Burning Rock Biotech Limited focuses on next generation sequencing (NGS) technology in precision oncology, aiming to enhance cancer treatment and early detection [2] - The company's business includes NGS-based therapy selection testing for late-stage cancer patients and cancer early detection, which has progressed to clinical validation [2]

Revenue Performance - Total revenues for Q3 2024 were RMB128.6 million (US$18.3 million), a 0.8% increase from RMB127.6 million in Q3 2023[3] - In-hospital business revenue increased by 17.0% to RMB63.8 million (US$9.1 million) compared to RMB54.5 million in Q3 2023[3] - Central laboratory business revenue decreased by 25.2% to RMB40.0 million (US$5.7 million) from RMB53.5 million in Q3 2023[3] - Revenues for the three months ended September 30, 2024, were RMB 128.6 million (US$ 18.3 million), a slight decrease from RMB 127.6 million for the same period in 2023[20] - The in-hospital channel revenue increased to RMB 63,769,000 for September 30, 2024, up from RMB 54,496,000 in September 30, 2023, representing a growth of 17%[39] Profitability - Gross profit for Q3 2024 was RMB91.8 million (US$13.1 million), a 6.9% increase from RMB85.9 million in Q3 2023, with a gross margin of 71.4%[4] - Gross profit for the same period was RMB 91.8 million, compared to RMB 85.9 million in the prior year, reflecting a gross margin of 71.4%[20] - Non-GAAP gross profit increased to RMB 97.8 million (US$ 13.9 million) for the three months ended September 30, 2024, representing a 2.8% increase from RMB 95.1 million for the same period in 2023[33] - The gross profit for the in-hospital channel was RMB 46,580,000 for September 30, 2024, compared to RMB 35,459,000 for September 30, 2023, indicating a growth of 31%[39] Expenses - Operating expenses decreased by 50.7% to RMB130.4 million (US$18.6 million) from RMB264.7 million in Q3 2023[5] - Total operating expenses decreased to RMB 130.4 million for the three months ended September 30, 2024, down from RMB 264.7 million in the same period of 2023[20] - Research and development expenses fell by 41.3% to RMB49.2 million (US$7.0 million) compared to RMB83.7 million in Q3 2023[5] - Research and development expenses were RMB 49.2 million for the three months ended September 30, 2024, a decrease from RMB 83.7 million in the same period of 2023[20] - Total share-based compensation expenses decreased from RMB 73,393,000 for September 30, 2023, to RMB 10,118,000 for September 30, 2024[39] Net Loss - The company reported a net loss of RMB491.5 million (US$69.5 million) for the nine months ended September 30, 2024, compared to a net loss of RMB265.3 million (US$37.8 million) for the same period in 2023[13] - Net loss for the three months ended September 30, 2024, was RMB 35.7 million (US$ 5.1 million), significantly reduced from RMB 175.0 million in the same period of 2023[34] - The company reported a total comprehensive loss of RMB 39.8 million for the three months ended September 30, 2024, compared to RMB 176.9 million in the same period of 2023[20] Cash and Assets - Cash, cash equivalents, restricted cash, and short-term investments totaled RMB498.2 million (US$71.0 million) as of September 30, 2024[6] - Cash and cash equivalents decreased from RMB 615,096,000 as of December 31, 2023, to RMB 497,969,000 as of September 30, 2024[42] - The total assets as of September 30, 2024, were RMB 984,805,000, a decrease from RMB 1,040,001,000 as of December 31, 2023[42] - Cash, cash equivalents, and restricted cash at the end of the period were RMB 498.2 million (US$ 71.0 million), down from RMB 636.7 million at the beginning of the period[25] Strategic Developments - A strategic cooperation agreement was signed with MGI Tech Co., Ltd in October 2024 to enhance precision oncology applications[2] - The companion diagnostic for EGFR exon 20 insertion mutation was approved by the NMPA, marking a significant milestone in lung cancer diagnostics[2] - The company continues to focus on expanding its precision oncology services and enhancing its next-generation sequencing technology[30] - The total number of partner hospitals increased from 84 as of September 30, 2023, to a projected 91 by September 30, 2024[38] - The company expects to have 30 pipeline partner hospitals by March 31, 2024, up from 28 as of September 30, 2023[38] Liabilities - Total liabilities increased to RMB 336.6 million as of September 30, 2024, compared to RMB 271.6 million as of December 31, 2023[23]

Core Viewpoint - Burning Rock Biotech Limited reported its financial results for Q3 2024, showing a slight increase in total revenues but significant changes in revenue streams and operating expenses, reflecting a strategic shift towards in-hospital testing and improved operational efficiency [1][3][11]. Recent Business Updates - The company presented study results at the 2024 World Conference on Lung Cancer, highlighting potential treatment modalities for specific lung cancer subtypes [2]. - A strategic cooperation agreement was signed with MGI Tech Co., Ltd to enhance clinical applications in precision oncology [2]. - The companion diagnostic for EGFR exon 20 insertion mutation for sunvozertinib was approved by the National Medical Products Administration in China, marking a significant milestone in NGS-based diagnostics for lung cancer [2]. Financial Results - Total revenues for Q3 2024 were RMB 128.6 million (US$ 18.3 million), a 0.8% increase from RMB 127.6 million in Q3 2023 [3]. - In-hospital business revenue increased by 17.0% to RMB 63.8 million (US$ 9.1 million) compared to RMB 54.5 million in Q3 2023, driven by higher sales volume [4]. - Central laboratory business revenue decreased by 25.2% to RMB 40.0 million (US$ 5.7 million) due to a reduction in the number of tests conducted [4]. - Revenue from pharma research and development services rose by 27.1% to RMB 24.9 million (US$ 3.5 million) compared to RMB 19.6 million in Q3 2023 [4]. Cost and Profitability - Cost of revenues decreased by 11.6% to RMB 36.8 million (US$ 5.2 million) in Q3 2024, aligning with the decline in central laboratory revenue [5]. - Gross profit increased by 6.9% to RMB 91.8 million (US$ 13.1 million), with a gross margin of 71.4%, up from 67.4% in Q3 2023 [6]. - Non-GAAP gross profit, excluding depreciation and amortization, was RMB 97.8 million (US$ 13.9 million), a 2.8% increase from RMB 95.1 million in Q3 2023 [7][8]. Operating Expenses - Total operating expenses decreased significantly by 50.7% to RMB 130.4 million (US$ 18.6 million) compared to RMB 264.7 million in Q3 2023, driven by cost control measures and headcount reductions [9]. - Research and development expenses fell by 41.3% to RMB 49.2 million (US$ 7.0 million) due to staff cost reductions and decreased project expenditures [10]. - Selling and marketing expenses decreased by 22.3% to RMB 48.4 million (US$ 6.9 million) [10]. Net Loss and Cash Position - The net loss for Q3 2024 was RMB 35.7 million (US$ 5.1 million), a significant reduction from RMB 175.0 million in Q3 2023 [11]. - As of September 30, 2024, the company had cash, cash equivalents, restricted cash, and short-term investments totaling RMB 498.2 million (US$ 71.0 million) [11].

Company Changes - Mr. Leo Li has resigned as a director and chief financial officer of Burning Rock Biotech Limited, effective September 27, 2024, citing personal reasons and confirming no disagreements with the Board or the Company [1][2] - Ms. Xiaozhi Hu, who has been with the Company since May 2014, will take over financial operations and reporting, directly reporting to Mr. Yusheng Han, the chairman and CEO [2] Company Overview - Burning Rock Biotech Limited focuses on next generation sequencing (NGS) technology in precision oncology, offering NGS-based therapy selection testing for late-stage cancer patients and cancer early detection services [3]

Revenue Performance - Total revenues for Q1 2024 were RMB 125.6 million (US$ 17.4 million), a decrease of 11.9% from RMB 142.5 million in Q1 2023[3] - Revenue from in-hospital business increased by 11.3% to RMB 57.4 million (US$ 7.9 million) compared to RMB 51.6 million in Q1 2023[3] - Revenue from central laboratory business decreased by 23.0% to RMB 47.6 million (US$ 6.6 million) from RMB 61.8 million in Q1 2023[3] - Total revenues for the three months ended September 30, 2023, were RMB 127,566, a decrease of 13% compared to RMB 146,268 for the previous quarter[19] Profitability - Gross profit for Q1 2024 was RMB 85.7 million (US$ 11.9 million), representing a 13.2% decrease from RMB 98.8 million in Q1 2023[5] - Non-GAAP gross profit for Q1 2024 was RMB 93.0 million (US$ 12.9 million), a decrease of 13.8% from RMB 107.9 million in Q1 2023[6] - Gross profit for the three months ended September 30, 2023, was RMB 85,920, representing a gross margin of approximately 67.3%[19] - Total gross profit for the three months ended September 30, 2023, was RMB 85,920 thousand, a decrease from RMB 100,422 thousand in June 2023[26] - Non-GAAP gross profit for the same period was RMB 95,084 thousand, compared to RMB 109,369 thousand in June 2023[26] - Non-GAAP gross margin for the three months ended September 30, 2023, was 74.5%, down from 74.8% in June 2023[26] Operating Expenses - Operating expenses decreased by 26.4% to RMB 211.5 million (US$ 29.3 million) in Q1 2024 from RMB 287.2 million in Q1 2023[7] - Operating expenses totaled RMB 264,735 for the three months ended September 30, 2023, a decrease of 10% from RMB 236,146 in the previous quarter[19] Net Loss - Net loss for Q1 2024 was RMB 121.5 million (US$ 16.8 million), an improvement from a net loss of RMB 185.3 million in Q1 2023[8] - The net loss for the three months ended September 30, 2023, was RMB 174,981, compared to a net loss of RMB 131,242 in the previous quarter, reflecting a 33% increase in losses[19] Cash and Assets - As of March 31, 2024, cash, cash equivalents, restricted cash, and short-term investments totaled RMB 572.7 million (US$ 79.3 million)[8] - Cash and cash equivalents as of March 31, 2024, were RMB 572,616, down from RMB 615,096 as of December 31, 2023[21] - Total current assets decreased to RMB 840,848 as of March 31, 2024, from RMB 884,096 as of December 31, 2023[21] - Total liabilities as of March 31, 2024, were RMB 268,094, a slight decrease from RMB 271,591 as of December 31, 2023[23] Cash Flow - The company reported a net cash used in operating activities of RMB 40,209 for the three months ended March 31, 2024, compared to RMB 113,143 for the same period in the previous year[25] Future Expectations - The company expects to achieve breakeven for the full year 2024, measured by non-GAAP gross profit minus non-GAAP SG&A[9] - The company expects a total gross profit of RMB 78,113 thousand for the three months ending December 31, 2023[26] - The company anticipates a non-GAAP gross profit of RMB 87,063 thousand for the same period[26] Foreign Currency Impact - The company experienced a foreign currency translation adjustment loss of RMB 5,659 for the three months ended March 31, 2024[19] Segment Performance - Central laboratory channel gross profit was RMB 41,487 thousand for September 2023, a decline from RMB 51,876 thousand in June 2023[26] - In-hospital channel gross profit increased to RMB 35,459 thousand in September 2023, up from RMB 33,353 thousand in June 2023[26] - Pharma research and development channel gross profit dropped to RMB 8,974 thousand in September 2023, down from RMB 15,193 thousand in June 2023[26] - Non-GAAP gross profit for the central laboratory channel was RMB 44,037 thousand in September 2023, compared to RMB 54,521 thousand in June 2023[26] - Non-GAAP gross margin for the in-hospital channel was 70.1% in September 2023, a decrease from 66.9% in June 2023[26]

Core Viewpoint - Burning Rock Biotech Limited reported a decrease in total revenues for Q2 2024, primarily due to a transition from central-lab to in-hospital testing, although the in-hospital segment showed double-digit growth [3][4]. Business Updates - The company presented study results on small-cell lung cancer and colorectal cancer at ASCO in June 2024, focusing on the efficacy and safety of high-dose Almonertinib and individualized tumor-informed circulating tumor DNA analysis [2]. - A new collaboration for companion diagnostics was announced with Bayer in China [2]. Financial Results for Q2 2024 - Total revenues were RMB 135.5 million (US$ 18.7 million), a 7.3% decrease from RMB 146.3 million in Q2 2023 [3]. - In-hospital business revenue increased by 11.2% to RMB 59.9 million (US$ 8.2 million) from RMB 53.8 million in Q2 2023 [4]. - Central laboratory business revenue decreased by 26.4% to RMB 48.8 million (US$ 6.7 million) from RMB 66.2 million in Q2 2023 [4]. - Pharma research and development services revenue increased by 2.6% to RMB 26.9 million (US$ 3.7 million) from RMB 26.2 million in Q2 2023 [4]. Cost and Profitability - Cost of revenues decreased by 12.5% to RMB 40.1 million (US$ 5.5 million) from RMB 45.8 million in Q2 2023 [5]. - Gross profit was RMB 95.4 million (US$ 13.1 million), a 5.0% decrease from RMB 100.4 million in Q2 2023, with a gross margin of 70.4% [6]. - Non-GAAP gross profit was RMB 101.9 million (US$ 14.0 million), a 6.8% decrease from RMB 109.4 million in Q2 2023, with a non-GAAP gross margin of 75.2% [7]. Operating Expenses - Operating expenses decreased by 12.5% to RMB 206.7 million (US$ 28.4 million) from RMB 236.1 million in Q2 2023, driven by budget control measures and headcount reduction [7]. - Research and development expenses decreased by 32.2% to RMB 65.0 million (US$ 8.9 million) from RMB 95.8 million in Q2 2023 [8]. - Selling and marketing expenses decreased by 31.0% to RMB 48.9 million (US$ 6.7 million) from RMB 70.8 million in Q2 2023 [8]. - General and administrative expenses increased by 33.5% to RMB 92.8 million (US$ 12.8 million) from RMB 69.5 million in Q2 2023, primarily due to increased amortized expenses on share-based compensation [8]. Net Loss and Cash Position - The net loss for Q2 2024 was RMB 108.0 million (US$ 14.9 million), compared to RMB 131.2 million in Q2 2023 [9]. - As of June 30, 2024, cash, cash equivalents, restricted cash, and short-term investments totaled RMB 533.0 million (US$ 73.3 million) [9].

Core Viewpoint - Burning Rock Biotech Limited intends to delist its American Depositary Shares (ADSs) from the London Stock Exchange (LSE) due to low trading volume and associated costs, with the delisting expected to take effect around September 18, 2024 [1]. Group 1 - The company will submit requests to the LSE for cancellation of trading admission of its ADSs and to the UK Financial Conduct Authority for cancellation of the ADSs listing on the Official List [1]. - The decision for delisting is driven by sustained low trading volume and liquidity in the ADSs on the LSE [1]. - Following the delisting, the ADSs will continue to be traded on the Nasdaq Global Market [2]. Group 2 - Burning Rock Biotech Limited focuses on next generation sequencing (NGS) technology in precision oncology, offering NGS-based therapy selection testing for late-stage cancer patients and NGS-based cancer early detection [3]. - The company's early detection technology has progressed from proof-of-concept research and development into the clinical validation stage [3].