The company maintains a conservative capital structure with a debt-to-equity ratio of 0.08 as of 2025Q4, supported by a substantial cash position of $481.4 million.
| Total Current Assets | 739.06M | 776.62M | 884.1M | 1.26B | 1.82B | 2.52B | 706.79M | 292.99M | 298.93M |
| Cash & Short-Term Investments | 481.39M | 519.85M | 615.1M | 905.45M | 1.5B | 2.26B | 408.22M | 130.13M | 190M |
| Cash Only | 481.39M | 519.85M | 615.1M | 905.45M | 1.43B | 1.9B | 94.23M | 93.34M | 54.79M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 63.76M | 362.13M | 313.99M | 36.79M | 135.21M |
| Accounts Receivable | 182.03M | 173.45M | 149.61M | 170.23M | 161.43M | 110.75M | 89.73M | 35.52M | 41.23M |
| Days Sales Outstanding | 123.14 | 122.73 | 101.61 | 110.32 | 116.02 | 94.03 | 85.81 | 62.07 | 135.38 |
| Inventory | 57.01M | 53.76M | 69.02M | 130.32M | 123.21M | 68.02M | 58.12M | 49.05M | 16.8M |
| Days Inventory Outstanding | 152.28 | 127.91 | 144.61 | 259.65 | 312.92 | 214.07 | 195.79 | 242.59 | 155.4 |
| Other Current Assets | 18.62M | 11.57M | 21.12M | 30.14M | 8.66M | 67.41M | 133.84M | 3.45M | 50.9M |
| Total Non-Current Assets | 81.84M | 108.69M | 155.91M | 328.7M | 457.64M | 139.38M | 140.77M | 79.69M | 101.4M |
| Property, Plant & Equipment | 73.92M | 100.34M | 144.2M | 300.03M | 406.44M | 111.48M | 89.31M | 69.58M | 60.69M |
| Fixed Asset Turnover | 7.30x | 5.14x | 3.73x | 1.88x | 1.25x | 3.86x | 4.27x | 3.00x | 1.83x |
| Goodwill | 0 | 0 | 0 | 1.82M | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 284K | 421K | 964K | 161K | 5.15M | 3.46M | 343K | 482K | 516K |
| Long-Term Investments | 0 | 0 | 337K | 690K | 910K | 1.42M | 40.16M | 1.99M | 37.33M |
| Other Non-Current Assets | 7.64M | 7.93M | 10.41M | 26M | 45.14M | 23.02M | 10.95M | 7.63M | 2.86M |
| Total Assets | 820.9M | 885.3M | 1.04B | 1.59B | 2.28B | 2.66B | 847.56M | 372.67M | 400.33M |
| Asset Turnover | 0.66x | 0.58x | 0.52x | 0.35x | 0.22x | 0.16x | 0.45x | 0.56x | 0.28x |
| Asset Growth % | -7.28% | -14.87% | -34.49% | -30.33% | -14.44% | 214.2% | 127.43% | -6.91% | - |
| Total Current Liabilities | 247.14M | 266.3M | 263.36M | 411.45M | 372.18M | 241.53M | 164.44M | 284.7M | 78.06M |
| Accounts Payable | 40.77M | 33.75M | 18.06M | 50.95M | 63.08M | 35.48M | 12.35M | 16.27M | 0 |
| Days Payables Outstanding | 108.9 | 80.29 | 37.84 | 101.51 | 160.21 | 111.66 | 41.6 | 80.44 | - |
| Short-Term Debt | 200K | 0 | 0 | 0 | 2.37M | 42.06M | 39.5M | 176.27M | 14.88M |
| Deferred Revenue (Current) | 107.89M | 118.49M | 131.73M | 149.44M | 143.84M | 75.52M | 53.64M | 57.99M | 0 |
| Other Current Liabilities | 81.52M | 18.1M | 18.95M | 58.58M | 13.17M | 4.76M | 3.08M | 3.13M | 48.92M |
| Current Ratio | 2.99x | 2.92x | 3.36x | 3.06x | 4.89x | 10.45x | 4.30x | 1.03x | 3.83x |
| Quick Ratio | 2.76x | 2.71x | 3.09x | 2.74x | 4.56x | 10.17x | 3.94x | 0.86x | 3.61x |
| Cash Conversion Cycle | 166.52 | 170.35 | 208.37 | 268.46 | 268.73 | 196.43 | 240 | 224.22 | - |
| Total Non-Current Liabilities | 38.16M | 38.18M | 8.23M | 17.68M | 61.09M | 491K | 1.57B | 691.44M | 153.79M |
| Long-Term Debt | 1.7M | 0 | 0 | 0 | 0 | 0 | 18.27M | 87.64M | 153.79M |
| Capital Lease Obligations | 24.47M | 27.75M | 3.69M | 13.55M | 49.32M | 0 | 4.82M | 5.69M | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 11.98M | 10.43M | 4.54M | 4.12M | 11.78M | 228K | 1.55B | 596.12M | 0 |
| Total Liabilities | 285.29M | 304.48M | 271.59M | 429.13M | 433.28M | 242.02M | 1.74B | 976.14M | 231.85M |
| Total Debt | 43.15M | 52.32M | 12.32M | 50.79M | 86.69M | 46.88M | 67.47M | 272.27M | 168.67M |
| Net Debt | -438.25M | -467.53M | -602.77M | -854.66M | -1.34B | -1.85B | -26.76M | 178.93M | 113.88M |
| Debt / Equity | 0.08x | 0.09x | 0.02x | 0.04x | 0.05x | 0.02x | - | - | 1.00x |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -1792.00x | - | - | - | -517.10x | -609.55x | -17.82x | -8.89x | -12.26x |
| Total Equity | 535.6M | 580.83M | 768.41M | 1.16B | 1.85B | 2.42B | -891.49M | -603.46M | 168.49M |
| Equity Growth % | -7.79% | -24.41% | -33.66% | -37.23% | -23.78% | 371.57% | -47.73% | -458.17% | - |
| Book Value per Share | 496.62 | 56.43 | 75.04 | 111.48 | 177.08 | 352.74 | -379.62 | -269.66 | 93.14 |
| Total Shareholders' Equity | 535.6M | 580.83M | 768.41M | 1.16B | 1.85B | 2.42B | -891.49M | -603.46M | 168.49M |
| Common Stock | 141.09K | 145K | 137K | 138K | 137K | 137K | 31K | 29K | 28K |
| Retained Earnings | -4.26B | -4.2B | -3.85B | -3.2B | -2.23B | -1.42B | -946.46M | -612M | -379.52M |
| Treasury Stock | -57.23M | -63.26M | -65.9M | -58.92M | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -162.24M | -158.05M | -161.53M | -165.72M | -207.07M | -167.59M | 9.3M | -14.8M | -10.88M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory pricing and VBP
As reported in financial statements, Burning Rock's total assets have declined from $1.2 billion in 2023Q3 to $820.9 million by 2025Q4, reflecting a deliberate strategic pivot toward capital efficiency and the reduction of non-essential infrastructure as the company attempts to reach a sustainable operating scale.
The reduction in total assets appears to be driven by a significant decrease in property, plant, and equipment, which fell from $182.1 million to $73.9 million over the same period. This suggests management is successfully shedding legacy central lab assets in favor of the more capital-light in-hospital model, though investors should monitor whether this contraction limits future capacity.
Based on recent SEC filings, Burning Rock maintains a conservative capital structure with a debt-to-equity ratio of 0.08 as of 2025Q4, indicating that the firm has largely avoided reliance on external credit markets to fund its ongoing research and development initiatives during this transition phase.
While total debt increased slightly to $43.1 million in 2025Q4 from $12.3 million in 2023Q4, the absolute level remains manageable relative to the company's cash position. This low leverage profile provides the firm with significant flexibility, though it also underscores the company's historical reliance on equity-based funding to sustain its operations.
According to the latest quarterly data, Burning Rock holds $481.4 million in cash as of 2025Q4, which, when paired with a current ratio of 2.99, suggests a sufficient liquidity buffer to navigate the current regulatory environment and potential pricing pressures from volume-based procurement initiatives.
The company's liquidity position remains robust, providing a critical safety net as it continues to burn through retained earnings, which now stand at negative $4.3 billion. This cash-rich balance sheet is essential for maintaining R&D momentum, yet the persistent negative retained earnings highlight the long-term challenge of achieving self-sustaining profitability.
Analysis of historical balance sheet data reveals that Burning Rock's retained earnings have deteriorated to negative $4.3 billion as of 2025Q4, a figure that warrants further investigation as it reflects the cumulative cost of aggressive market expansion and high R&D spending over the company's operating history.
While the current liquidity position appears healthy, the massive accumulated deficit serves as a stark reminder of the capital intensity required to build the company's current diagnostic platform. Investors should interpret this as a signal that the business model's long-term viability depends entirely on the successful monetization of its in-hospital reagent pipeline.
Quick answers to the most common questions about buying BNR stock.
As of 2025, Burning Rock Biotech Limited (BNR) had total assets of $820.9M including $739.1M in current assets.
Burning Rock Biotech Limited (BNR) carries total debt of $43.1M, offset by $481.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Burning Rock Biotech Limited (BNR) has total shareholders' equity (book value) of $535.6M ($496.62 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Burning Rock Biotech Limited (BNR) reported a current ratio of 2.99x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.