Exhibit 99.1

Burning Rock Reports Third Quarter 2021 Financial Results

GUANGZHOU, China, November 16, 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 ended September 30, 2021.

Business Updates

• Early Detection

• 6-cancer product: we have successfully signed contracts with a small number of pilot hospitals in China for the commercialization of our 6-cancer early detection product, and will focus on customer education and contracting more hospitals.

• 9-cancer product: we expect our 9-cancer early detection product development read-out in the first half of 2022, with potential performance improvement over that of our 6-cancer early detection product.

• Pharma Services

• Pharma service contract backlog continues to build rapidly. The total value of new contracts we entered into during the nine months ended September 30, 2021 amounted to RMB144 million, which is approximately 4.5 times of the new contract value signed in full-year 2020.

• Pharma projects involving our Clinical Laboratory Improvement Amendments (CLIA)-certified and College of American Pathologists (CAP)-accredited laboratory in California continue to grow. For instance, in early November, we announced further collaboration with IMPACT Therapeutics where our Guangzhou and California laboratories would provide testing services in connection with IMPACT Therapeutics’ development of its ATR inhibitor IMP9064, which has received the Investigational New Drug (IND) clearance from the U.S. Food and Drug Administration (FDA) for the Phase I/II clinical study.

• Therapy Selection

• Continued execution of our strategic shift towards more in-hospital testing, with industry-leading scale and growth rate. The volume of in-hospital NGS-based test kits grew 37% year-over-year to over 11,000 tests during the third quarter of 2021, despite the negative COVID-19 impact in August.

Third Quarter 2021 Financial Results

Revenues were RMB126.6 million (US$19.7 million) for the three months ended September 30, 2021, representing a 2.2% increase from RMB123.9 million for the same period in 2020, or a 0.5% sequential decrease from RMB127.3 million for the three months ended June 30, 2021.

• Revenue generated from central laboratory business was RMB78.8 million (US$12.2 million) for the three months ended September 30, 2021, representing a 12.3% decrease from RMB89.9 million for the same period in 2020, primarily attributable to a decrease in the number of patients tested in the central laboratory channel to 7,808 for the three months ended September 30, 2021, representing a 9.7% decrease from 8,644 for the same period in 2020.

• Revenue generated from in-hospital business was RMB43.7 million (US$6.8 million) for the three months ended September 30, 2021, representing a 37.9% increase from RMB31.7 million for the same period in 2020, driven by in-hospital testing volume growth.

• Revenue generated from pharma research and development services was RMB4.1 million (US$0.6 million) for the three months ended September 30, 2021, representing a 79.3% increase from RMB2.3 million for the same period in 2020, primarily attributable to increased testing performed for our pharma customers and growth in companion diagnostics development services.

Cost of revenues was RMB35.0 million (US$5.4 million) for the three months ended September 30, 2021, representing an 8.4% increase from RMB32.3 million for the same period in 2020, which was generally in line with the Company’s continued business growth.

Gross profit was RMB91.6 million (US$14.2 million) for the three months ended September 30, 2021, which was remained relatively stable compared to the same period in 2020. Gross margin was 72.3% for the three months ended September 30, 2021, compared to 73.9% for the same period in 2020.

Operating expenses were RMB262.6 million (US$40.8 million) for the three months ended September 30, 2021, representing a 21.5% increase from RMB216.2 million for the same period in 2020. The increase was primarily driven by headcount growth to support our business expansion.

• Research and development expenses were RMB69.6 million (US$10.8 million) for the three months ended September 30, 2021, representing a 0.5% increase from RMB69.3 million for the same period in 2020, primarily due to an increase in research and development personnel’s staff cost resulted from an increase in headcount, partially offset by a decrease in share-based compensation for research and development personnel.

• Selling and marketing expenses were RMB76.7 million (US$11.9 million) for the three months ended September 30, 2021, representing a 73.6% increase from RMB44.2 million for the same period in 2020, primarily due to an increase in staff cost resulted from increase in headcount to strengthen our commercial presence in the therapy selection business and build up our early detection commercialization team.

• General and administrative expenses were RMB116.3 million (US$18.1 million) for the three months ended September 30, 2021, representing a 13.2% increase from RMB102.7 million for the same period in 2020, primarily due to an increase in general and administrative personnel’s staff cost resulted from an increase in headcount and share-based compensation expenses.

Net loss was RMB170.5 million (US$26.5 million) for the three months ended September 30, 2021, compared to RMB127.1 million for the same period in 2020.

Cash, cash equivalents, restricted cash and short-term investments were RMB1,685.4 million (US$261.6 million) as of September 30, 2021.

2021 Financial Guidance

Starting late October, another wave of COVID resurgence has been reported in multiples cities in China, and the relevant governmental authorities have imposed travel restrictions and other measures. As of the date of this earnings release, the current wave has not been cleared out and the corresponding travel restrictions and other measures have not been lifted. We expect our central-laboratory testing volumes and, to a lesser extent, the growth of our in-hospital testing volumes, to be significantly impacted. We thus expect our 2021 full-year revenue to be at or around RMB500 million, subject to future development of the current wave of COVID resurgence.

Conference Call Information

Burning Rock will host a conference call to discuss the third quarter 2021 financial results at 8:00 a.m. U.S. Eastern Time (9:00 p.m. Hong Kong time) on November 16, 2021.

Details of the conference call are as follows:

International:	+65 67135590
U.S.:	+1 3322089468
U.K.:	+44 2036928125
Hong Kong:	+852 30186771
China Mobile:	4008205286
China Landline:	8008208659
Conference ID:	2277434

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.

Contact: IR@brbiotech.com

Selected Operating Data

	For the three months ended
	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021
Central Laboratory Channel:
Number of patients tested		4,680		7,252		8,644		7,989		7,716		8,155		7,808
Number of ordering physicians(1)		810		1,175		1,194		1,114		1,082		1,013		920
Number of ordering hospitals(2)		232		284		289		294		303		300		287

⁽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, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021
In-hospital Channel:
Pipeline partner hospitals(1)		23		23		22		23		22		22		24
Contracted partner hospitals(2)		21		24		25		29		32		34		34
Total number of partner hospitals		44		47		47		52		54		56		58

⁽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.

Selected Financial Data

	For the three months ended
Revenues	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021
	(RMB in thousands)
Central laboratory channel		46,141		74,607		89,899		86,695		74,561		79,999		78,817
In-hospital channel		17,123		27,588		31,704		41,457		28,994		40,502		43,714
Pharma research and development channel		4,065		4,776		2,278		3,570		3,068		6,778		4,084
Total revenues		67,329		106,971		123,881		131,722		106,623		127,279		126,615

	For the three months ended
Gross profit	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021
	(RMB in thousands)
Central laboratory channel		32,434		56,556		67,804		66,588		55,212		58,681		58,387
In-hospital channel		10,126		19,269		22,410		30,218		20,070		29,426		31,111
Pharma research and development channel		2,224		2,573		1,373		2,347		1,658		2,124		2,098
Total gross profit		44,784		78,398		91,587		99,153		76,940		90,231		91,596

	For the three months ended
Share-based compensation expenses	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021
	(RMB in thousands)
Cost of revenues		176		183		160		277		339		406		267
Research and development expenses		2,072		25,314		10,572		11,843		22,404		20,825		(9,559	)
Selling and marketing expenses		253		491		341		2,372		2,633		2,809		2,044
General and administrative expenses		1,665		1,639		57,805		58,057		59,382		59,369		60,803
Total share-based compensation expenses		4,166		27,627		68,878		72,549		84,758		83,409		53,555

Burning Rock Biotech Limited

Unaudited Condensed Statements of Comprehensive Loss

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

	For the three months ended
	March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020			March 31, 2021			June 30, 2021			September 30, 2021			September 30, 2021
	RMB			RMB			RMB			RMB			RMB			RMB			RMB			US$
Revenues		67,329			106,971			123,881			131,722			106,623			127,279			126,615			19,650
Cost of revenues		(22,545	)		(28,573	)		(32,294	)		(32,569	)		(29,683	)		(37,048	)		(35,019	)		(5,435	)
Gross profit		44,784			78,398			91,587			99,153			76,940			90,231			91,596			14,215
Operating expenses:
Research and development expenses		(40,016	)		(71,176	)		(69,330	)		(83,418	)		(77,414	)		(108,071	)		(69,649	)		(10,809	)
Selling and marketing expenses		(29,815	)		(37,992	)		(44,174	)		(56,606	)		(55,130	)		(68,058	)		(76,687	)		(11,902	)
General and administrative expenses		(34,295	)		(42,272	)		(102,731	)		(114,502	)		(116,259	)		(116,130	)		(116,304	)		(18,050	)
Total operating expenses		(104,126	)		(151,440	)		(216,235	)		(254,526	)		(248,803	)		(292,259	)		(262,640	)		(40,761	)
Loss from operations		(59,342	)		(73,042	)		(124,648	)		(155,373	)		(171,863	)		(202,028	)		(171,044	)		(26,546	)
Interest income		3,985			44			698			1,341			787			681			958			149
Interest expense		(1,178	)		1,939			(776	)		(652	)		(510	)		(565	)		(367	)		(57	)
Other (expense) income, net		(151	)		122			(176	)		(682	)		118			433			20			3
Foreign exchange loss, net		611			(118	)		(2,228	)		(1,112	)		57			(560	)		380			59
Change in fair value of warrant liability		3,503			—			—			—			—			—			—			—
Loss before income tax		(52,572	)		(71,055	)		(127,130	)		(156,478	)		(171,411	)		(202,039	)		(170,053	)		(26,392	)
Income tax expenses		—			—			—			—			—			(1,626	)		(424	)		(66	)
Net loss		(52,572	)		(71,055	)		(127,130	)		(156,478	)		(171,411	)		(203,665	)		(170,477	)		(26,458	)
Net loss attributable to Burning Rock Biotech Limited’s shareholders		(52,572	)		(71,055	)		(127,130	)		(156,478	)		(171,411	)		(203,665	)		(170,477	)		(26,458	)
Accretion of convertible preferred shares		(26,288	)		(38,400	)		—			—			—			—			—			—
Net loss attributable to ordinary shareholders		(78,860	)		(109,455	)		(127,130	)		(156,478	)		(171,411	)		(203,665	)		(170,477	)		(26,458	)
Loss per share:
Ordinary shares - basic and diluted		(3.15	)		—			—			—			—			—			—
Class A ordinary shares - basic and diluted		—			(2.68	)		(1.22	)		(1.51	)		(1.65	)		(1.96	)		(1.64	)		(0.25	)
Class B ordinary shares - basic and diluted		—			(2.68	)		(1.22	)		(1.51	)		(1.65	)		(1.96	)		(1.64	)		(0.25	)
Weighted average shares outstanding used in loss per share computation:
Ordinary shares - basic and diluted		25,031,575			—			—			—			—			—						—
Class A ordinary shares - basic and diluted		—			23,461,319			86,479,686			86,511,799			86,721,263			86,764,260			86,908,975			86,908,975
Class B ordinary shares - basic and diluted		—			17,324,848			17,324,848			17,324,848			17,324,848			17,324,848			17,324,848			17,324,848
Other comprehensive (loss) income, net of tax of nil:
Foreign currency translation adjustments		11,422			(2,336	)		(91,093	)		(94,881	)		14,080			(34,980	)		6,146			954
Total comprehensive loss		(41,150	)		(73,391	)		(218,223	)		(251,359	)		(157,331	)		(238,645	)		(164,331	)		(25,504	)
Total comprehensive loss attributable to Burning Rock Biotech Limited’s shareholders		(41,150	)		(73,391	)		(218,223	)		(251,359	)		(157,331	)		(238,645	)		(164,331	)		(25,504	)

Burning Rock Biotech Limited

Unaudited Condensed Statements of Comprehensive Loss

(in thousands, except for share and per share data)

	For the nine months ended
	September 30, 2020			September 30, 2021			September 30, 2021
	RMB			RMB			USD
Revenues		298,181			360,517			55,952
Cost of revenues		(83,412	)		(101,750	)		(15,791	)
Gross profit		214,769			258,767			40,161
Operating expenses:
Research and development expenses		(180,522	)		(255,134	)		(39,596	)
Selling and marketing expenses		(111,981	)		(199,875	)		(31,020	)
General and administrative expenses		(179,298	)		(348,693	)		(54,116	)
Total operating expenses		(471,801	)		(803,702	)		(124,732	)
Loss from operations		(257,032	)		(544,935	)		(84,571	)
Interest income		4,727			2,426			377
Interest expense		(15	)		(1,442	)		(224	)
Other (expense) income, net		(205	)		571			88
Foreign exchange loss, net		(1,735	)		(123	)		(19	)
Change in fair value of warrant liability		3,503			—			—
Loss before income tax		(250,757	)		(543,503	)		(84,349	)
Income tax expenses		—			(2,050	)		(318	)
Net loss		(250,757	)		(545,553	)		(84,667	)
Net loss attributable to Burning Rock Biotech Limited’s shareholders		(250,757	)		(545,553	)		(84,667	)
Accretion of convertible preferred shares		(64,688	)		—			—
Net loss attributable to ordinary shareholders		(315,445	)		(545,553	)		(84,667	)
Loss per share:
Class A ordinary shares - basic and diluted		(5.56	)		(5.24	)		(0.81	)
Class B ordinary shares - basic and diluted		(5.56	)		(5.24	)		(0.81	)
Weighted average shares outstanding used in loss per share computation:
Class A ordinary shares - basic and diluted		39,446,747			86,798,854			86,798,854
Class B ordinary shares - basic and diluted		17,324,848			17,324,848			17,324,848
Other comprehensive income (loss), net of tax of nil:
Foreign currency translation adjustments		(82,007	)		(14,754	)		(2,290	)
Total comprehensive loss		(332,764	)		(560,307	)		(86,957	)
Total comprehensive loss attributable to Burning Rock Biotech Limited’s shareholders		(332,764	)		(560,307	)		(86,957	)

Burning Rock Biotech Limited

Unaudited Condensed Consolidated Balance Sheets

(In thousands)

	As of
	December 31, 2020		September 30, 2021		September 30, 2021
	RMB		RMB		US$
ASSETS
Current assets:
Cash and cash equivalents		1,895,308		1,621,641		251,675
Restricted cash		29,898		28,069		4,356
Short-term investment		362,132		35,670		5,536
Accounts receivable, net		88,218		92,868		14,413
Contract assets		22,534		37,268		5,783
Amounts due from related parties		212		966		150
Inventories		68,021		115,785		17,970
Prepayments and other current assets		57,329		60,912		9,453
Total current assets		2,523,652		1,993,179		309,336
Non-current assets:
Equity method investment		1,417		982		152
Property and equipment, net		111,481		296,383		45,999
Operating Right-of-use assets		—		86,813		13,473
Intangible assets, net		3,457		4,236		657
Other non-current assets		23,021		44,692		6,936
Total non-current assets		139,376		433,106		67,217
TOTAL ASSETS		2,663,028		2,426,285		376,553

Burning Rock Biotech Limited

Unaudited Condensed Consolidated Balance Sheets (Continued)

(in thousands)

	As of
	December 31, 2020			September 30, 2021			September 30, 2021
	RMB			RMB			US$
LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY
Current liabilities:
Accounts payable		35,482			49,122			7,624
Deferred revenue		74,402			122,715			19,045
Capital lease obligations, current		4,816			—			—
Accrued liabilities and other current liabilities		83,648			90,966			14,116
Customer deposits		1,120			1,042			162
Short-term borrowing		7,370			7,370			1,144
Current portion of long-term borrowings		34,695			—			—
Current portion of operating lease liabilities		—			35,357			5,487
Current portion of financing lease liabilities		—			787			122
Total current liabilities		241,533			307,359			47,700
Non-current liabilities:
Deferred government grants		263			—			—
Operating lease liabilities		—			57,530			8,929
Other non-current liabilities		228			227			35
Total non-current liabilities		491			57,757			8,964
TOTAL LIABILITIES		242,024			365,116			56,664
Shareholders’ equity:
Class A ordinary shares		116			116			18
Class B ordinary shares		21			21			3
Additional paid-in capital		4,006,616			4,220,944			655,080
Accumulated deficits		(1,418,160	)		(1,977,569	)		(306,913	)
Accumulated other comprehensive loss		(167,589	)		(182,343	)		(28,299	)
Total shareholders’ equity		2,421,004			2,061,169			319,889
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		2,663,028			2,426,285			376,553

Burning Rock Biotech Limited

Unaudited Condensed Statements of Cash Flows

(in thousands)

	For the three months ended
	September 30, 2020			September 30, 2021			September 30, 2021
	RMB			RMB			US$
Net cash generated from (used in) operating activities		(37,052	)		(133,394	)		(20,705	)
Net cash generated from (used in) investing activities		(365,373	)		(72,085	)		(11,183	)
Net cash generated from (used in) financing activities		(20,939	)		(32,995	)		(5,122	)
Effect of exchange rate on cash, cash equivalents and restricted cash		(81,043	)		4,919			763
Net increase cash, cash equivalents and restricted cash		(504,407	)		(233,555	)		(36,247	)
Cash, cash equivalents and restricted cash at the beginning of period		2,566,236			1,883,265			292,278
Cash, cash equivalents and restricted cash at the end of period		2,061,829			1,649,710			256,031

	For the nine months ended
	September 30, 2020			September 30, 2021			September 30, 2021
	RMB			RMB			US$
Net cash generated from (used in) operating activities		17,116			(365,537	)		(56,728	)
Net cash generated (used in) investing activities		(72,884	)		148,667			23,071
Net cash generated from (used in) financing activities		2,097,242			(46,118	)		(7,158	)
Effect of exchange rate on cash, cash equivalents and restricted cash		(77,889	)		(12,508	)		(1,941	)
Net increase cash, cash equivalents and restricted cash		1,963,585			(275,496	)		(42,756	)
Cash, cash equivalents and restricted cash at the beginning of period		98,244			1,925,206			298,787
Cash, cash equivalents and restricted cash at the end of period		2,061,829			1,649,710			256,031