Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | Burning Rock Biotech Limited |
Entity Central Index Key | 0001792267 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-39316 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
ICFR Auditor Attestation Flag | true |
Entity Filer Category | Accelerated Filer |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | No. 5, Xingdao Ring Road North |
Entity Address, Address Line Two | International Bio Island |
Entity Address, City or Town | Guangzhou |
Entity Address, Country | CN |
Entity Address, Postal Zip Code | 510005 |
Document Registration Statement | false |
Document Accounting Standard | U.S. GAAP |
Auditor Name | Ernst & Young Hua Ming LLP |
Auditor Firm ID | 1408 |
Auditor Location | Guangzhou, the People’s Republic of China |
American Depositary Shares [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | American depositary shares, each representing one Class A ordinary share |
Trading Symbol | BNR |
Security Exchange Name | NASDAQ |
Entity Common Stock, Shares Outstanding | 473,404 |
Common Class A [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | Class A ordinary share, par value US$0.0002 per share* |
No Trading Symbol Flag | true |
Security Exchange Name | NASDAQ |
Entity Common Stock, Shares Outstanding | 85,318,596 |
Common Class B [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 17,324,848 |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | No. 5, Xingdao Ring Road North |
Entity Address, Address Line Two | International Bio Island |
Entity Address, City or Town | Guangzhou |
Entity Address, Country | CN |
Contact Personnel Name | Mr. Leo Li |
Contact Personnel Email Address | ir@brbiotech.com |
City Area Code | 86 |
Local Phone Number | 3403 7871 |
Entity Address, Postal Zip Code | 510005 |
Consolidated Balance Sheets
Consolidated Balance Sheets ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Current assets: | |||
Cash and cash equivalents | ¥ 905,451 | $ 131,278 | ¥ 1,431,317 |
Restricted cash | 19,817 | 2,873 | 7,795 |
Short-term investments | 0 | 0 | 63,757 |
Accounts receivable (net of allowances of RMB39,166 and RMB 42,914 (US$6,222 ) as of December 31, 2021 and 2022, respectively) | 109,954 | 15,942 | 92,197 |
Contract assets (net of allowances of RMB14,478 and RMB35,770 (US$5,186 ) as of December 31, 2021 and 2022, respectively) | 41,757 | 6,054 | 42,391 |
Inventories, net | 130,321 | 18,895 | 123,210 |
Prepayments and other current assets | 51,462 | 7,462 | 60,279 |
Total current assets | 1,258,762 | 182,504 | 1,820,946 |
Non-current assets: | |||
Equity method investment | 690 | 100 | 910 |
Convertible note receivable | 5,105 | 740 | 0 |
Property and equipment, net | 251,829 | 36,512 | 325,438 |
Intangible assets, net | 1,986 | 288 | 5,150 |
Operating right-of-use assets | 48,205 | 6,989 | 81,007 |
Other non-current assets | 20,890 | 3,029 | 45,136 |
Total non-current assets | 328,705 | 47,658 | 457,641 |
TOTAL ASSETS | 1,587,467 | 230,162 | 2,278,587 |
Current liabilities (including amounts of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of RMB279,601 and RMB290,252 (US$42,080) as of December 31, 2021 and 2022, respectively): | |||
Accounts payable | 50,947 | 7,387 | 63,080 |
Deferred revenue | 147,633 | 21,405 | 142,871 |
Accrued liabilities and other current liabilities | 173,832 | 25,203 | 127,892 |
Customer deposits | 1,803 | 261 | 972 |
Short-term borrowings | 0 | 0 | 2,370 |
Current portion of operating lease liabilities | 37,236 | 5,399 | 34,999 |
Total current liabilities | 411,451 | 59,655 | 372,184 |
Non-current liabilities (including amounts of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of RMB38,232 and RMB6,541 (US$949) as of December 31, 2021 and 2022, respectively): | |||
Other non-current liabilities | 4,124 | 598 | 11,776 |
Non-current portion of operating lease liabilities | 13,551 | 1,965 | 49,316 |
Total non-current liabilities | 17,675 | 2,563 | 61,092 |
TOTAL LIABILITIES | 429,126 | 62,218 | 433,276 |
Shareholders' equity: | |||
Treasury stock | (58,919) | (8,542) | 0 |
Additional paid-in capital | 4,582,790 | 664,442 | 4,280,956 |
Accumulated deficits | (3,199,946) | (463,949) | (2,228,713) |
Accumulated other comprehensive loss | (165,722) | (24,027) | (207,069) |
Total shareholders' equity | 1,158,341 | 167,944 | 1,845,311 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1,587,467 | 230,162 | 2,278,587 |
Common Class A [Member] | |||
Shareholders' equity: | |||
Ordinary shares | 117 | 17 | 116 |
Common Class B [Member] | |||
Shareholders' equity: | |||
Ordinary shares | ¥ 21 | $ 3 | ¥ 21 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) shares |
Accounts Receivable, Allowance | ¥ 42,914 | $ 6,222 | ¥ 39,166 |
Contract Assets, Net Of Allowances | ¥ 35,770 | $ 5,186 | ¥ 14,478 |
Common Class A [Member] | |||
Ordinary Shares, Par value | $ / shares | $ 0.0002 | ||
Ordinary Shares, Shares authorized | 230,000,000 | 230,000,000 | 230,000,000 |
Ordinary Shares, Shares issued | 85,318,596 | 85,318,596 | 87,784,001 |
Ordinary Shares, Shares outstanding | 85,318,596 | 85,318,596 | 87,784,001 |
Common Class B [Member] | |||
Ordinary Shares, Par value | $ / shares | $ 0.0002 | ||
Ordinary Shares, Shares authorized | 20,000,000 | 20,000,000 | 20,000,000 |
Ordinary Shares, Shares issued | 17,324,848 | 17,324,848 | 17,324,848 |
Ordinary Shares, Shares outstanding | 17,324,848 | 17,324,848 | 17,324,848 |
Nonrecourse [Member] | |||
Consolidated VIE and its subsidiaries, Current | ¥ 290,252 | $ 42,081 | ¥ 279,601 |
Consolidated VIE and its subsidiaries, Non-current | ¥ 6,541 | $ 949 | ¥ 38,232 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Loss ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | Dec. 31, 2020 CNY (¥) ¥ / shares shares | |
Revenues: | ||||
Revenues | ¥ 563,238 | $ 81,662 | ¥ 507,862 | ¥ 429,903 |
Cost of revenues: | ||||
Cost of revenues: | (183,199) | (26,561) | (143,716) | (115,981) |
Gross Profit | 380,039 | 55,101 | 364,146 | 313,922 |
Operating expenses: | ||||
Research and development expenses | (421,868) | (61,165) | (367,858) | (263,940) |
Selling and marketing expenses (including related party amounts of RMB543, RMB235 and RMB201 (US$29) for the years ended December 31, 2020, 2021 and 2022, respectively) | (370,294) | (53,688) | (303,096) | (168,587) |
General and administrative expenses (including related party amounts of 227, RMB1,752 and nil for the years ended December 31, 2020, 2021 and 2022, respectively) | (568,284) | (82,393) | (490,256) | (293,800) |
Total operating expenses | (1,360,446) | (197,246) | (1,161,210) | (726,327) |
Loss from operations | (980,407) | (142,145) | (797,064) | (412,405) |
Interest income | 9,356 | 1,356 | 3,457 | 6,068 |
Interest expense | 102 | 15 | (1,536) | (667) |
Other (expense) income, net (including related party income of nil, 628 and nil for the years ended December 31, 2020, 2021 and 2022, respectively.) | 152 | 22 | 199 | (887) |
Foreign exchange (loss) gain, net | 1,549 | 225 | (854) | (2,847) |
Change in fair value of warrant liability | 0 | 0 | 0 | 3,503 |
Loss before income tax | (969,248) | (140,527) | (795,798) | (407,235) |
Income tax expenses | (1,985) | (288) | (899) | 0 |
Net loss | (971,233) | (140,815) | (796,697) | (407,235) |
Net loss attributable to Burning Rock Biotech Limited's shareholders | (971,233) | (140,815) | (796,697) | (407,235) |
Accretion of convertible preferred shares | 0 | 0 | 0 | (64,688) |
Net loss attributable to ordinary shareholders | (971,233) | (140,815) | (796,697) | (471,923) |
Other comprehensive income (loss), net of tax of nil: | ||||
Foreign currency translation adjustments | 41,347 | 5,995 | (39,480) | (176,888) |
Total comprehensive loss | (929,886) | (134,820) | (836,177) | (584,123) |
Total comprehensive loss attributable to Burning Rock Biotech Limited's shareholders | ¥ (929,886) | $ (134,820) | ¥ (836,177) | ¥ (584,123) |
Common Class A [Member] | ||||
Loss per share for class A and class B ordinary shares: | ||||
Loss per share - basic | (per share) | ¥ (9.35) | $ (1.36) | ¥ (7.65) | ¥ (6.88) |
Loss per share - diluted | (per share) | ¥ (9.35) | $ (1.36) | ¥ (7.65) | ¥ (6.88) |
Weighted average shares outstanding used in loss per share computation: | ||||
Weighted average shares outstanding used in loss per share - basic | 86,584,100 | 86,584,100 | 86,883,011 | 51,309,631 |
Weighted average shares outstanding used in loss per share - diluted | 86,584,100 | 86,584,100 | 86,883,011 | 51,309,631 |
Common Class B [Member] | ||||
Loss per share for class A and class B ordinary shares: | ||||
Loss per share - basic | (per share) | ¥ (9.35) | $ (1.36) | ¥ (7.65) | ¥ (6.88) |
Loss per share - diluted | (per share) | ¥ (9.35) | $ (1.36) | ¥ (7.65) | ¥ (6.88) |
Weighted average shares outstanding used in loss per share computation: | ||||
Weighted average shares outstanding used in loss per share - basic | 17,324,848 | 17,324,848 | 17,324,848 | 17,324,848 |
Weighted average shares outstanding used in loss per share - diluted | 17,324,848 | 17,324,848 | 17,324,848 | 17,324,848 |
Service [Member] | ||||
Revenues: | ||||
Revenues | ¥ 391,548 | $ 56,769 | ¥ 342,465 | ¥ 311,184 |
Cost of revenues: | ||||
Cost of revenues: | (119,903) | (17,384) | (93,401) | (80,132) |
Product [Member] | ||||
Revenues: | ||||
Revenues | 171,690 | 24,893 | 165,397 | 118,719 |
Cost of revenues: | ||||
Cost of revenues: | ¥ (63,296) | $ (9,177) | ¥ (50,315) | ¥ (35,849) |
Consolidated Statements Of Co_2
Consolidated Statements Of Comprehensive Loss (Parenthetical) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Related Party Income | ¥ 0 | ¥ 628 | ¥ 0 | |
Selling and Marketing Expense [Member] | ||||
Expense related to related parties | 201 | $ 29 | 235 | 543 |
General and Administrative Expense [Member] | ||||
Expense related to related parties | ¥ 0 | ¥ 1,752 | ¥ 227 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity ¥ in Thousands, $ in Thousands | CNY (¥) shares | USD ($) shares | Convertible Preferred Stock [Member] CNY (¥) | Common Stock [Member] CNY (¥) shares | Common Stock [Member] USD ($) shares | Additional paid-in capital [Member] CNY (¥) | Additional paid-in capital [Member] USD ($) | Accumulated deficits [Member] CNY (¥) | Accumulated deficits [Member] USD ($) | Accumulated deficits [Member] Convertible Preferred Stock [Member] CNY (¥) | Accumulated other comprehensive (loss) income [Member] CNY (¥) | Accumulated other comprehensive (loss) income [Member] USD ($) | Treasury stock [Member] CNY (¥) | Treasury stock [Member] USD ($) |
Beginning balance at Dec. 31, 2019 | ¥ (891,494) | ¥ 31 | ¥ 45,640 | ¥ (946,464) | ¥ 9,299 | |||||||||
Beginning balance, (in shares) at Dec. 31, 2019 | shares | 25,031,575 | 25,031,575 | ||||||||||||
Net loss | (407,235) | (407,235) | ||||||||||||
Other comprehensive income | (176,888) | (176,888) | ||||||||||||
Issuance of Class A ordinary shares | 1,842,193 | ¥ 24 | 1,842,169 | |||||||||||
Issuance of Class A ordinary shares,(in shares) | shares | 17,040,151 | 17,040,151 | ||||||||||||
Repurchase of convertible preferred shares | ¥ 227 | ¥ 227 | ||||||||||||
Accretion of convertible preferred shares | 64,688 | ¥ (64,688) | ¥ (64,688) | |||||||||||
Receipt of consideration for issued ordinary shares | 701 | 701 | ||||||||||||
Exercise of options (note 13) | ¥ 1 | ¥ 1 | ||||||||||||
Exercise of options (note 13) (in shares) | shares | 233,440 | 233,440 | 233,440 | 233,440 | ||||||||||
Share-based compensation (note 13) | ¥ 173,220 | 173,220 | ||||||||||||
Conversion of all outstanding convertible preferred shares to Class A and Class B ordinary shares | 1,877,705 | ¥ 80 | 1,877,625 | |||||||||||
Conversion of all outstanding convertible preferred shares to Class A and Class B ordinary shares, (in shares) | shares | 61,732,808 | 61,732,808 | ||||||||||||
Issuance of Class A ordinary shares in connection with Employee Share Incentive Program | 67,262 | ¥ 1 | 67,261 | |||||||||||
Issuance of Class A ordinary shares in connection with Employee Share Incentive Program, (in shares) | shares | 743,955 | 743,955 | ||||||||||||
Ending balance, (in shares) at Dec. 31, 2020 | shares | 104,781,929 | 104,781,929 | ||||||||||||
Ending balance at Dec. 31, 2020 | 2,421,004 | ¥ 137 | 4,006,616 | (1,418,160) | (167,589) | ¥ 0 | ||||||||
Net loss | (796,697) | 0 | 0 | (796,697) | 0 | 0 | ||||||||
Other comprehensive income | (39,480) | 0 | 0 | 0 | (39,480) | 0 | ||||||||
Accretion of convertible preferred shares | 0 | |||||||||||||
Exercise of options (note 13) | ¥ 0 | ¥ 0 | (4,270) | 0 | 0 | 4,270 | ||||||||
Exercise of options (note 13) (in shares) | shares | 425,407 | 425,407 | 425,407 | 425,407 | ||||||||||
Share-based compensation (note 13) | ¥ 282,433 | ¥ 0 | 282,433 | 0 | 0 | 0 | ||||||||
Adoption of ASC 326 | (13,856) | (13,856) | ||||||||||||
Purchase of treasury stock (note 14) | (4,270) | (4,270) | ||||||||||||
Purchase of treasury stock (note 14) (in shares) | shares | (61,026) | (61,026) | ||||||||||||
Issuance of restricted shares (note 13) | shares | 2,424 | 2,424 | ||||||||||||
Refund for prepaid subscription for forfeited restricted shares | (3,823) | (3,823) | ||||||||||||
Refund for prepaid subscription for forfeited restricted shares (in shares) | shares | (39,885) | (39,885) | ||||||||||||
Ending balance, (in shares) at Dec. 31, 2021 | shares | 105,108,849 | 105,108,849 | ||||||||||||
Ending balance at Dec. 31, 2021 | 1,845,311 | ¥ 137 | 4,280,956 | (2,228,713) | (207,069) | 0 | ||||||||
Net loss | (971,233) | $ (140,815) | (971,233) | |||||||||||
Other comprehensive income | 41,347 | 41,347 | ||||||||||||
Accretion of convertible preferred shares | 0 | $ 0 | ||||||||||||
Exercise of options (note 13) | ¥ 1 | ¥ 1 | (3,258) | 3,258 | ||||||||||
Exercise of options (note 13) (in shares) | shares | 746,042 | 746,042 | 746,042 | 746,042 | ||||||||||
Share-based compensation (note 13) | ¥ 326,784 | 326,784 | ||||||||||||
Purchase of treasury stock (note 14) | (71,834) | (9,657) | (62,177) | |||||||||||
Purchase of treasury stock (note 14) (in shares) | shares | (3,187,025) | (3,187,025) | ||||||||||||
Issuance of restricted shares (note 13) | shares | 2,425 | 2,425 | ||||||||||||
Refund for prepaid subscription for forfeited restricted shares | (12,035) | (12,035) | ||||||||||||
Refund for prepaid subscription for forfeited restricted shares (in shares) | shares | (26,847) | (26,847) | ||||||||||||
Ending balance, (in shares) at Dec. 31, 2022 | shares | 102,643,444 | 102,643,444 | ||||||||||||
Ending balance at Dec. 31, 2022 | ¥ 1,158,341 | $ 167,944 | ¥ 138 | $ 20 | ¥ 4,582,790 | $ 664,442 | ¥ (3,199,946) | $ (463,949) | ¥ (165,722) | $ (24,027) | ¥ (58,919) | $ (8,542) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Cash flows from operating activities: | ||||
Net loss | ¥ (971,233) | $ (140,815) | ¥ (796,697) | ¥ (407,235) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation and amortization | 124,096 | 17,992 | 47,766 | 33,309 |
Allowance for credit losses | 24,921 | 3,613 | 12,115 | 17,162 |
Inventory reserve | 11,202 | 1,624 | 2,619 | 911 |
Loss on disposal of equipment | 1,418 | 206 | 178 | 221 |
Share of loss from an equity method investee | 294 | 43 | 483 | 275 |
Share-based compensation | 326,784 | 47,379 | 282,433 | 173,220 |
Accrued interest | 0 | 0 | 295 | 0 |
Change in fair value of warrant liability | 0 | 0 | 0 | (3,503) |
Change in fair value of convertible note receivable | (105) | (15) | 0 | 0 |
Non-cash operating lease expenses | 37,447 | 5,429 | 35,317 | 0 |
Derecognition of right-of-use asset and lease liability | (473) | (69) | 0 | 0 |
Changes in operating assets and liabilities: | ||||
Accounts receivable | (21,505) | (3,118) | (18,930) | (13,042) |
Contract assets | (20,658) | (2,995) | (30,838) | (25,122) |
Amounts due from related parties | 0 | 0 | 212 | 75,222 |
Inventories | (21,654) | (3,140) | (66,999) | (9,444) |
Prepayments and other current and non-current assets | 33,919 | 4,918 | (34,859) | 7,900 |
Accounts payable | 16,632 | 2,411 | (5,102) | 25,843 |
Deferred revenue | 4,762 | 690 | 68,469 | 24,863 |
Accrued liabilities and other current liabilities | 33,662 | 4,881 | 44,244 | 29,589 |
Customer deposits | 831 | 120 | (148) | (2,984) |
Deferred government grants | 663 | 96 | (263) | (728) |
Operating lease liabilities | (37,811) | (5,482) | (29,735) | 0 |
Other non-current liabilities | 0 | 0 | 11,554 | 0 |
Net cash used in operating activities | (456,808) | (66,232) | (477,886) | (73,543) |
Cash flows from investing activities: | ||||
Proceeds from maturity of short-term investment | 65,598 | 9,511 | 358,504 | 318,000 |
Proceeds from disposal of equipment | 2,414 | 350 | 565 | 647 |
Prepayment for property and equipment | (8,259) | (1,197) | (6,590) | (15,286) |
Purchase of property and equipment | (62,031) | (8,994) | (204,329) | (60,287) |
Purchase of intangible assets | (185) | (27) | (2,529) | (3,966) |
Purchase of convertible loan | (5,000) | (725) | 0 | 0 |
Purchase of short-term investments | 0 | 0 | (63,924) | (348,420) |
Net cash (used in) generated from investing activities | (7,463) | (1,082) | 81,697 | (109,312) |
Cash flows from financing activities: | ||||
Proceeds from long-term borrowings | 0 | 0 | 0 | 18,208 |
Proceeds from short-term borrowings | 0 | 0 | 0 | 5,000 |
Proceeds from IPO and concurrent private placement ("CPP"), net of issuance costs | 0 | 0 | 0 | 1,851,879 |
Financing lease obligation payments | 0 | 0 | (5,111) | 0 |
Proceeds received from capital injection | 0 | 0 | 0 | 701 |
Proceeds from issuance of convertible preferred shares and warrant | 0 | 0 | 0 | 269,971 |
Proceeds from issuance of Class A ordinary shares in connection with Employee Share Incentive Plans | 0 | 0 | 0 | 67,262 |
Capital lease obligation payments | 0 | 0 | 0 | (4,893) |
Refund of consideration for Employee Share Incentive Program | (12,035) | (1,745) | (3,823) | 0 |
Repayment of short-term borrowings | (2,370) | (344) | (5,000) | 0 |
Repayment of long-term borrowings | 0 | 0 | (34,695) | (38,909) |
Purchase of treasury stock | (71,834) | (10,415) | (4,270) | 0 |
Repurchase of convertible preferred shares | 0 | 0 | 0 | (3,500) |
Net cash generated from (used in) financing activities | (86,239) | (12,504) | (52,899) | 2,165,719 |
Effect of exchange rate on cash, cash equivalents and restricted cash | 36,666 | 5,317 | (37,006) | (155,902) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (513,844) | (74,501) | (486,094) | 1,826,962 |
Cash, cash equivalents and restricted cash at the beginning of year | 1,439,112 | 208,652 | 1,925,206 | 98,244 |
Cash, cash equivalents and restricted cash at the end of year | 925,268 | 134,151 | 1,439,112 | 1,925,206 |
Supplemental disclosures of cash flow information: | ||||
Interest expense paid | 877 | 127 | 1,517 | 3,549 |
Cash payments for operating lease | 37,811 | 5,482 | 30,388 | 10,970 |
Income tax expense paid | 98 | 14 | 1,105 | 0 |
Supplemental disclosures of non-cash information: | ||||
Purchase of property and equipment included in prepayments and other non-current assets | 7,794 | 1,130 | 14,017 | 629 |
Purchase of property and equipment included in accounts payable | (6,645) | (963) | (32,700) | (2,709) |
Extinguishment of warranty liability through exercise of warrant | 0 | 0 | 0 | 19,740 |
Derecognition of right-of-use asset and lease liability | 473 | 69 | 0 | 0 |
Reconciliation of cash, cash equivalents and restricted cash: | ||||
Cash and cash equivalents | 905,451 | 131,278 | 1,431,317 | 1,895,308 |
Restricted cash | 19,817 | 2,873 | 7,795 | 29,898 |
Cash, cash equivalents and restricted cash at the end of year | ¥ 925,268 | $ 134,151 | ¥ 1,439,112 | ¥ 1,925,206 |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | 1. ORGANIZATION AND BASIS OF PRESENTATION Burning Rock Biotech Limited (the “Company”) is a limited liability company incorporated in the Cayman Islands on March 10, 2014. The Company does not conduct any substantive operations on its own but instead conducts its business operations through its subsidiaries, the variable interest entity (“VIE”) and subsidiaries of the VIE. The Company, together with its subsidiaries, the VIE and the VIE’s subsidiaries (collectively, the “Group”) are principally engaged in developing and providing cancer therapy selection tests in the People’s Republic of China (the “PRC” or “China”). On June 12, 2020, the Company completed its initial public offering (“IPO”) on the NASDAQ Global Select Market. The Company sold 13,500,000 ADSs, each representing one ordinary share, at US$16.50 per ADS (the “IPO Price”). The Underwriters exercised their options to purchase an additional 2,025,000 ADSs. Concurrently, the Company also completed a private placement offering of 1,515,151 ADSs at the IPO Price. The Company received proceeds of US$259,892, net of underwriting discounts and offering expenses, concurrently As of December 31, 2022, the Company’s principal subsidiaries, VIE and VIE’s subsidiaries are as follows: Entity Date of incorporation Place of incorporation Percentage of legal ownership by the Company Principal Subsidiaries BR Hong Kong Limited April 1, 2014 Hong Kong 100 % Investment holding Beijing Burning Rock Biotech Co., Ltd. (the “WFOE”) June 13, 2014 PRC 100 % Trading Burning Rock Biotechnology (Shanghai) Co., Ltd. July 4, 2016 PRC 100 % Research and development Burning Rock Dx LLC August 28, 2019 United States 100 % Cancer therapy selection test VIE Burning Rock (Beijing) Biotechnology Co., Ltd. January 7, 2014 PRC Nil Holding VIE’s subsidiaries Guangzhou Burning Rock Dx Co., Ltd. March 18, 2014 PRC Nil Cancer therapy selection test and sales of reagent kits Guangzhou Burning Rock Medical Equipment Co., Ltd. January 6, 2015 PRC Nil Facilitation of laboratory To comply with PRC laws and regulations which prohibit and restrict foreign ownership of business involving the development and application of genomic diagnosis and treatment technology, the Group conducts its business in the PRC principally through the VIE and the VIE’s subsidiaries. The equity interests of the VIE are legally held by PRC shareholders (the “Nominee Shareholders”). Despite the lack of majority ownership, the Company through the wholly foreign owned entity (“the WFOE”) has effective control of the VIE through a series of contractual arrangements (the “VIE agreements”) and a parent-subsidiary relationship exists between the WFOE and the VIE. Through the VIE agreements, the Nominee Shareholders of the VIE effectively assigned all of their voting rights underlying their equity interests in the VIE to the WFOE, and therefore, the WFOE has the power to direct the activities of the VIE that most significantly impact its economic performance. The WFOE also has the right to receive economic benefits that potentially could be significant to the VIE. Therefore, the WFOE is considered the primary beneficiary of the VIE and the Company consolidates the VIE in accordance with SEC Regulation S-X-3A-02 and Accounting Standards Codification (“ASC”) Topic 810-10 , Consolidation: Overall. The following is a summary of the VIE agreements: Exclusive Business Cooperation Agreement Pursuant to the exclusive business cooperation agreement entered into amongst the WFOE and the VIE on June 20, 2014, the WFOE provides exclusive business support, technology services and consulting services in return for service fees, which is adjustable at the sole discretion of the WFOE. Without the WFOE’s consent, the VIE cannot procure services from any third party or enter into similar service arrangements with any other third party, except for the ones appointed by the WFOE. The agreement was effective for 20 years from June 20, 2014 and automatically renew for 10 years if all parties have no objection. Power of Attorney The Nominee Shareholders signed Power of Attorney on June 20, 2014 to irrevocably appoint the WFOE, or its designated party, as the attorney-in-fact Exclusive Option Agreement Pursuant to the exclusive option agreements entered into amongst the VIE, the Nominee Shareholders and the WFOE on June 20, 2014, the Nominee Shareholders irrevocably granted the WFOE an exclusive option to request the Nominee Shareholders to transfer or sell any part or all of its equity interests in the VIE to the WFOE, or its designees. The purchase price of the equity interests in the VIE is equal to the minimum price required by PRC law. Any proceeds received by the Nominee Shareholders from the exercise of the right shall be remitted to the WFOE, to the extent permitted under the PRC laws. Without the WFOE’s prior written consent, the VIE and the Nominee Shareholders may not amend its articles of association, increase or decrease the registered capital, sell or otherwise dispose of its assets or beneficial interest, create or allow any encumbrance on its assets or other beneficial interests, provide any loans or guarantees and request any dividends or other form of assets. This agreement is not terminated until all of the equity interest of the VIE has been transferred to the WFOE or the person(s) designated by the WFOE. Pursuant to the equity interest pledge agreements entered into amongst the WFOE, the VIE and the Nominee Shareholders on June 20, 2014, the Nominee Shareholders pledged all of their equity interests in the VIE to the WFOE as collateral to secure their obligations under the exclusive business cooperation agreement. The WFOE is entitled to all dividends during the effective period of the share pledge except as it agrees otherwise in writing. If the VIE or any of the Nominee Shareholders breaches its contractual obligations, the WFOE is entitled to certain rights regarding the pledged equity interests, including the right to receive proceeds from the auction or sale of all or part of the pledged equity interests of VIE in accordance with the PRC law. The Nominee Shareholders agree not to create any encumbrance on or otherwise transfer or dispose of their respective equity interests in the VIE, without the prior consent of the WFOE. The Power of Attorney, Exclusive Option Agreement and Equity Interest Pledge Agreement were amended and restated on August 27, 2015, July 1, 2016, April 19, 2018 and January 4, 2019 to reflect the new nominee shareholders appointed by the Series A, Series B and Series C preferred shareholders and the resulting equity ratio adjustments from the preferred shareholders’ investment. On October 21, 2019, the VIE Agreements were supplemented by the following terms: (1) Exclusive option agreement • The VIE irrevocably grants the WFOE an exclusive asset purchase option whereby the WFOE has the right to purchase or designate another party to purchase part or all of the assets of the VIE as permitted under the PRC laws. The purchase price of the VIE’s assets is equal to the book value of the assets or the minimum price as permitted by applicable PRC law, whichever is higher; and • The WFOE has the right to unilaterally amendment, supplement and termination of this agreement. (2) Exclusive Business Cooperation Agreement • In exchange for these services, the VIE will pay a service fee, equal to the VIE’s profit before tax, after recovering any accumulated losses of the VIE and its subsidiaries from the preceding fiscal year, and deducting working capital, expenses, tax and a reasonable amount of operating profit according to applicable tax law principles and tax practice; and • The agreement will be in effect for 10 years unless the WFOE unilaterally terminates the agreement by giving written notification at least thirty days prior to the expiration of the agreement. The WFOE may at its sole discretion unilaterally extend the term of this agreement prior to its expiration upon notice to the VIE. (3) Equity Interest Pledge Agreement • The Nominee Shareholders pledged all of their respective equity interests in the VIE to the WFOE as continuing first priority security interest to guarantee the performance of these Nominee Shareholders and the VIE’s obligations under the power of attorney, the exclusive option agreement and the exclusive business cooperation agreement; and • This agreement will remain effective until all the contractual obligations have been satisfied in full under all the agreements mentioned above. (4) Financial support undertaking letter • Pursuant to the financial support undertaking letter, the Company is obligated and hereby undertakes to provide unlimited financial support to the VIE, to the extent permissible under the applicable PRC laws and regulations, whether or not any such operational loss is actually incurred. The Company will not request repayment of the loans or borrowings if the VIE or its Nominee Shareholders do not have sufficient funds or are unable to repay. (5) Voting proxy agreement • Pursuant to the voting proxy agreement, the WFOE irrevocably and unconditionally commits to execute its rights under the power of attorney in accordance with the instructions from the Company. As a result of the amended agreements on October 21, 2019, the power and the rights pursuant to the power of attorney have since been effectively reassigned to the Company which has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance. The Company is also obligated to absorb the expected losses of the VIE through the financial support as described above. The Company and the WFOE, as a group of related parties, hold all of the variable interests of the VIE. The Company has been determined to be most closely associated with the VIE within the group of related parties and has replaced the WFOE as the primary beneficiary of the VIE since October 2019. As the VIE was subject to indirect control by the Company through the WFOE immediately before and direct control immediately after the VIE Agreements were supplemented, the change of the primary beneficiary of the VIE was accounted for as a common control transaction based on the carrying amount of the net assets transferred. In the opinion of the Company’s legal counsel, (i) the ownership structure of the WFOE and its VIE is in compliance with PRC laws and regulations; (ii) the contractual arrangements with the VIE and their shareholders are valid and binding, and not in violation of current PRC laws or regulations; (iii) the voting proxy agreement between the Company and the WFOE is valid in accordance with the articles of association of the Company and Cayman Islands Law. However, uncertainties in the PRC legal system could cause the relevant regulatory authorities to find the current VIE Agreements and businesses to be in violation of any existing or future PRC laws or regulations and could limit the Company’s ability to enforce its rights under these contractual arrangements. Furthermore, the nominee shareholders of the VIE may have interests that are different from those of the Company, which could potentially increase the risk that they would seek to act contrary to the terms of the contractual agreements with the VIE. In addition, if the current structure or any of the contractual arrangements were found to be in violation of any existing or future PRC laws or regulations, the Company may be subject to penalties, including but not be limited to, revocation of business and operating licenses, discontinuing or restricting business operations, restricting the Company’s right to collect revenues, temporary or permanent blocking of the Company’s internet platforms, restructuring of the Company’s operations, imposition of additional conditions or requirements with which the Company may not be able to comply, or other regulatory or enforcement actions against the Company that could be harmful to its business. The imposition of any of these or other penalties could have a material adverse effect on the Company’s ability to conduct its business. The following table sets forth the assets and liabilities of the VIE and subsidiaries of the VIE included in the Group’s consolidated balance sheets: As of December 31, 2021 2022 RMB RMB US$ Cash and cash equivalents 185,850 376,735 54,621 Restricted cash — 10,277 1,490 Accounts receivable (net of allowances of RMB38,922 and RMB45,647 (US$6,618) as of December 31, 2021 and 2022, respectively) 92,197 109,948 15,941 Contract assets (net of allowances of RMB14,478 and RMB35,770 (US$5,186) as of December 31, 2021 and 2022, respectively) 42,391 41,757 6,054 Inter-company receivables* 75,560 245,391 35,578 Inventories 119,257 114,340 16,577 Prepayments and other current assets 40,957 19,215 2,787 Total current assets 556,212 917,663 133,048 Property and equipment, net 42,623 59,465 8,621 Intangible assets, net 633 161 23 Other non-current 8,346 10,165 1,474 Operating right-of-use 51,630 28,805 4,176 Total non-current 103,232 98,596 14,294 TOTAL ASSETS 659,444 1,016,259 147,342 Accounts payable 27,102 10,139 1,470 Deferred revenue 133,489 145,117 21,040 Inter-company payables* 897,633 1,601,116 232,140 Accrued liabilities and other current liabilities 89,976 107,240 15,547 Customer deposits 972 1,803 261 Short-term borrowings 2,370 — — Current portion of operating lease liabilities 25,692 25,953 3,763 Total current liabilities 1,177,234 1,891,368 274,221 Other non-current 8,563 1,901 276 Non-current 29,669 4,640 673 Total non-current 38,232 6,541 949 TOTAL LIABILITIES 1,215,466 1,897,909 275,170 * Inter-company receivables/payables represent balances of VIE and subsidiaries of the VIE due from/to the Company and the Group’s consolidated subsidiaries. The table sets forth the results of operations of the VIE and subsidiaries of the VIE included in the Group’s consolidated statements of comprehensive loss: For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Revenues 432,142 526,071 557,667 80,854 Net loss (244,765 ) (508,803 ) (605,934 ) (87,852 ) The table sets forth the cash flows of the VIE and subsidiaries of the VIE included in the Group’s consolidated statements of cash flows: For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Net cash generated from (used in) operating activities 158,563 (257,506 ) (139,381 ) (20,208 ) Net cash used in investing activities (9,795 ) (11,265 ) (37,088 ) (5,377 ) Net cash (used in) generated from financing activities (30,880 ) 304,623 377,630 54,751 As of December 31, 2021 and 2022, there were no pledges or collateralization of the assets of the VIE and the VIE’s subsidiaries. The amount of the net liabilities of the VIE and subsidiaries of VIE was RMB556,022 and RMB881,650 (US$127,828) as of December 31, 2021, and 2022, respectively. The creditors of the VIE and subsidiaries of the VIE’s third-party liabilities did not have recourse to the general credit of the primary beneficiary in the normal course of business. The VIE holds certain assets, including detection equipment and related equipment for use in their operations. The Company did not provide nor intend to provide additional financial or other support not previously contractually required to the VIE and subsidiaries of the VIE during the years presented. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). Principles of consolidation The consolidated financial statements of the Group include the financial statements of the Company, its subsidiaries, the VIE and the VIE’s subsidiaries for which the Company is the primary beneficiary of the VIE. All significant intercompany balances and transactions have been eliminated upon consolidation. Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the balance sheet dates and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in the Group’s consolidated financial statements include, but are not limited to, allowance for credit loss, inventory provision, standalone selling prices of performance obligations, impairment of long-lived assets, the fair value of share-based awards, percentage of completion for research and developments service contracts and breakage income from central laboratory business. Management bases the estimates on historical experience and various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could materially differ from those estimates. Foreign currency translation The functional currency of the Company and BR Hong Kong Limited is US$. The functional currency of the Company’s PRC subsidiaries, the VIE and the VIE’s subsidiaries is RMB. The determination of the respective functional currency is based on the criteria stated in ASC 830, Foreign Currency Matters Transactions denominated in foreign currencies are remeasured into the functional currency at the exchange rates quoted by the People’s Bank of China (the “PBOC”) prevailing on the transaction dates. Monetary assets and liabilities denominated in foreign currencies are re-measured Non-monetary re-measured Assets and liabilities are translated at the exchange rates at the balance sheet date, equity accounts are translated at historical exchange rates and revenues, expenses, gains and losses are translated using the average rate for the year. Translation adjustments are reported as accumulated comprehensive (loss) income and are shown as a separate component of other comprehensive loss in the consolidated statements of comprehensive loss. Convenience translation Translations of amounts from RMB into US$ for the convenience of the reader have been calculated at the exchange rate of RMB6.8972 per US$1.00 on December 31, 2022, as published on the website of the United States Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at such rate or at any other rate. Cash and cash equivalents Cash and cash equivalents primarily consist of cash and demand deposits which are highly liquid. The Group considers highly liquid investments that are readily convertible to known amounts of cash and with original maturities from the date of purchase of three months or less to be cash equivalents. All cash and cash equivalents are unrestricted as to withdrawal and use. Restricted cash Restricted cash primarily represents deposits required by the Group’s commercial banks. The Group presents restricted cash within the ending cash, cash equivalents and restricted cash balance on the consolidated statements of cash flows for all periods presented. Accounts receivable, contract assets and allowance for credit losses The Group recognizes contract assets when it satisfies its performance obligations before the customer pays consideration or before payment is due. The Group transfers contract assets to “accounts receivable” when its right to payment becomes unconditional. Prior to adopting ASC 326, accounts receivable was carried at net realizable value. The Group recorded allowance for doubtful accounts when collection was no longer probable. The Group considered specific evidence when evaluating the collectability of accounts receivables, including the aging of the receivable, customer payment history, customer’s credit worthiness and other factors. Accounts receivable were written off when management determined a balance would be uncollectable after all collection efforts have ceased. Upon adoption of ASC326, the Inventories Inventories consist of raw materials, work in progress and finished goods which are stated at the lower of cost and net realizable value. Cost of inventories is determined using the weighted average cost method. Adjustments to reduce the cost of inventory to its net realizable value are made, if required, for decreases in sales price, obsolescence, or similar reductions in the estimated net realizable value, and are recorded in cost of sales. Investments The Group’s investments consist of short-term investments, equity method investment and convertible note receivables. The classification of an investment is determined based on the nature of the investment, the Group’s ability and intent to hold the investment, and the degree to which the Group may exercise influence over the investee. The Group’s short-term investments comprise primarily of cash deposits at fixed rates with original maturities of greater than 3 months, but less than 12 months. Equity method investment represent investment of 20.29% equity interest in EaSuMed Holding Ltd. for US$363. The Group exercised significant influence over the investee with its one seat on the board of directors and accounted for its investment under the equity method. The Group recognized losses from equity method investment of RMB275, RMB483 and RMB294 (US$43) for the years ended December 31, 2020, 2021 and 2022, respectively. No impairment loss was recognized for the years presented. In June 2022, the Group extended a three-year RMB loan to a private biotech company with interest of the note was . The Group can convert the loan principal into equity if the borrower completes a qualified equity financing at any point during the term of the loan. The conversion price will be identical to investors in the subsequent equity financing. The Group elected fair value option method of accounting for the convertible note receivable under ASC 825. Accordingly, the Group remeasures the convertible note receivable on a recurring basis, with fair value changes recorded in other (expense) income, net. During the years ended December 31, 2022, the Group recorded gains of RM Fair value measurements The Group applies ASC 820, Fair Value Measurements and Disclosures Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2—Includes other inputs that are directly or indirectly observable in the marketplace. Level 3—Unobservable inputs which are supported by little or no market activity. ASC 820 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach; and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. The Group holds convertible note receivable issued by a private biotech company. The Group has elected the fair value option method of accounting for the convertible notes. Accordingly, the convertible note receivable was remeasured at fair value on a recurring basis using Level 3 inputs. The carrying amounts of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, contract assets, accounts payable and short-term borrowings approximate their fair values because of their generally short maturities. The carrying amounts of other non-current bea The Group did not transfer any assets or liabilities in or out of Level 3 during the years ended 2021 and 2022. As of December 31, 2021 and 2022, there were no warrants outstanding. Therefore, there were no financial assets and liabilities measured and recorded at fair value on a non-recurring Property and equipment, net Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows: Category Estimated Useful Life Machinery and laboratory equipment 5 years Vehicles 6 years Furniture and tools 5 years Electronic equipment 3 years Leasehold improvements Lesser of lease terms or estimated useful lives of the assets Repair and maintenance costs are charged to expense as incurred, whereas the cost of renewals and betterments that extend the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation accounts with any resulting gain or loss reflected in the consolidated statements of comprehensive loss. Direct costs that are related to the construction of property and equipment and incurred in connection with bringing the assets to their intended use are capitalized as construction in progress. Construction in progress is transferred to specific property and equipment, and the depreciation of these assets commences when the assets are ready for their intended use. Repair and maintenance costs are charged to expense as incurred, whereas the cost of renewals and betterments that extend the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation accounts with any resulting gain or loss reflected in the consolidated statements of comprehensive loss. Direct costs that are related to the construction of property and equipment and incurred in connection with bringing the assets to their intended use are capitalized as construction in progress. Construction in progress is transferred to specific property and equipment, and the depreciation of these assets commences when the assets are ready for their intended use. Intangible assets, net Intangible assets are carried at cost less accumulated amortization and any recorded impairment. Intangible assets with finite useful lives are amortized using a straight-line method of amortization that reflects the estimated pattern in which the economic benefits of the intangible asset are to be consumed. The estimated useful life for the intangible assets is as follows: Category Estimated Useful Life Computer software 3 years The Group does not have any indefinite-lived intangible assets. Impairment of long-lived assets The Group evaluates the recoverability of its long-lived assets, including fixed assets and intangible assets with finite lives, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. When these events occur, the Group measures impairment by comparing the carrying amount of the assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the assets, the Group recognizes an impairment loss based on the excess of the carrying amount of the assets over their fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the assets, when the market prices are not readily available. The adjusted carrying amount of the assets is the new cost basis and is depreciated over the assets’ remaining useful lives. Long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. No impairment loss was recorded for the years ended December 31, 2020, 2021 and 2022. Segment reporting In accordance with ASC 280, Segment Reporting. The Group’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer. The Group’s CODM evaluates segment performance based on revenues and gross profit by the operating segments of central laboratory business, in-hospital Revenue recognition The Group derives revenues from its central laboratory business, in-hospital Revenue from central laboratory business Revenue from central laboratory business is primarily generated through the sales of the Group’s cancer therapy selection test, to individual patient customers. The individual patient prepays the consideration in full and the transaction price for each contract is fixed at contract inception. The patient can choose to purchase a single cancer therapy selection test, as a package which consisting of multiple cancer therapy selection tests of the same type or a combination of different types of cancer therapy selection tests. Each cancer therapy selection test represents a single performance obligation. Revenue is allocated to each performance obligation based on the relative standalone selling price method. The Group records revenue at a point in time, when each cancer therapy selection testing report is delivered to the patient. The Group launched cancer therapy selection testing packages (“Monitoring Packages”) in 2017. Each monitoring package contains 12,015 (US$1,742). Revenue from in-hospital Revenue from in-hospital in-hospital The Group records revenue on the sales of reagent kits at a point in time when the reagent kits are delivered to the hospital. For the facilitation services, the Group purchases the laboratory equipment from third-party suppliers when the hospital submits purchase request and resells the laboratory equipment to the hospital. The Group acts as an agent in facilitating laboratory equipment sales as it does not control the laboratory equipment prior to its delivery to the hospitals and does not have inventory risks. The facilitation services for each piece of laboratory equipment represents a single performance obligation. The Group records revenue on a net basis at the point in time when the Group has completed its facilitation services. Revenue from pharma research and development services The Group provides pharma research and development services to pharmaceutical companies for developing new targeted therapies and immunotherapies on various types of cancers and to hospitals for their studies on cancer diagnosis and treatment. The pharma research and development services include a range of cancer therapy selection testing services, analytical validation services and project management services. The Group will deliver an analysis report upon the completion of services. The testing services, analytical validation services and project management services are not distinct within the context of the contract because the Group is using these services as inputs to produce the analysis report. The Group recognizes services revenue over the period in which these services are provided because the Group does not create an asset with alternative use to the Group and the Group has an enforceable right to payment for the performance completed to date. The Group recognizes revenue using an output method to measure progress that utilizes cancer therapy selection testing performed to date as its measure of progress. The Group also provides companion diagnostics development service to pharmaceutical companies. The Group recognizes revenue using an input method to measure progress for these arrangements. The Group determined the pattern of revenue recognition over time would most faithfully represent the economic value of the companion diagnostics services being provided based on the external costs incurred over the term of the development and clinical validation phases of the project. Pharmaceutical companies may also separately engage the Group to perform multiple cancer therapy selection tests without an analysis of the test results. Each therapy selection test is capable of being distinct and separately identifiable from other promises in the contracts and therefore, represent distinct performance obligations. Revenue is allocated to each cancer therapy selection test using a relative standalone selling price basis. The Group records revenue at a point in time, when each cancer therapy selection test result is delivered to the pharmaceutical companies and hospitals. Contract assets and liabilities Contract assets decreased RMB634 (US$92) compared to the years ended December 31, 2021 because the Group has an unconditional right to bill customers only upon delivery of all reagent kits and the Group did not deliver all the reagent kits in certain revenue arrangements with hospitals as of December 31, 2022. The Group recorded an impairment on contract assets of RMB The Group records a contract liability, which is presented as “deferred revenue” on the consolidated balance sheets when a customer pays consideration before the Group provides products or services. Deferred revenue increased RMB4,762 (US$690) compared to the year ended December 31, 2022 as a result of the increase in payments from the Group’s customers due to the business expansion. The Group receives payments from customers based on the billing schedule established in their contracts. Revenue recognized that was included in deferred revenue balance at the beginning of the period was The transaction prices allocated to the remaining performance obligations (unsatisfied or partially satisfied) as of December 31, 2021 and December 31, 2022 were RMB257,601 and RMB393,803 (US$57,096), respectively. RMB252,439 . Value added taxes and related surcharges The Group is subject to value added tax (the “VAT”) that is imposed on and concurrent with the revenues earned for services provided in the PRC. The Group’s applicable value added tax rate is 6% or 13%. The Group excludes VAT from the measurement of transaction price because the Group is collecting the VAT on behalf of tax authorities. The Group is also subject to surcharges on VAT payments in accordance with PRC law, which is recorded as cost of revenue. Surcharges are recorded when incurred because they are not imposed on and concurrent with a specific revenue arrangement and were immaterial for the years ended December 31, 2020, 2021 and 2022, respectively. Research and development expenses Research and development expenses include external and internal expenses. External expenses include clinical and non-clinical Government subsidies Government subsidies primarily consist of financial subsidies received from provincial and local governments for operating a business in their jurisdictions and compliance with specific policies promoted by the local governments. The government subsidies with certain operating conditions are recorded as liabilities when received and will be recorded as a reduction of the related expense when the conditions are met. The government subsidies with no further conditions to be met are recorded as other income when received. Where the grant relates to an asset, it is recognized as deferred government grant and released to the consolidated statements of comprehensive loss in equal amounts over the expected useful life of the related asset as a reduction of the related expense. In 2022, government assistances received by the Group were in the form of cash and primarily to support one of the Group’s research and development programs and interest paid loans. Government subsidies received were and interest expenses the s of received prior to conditions being met ) (2021: nil was (2021: RMB1,871, 2020: RMB1,912) and RMB149 (US$22) was recorded as a reduction of interest expenses (2021: RMB100, 2020: RMB3,000). Leases The Group leases office space, employee dormitories and equipment. The Group’s offices and facility leases generally have lease terms between 4 months to 6 years. The Group’s lease agreements are with fixed lease payments and do not contain variable lease payments or material residual value guarantees. The Group’s leases do not contain restrictions or covenants that restrict the Group from incurring other financial obligation. Prior to adopting ASC 842, the Group classified leases at the inception date as either a capital lease or an operating lease. The Group assessed a lease to be a capital lease if any of the following conditions existed: a) ownership is transferred to the lessee by the end of the lease term, b) there is a bargain purchase option, c) the lease term is at least 75% of the property’s estimated remaining economic life or d) the present value of the minimum lease payments at the beginning of the lease term is 90% or more of the fair value of the leased property to the lessor at the inception date. A capital lease was accounted for as if there was an acquisition of an asset and an incurrence of an obligation at the inception of the lease. Upon adoption of ASC 842 on January 1, 2021, the Group (as the lessee) classifies its leases as operating or financing lease at inception in accordance with the recognition criteria in ASC 842-20-25-2. The Group classifies a lease as a finance lease if the lease meets any one of the following criteria: a) the leases transfers ownership of the underlying asset to the lessee by the end of the lease term, b) the leases grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise, c) the lease term is for a major part of the remaining economic life of the underlying asset, d) the present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already included in the lease payments equals or exceeds substantially all of the fair value of the underlying asset or e) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. The Group classifies a lease as an operating lease when it does not meet any one of these criteria. The Group’s lease portfolio consists entirely of operating leases as of December 31, 2022. For finance leases, right-of-use assets are included in property and equipment in the consolidated balance sheets. The Group recognizes finance lease liabilities using the implicit rate when readily determinable at the commencement dates in determining the present value of lease payments. At the commencement date of an operating lease, the Group recognizes a right-of-use When the Group enters into sale and leaseback transactions as a lessee, it first assesses whether the effectively transferred the underlying asset using the guidance in ASC 606. If the Group transfers the control of the leased asset to the buyer-lessor, the Group accounts for the sale of the underlying asset in accordance with ASC606. The subsequent leaseback of the asset is accounted for in accordance with ASC842 in the same manner as any other lease. If the seller-lessee does not transfer the control of the leased asset to the buyer-lessor, the asset is not derecognized and the Group accounts for the transaction as a financing arrangement. Comprehensive loss Comprehensive loss is defined as the changes in equity of the Group during a period from transactions and other events and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders. Accumulated other comprehensive (loss) income of the Group includes foreign currency translation adjustments related to the Group and its overseas subsidiaries, whose functional currency is US$. Income taxes The Group follows the liability method of accounting for income taxes in accordance with ASC 740, Income Taxes The Group evaluates its uncertain tax positions using the provisions of ASC 740, which prescribes a recognition threshold that a tax position is required to meet before being recognized in the consolidated financial statements. The Group recognizes in the consolidated financial statements the benefit of a tax position which is “more likely than not” to be sustained under examination based solely on the technical merits of the position assuming a review by tax authorities having all relevant information. Tax positions that meet the recognition threshold are measured using a cumulative probability approach, at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. It is the Group’s policy to recognize interest and penalties related to unrecognized tax benefits, if any, as a component of income tax expenses. Income taxes The Group follows the liability method of accounting for income taxes in accordance with ASC 740, Income Taxes The Group evaluates its uncertain tax positions using the provisions of ASC 740, which prescribes a recognition threshold that a tax position is required to meet before being recognized in the consolidated financial statements. The Group recognizes in the consolidated financial statements the benefit of a tax position which is “more likely than not” to be sustained under examination based solely on the technical merits of the position assuming a review by tax authorities having all relevant information. Tax positions that meet the recognition threshold are measured using a cumulative probability approach, at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. It is the Group’s policy to recognize interest and penalties related to unrecognized tax benefits, if any, as a component of income tax expenses. Share-based compensation The Group applies ASC 718, Compensation — Stock Compensation paid-in tranche-by-tranche paid-in No. 2016-09 Compensation-Stock Compensation (Topic 718): Improvement to Employee Share-based Payment Accounting (“ASU 2016-09”) Modification, replacements or cancellation of awards A change in any of the terms or conditions of the awards, or cancellation of a share-based award accompanied by the concurrent grant of a replacement award is accounted for as a modification of the award. Incremental compensation cost is measured as the excess, if any, of the fair value of the modified award over the fair value of the original award immediately before its terms are modified, measured based on the fair value of the awards and other pertinent factors at the modification date. The Group recognizes over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date. Loss per share In accordance with ASC 260, Earnings Per Share two-class two-class if-converted two-class d Treasury stock The Company accounts for treasury stock using the cost method. Under this method, the cost incurred to purchase the shares is recorded in “Treasury stock” on the consolidated balance sheets. At retirement of the treasury stock, the ordinary shares account is charged only for the aggregate par value of the shares. The excess of the acquisition cost of treasury stock over the aggregate par value is charged to retained earnings. Employee defined contribution plan As stipulated by the regulations of the PRC, full-time employees of the Group are entitled to staff welfare benefits including medical care, welfare subsidies, unemployment insurance and pension benefits through a PRC government-mandated multi-employer defined contribution plan. The Group is required to accrue for these benefits based on certain percentages of the qualified employees’ salaries. The Group is required to make contributions to the plans out of the amounts accrued. The PRC government is responsible for the medical benefits and the pension liability to be paid to these employees and the Group’s obligations are limited to the amounts contributed. The Group has no further payment obligations once the contributions have been paid. The Group recorded employee benefit expenses of RMB28,232, RMB70,036 and RMB88,293 (US$12,801) for the years ended December 31, 2020, 2021 and 2022, respectively. Modification of redeemable convertible preferred shares The Group assesses whether an amendment to the terms of its redeemable convertible preferred shares is an extinguishment or a modification using the fair value model. If the fair value of the redeemable convertible preferred shares immediately after the amendment changes by more than ten percent from the fair value of the redeemable convertible preferred shares immediately before the amendment, the amendment is considered an extinguishment. An amendment that does not meet this criterion is a modification. When redeemable convertible preferred shares are extinguished, the difference between the fair value of the consideration transferred to the redeemable convertible preferred shareholders and the carrying amount of the redeemable convertible preferred shares (net of issuance costs) is treated as a deemed dividend to the redeemable convertible preferred shareholders. When redeemable convertible preferred shares are modified, the increase of the fair value immediately after the amendment is treated as a deemed dividend to the redeemable convertible preferred shareholders. Modifications that result in a decrease in the fair value of the redeemable convertible preferred shares are not recognized. Concentration of risks Concentration of credit risk As of December 31, 2022, the Group had RMB925,268 (US$134,151) cash and cash equivalents and . In the event of bankruptcy of one of the financial institutions in which the Group has deposits as of December 31, 2022, all deposits have been transferred to other reputable financial Account receivables are typically unsecured and denominated in RMB and are derived from revenues earned from reputable customers. As of December 31, 2020 and 2021, the Group had two and one customers with a receivable balance exceeding 10% of the total accounts receivable balance, respectively. As of December 31, 2022, the Group had one customer with a receivable balance exceeding 10% of the total accounts receivable balance. The Group manages credit risk of accounts receivable through ongoing monitoring of the outstanding balances. Concentration of suppliers A significant portion of the Group’s equipment and raw materials were purchased from its two suppliers, who collectively accounted for 57%, 44% and 50% of the Group’s total equipment and raw materials purchases for the years ended December 31, 2020, 2021 and 2022, respectively. Business and economic risk The Group believes that changes in any of the following areas could have a material adverse effect on the Group’s future consolidated financial position, results of operations or cash flows: changes in the overall demand for services; competitive pressures due to new entrants; advances and new trends in new technologies and industry standards; changes in certain strategic relationships; regulatory considerations and risks associated with the Group’s ability to attract employees necessary to support its growth. The Group’s operations could also be adversely affected by significant political, regulatory, economic and social uncertainties in the PRC. Currency convertibility risk Substantially all of the Group’s businesses are transacted in RMB, which is not freely convertible into foreign currencies. On January 1, 1994, the PRC government abolished the dual rate system and introduced a single rate of exchange as quoted daily by the People’s Bank of China (the “PBOC”). However, the unification of the exchange rates does not imply that the RMB may be readily convertible into US$ or other foreign currencies. All foreign exchange transactions continue to take place either through the PBOC or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the PBOC. Approval of foreign currency payments by the PBOC or other institutions requires submitting a payment application form together with suppliers’ invoices, shipping document |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting | 3 SEGMENT REPORTING For the years ended December 31, 2020, 2021 and 2022, the Group had three operating segments, including central laboratory business, in-hospital business and pharma research and development services. The operating segments also represented the reporting segments. The Group’s CODM assesses the performance of the operating segments based on the measures of revenues, cost of revenue and gross profit by central laboratory business, in-hospital business and pharma research and development services. Other than the information provided below, the CODM does not use any other measures by segments. Summarized information by segments for the years ended December 31, 2020, 2021 and 2022 is as follows: For the year ended December 31, 2020 Central In- Pharma Total RMB RMB RMB RMB Revenues: Revenues from services 297,342 (847 ) 14,689 311,184 Revenues from sales of products — 118,719 — 118,719 Total revenues 297,342 117,872 14,689 429,903 Cost of revenues: (73,960 ) (35,849 ) (6,172 ) (115,981 ) Gross profit 223,382 82,023 8,517 313,922 For the year ended December 31, 2021 Central In-hospital Pharma Total RMB RMB RMB RMB Revenues: Revenues from services 319,353 (281 ) 23,393 342,465 Revenues from sales of products — 165,397 — 165,397 Total revenues 319,353 165,116 23,393 507,862 Cost of revenues: (81,088 ) (50,315 ) (12,313 ) (143,716 ) Gross profit 238,265 114,801 11,080 364,146 For the year ended December 31, 2022 Central at In-hospital Pharma Total RMB RMB RMB RMB US$ Revenues: Revenues from services 314,770 3,606 73,172 391,548 56,769 Revenues from sales of products — 171,690 — 171,690 24,893 Total revenues 314,770 175,296 73,172 563,238 81,662 Cost of revenues: (82,123 ) (63,296 ) (37,780 ) (183,199 ) (26,561 ) Gross profit 232,647 112,000 35,392 380,039 55,101 Geographic information The analysis of the total long-lived assets excluding equity method investment, long-term investments, deferred tax assets and intangible assets by country was as follows: As of December 31, 2021 2022 RMB RMB US$ PRC 405,544 286,797 41,582 United States 46,037 34,127 4,948 451,581 320,924 46,530 Total revenues by geographic area are presented as follows: For the year ended December 31, 2020 2021 2022 RMB RMB RMB US$ PRC 429,903 504,052 553,304 80,222 United States — 3,810 9,934 1,440 429,903 507,862 563,238 81,662 |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Accounts Receivable, Net | 4 ACCOUNTS RECEIVABLE, NET As of December 31, 2021 2022 RMB RMB US$ Accounts receivable 131,363 152,868 22,164 Allowance for credit losses (39,166 ) (42,914 ) (6,222 ) 92,197 109,954 15,942 The movements in the allowances for doubtful accounts and credit losses were as follows: As of December 31, 2020 2021 2022 RMB RMB RMB US$ Balance at the beginning of the year 13,112 24,215 39,166 5,679 Adoption of ASC 326 — 11,358 — — Provision for credit losses 13,647 3,593 3,748 543 Write-offs (2,544 ) — — — Balance at the end of the year 24,215 39,166 42,914 6,222 |
Contract Assets, Net
Contract Assets, Net | 12 Months Ended |
Dec. 31, 2022 | |
Contract with Customer, Asset, after Allowance for Credit Loss, Current [Abstract] | |
Contract Assets, Net | 5 CONTRACT ASSETS, NET As of December 31, 2021 2022 RMB RMB US$ Contract assets 56,869 77,527 11,240 Allowance for credit losses (14,478 ) (35,770 ) (5,186 ) 42,391 41,757 6,054 The movements in the provision for contract assets and allowance for credit losses were as follows: As of December 31, 2020 2021 2022 RMB RMB RMB US$ Balance at the beginning of the year — 3,497 14,478 2,099 Adoption of ASC 326 — 2,383 — — Provision for credit losses 3,497 8,598 21,292 3,087 Balance at the end of the year 3,497 14,478 35,770 5,186 |
Inventories, Net
Inventories, Net | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | 6 INVENTORIES, NET As of December 31, 2021 2022 RMB RMB US$ Raw materials 81,027 87,428 12,676 Work in progress 7,902 7,586 1,100 Finished goods 34,281 35,307 5,119 123,210 130,321 18,895 |
Prepayments And Other Current A
Prepayments And Other Current Assets | 12 Months Ended |
Dec. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepayments And Other Current Assets | 7 PREPAYMENTS AND OTHER CURRENT ASSETS Prepayments and other current assets consist of the following: As of December 31, 2021 2022 RMB RMB US$ Deductible input VAT 23,232 18,416 2,670 Prepayments 30,695 20,523 2,976 Deposits 1,874 2,094 304 Interest receivable 111 103 15 Employee loan (i) 3,500 — — Others (ii) 867 10,326 1,497 60,279 51,462 7,462 (i) On March 16, 2021 the Group extended a loan to an employee with a principal amount of RMB3,500 (US$507) at a simple annual interest rate of 3.08%. The loan was repaid in February 2022. (ii) Certain financial assets included in others, net of the allowance for credit losses of RMB 95 and nil as of December 31, 2021 and 2022, respectively. Cumulative effect of adopting ASC 326 on January 1, 2021 of other current assets was RMB 115 (US$ 17 ) . RMB 76 and RMB 95 (US$14 ) for the years ended December 31, 2021 and 2022, respectively. |
Property And Equipment, Net
Property And Equipment, Net | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property And Equipment, Net | 8 PROPERTY AND EQUIPMENT, NET Property and equipment consist of the following: As of December 31, 2021 2022 RMB RMB US$ Machinery and laboratory equipment 231,289 265,476 38,490 Vehicles 2,812 2,808 407 Furniture and tools 15,723 19,031 2,759 Electronic equipment 48,068 51,774 7,507 Leasehold improvements 161,037 187,379 27,167 Construction in progress 27,555 2,659 386 486,484 529,127 76,716 Accumulated depreciation (161,046 ) (277,298 ) (40,204 ) 325,438 251,829 36,512 Depreciation expenses recognized for the years ended December 31, 2020, 2021 and 2022 were RMB32,457, RMB44,604 and RMB120,747 (US$17,506), respectively. |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2022 | |
IntangibleAssets [Abstract] | |
Intangible Assets, Net | 9 INTANGIBLE ASSETS, NET Intangible assets consist of the following: As of December 31, 2021 2022 RMB RMB US$ Computer software 10,450 10,654 1,545 Accumulated amortization (5,300 ) (8,668 ) (1,257 ) 5,150 1,986 288 Amortization expenses recognized for the years ended December 31, 2020, 2021 and 2022 were RMB852, RMB3,162 and RMB3,349 (US$486), respectively. As of December 31, 2022, estimated amortization expenses of the existing intangible assets for each of the next five years was RMB1,583, RMB401, RMB2, nil and nil, respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | 10 LEASES Operating leases as lessee The components of lease cost were as follows: For the year ended December 31, 2021 2022 RMB RMB US$ Operating lease cost 34,785 37,447 5,429 Short-term lease cost 1,740 2,267 329 Finance lease cost: Amortization of ROU assets 3,846 — — Interest expense on lease liabilities 295 — — Sublease income (i) (187 ) — — Total lease cost 40,479 39,714 5,758 (i) On April 1, 2021, the Group entered into a one-ye related and September For the year ended December 31, 2021 2022 RMB RMB US$ Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for operating leases 30,388 37,811 5,482 Operating cash flows used for finance leases 295 — — Financing cash flows used for finance leases 5,111 — — ROU assets obtained in exchange for operating lease liabilities 90,272 4,311 625 Weighted-average remaining lease term for operating leases (in years): 2.41 1.58 Weighted-average discount rate for operating leases: 6.08 % 4.95 % For the year ended December 31, 2022, total operating lease costs and short-term lease costs of RMB9,875 (US$1,432), RMB2,971(US$431), RMB618 (US$90) and RMB26,250 (US$3,805) were recorded in cost of revenues, research and development expenses, selling and marketing expenses, general and administrative expenses, respectively. For the years ended December 31, 2020 and 2021, total rental related expenses for all operating leases amounted to RMB12,103 and RMB36,525, respectively. Future lease payments under operating leases as of December 31, 2022 were as follows: Years ending December 31, Operating leases RMB US$ 2023 39,605 5,742 2024 10,035 1,455 2025 3,746 543 Total future lease payments 53,386 7,740 Less: imputed interest (2,599 ) (376 ) Total lease liability balance 50,787 7,364 |
Accrued Liabilities And Other C
Accrued Liabilities And Other Current Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities And Other Current Liabilities | 11 ACCRUED LIABILITIES AND OTHER CURRENT LIABILITIES Accrued liabilities and other current liabilities consist of the following: As of December 31, 2021 2022 RMB RMB US$ Accrued payroll and welfare 74,970 70,989 10,293 Guaranteed return to eligible employees* — 38,972 5,650 Interests payable 830 — — Accrued reimbursement expenses 27,918 23,197 3,363 Professional service fees 3,314 10,042 1,456 Other taxes and surcharge 7,692 11,025 1,598 Others 13,168 19,607 2,843 127,892 173,832 25,203 * Balance represented |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings | 12 SHORT-TERM BORROWINGS As of December 31, 2021, the short-term borrowings included RMB (US$ ) RMB denominated loan from one third-party individual with an interest rate of % per annum. The loan is unsecured and repayable on demand. The Group repaid the loan in July 2022. In 2022, the Group received RMB149 (US$22) government subsidy for interest paid on loans in prior year. The Group recorded the subsidy as a deduction from the related interest expense. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | 13 SHARE-BASED COMPENSATION On June 20, 2014, the shareholders and Board of Directors (the “Board”) of the Company approved a resolution to reserve a total of 3,001,365 ordinar y s hares of the Company for the purpose of issuing share option awards to its eligible employees, officers or directors of the Group (the “Pre-IPO Plan”). On August 20, 2016, the shareholders and the Board approved a resolution to increase the share option pool to Pre-IPO Pre-IPO In January 2019, the shareholders and the Board of Directors of the Company approved a Management Share Incentive plan (“Management Plan”) for key executive management personnel. Under the Management Plan, the maximum number of ordinary shares reserved for issuance under is 5% of the total outstanding number of shares of the Company on an as converted and fully diluted basis (after taking into account the options granted under the plan). Awards under the Management Plan have vesting period over a period of 4 years and have a contractual life of 10 years. The Company granted nil options under the Management Plan for the years ended December 31, 2021 and 2022. In May 2020, the shareholders and the Board of Directors of the Company approved an equity incentive plan (“2020 Plan”). Under the 2020 Plan, the Company is authorized to grant up to 4,512,276 ordinary shares in the form of options, restricted shares and restricted share units. Awards under the 2020 Plan have vest over a period of 4 years and options granted under the 2020 Plan have a 10 - nil and 2,185,217 options under the 2020 Plan for the years ended December 31, 2021 and 2022. In December 2021, the shareholders and the Board of Directors of the Company approved an equity incentive plan (“2021 Plan”). Under the 2021 Plan, the Company is authorized to grant options to purchase up to 12,533,016 ordinary shares. The 2021 Plan consists of 2 vesting tranches, with vesting contingent on a 5-year 60-day In September 2022, the shareholders and the Board of Directors of the Company approved an equity incentive plan (“2022 Plan”). Under the 2022 Plan, the Company is authorized to grant options to purchase up to 11,775,525 ordinary shares. The 2022 Plan consists of 3 vesting tranches, with vesting contingent on a 5-year service condition and achievement of certain market conditions. The first tranche of the 2022 Plan will vest if the Company’s valuation based the preceding 60-day average closing share price reaches US$2 billion before the fifth anniversary of grant date. The second tranche of the 2022 Plan will vest if the Company valuation reaches US$4 billion before seventh anniversary of the grant date. The third tranche of the 2022 Plan will vest if the Company valuation reaches US$10 billion before seventh anniversary of the grant date. The 2022 Plan and the grant of the awards thereunder replaced the Company’s 2021 Plan and the grant of the awards thereunder. The Company granted 11,317,623 options under the 2022 Plan for on September 26, 2022. As of September 26, 2022, 10,383,868 options outstanding under 2021 Plan were replaced by 10,125,723 options newly granted under 2022 Plan and 50 eligible employees affected in total by the replacement. The replacement was accounted for as a modification to the original awards and the total incremental cost resulting from the modification was RMB13,246 (US$1,920). As of December , , there were , , and awards available for future grant for the Pre-IPO Plan, Management Plan, Plan and 2 Plan, respectively. Upon the issuance of the Series A Preferred Shares, the Founder entered into an arrangement with the Series A preferred shareholders, whereby all ordinary shares of the Founder became subject to service and transfer restriction. Such shares are subject to repurchase by the Company at the price equal to the original purchase price paid by the Founder upon early termination of the requisite period of employment of the Founder. The restricted shares are subject to a four one On May 9, 2020 the Group’s shareholders and Board of Directors approved the ESIP No. 1, pursuant to which the Group may issue up to Class A ordinary shares to qualified employees at US$ discount from the Group’s Class A ordinary share IPO pric e. O n June 25, 2020, the Group’s shareholders and Board of Directors approved the ESIP No. 2, pursuant to which the Group allowed qualified employees to purchase the Group’s Class A ordinary shares at US$ 5-day the Company’s ADSs between June 17, 2020 and June 23, 2020. Each qualified employee can subscribe up to RMB worth of shares, depending on their position and length of service with the Group. Shares subscribed under both ESIP No. 1 and ESIP No. 2 to vesting % of ESIP No. 1 shares vesting on the first, second and third anniversary of the Company’s IPO, respectively, and 10%, 40% and 50% of ESIP No. 2 shares vesting on the first, second and third anniversary of the subscription date, respectively. The Group accounts for awards under the ESIP No. 1 and ESIP No. 2 as a grant of restricted share awards subject to vesting condition. In December 2022 the Group modified ESIP No. 1 and ESIP No. 2 for 90 eligible employees by adding a per annum guaranteed return based on each employee’s respective subscription price. The guaranteed return is payable when the eligible employee reach the end of their original three-year vesting period. The Group accounted for the guaranteed return as an additional cash settled component to the original restricted share awards, subject to a three-year service period from the original subscription date. The Group recorded incremental expenses related to the cash settled component of RMB11,554 and RMB27,413 (US$3,975) respectively for the year ended December 31, 2021 and 2022. Share options The Board determines the exercise price, vesting and other conditions of individual awards and are subject to multiple service vesting periods. The options granted vests over various vesting schedules with no more than four years. Prior to the IPO, the Group determined the fair value of its share-based payment awards granted without market conditions using the binomial option valuation model with assistance from an independent third-party appraiser. Upon completion of the IPO, the Group determined the fair value of share-based payment awards granted without market conditions using the Black-Scholes model and determined the fair value of share-based payment awards granted with market conditions using the Monte Carlo Simulation model. The binomial option valuation model, Black-Scholes models and Monte Carlo Simulation model all require subjective assumptions, including the grant date fair value of the ordinary shares, expected volatility, exercise multiple, risk-free rate and dividend yield. Prior to the IPO, the Group estimated the grant date fair value of its ordinary shares with the assistance from the third-party appraiser. Upon completion of the IPO, the Group used the grant date closing ADS price quoted on NASDAQ exchange to determine the fair value of its ordinary shares. For expected volatility, the Group referenced historical volatility of several comparable peer companies in the same industry. The exercise multiple was estimated as the average ratio of the stock price to the exercise price of when employees would decide to voluntarily exercise their vested options. The risk-free rate for periods within the contractual life of the options is based on the market yield of U.S. Treasury Bonds in effect at the time of grant. The dividend yield is based on management’s expected dividend policy over the contractual life of the options. The assumptions used to estimate the fair values of the share options, restricted shares and restricted share units granted are as follows: For the years ended December 31, 2020 2021 2022 Risk-free interest rate 0.51%-1.90% 0.97%-2.07% 1.52%-3.94% Dividend yield 0% 0% 0% Expected volatility range 44.9% - 47.67%-72.98% 48.20%-56.00% Exercise multiple 2.20 N/A 2.80 Contractual life 10 years 10 years 10 years Fair market value per ordinary share as at US$9.41 US$9.53 - US$0.013-9.29 The Group recorded compensation costs using the straight-line method for employee award with only service condition, recorded compensation costs on a tranche-by-tranche basis for employee award with service condition and performance condition that has graded vesting schedule over the requisite service period and recorded compensation costs on a tranche-by-tranche basis, over the earlier of the derived service period or the requisite service period. The share option awards have a contractual life for ten years from the grant date and are exercisable after they vest. The following table summarizes the share option activities for the years ended December 31, 2020, 2021 and 2022: Number of options Weighted- exercise price Weighted- average grant date fair value Weighted average remaining contractual term Aggregate US$ per US$ per Years US$ Outstanding, January 1, 2020 2,403,799 1.5340 3.75 8.75 20,079 Granted 5,771,720 0.0002 26.75 — — Exercised (233,440 ) 0.0002 1.18 — — Forfeited (121,650 ) 0.0002 3.31 — — Outstanding, January 1, 2021 7,820,429 0.4717 21.28 9.10 176,963 Granted 361,843 0.0002 22.64 — — Exercised (425,407 ) 0.0002 2.56 — — Forfeited (150,529 ) 0.0002 8.51 — — Outstanding, January 1, 2022 7,606,336 0.4849 21.92 8.25 69,907 Granted 23,981,792 7.3877 0.66 — — Exercised (746,042 ) 0.0002 5.57 — — Forfeited (398,106 ) 1.6149 5.75 — — Cancelled (10,383,868 ) 13.3900 0.57 — — Outstanding, December 31, 2022 20,060,112 2.0527 8.43 8.93 19,280 Vested and expected to vest at December 31, 2022 20,060,112 2.0527 8.43 8.93 19,280 Exercisable at December 31, 2022 341,083 10.8097 8.17 5.21 979 The aggregate intrinsic value in the table above represents the difference between the exercise price of the awards and the fair value of the underlying ordinary shares at each reporting date for those awards that had an exercise price below the estimated fair value of the relevant ordinary shares. The aggregate fair values of the equity awards vested during the years ended December 31, 2020, 2021 and 2022 were RMB3,580, RMB21,207 and RMB23,816 (US$3,453), respectively. As of December 31, 2022, there was total unrecognized employee share-based compensation expense of RMB491,575 (US$71,272 ) Restricted shares units The Board granted restricted share units to one of the board members in June 2020. The Board determined vesting and other conditions of individual awards, which are subject to multiple service vesting periods. The restricted share units vest over a period of two years. The Group determined the fair value of the restricted share units using the grant date closing ADS price quoted on NASDAQ exchange. The Group recognized share-based compensation expenses using the straight-line method over the requisite service period, which is generally the vesting period of the restricted shares units. The restricted shares units are exercisable up to ten years from the grant date. The following table summarizes the restricted shares unit activities for the years ended December 31, 2020, 2021 and 2022: Number of shares Weighted- average grant date fair value Weighted average remaining contractual term Aggregate US$ per Years US$ Outstanding , — — — — Granted 4,848 24.35 — — Outstanding , 4,848 24.35 9.46 119 Vested (2,424 ) 24.35 — — Outstanding, December 31, 2021 2,424 24.35 8.46 36 Granted 47,985 2.36 — Vested (3,699 ) 24.35 — Outstanding, December 31, 2022 46,710 2.37 9.48 106 Vested and expected to vest at December 31, 2022 47,985 2.36 9.48 108 Restricted shares The following table summarizes the restricted share activities during the years ended December 31, 2020, 2021 and 2022: Number of shares Weighted average grant US$ per share Outstanding as of December 31, 2019 — Granted 743,955 8.74 Outstanding as of December 31, 2020 743,955 8.74 Vested (91,431 ) 8.92 Forfeited (38,672 ) 7.76 Outstanding as of December 31, 2021 613,852 8.79 Vested (237,963 ) 8.80 Forfeited (19,630 ) 8.98 Repurchased (105,251 ) 8.90 Outstanding as of December 31, 2022 251,008 8.71 Prior to the IPO, the Group used the discounted cash flow method to determine the underlying equity value of the Company and adopted the equity allocation model to determine the fair value of the restricted shares as of the dates of issuance. Upon completion of the IPO, the Group determined the fair value of the restricted share awards as the difference between the grant date closing ADS price quoted on NASDAQ exchange and the employees’ purchase price. The aggregate fair value of the restricted share awards granted during the years ended December 31, 2020 was RMB 42,540 . For the years ended December 31, 2020, 2021 and 2022, the Group recorded compensation expenses for the restricted shares of RMB 1,671 , RMB 15,899 and RMB 28,109 (US$ 4,075 ), respectively. Total share-based compensation expenses recognized for the years ended December 31, 2020, 2021 and 2022 were as follows: For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Cost of revenues 796 1,504 1,783 258 Research and development expenses 49,801 29,637 52,873 7,666 Selling and marketing expenses 3,457 9,612 8,525 1,236 General and administrative expenses 119,166 241,680 263,603 38,219 Total share-based compensation expenses 173,220 282,433 326,784 47,379 |
Treasury Stock
Treasury Stock | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Treasury Stock | 14 TREASURY STOCK Treasury stock account includes 106,014 ordinary shares repurchased from eligible employees under ESIP No. The Company repurchased 61,026 restricted shares from one of the Founder for RMB4,270 during the years ended December 31, 2021. The Company modified the award agreements with two senior management under ESIP No. 1 and ESIP No. 2, repurchased 163,877 restricted shares for RMB16,412 (US$2,380) in cash during the year ended December 31, 2022, which was accounted for as a modification of the original award. The Company recorded RMB4,984 (US$723) in treasury stock and the remaining amount of RMB11,428 (US$1,657) was treated as the incremental compensation cost and recorded in additional paid-in capital. In June 202 2 its treasury stock of RMB57,193 (US$8,555) treasury stock . The difference between the repurchase consideration fair value of the Company’s ordinary shares as of the repurchase date was RMB9,657 (US$1,445) and recorded as a debit to additional paid-in capital. The total number of shares repurchased wa wa the Company’s common stock, less a fixed discount, over the term of the ASR agreement. Repurchased stock is reserved for future issuance upon the exercise |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 15 INCOME TAXES PRC Effective from January 1, 2008, the PRC’s statutory, Enterprise Income Tax (“EIT”) rate is 25%. In accordance with the implementation rules of EIT Law, a qualified “High and New Technology Enterprise” (“HNTE”) is eligible for a preferential tax rate of 15%. The HNTE certificate is effective for a period of three years. An entity must file required supporting documents with the tax authority and ensure fulfillment of the relevant HNTE criteria before using the preferential rate. An entity could re-apply Guangzhou Burning Rock Dx Co., Ltd. was recognized as a qualified HNTE under the EIT Law by the relevant government authorities in December 20 22 Cayman Islands Under the current tax laws of the Cayman Islands, the Company is not subject to tax on income or capital gains. Besides, upon payment of dividends by the Company to its shareholders, no Cayman Islands withholding tax will be imposed. United States As a result of the United States tax law amendments, the federal statutory income tax rate for the subsidiary in the US was 21% for the year ended December 31, 2022. The subsidiary in the US operated its business in the states of California, Maryland, , 8.25 . Hong Kong Under the Hong Kong tax laws, the subsidiary in Hong Kong is subject to Hong Kong profits tax at a rate of 16.5% and it may be exempted from income tax on its foreign-derived income. There are no withholding taxes in Hong Kong on remittance of dividends. The Group’s loss before income taxes consists of: For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ PRC (366,634 ) (704,003 ) (892,612 ) (129,416 ) Non-PRC (40,601 ) (91,795 ) (76,636 ) (11,111 ) Total loss before income tax (407,235 ) (795,798 ) (969,248 ) (140,527 ) The current and deferred components of the income tax expense are as follows: For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Income tax expense - current tax — 899 1,985 288 Reconciliation between the income tax expenses computed by applying the statutory tax rate to loss before income tax and the actual provision for income tax is as follows: For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Loss before income tax (407,235 ) (795,798 ) (969,248 ) (140,527 ) Income tax benefits computed at PRC statutory rate (25%) (101,809 ) (198,950 ) (242,312 ) (35,132 ) Effect of tax rate differential 10,375 13,896 4,493 651 Research and development super-deduction (6,011 ) (9,897 ) (13,376 ) (1,939 ) Non-deductible 54,255 84,029 73,476 10,653 Non-taxable (872 ) (872 ) (575 ) (83 ) Expiration of Tax Attributes — — 6,540 948 Others — — 1,102 160 Changes in valuation allowance 44,062 112,693 172,637 25,030 Income tax expenses — 899 1,985 288 Deferred tax assets and liabilities Deferred taxes were measured using the enacted tax rates for the periods in which the temporary differences are expected to be reversed. The tax effects of temporary differences that give rise to the deferred tax balances as of December 31, 2021 and 2022 are as follows: For the years ended December 31, 2021 2022 RMB RMB US$ Deferred tax assets: Accruals and reserves 14,748 28,725 4,165 Net operating loss carried forward 98,015 182,191 26,415 Government grants — 99 14 Depreciation and amortization 681 4,160 604 Excessive education fee 625 593 86 Research and development expense carried forward 1,063 — — Capitalized research and development expense — 5,581 809 Timing difference of research and development expense recognition 154,017 215,026 31,176 Timing difference of revenue recognition — 1,161 168 Excessive donation expense carried forward 2,449 2,533 367 Operating lease liabilities 21,438 10,405 1,509 Gross deferred tax assets 293,036 450,474 65,313 Less: Valuation allowance (264,196 ) (436,833 ) (63,335 ) Total deferred tax assets 28,840 13,641 1,978 Deferred tax liabilities: Operating right of use assets (20,033 ) (13,075 ) (1,896 ) Depreciation and amortization (8,807 ) (566 ) (82 ) Total deferred tax liabilities (28,840 ) (13,641 ) (1,978 ) Net deferred tax assets — — — As of December 31, 2021 and 2022, the Group had net operating losses of RMB392,060 and RMB706,384 (US$102,416), respectively, mainly deriving from entities in the PRC. The tax losses in the PRC can be carried forward for five years to offset future taxable profit, and the period was extended to ten years for entities that qualify as a HNTE in 2018 and thereafter. The Company’s net operating losses are estimated to expire beginning Valuation allowances have been provided on the net deferred tax assets where, based on all available evidence, it was considered more likely than not that some portion or all of the recorded deferred tax assets will not be realized in future periods. Realization of the net deferred tax assets is dependent on factors including future reversals of existing taxable temporary differences and adequate future income, exclusive of reversing deductible temporary differences, tax planning and tax loss or credit carry forwards. The Group evaluates the potential realization of deferred tax assets on an entity-by-entity The Company did not recognize any deferred tax liabilities for temporary differences related to investment in foreign subsidiaries. Undistributed earnings of the Company’s Hong Kong subsidiary amounted to approximately RMB15,503 and RMB19,595 (US$2,841) on December 31, 2021 and 2022, respectively. The Hong Kong subsidiary is wholly owned by the Company’s Cayman holding company. Both entities are tax-exempt for distribution received from subsidiaries. In addition, the remaining investment in foreign subsidiaries have an accumulated deficit or can be recovered in a tax free manner. Unrecognized tax benefits As of December 31, 2021 and 2022, the Group had unrecognized tax benefits of nil and RMB1,901 (US$276), which were presented in the other non-current liabilities in the consolidated balance sheets. The Group’s unrecognized tax benefits for the years ended December 31, 2021 and 2022 were primarily related to the adjustment of transfer pricing. The Group does not expect the amount of unrecognized tax benefits would increase significantly in the next 12 months. As of December 31, 2021, and 2022, there were nil and RMB1,901 (US$276) of unrecognized tax benefits that if recognized would impact the annual effective tax rate. A reconciliation of the beginning and ending amount of unrecognized tax benefit is as follows: For the years ended December 31, 2021 2022 RMB RMB US$ Balance at January 1 — — — Additions based on tax positions related to current year — 1,901 276 Balance at December 31 — 1,901 276 The Company records interest and penalties as part of its income tax expense. The Group did not record any interest and penalties related to an uncertain tax position for the year ended December 31, 20 22. 7 2 |
Loss Per Share
Loss Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Loss Per Share | 16 LOSS PER SHARE Basic and diluted loss per share for the years ended December 31, 2020, 2021 and 2022 are calculated as follows: For the years ended December 31, 2020 2021 2022 Class A Class B Class A Class B Class A Class B RMB RMB RMB RMB RMB US$ RMB US$ Numerator: Net loss attributable to (304,440 ) (102,795 ) (664,244 ) (132,453 ) (809,298 ) (117,337 ) (161,935 ) (23,478 ) Accretion of convertible (48,359 ) (16,329 ) — — — — — — Net loss attributable to (352,799 ) (119,124 ) (664,244 ) (132,453 ) (809,298 ) (117,337 ) (161,935 ) (23,478 ) Denominator: Weighted-average number 51,313,708 17,324,848 87,556,581 17,324,848 87,005,610 87,005,610 17,324,848 17,324,848 Effect of unvested restricted (4,077 ) — (673,570 ) — (421,510 ) (421,510 ) — — Weighted-average number 51,309,631 17,324,848 86,883,011 17,324,848 86,584,100 86,584,100 17,324,848 17,324,848 Loss per share - basic and (6.88 ) (6.88 ) (7.65 ) (7.65 ) (9.35 ) (1.36 ) (9.35 ) (1.36 ) The Group applied the two-class 2020 , |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 17 RELATED PARTY TRANSACTIONS a) Related parties Name of related parties Relationship Yusheng Han Shareholder of a shareholder of the Company, Chief Executive Officer, director Shaokun Chuai Shareholder of a shareholder of the Company, Chief Scientific Officer, director EaSuMed Holding Ltd. Equity method investee Guangzhou Burning Rock Biological Engineering Co., Ltd. Company controlled by the Founder b) The Group had the following related party transactions: For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Service received from: EaSuMed Holding Ltd. 770 2,195 201 29 Rental income from: Guangzhou Burning Rock Biological Engineering Co., Ltd. (iii) — 187 — — Equipment usage service income from: Guangzhou Burning Rock Biological Engineering Co., Ltd. (iv) — 441 — — Interest income from: Yusheng Han (i) 176 — — — Shaokun Chuai (ii) 295 — — — 471 — — — (i) On March 29, 2019, the Group entered into a loan agreement with Yusheng Han with a principal amount of US$5,500 at the simple rate of 4.5% per annum. The loan was fully repaid in February and March 2020. (ii) On March 28, 2019, the Group entered into a loan agreement with Shaokun Chuai with a principal amount of US$2,500 at the simple rate of 4.5% per annum. The loan was fully repaid in May 2020. (iii) On April 1, 2021, the Group entered into a one-year (iv) On April 1, 2021, the Group entered into a contract provide equipment usage service to with a total contract 2021. The contract was early |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 18 COMMITMENTS AND CONTINGENCIES Short-term operating lease commitments The Group had short-term operating lease commitments for certain office of RMB1,930 ( Contingencies The Group is currently not involved in any legal or administrative proceedings that may have a material adverse impact on the Group’s business, financial position or results of operations. |
Restricted Net Assets
Restricted Net Assets | 12 Months Ended |
Dec. 31, 2022 | |
Restricted Net Assets [Abstract] | |
Restricted Net Assets | 19 RESTRICTED N E The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiary, the VIE and subsidiary of the VIE. Relevant PRC statutory laws and regulations permit payments of dividends by the Company’s PRC subsidiaries, the VIE and subsidiary of the VIE only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s subsidiaries, the VIE and VIE’s subsidiaries. In accordance with the Regulations on Enterprises with Foreign Investment of China and the articles of association of the Company’s PRC subsidiary, a foreign-invested enterprise established in the PRC is required to provide certain statutory reserves, namely the general reserve fund, enterprise expansion fund and staff welfare and bonus fund, all of which are appropriated from net profit as reported in its PRC statutory accounts. A foreign-invested enterprise is required to allocate at least 10% of its annual after tax profit to the general reserve fund until such reserve has reached 50% of its registered capital based on the enterprise’s PRC statutory accounts. Appropriations to the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the board of directors for all foreign-invested enterprises. These reserves can only be used for specific purposes and are not distributable as cash dividends. The WFOE was established as a foreign-invested enterprise and, therefore, is subject to the above mandated restrictions on distributable profits. No appropriations were made to statutory reserves by the WFOE during all periods presented due to losses incurred. Additionally, in accordance with the Company Law of the PRC, a domestic enterprise is required to provide statutory surplus fund at least 10% of its annual after-tax Foreign exchange and other regulations in the PRC may further restrict the Group’s VIE from transferring funds to the Company in the form of dividends, loans and advances. Amounts restricted include paid-in of |
Condensed Financial Information
Condensed Financial Information of the Parent Company | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information of the Parent Company | 20 CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY For the presentation of the parent company only condensed financial information, the Company records its investments in subsidiaries and VIE under the equity method of accounting as prescribed in ASC 323, Investments—Equity Method and Joint Ventures The subsidiaries did not pay any dividends to the Company for the years presented. The Company does not have significant commitments or long-term obligations as of the year end other than those presented. The parent company only financial statements should be read in conjunction with the Company’s consolidated financial statements. Condensed Balance Sheets As of December 31, 2021 2022 RMB RMB US$ ASSETS Current assets: Cash and cash equivalents 25,307 71,858 10,418 Restricted cash 7,794 2,120 307 Inter-company receivables 2,929,351 3,057,703 443,325 Prepayments and other current assets 660 121 18 Total current assets 2,963,112 3,131,802 454,068 Non-current assets: Equity method investment 910 690 100 Property and equipment, net 1,778 1,278 185 Total non-current assets 2,688 1,968 285 Total assets 2,965,800 3,133,770 454,353 LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ (DEFICIT) EQUITY Current liabilities: Inter-company payables 1,116,373 1,964,454 284,819 Accrued liabilities and other current liabilities 4,116 10,975 1,590 Total current liabilities 1,120,489 1,975,429 286,409 Total liabilities 1,120,489 1,975,429 286,409 As of December 31, 2021 2022 RMB RMB US$ LIABILITIES AND SHAREHOLDERS’ EQUITY (CONTINUED) Shareholders’ equity: Class A ordinary shares (par value of US$0.0002 per share; 230,000,000 shares authorized; 87,784,001 and 85,318,596 shares issued and outstanding as of December 31, 2021 and 2022) 116 117 17 Class B ordinary shares (par value of US$0.0002 per share; 20,000,000 and 20,000,000 shares authorized; 17,324,848 and 17,324,848 shares issued and outstanding as of December 31, 2021 and 2022) 21 21 3 Treasury stock — (58,919 ) (8,542 ) Additional paid-in capital 4,280,956 4,582,790 664,442 Accumulated deficits (2,228,713 ) (3,199,946 ) (463,949 ) Accumulated other comprehensive loss (207,069 ) (165,722 ) (24,027 ) Total shareholders’ equity 1,845,311 1,158,341 167,944 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 2,965,800 3,133,770 454,353 Condensed Statements of Comprehensive Loss For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Revenues — — — — Cost of revenues — — — — Gross profit — — — — Operating expenses: General and administrative expenses (33,530 ) (48,566 ) (31,041 ) (4,501 ) Share of losses in subsidiaries, the VIE and the VIE’s subsidiaries (378,255 ) (750,015 ) (943,534 ) (136,800 ) Total operating expenses (411,785 ) (798,581 ) (974,575 ) (141,301 ) Loss from operations (411,785 ) (798,581 ) (974,575 ) (141,299 ) Interest income 1,318 2,365 3,636 527 Other expense, net (271 ) (481 ) (294 ) (43 ) Change in fair value of warrant liability 3,503 Loss before income taxes (407,235 ) (796,697 ) (971,233 ) (140,815 ) Income tax expenses — — — — Net loss (407,235 ) (796,697 ) (971,233 ) (140,815 ) Net loss attributable to Burning Rock Biotech Limited’s shareholders (407,235 ) (796,697 ) (971,233 ) (140,815 ) Accretion of convertible preferred shares (64,688 ) — — — Net loss attributable to ordinary share holders (471,923 ) (796,697 ) (971,233 ) (140,815 ) Other comprehensive (loss) income, net of tax of nil: — — — — Foreign currency translation adjustments (176,888 ) (39,480 ) 41,347 5,995 Total Comprehensive loss (584,123 ) (836,177 ) (929,886 ) (134,820 ) Condensed Statements of Cash Flows For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Net cash (used in) generated from operating activities 59,605 (51,411 ) (19,357 ) (2,807 ) Net cash used in investing activities (814,967 ) (1,179,603 ) 125,576 18,207 Net cash generated from financing activities 2,128,705 — (66,850 ) (9,692 ) Effect of exchange rate changes (131,185 ) (484 ) 1,508 218 Net (decrease) increase in cash and cash equivalents 1,242,158 (1,231,498 ) 40,877 5,926 Cash and cash equivalents at the beginning of year 22,441 1,264,599 33,101 4,799 Cash and cash equivalents at the end of year 1,264,599 33,101 73,978 10,725 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). |
Principles of consolidation | Principles of consolidation The consolidated financial statements of the Group include the financial statements of the Company, its subsidiaries, the VIE and the VIE’s subsidiaries for which the Company is the primary beneficiary of the VIE. All significant intercompany balances and transactions have been eliminated upon consolidation. |
Use of estimates | Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the balance sheet dates and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in the Group’s consolidated financial statements include, but are not limited to, allowance for credit loss, inventory provision, standalone selling prices of performance obligations, impairment of long-lived assets, the fair value of share-based awards, percentage of completion for research and developments service contracts and breakage income from central laboratory business. Management bases the estimates on historical experience and various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could materially differ from those estimates. |
Foreign currency translation | Foreign currency translation The functional currency of the Company and BR Hong Kong Limited is US$. The functional currency of the Company’s PRC subsidiaries, the VIE and the VIE’s subsidiaries is RMB. The determination of the respective functional currency is based on the criteria stated in ASC 830, Foreign Currency Matters Transactions denominated in foreign currencies are remeasured into the functional currency at the exchange rates quoted by the People’s Bank of China (the “PBOC”) prevailing on the transaction dates. Monetary assets and liabilities denominated in foreign currencies are re-measured Non-monetary re-measured Assets and liabilities are translated at the exchange rates at the balance sheet date, equity accounts are translated at historical exchange rates and revenues, expenses, gains and losses are translated using the average rate for the year. Translation adjustments are reported as accumulated comprehensive (loss) income and are shown as a separate component of other comprehensive loss in the consolidated statements of comprehensive loss. |
Convenience translation | Convenience translation Translations of amounts from RMB into US$ for the convenience of the reader have been calculated at the exchange rate of RMB6.8972 per US$1.00 on December 31, 2022, as published on the website of the United States Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at such rate or at any other rate. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents primarily consist of cash and demand deposits which are highly liquid. The Group considers highly liquid investments that are readily convertible to known amounts of cash and with original maturities from the date of purchase of three months or less to be cash equivalents. All cash and cash equivalents are unrestricted as to withdrawal and use. |
Restricted cash | Restricted cash Restricted cash primarily represents deposits required by the Group’s commercial banks. The Group presents restricted cash within the ending cash, cash equivalents and restricted cash balance on the consolidated statements of cash flows for all periods presented. |
Accounts receivable, contract assets and allowance for credit losses | Accounts receivable, contract assets and allowance for credit losses The Group recognizes contract assets when it satisfies its performance obligations before the customer pays consideration or before payment is due. The Group transfers contract assets to “accounts receivable” when its right to payment becomes unconditional. Prior to adopting ASC 326, accounts receivable was carried at net realizable value. The Group recorded allowance for doubtful accounts when collection was no longer probable. The Group considered specific evidence when evaluating the collectability of accounts receivables, including the aging of the receivable, customer payment history, customer’s credit worthiness and other factors. Accounts receivable were written off when management determined a balance would be uncollectable after all collection efforts have ceased. Upon adoption of ASC326, the |
Inventories | Inventories Inventories consist of raw materials, work in progress and finished goods which are stated at the lower of cost and net realizable value. Cost of inventories is determined using the weighted average cost method. Adjustments to reduce the cost of inventory to its net realizable value are made, if required, for decreases in sales price, obsolescence, or similar reductions in the estimated net realizable value, and are recorded in cost of sales. |
Investment | Investments The Group’s investments consist of short-term investments, equity method investment and convertible note receivables. The classification of an investment is determined based on the nature of the investment, the Group’s ability and intent to hold the investment, and the degree to which the Group may exercise influence over the investee. The Group’s short-term investments comprise primarily of cash deposits at fixed rates with original maturities of greater than 3 months, but less than 12 months. Equity method investment represent investment of 20.29% equity interest in EaSuMed Holding Ltd. for US$363. The Group exercised significant influence over the investee with its one seat on the board of directors and accounted for its investment under the equity method. The Group recognized losses from equity method investment of RMB275, RMB483 and RMB294 (US$43) for the years ended December 31, 2020, 2021 and 2022, respectively. No impairment loss was recognized for the years presented. In June 2022, the Group extended a three-year RMB loan to a private biotech company with interest of the note was . The Group can convert the loan principal into equity if the borrower completes a qualified equity financing at any point during the term of the loan. The conversion price will be identical to investors in the subsequent equity financing. The Group elected fair value option method of accounting for the convertible note receivable under ASC 825. Accordingly, the Group remeasures the convertible note receivable on a recurring basis, with fair value changes recorded in other (expense) income, net. During the years ended December 31, 2022, the Group recorded gains of RM |
Fair value measurements | Fair value measurements The Group applies ASC 820, Fair Value Measurements and Disclosures Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2—Includes other inputs that are directly or indirectly observable in the marketplace. Level 3—Unobservable inputs which are supported by little or no market activity. ASC 820 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach; and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. The Group holds convertible note receivable issued by a private biotech company. The Group has elected the fair value option method of accounting for the convertible notes. Accordingly, the convertible note receivable was remeasured at fair value on a recurring basis using Level 3 inputs. The carrying amounts of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, contract assets, accounts payable and short-term borrowings approximate their fair values because of their generally short maturities. The carrying amounts of other non-current bea non-recurring |
Property and equipment, net | Property and equipment, net Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows: Category Estimated Useful Life Machinery and laboratory equipment 5 years Vehicles 6 years Furniture and tools 5 years Electronic equipment 3 years Leasehold improvements Lesser of lease terms or estimated useful lives of the assets Repair and maintenance costs are charged to expense as incurred, whereas the cost of renewals and betterments that extend the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation accounts with any resulting gain or loss reflected in the consolidated statements of comprehensive loss. Direct costs that are related to the construction of property and equipment and incurred in connection with bringing the assets to their intended use are capitalized as construction in progress. Construction in progress is transferred to specific property and equipment, and the depreciation of these assets commences when the assets are ready for their intended use. Repair and maintenance costs are charged to expense as incurred, whereas the cost of renewals and betterments that extend the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation accounts with any resulting gain or loss reflected in the consolidated statements of comprehensive loss. Direct costs that are related to the construction of property and equipment and incurred in connection with bringing the assets to their intended use are capitalized as construction in progress. Construction in progress is transferred to specific property and equipment, and the depreciation of these assets commences when the assets are ready for their intended use. |
Intangible assets, net | Intangible assets, net Intangible assets are carried at cost less accumulated amortization and any recorded impairment. Intangible assets with finite useful lives are amortized using a straight-line method of amortization that reflects the estimated pattern in which the economic benefits of the intangible asset are to be consumed. The estimated useful life for the intangible assets is as follows: Category Estimated Useful Life Computer software 3 years The Group does not have any indefinite-lived intangible assets. |
Impairment of long-lived assets | Impairment of long-lived assets The Group evaluates the recoverability of its long-lived assets, including fixed assets and intangible assets with finite lives, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. When these events occur, the Group measures impairment by comparing the carrying amount of the assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the assets, the Group recognizes an impairment loss based on the excess of the carrying amount of the assets over their fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the assets, when the market prices are not readily available. The adjusted carrying amount of the assets is the new cost basis and is depreciated over the assets’ remaining useful lives. Long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. No impairment loss was recorded for the years ended December 31, 2020, 2021 and 2022. |
Segment reporting | Segment reporting In accordance with ASC 280, Segment Reporting. The Group’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer. The Group’s CODM evaluates segment performance based on revenues and gross profit by the operating segments of central laboratory business, in-hospital |
Revenue recognition | Revenue recognition The Group derives revenues from its central laboratory business, in-hospital Revenue from central laboratory business Revenue from central laboratory business is primarily generated through the sales of the Group’s cancer therapy selection test, to individual patient customers. The individual patient prepays the consideration in full and the transaction price for each contract is fixed at contract inception. The patient can choose to purchase a single cancer therapy selection test, as a package which consisting of multiple cancer therapy selection tests of the same type or a combination of different types of cancer therapy selection tests. Each cancer therapy selection test represents a single performance obligation. Revenue is allocated to each performance obligation based on the relative standalone selling price method. The Group records revenue at a point in time, when each cancer therapy selection testing report is delivered to the patient. The Group launched cancer therapy selection testing packages (“Monitoring Packages”) in 2017. Each monitoring package contains 12,015 (US$1,742). Revenue from in-hospital Revenue from in-hospital in-hospital The Group records revenue on the sales of reagent kits at a point in time when the reagent kits are delivered to the hospital. For the facilitation services, the Group purchases the laboratory equipment from third-party suppliers when the hospital submits purchase request and resells the laboratory equipment to the hospital. The Group acts as an agent in facilitating laboratory equipment sales as it does not control the laboratory equipment prior to its delivery to the hospitals and does not have inventory risks. The facilitation services for each piece of laboratory equipment represents a single performance obligation. The Group records revenue on a net basis at the point in time when the Group has completed its facilitation services. Revenue from pharma research and development services The Group provides pharma research and development services to pharmaceutical companies for developing new targeted therapies and immunotherapies on various types of cancers and to hospitals for their studies on cancer diagnosis and treatment. The pharma research and development services include a range of cancer therapy selection testing services, analytical validation services and project management services. The Group will deliver an analysis report upon the completion of services. The testing services, analytical validation services and project management services are not distinct within the context of the contract because the Group is using these services as inputs to produce the analysis report. The Group recognizes services revenue over the period in which these services are provided because the Group does not create an asset with alternative use to the Group and the Group has an enforceable right to payment for the performance completed to date. The Group recognizes revenue using an output method to measure progress that utilizes cancer therapy selection testing performed to date as its measure of progress. The Group also provides companion diagnostics development service to pharmaceutical companies. The Group recognizes revenue using an input method to measure progress for these arrangements. The Group determined the pattern of revenue recognition over time would most faithfully represent the economic value of the companion diagnostics services being provided based on the external costs incurred over the term of the development and clinical validation phases of the project. Pharmaceutical companies may also separately engage the Group to perform multiple cancer therapy selection tests without an analysis of the test results. Each therapy selection test is capable of being distinct and separately identifiable from other promises in the contracts and therefore, represent distinct performance obligations. Revenue is allocated to each cancer therapy selection test using a relative standalone selling price basis. The Group records revenue at a point in time, when each cancer therapy selection test result is delivered to the pharmaceutical companies and hospitals. Contract assets and liabilities Contract assets decreased RMB634 (US$92) compared to the years ended December 31, 2021 because the Group has an unconditional right to bill customers only upon delivery of all reagent kits and the Group did not deliver all the reagent kits in certain revenue arrangements with hospitals as of December 31, 2022. The Group recorded an impairment on contract assets of RMB The Group records a contract liability, which is presented as “deferred revenue” on the consolidated balance sheets when a customer pays consideration before the Group provides products or services. Deferred revenue increased RMB4,762 (US$690) compared to the year ended December 31, 2022 as a result of the increase in payments from the Group’s customers due to the business expansion. The Group receives payments from customers based on the billing schedule established in their contracts. Revenue recognized that was included in deferred revenue balance at the beginning of the period was The transaction prices allocated to the remaining performance obligations (unsatisfied or partially satisfied) as of December 31, 2021 and December 31, 2022 were RMB257,601 and RMB393,803 (US$57,096), respectively. RMB252,439 . Value added taxes and related surcharges The Group is subject to value added tax (the “VAT”) that is imposed on and concurrent with the revenues earned for services provided in the PRC. The Group’s applicable value added tax rate is 6% or 13%. The Group excludes VAT from the measurement of transaction price because the Group is collecting the VAT on behalf of tax authorities. The Group is also subject to surcharges on VAT payments in accordance with PRC law, which is recorded as cost of revenue. Surcharges are recorded when incurred because they are not imposed on and concurrent with a specific revenue arrangement and were immaterial for the years ended December 31, 2020, 2021 and 2022, respectively. |
Research and development expenses | Research and development expenses Research and development expenses include external and internal expenses. External expenses include clinical and non-clinical |
Government subsidies | Government subsidies Government subsidies primarily consist of financial subsidies received from provincial and local governments for operating a business in their jurisdictions and compliance with specific policies promoted by the local governments. The government subsidies with certain operating conditions are recorded as liabilities when received and will be recorded as a reduction of the related expense when the conditions are met. The government subsidies with no further conditions to be met are recorded as other income when received. Where the grant relates to an asset, it is recognized as deferred government grant and released to the consolidated statements of comprehensive loss in equal amounts over the expected useful life of the related asset as a reduction of the related expense. In 2022, government assistances received by the Group were in the form of cash and primarily to support one of the Group’s research and development programs and interest paid loans. Government subsidies received were and interest expenses the s of received prior to conditions being met ) (2021: nil was (2021: RMB1,871, 2020: RMB1,912) and RMB149 (US$22) was recorded as a reduction of interest expenses (2021: RMB100, 2020: RMB3,000). |
Leases | Leases The Group leases office space, employee dormitories and equipment. The Group’s offices and facility leases generally have lease terms between 4 months to 6 years. The Group’s lease agreements are with fixed lease payments and do not contain variable lease payments or material residual value guarantees. The Group’s leases do not contain restrictions or covenants that restrict the Group from incurring other financial obligation. Prior to adopting ASC 842, the Group classified leases at the inception date as either a capital lease or an operating lease. The Group assessed a lease to be a capital lease if any of the following conditions existed: a) ownership is transferred to the lessee by the end of the lease term, b) there is a bargain purchase option, c) the lease term is at least 75% of the property’s estimated remaining economic life or d) the present value of the minimum lease payments at the beginning of the lease term is 90% or more of the fair value of the leased property to the lessor at the inception date. A capital lease was accounted for as if there was an acquisition of an asset and an incurrence of an obligation at the inception of the lease. Upon adoption of ASC 842 on January 1, 2021, the Group (as the lessee) classifies its leases as operating or financing lease at inception in accordance with the recognition criteria in ASC 842-20-25-2. The Group classifies a lease as a finance lease if the lease meets any one of the following criteria: a) the leases transfers ownership of the underlying asset to the lessee by the end of the lease term, b) the leases grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise, c) the lease term is for a major part of the remaining economic life of the underlying asset, d) the present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already included in the lease payments equals or exceeds substantially all of the fair value of the underlying asset or e) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. The Group classifies a lease as an operating lease when it does not meet any one of these criteria. The Group’s lease portfolio consists entirely of operating leases as of December 31, 2022. For finance leases, right-of-use assets are included in property and equipment in the consolidated balance sheets. The Group recognizes finance lease liabilities using the implicit rate when readily determinable at the commencement dates in determining the present value of lease payments. At the commencement date of an operating lease, the Group recognizes a right-of-use When the Group enters into sale and leaseback transactions as a lessee, it first assesses whether the effectively transferred the underlying asset using the guidance in ASC 606. If the Group transfers the control of the leased asset to the buyer-lessor, the Group accounts for the sale of the underlying asset in accordance with ASC606. The subsequent leaseback of the asset is accounted for in accordance with ASC842 in the same manner as any other lease. If the seller-lessee does not transfer the control of the leased asset to the buyer-lessor, the asset is not derecognized and the Group accounts for the transaction as a financing arrangement. |
Comprehensive loss | Comprehensive loss Comprehensive loss is defined as the changes in equity of the Group during a period from transactions and other events and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders. Accumulated other comprehensive (loss) income of the Group includes foreign currency translation adjustments related to the Group and its overseas subsidiaries, whose functional currency is US$. |
Income taxes | Income taxes The Group follows the liability method of accounting for income taxes in accordance with ASC 740, Income Taxes The Group evaluates its uncertain tax positions using the provisions of ASC 740, which prescribes a recognition threshold that a tax position is required to meet before being recognized in the consolidated financial statements. The Group recognizes in the consolidated financial statements the benefit of a tax position which is “more likely than not” to be sustained under examination based solely on the technical merits of the position assuming a review by tax authorities having all relevant information. Tax positions that meet the recognition threshold are measured using a cumulative probability approach, at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. It is the Group’s policy to recognize interest and penalties related to unrecognized tax benefits, if any, as a component of income tax expenses. Income taxes The Group follows the liability method of accounting for income taxes in accordance with ASC 740, Income Taxes The Group evaluates its uncertain tax positions using the provisions of ASC 740, which prescribes a recognition threshold that a tax position is required to meet before being recognized in the consolidated financial statements. The Group recognizes in the consolidated financial statements the benefit of a tax position which is “more likely than not” to be sustained under examination based solely on the technical merits of the position assuming a review by tax authorities having all relevant information. Tax positions that meet the recognition threshold are measured using a cumulative probability approach, at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. It is the Group’s policy to recognize interest and penalties related to unrecognized tax benefits, if any, as a component of income tax expenses. |
Share-based compensation | Share-based compensation The Group applies ASC 718, Compensation — Stock Compensation paid-in tranche-by-tranche paid-in No. 2016-09 Compensation-Stock Compensation (Topic 718): Improvement to Employee Share-based Payment Accounting (“ASU 2016-09”) Modification, replacements or cancellation of awards A change in any of the terms or conditions of the awards, or cancellation of a share-based award accompanied by the concurrent grant of a replacement award is accounted for as a modification of the award. Incremental compensation cost is measured as the excess, if any, of the fair value of the modified award over the fair value of the original award immediately before its terms are modified, measured based on the fair value of the awards and other pertinent factors at the modification date. The Group recognizes over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date. |
Loss per share | Loss per share In accordance with ASC 260, Earnings Per Share two-class two-class if-converted two-class d |
Treasury stock policy | Treasury stock The Company accounts for treasury stock using the cost method. Under this method, the cost incurred to purchase the shares is recorded in “Treasury stock” on the consolidated balance sheets. At retirement of the treasury stock, the ordinary shares account is charged only for the aggregate par value of the shares. The excess of the acquisition cost of treasury stock over the aggregate par value is charged to retained earnings. |
Employee defined contribution plan | Employee defined contribution plan As stipulated by the regulations of the PRC, full-time employees of the Group are entitled to staff welfare benefits including medical care, welfare subsidies, unemployment insurance and pension benefits through a PRC government-mandated multi-employer defined contribution plan. The Group is required to accrue for these benefits based on certain percentages of the qualified employees’ salaries. The Group is required to make contributions to the plans out of the amounts accrued. The PRC government is responsible for the medical benefits and the pension liability to be paid to these employees and the Group’s obligations are limited to the amounts contributed. The Group has no further payment obligations once the contributions have been paid. The Group recorded employee benefit expenses of RMB28,232, RMB70,036 and RMB88,293 (US$12,801) for the years ended December 31, 2020, 2021 and 2022, respectively. |
Modification of redeemable convertible preferred shares | Modification of redeemable convertible preferred shares The Group assesses whether an amendment to the terms of its redeemable convertible preferred shares is an extinguishment or a modification using the fair value model. If the fair value of the redeemable convertible preferred shares immediately after the amendment changes by more than ten percent from the fair value of the redeemable convertible preferred shares immediately before the amendment, the amendment is considered an extinguishment. An amendment that does not meet this criterion is a modification. When redeemable convertible preferred shares are extinguished, the difference between the fair value of the consideration transferred to the redeemable convertible preferred shareholders and the carrying amount of the redeemable convertible preferred shares (net of issuance costs) is treated as a deemed dividend to the redeemable convertible preferred shareholders. When redeemable convertible preferred shares are modified, the increase of the fair value immediately after the amendment is treated as a deemed dividend to the redeemable convertible preferred shareholders. Modifications that result in a decrease in the fair value of the redeemable convertible preferred shares are not recognized. |
Concentration of risks | Concentration of risks Concentration of credit risk As of December 31, 2022, the Group had RMB925,268 (US$134,151) cash and cash equivalents and . In the event of bankruptcy of one of the financial institutions in which the Group has deposits as of December 31, 2022, all deposits have been transferred to other reputable financial Account receivables are typically unsecured and denominated in RMB and are derived from revenues earned from reputable customers. As of December 31, 2020 and 2021, the Group had two and one customers with a receivable balance exceeding 10% of the total accounts receivable balance, respectively. As of December 31, 2022, the Group had one customer with a receivable balance exceeding 10% of the total accounts receivable balance. The Group manages credit risk of accounts receivable through ongoing monitoring of the outstanding balances. Concentration of suppliers A significant portion of the Group’s equipment and raw materials were purchased from its two suppliers, who collectively accounted for 57%, 44% and 50% of the Group’s total equipment and raw materials purchases for the years ended December 31, 2020, 2021 and 2022, respectively. Business and economic risk The Group believes that changes in any of the following areas could have a material adverse effect on the Group’s future consolidated financial position, results of operations or cash flows: changes in the overall demand for services; competitive pressures due to new entrants; advances and new trends in new technologies and industry standards; changes in certain strategic relationships; regulatory considerations and risks associated with the Group’s ability to attract employees necessary to support its growth. The Group’s operations could also be adversely affected by significant political, regulatory, economic and social uncertainties in the PRC. Currency convertibility risk Substantially all of the Group’s businesses are transacted in RMB, which is not freely convertible into foreign currencies. On January 1, 1994, the PRC government abolished the dual rate system and introduced a single rate of exchange as quoted daily by the People’s Bank of China (the “PBOC”). However, the unification of the exchange rates does not imply that the RMB may be readily convertible into US$ or other foreign currencies. All foreign exchange transactions continue to take place either through the PBOC or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the PBOC. Approval of foreign currency payments by the PBOC or other institutions requires submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts. Foreign currency exchange rate risk From July 21, 2005, the RMB is permitted to fluctuate within a narrow and managed band against a basket of certain foreign currencies. For US$ against RMB, there was depreciation of approximately 6.3%, appreciation of approximately 8.2 % The functional currency and the reporting currency of the Company are the US$ and the RMB, respectively. Most of the revenues and costs of the Group are denominated in RMB, while a portion of cash and cash equivalents are denominated in US$. It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between the Renminbi and the US$ in the future. Any significant fluctuation of the valuation of RMB may materially affect the Group’s cash flows, revenues, earnings and financial position, and the value of any dividends payable on the ADS in US$. |
Reverse share split | Reverse share split On January 30, 2020, the Company’s board of directors and shareholders approved an amended and restated memorandum and articles of association of the Company to effect a reverse split of shares of all issued and unissued shares of the Company (including stock options issued or issuable to employees and directors) as well as issued and outstanding Preferred Shares, on a 2-for-1 |
Recently issued accounting pronouncements | Recently issued accounting pronouncements New accounting standards which have been adopted In November 2021, the FASB issued ASU 2021-10, New accounting standards which have not yet been adopted In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of subsidiaries, VIE and VIE's subsidiaries | As of December 31, 2022, the Company’s principal subsidiaries, VIE and VIE’s subsidiaries are as follows: Entity Date of incorporation Place of incorporation Percentage of legal ownership by the Company Principal Subsidiaries BR Hong Kong Limited April 1, 2014 Hong Kong 100 % Investment holding Beijing Burning Rock Biotech Co., Ltd. (the “WFOE”) June 13, 2014 PRC 100 % Trading Burning Rock Biotechnology (Shanghai) Co., Ltd. July 4, 2016 PRC 100 % Research and development Burning Rock Dx LLC August 28, 2019 United States 100 % Cancer therapy selection test VIE Burning Rock (Beijing) Biotechnology Co., Ltd. January 7, 2014 PRC Nil Holding VIE’s subsidiaries Guangzhou Burning Rock Dx Co., Ltd. March 18, 2014 PRC Nil Cancer therapy selection test and sales of reagent kits Guangzhou Burning Rock Medical Equipment Co., Ltd. January 6, 2015 PRC Nil Facilitation of laboratory |
Summary of financial information of VIE and VIE's subsidiaries | The following table sets forth the assets and liabilities of the VIE and subsidiaries of the VIE included in the Group’s consolidated balance sheets: As of December 31, 2021 2022 RMB RMB US$ Cash and cash equivalents 185,850 376,735 54,621 Restricted cash — 10,277 1,490 Accounts receivable (net of allowances of RMB38,922 and RMB45,647 (US$6,618) as of December 31, 2021 and 2022, respectively) 92,197 109,948 15,941 Contract assets (net of allowances of RMB14,478 and RMB35,770 (US$5,186) as of December 31, 2021 and 2022, respectively) 42,391 41,757 6,054 Inter-company receivables* 75,560 245,391 35,578 Inventories 119,257 114,340 16,577 Prepayments and other current assets 40,957 19,215 2,787 Total current assets 556,212 917,663 133,048 Property and equipment, net 42,623 59,465 8,621 Intangible assets, net 633 161 23 Other non-current 8,346 10,165 1,474 Operating right-of-use 51,630 28,805 4,176 Total non-current 103,232 98,596 14,294 TOTAL ASSETS 659,444 1,016,259 147,342 Accounts payable 27,102 10,139 1,470 Deferred revenue 133,489 145,117 21,040 Inter-company payables* 897,633 1,601,116 232,140 Accrued liabilities and other current liabilities 89,976 107,240 15,547 Customer deposits 972 1,803 261 Short-term borrowings 2,370 — — Current portion of operating lease liabilities 25,692 25,953 3,763 Total current liabilities 1,177,234 1,891,368 274,221 Other non-current 8,563 1,901 276 Non-current 29,669 4,640 673 Total non-current 38,232 6,541 949 TOTAL LIABILITIES 1,215,466 1,897,909 275,170 * Inter-company receivables/payables represent balances of VIE and subsidiaries of the VIE due from/to the Company and the Group’s consolidated subsidiaries. |
Summary of operations and comprehensive loss statements of VIE and VIE's subsidiaries | The table sets forth the results of operations of the VIE and subsidiaries of the VIE included in the Group’s consolidated statements of comprehensive loss: For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Revenues 432,142 526,071 557,667 80,854 Net loss (244,765 ) (508,803 ) (605,934 ) (87,852 ) |
Summary of cash flow statement of VIE and VIE's subsidiaries | The table sets forth the cash flows of the VIE and subsidiaries of the VIE included in the Group’s consolidated statements of cash flows: For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Net cash generated from (used in) operating activities 158,563 (257,506 ) (139,381 ) (20,208 ) Net cash used in investing activities (9,795 ) (11,265 ) (37,088 ) (5,377 ) Net cash (used in) generated from financing activities (30,880 ) 304,623 377,630 54,751 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Property and Equipment Estimated Useful Lives | Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows: Category Estimated Useful Life Machinery and laboratory equipment 5 years Vehicles 6 years Furniture and tools 5 years Electronic equipment 3 years Leasehold improvements Lesser of lease terms or estimated useful lives of the assets |
Summary of Intangible Assets Estimated Useful Livess | Category Estimated Useful Life Computer software 3 years |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Summary of Segment Reporting Information | Summarized information by segments for the years ended December 31, 2020, 2021 and 2022 is as follows: For the year ended December 31, 2020 Central In- Pharma Total RMB RMB RMB RMB Revenues: Revenues from services 297,342 (847 ) 14,689 311,184 Revenues from sales of products — 118,719 — 118,719 Total revenues 297,342 117,872 14,689 429,903 Cost of revenues: (73,960 ) (35,849 ) (6,172 ) (115,981 ) Gross profit 223,382 82,023 8,517 313,922 For the year ended December 31, 2021 Central In-hospital Pharma Total RMB RMB RMB RMB Revenues: Revenues from services 319,353 (281 ) 23,393 342,465 Revenues from sales of products — 165,397 — 165,397 Total revenues 319,353 165,116 23,393 507,862 Cost of revenues: (81,088 ) (50,315 ) (12,313 ) (143,716 ) Gross profit 238,265 114,801 11,080 364,146 For the year ended December 31, 2022 Central at In-hospital Pharma Total RMB RMB RMB RMB US$ Revenues: Revenues from services 314,770 3,606 73,172 391,548 56,769 Revenues from sales of products — 171,690 — 171,690 24,893 Total revenues 314,770 175,296 73,172 563,238 81,662 Cost of revenues: (82,123 ) (63,296 ) (37,780 ) (183,199 ) (26,561 ) Gross profit 232,647 112,000 35,392 380,039 55,101 |
Summary of Total Long Lived Assets By Geographical Location | The analysis of the total long-lived assets excluding equity method investment, long-term investments, deferred tax assets and intangible assets by country was as follows: As of December 31, 2021 2022 RMB RMB US$ PRC 405,544 286,797 41,582 United States 46,037 34,127 4,948 451,581 320,924 46,530 |
Summary Of Revenues By Geographic Area | Total revenues by geographic area are presented as follows: For the year ended December 31, 2020 2021 2022 RMB RMB RMB US$ PRC 429,903 504,052 553,304 80,222 United States — 3,810 9,934 1,440 429,903 507,862 563,238 81,662 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Summary of Account Receivable | As of December 31, 2021 2022 RMB RMB US$ Accounts receivable 131,363 152,868 22,164 Allowance for credit losses (39,166 ) (42,914 ) (6,222 ) 92,197 109,954 15,942 |
Summary of Movement in the Allowances for Doubtful Accounts | The movements in the allowances for doubtful accounts and credit losses were as follows: As of December 31, 2020 2021 2022 RMB RMB RMB US$ Balance at the beginning of the year 13,112 24,215 39,166 5,679 Adoption of ASC 326 — 11,358 — — Provision for credit losses 13,647 3,593 3,748 543 Write-offs (2,544 ) — — — Balance at the end of the year 24,215 39,166 42,914 6,222 |
Contract Assets, Net - (Tables)
Contract Assets, Net - (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Contract with Customer, Asset, after Allowance for Credit Loss, Current [Abstract] | |
Schedule of Contract With Customer Asset Net Current | As of December 31, 2021 2022 RMB RMB US$ Contract assets 56,869 77,527 11,240 Allowance for credit losses (14,478 ) (35,770 ) (5,186 ) 42,391 41,757 6,054 |
Schedule of provision for contract assets and allowance for credit losses | The movements in the provision for contract assets and allowance for credit losses were as follows: As of December 31, 2020 2021 2022 RMB RMB RMB US$ Balance at the beginning of the year — 3,497 14,478 2,099 Adoption of ASC 326 — 2,383 — — Provision for credit losses 3,497 8,598 21,292 3,087 Balance at the end of the year 3,497 14,478 35,770 5,186 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventory, Work in Process and Raw Materials [Abstract] | |
Summary of Inventories | As of December 31, 2021 2022 RMB RMB US$ Raw materials 81,027 87,428 12,676 Work in progress 7,902 7,586 1,100 Finished goods 34,281 35,307 5,119 123,210 130,321 18,895 |
Prepayments And Other Current_2
Prepayments And Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deferred Costs Capitalized Prepaid And Other Assets [Abstract] | |
Summary of Prepayments and Other Current Assets | Prepayments and other current assets consist of the following: As of December 31, 2021 2022 RMB RMB US$ Deductible input VAT 23,232 18,416 2,670 Prepayments 30,695 20,523 2,976 Deposits 1,874 2,094 304 Interest receivable 111 103 15 Employee loan (i) 3,500 — — Others (ii) 867 10,326 1,497 60,279 51,462 7,462 (i) On March 16, 2021 the Group extended a loan to an employee with a principal amount of RMB3,500 (US$507) at a simple annual interest rate of 3.08%. The loan was repaid in February 2022. (ii) Certain financial assets included in others, net of the allowance for credit losses of RMB 95 and nil as of December 31, 2021 and 2022, respectively. Cumulative effect of adopting ASC 326 on January 1, 2021 of other current assets was RMB 115 (US$ 17 ) . RMB 76 and RMB 95 (US$14 ) for the years ended December 31, 2021 and 2022, respectively. |
Property And Equipment, Net (Ta
Property And Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Summary of property and equipment | Property and equipment consist of the following: As of December 31, 2021 2022 RMB RMB US$ Machinery and laboratory equipment 231,289 265,476 38,490 Vehicles 2,812 2,808 407 Furniture and tools 15,723 19,031 2,759 Electronic equipment 48,068 51,774 7,507 Leasehold improvements 161,037 187,379 27,167 Construction in progress 27,555 2,659 386 486,484 529,127 76,716 Accumulated depreciation (161,046 ) (277,298 ) (40,204 ) 325,438 251,829 36,512 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
IntangibleAssets [Abstract] | |
Summary of Intangible Assets | Intangible assets consist of the following: As of December 31, 2021 2022 RMB RMB US$ Computer software 10,450 10,654 1,545 Accumulated amortization (5,300 ) (8,668 ) (1,257 ) 5,150 1,986 288 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule of components of lease cost | The components of lease cost were as follows: For the year ended December 31, 2021 2022 RMB RMB US$ Operating lease cost 34,785 37,447 5,429 Short-term lease cost 1,740 2,267 329 Finance lease cost: Amortization of ROU assets 3,846 — — Interest expense on lease liabilities 295 — — Sublease income (i) (187 ) — — Total lease cost 40,479 39,714 5,758 |
Schedule of detailed Information about Leases | For the year ended December 31, 2021 2022 RMB RMB US$ Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for operating leases 30,388 37,811 5,482 Operating cash flows used for finance leases 295 — — Financing cash flows used for finance leases 5,111 — — ROU assets obtained in exchange for operating lease liabilities 90,272 4,311 625 Weighted-average remaining lease term for operating leases (in years): 2.41 1.58 Weighted-average discount rate for operating leases: 6.08 % 4.95 % |
Schedule of total rental related expenses | For the years ended December 31, 2020 and 2021, total rental related expenses for all operating leases amounted to RMB12,103 and RMB36,525, respectively. Future lease payments under operating leases as of December 31, 2022 were as follows: Years ending December 31, Operating leases RMB US$ 2023 39,605 5,742 2024 10,035 1,455 2025 3,746 543 Total future lease payments 53,386 7,740 Less: imputed interest (2,599 ) (376 ) Total lease liability balance 50,787 7,364 |
Accrued Liabilities And Other_2
Accrued Liabilities And Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Liabilities and Other Current Liabilities | Accrued liabilities and other current liabilities consist of the following: As of December 31, 2021 2022 RMB RMB US$ Accrued payroll and welfare 74,970 70,989 10,293 Guaranteed return to eligible employees* — 38,972 5,650 Interests payable 830 — — Accrued reimbursement expenses 27,918 23,197 3,363 Professional service fees 3,314 10,042 1,456 Other taxes and surcharge 7,692 11,025 1,598 Others 13,168 19,607 2,843 127,892 173,832 25,203 * Balance represented |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |
Summary of stock options valuation assumptions | The assumptions used to estimate the fair values of the share options, restricted shares and restricted share units granted are as follows: For the years ended December 31, 2020 2021 2022 Risk-free interest rate 0.51%-1.90% 0.97%-2.07% 1.52%-3.94% Dividend yield 0% 0% 0% Expected volatility range 44.9% - 47.67%-72.98% 48.20%-56.00% Exercise multiple 2.20 N/A 2.80 Contractual life 10 years 10 years 10 years Fair market value per ordinary share as at US$9.41 US$9.53 - US$0.013-9.29 |
Summary of share options activity | The following table summarizes the share option activities for the years ended December 31, 2020, 2021 and 2022: Number of options Weighted- exercise price Weighted- average grant date fair value Weighted average remaining contractual term Aggregate US$ per US$ per Years US$ Outstanding, January 1, 2020 2,403,799 1.5340 3.75 8.75 20,079 Granted 5,771,720 0.0002 26.75 — — Exercised (233,440 ) 0.0002 1.18 — — Forfeited (121,650 ) 0.0002 3.31 — — Outstanding, January 1, 2021 7,820,429 0.4717 21.28 9.10 176,963 Granted 361,843 0.0002 22.64 — — Exercised (425,407 ) 0.0002 2.56 — — Forfeited (150,529 ) 0.0002 8.51 — — Outstanding, January 1, 2022 7,606,336 0.4849 21.92 8.25 69,907 Granted 23,981,792 7.3877 0.66 — — Exercised (746,042 ) 0.0002 5.57 — — Forfeited (398,106 ) 1.6149 5.75 — — Cancelled (10,383,868 ) 13.3900 0.57 — — Outstanding, December 31, 2022 20,060,112 2.0527 8.43 8.93 19,280 Vested and expected to vest at December 31, 2022 20,060,112 2.0527 8.43 8.93 19,280 Exercisable at December 31, 2022 341,083 10.8097 8.17 5.21 979 |
Summary of restricted shares activities | The following table summarizes the restricted share activities during the years ended December 31, 2020, 2021 and 2022: Number of shares Weighted average grant US$ per share Outstanding as of December 31, 2019 — Granted 743,955 8.74 Outstanding as of December 31, 2020 743,955 8.74 Vested (91,431 ) 8.92 Forfeited (38,672 ) 7.76 Outstanding as of December 31, 2021 613,852 8.79 Vested (237,963 ) 8.80 Forfeited (19,630 ) 8.98 Repurchased (105,251 ) 8.90 Outstanding as of December 31, 2022 251,008 8.71 |
Summary of share-based compensation expenses | Total share-based compensation expenses recognized for the years ended December 31, 2020, 2021 and 2022 were as follows: For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Cost of revenues 796 1,504 1,783 258 Research and development expenses 49,801 29,637 52,873 7,666 Selling and marketing expenses 3,457 9,612 8,525 1,236 General and administrative expenses 119,166 241,680 263,603 38,219 Total share-based compensation expenses 173,220 282,433 326,784 47,379 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |
Summary of share options activity | The following table summarizes the restricted shares unit activities for the years ended December 31, 2020, 2021 and 2022: Number of shares Weighted- average grant date fair value Weighted average remaining contractual term Aggregate US$ per Years US$ Outstanding , — — — — Granted 4,848 24.35 — — Outstanding , 4,848 24.35 9.46 119 Vested (2,424 ) 24.35 — — Outstanding, December 31, 2021 2,424 24.35 8.46 36 Granted 47,985 2.36 — Vested (3,699 ) 24.35 — Outstanding, December 31, 2022 46,710 2.37 9.48 106 Vested and expected to vest at December 31, 2022 47,985 2.36 9.48 108 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Summary of Group's Loss before Income Taxes | The Group’s loss before income taxes consists of: For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ PRC (366,634 ) (704,003 ) (892,612 ) (129,416 ) Non-PRC (40,601 ) (91,795 ) (76,636 ) (11,111 ) Total loss before income tax (407,235 ) (795,798 ) (969,248 ) (140,527 ) |
Summary of Current And Deferred Components of The Income Tax Expense | The current and deferred components of the income tax expense are as follows: For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Income tax expense - current tax — 899 1,985 288 |
Summary of Reconciliation of Effective Tax rate and Statutory Income Tax rate | Reconciliation between the income tax expenses computed by applying the statutory tax rate to loss before income tax and the actual provision for income tax is as follows: For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Loss before income tax (407,235 ) (795,798 ) (969,248 ) (140,527 ) Income tax benefits computed at PRC statutory rate (25%) (101,809 ) (198,950 ) (242,312 ) (35,132 ) Effect of tax rate differential 10,375 13,896 4,493 651 Research and development super-deduction (6,011 ) (9,897 ) (13,376 ) (1,939 ) Non-deductible 54,255 84,029 73,476 10,653 Non-taxable (872 ) (872 ) (575 ) (83 ) Expiration of Tax Attributes — — 6,540 948 Others — — 1,102 160 Changes in valuation allowance 44,062 112,693 172,637 25,030 Income tax expenses — 899 1,985 288 |
Summary of Principle Components of Deferred Tax Assets | Deferred taxes were measured using the enacted tax rates for the periods in which the temporary differences are expected to be reversed. The tax effects of temporary differences that give rise to the deferred tax balances as of December 31, 2021 and 2022 are as follows: For the years ended December 31, 2021 2022 RMB RMB US$ Deferred tax assets: Accruals and reserves 14,748 28,725 4,165 Net operating loss carried forward 98,015 182,191 26,415 Government grants — 99 14 Depreciation and amortization 681 4,160 604 Excessive education fee 625 593 86 Research and development expense carried forward 1,063 — — Capitalized research and development expense — 5,581 809 Timing difference of research and development expense recognition 154,017 215,026 31,176 Timing difference of revenue recognition — 1,161 168 Excessive donation expense carried forward 2,449 2,533 367 Operating lease liabilities 21,438 10,405 1,509 Gross deferred tax assets 293,036 450,474 65,313 Less: Valuation allowance (264,196 ) (436,833 ) (63,335 ) Total deferred tax assets 28,840 13,641 1,978 Deferred tax liabilities: Operating right of use assets (20,033 ) (13,075 ) (1,896 ) Depreciation and amortization (8,807 ) (566 ) (82 ) Total deferred tax liabilities (28,840 ) (13,641 ) (1,978 ) Net deferred tax assets — — — |
Summary Of Rceonciliation Of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefit is as follows: For the years ended December 31, 2021 2022 RMB RMB US$ Balance at January 1 — — — Additions based on tax positions related to current year — 1,901 276 Balance at December 31 — 1,901 276 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Basic and diluted loss per share for the years ended December 31, 2020, 2021 and 2022 are calculated as follows: For the years ended December 31, 2020 2021 2022 Class A Class B Class A Class B Class A Class B RMB RMB RMB RMB RMB US$ RMB US$ Numerator: Net loss attributable to (304,440 ) (102,795 ) (664,244 ) (132,453 ) (809,298 ) (117,337 ) (161,935 ) (23,478 ) Accretion of convertible (48,359 ) (16,329 ) — — — — — — Net loss attributable to (352,799 ) (119,124 ) (664,244 ) (132,453 ) (809,298 ) (117,337 ) (161,935 ) (23,478 ) Denominator: Weighted-average number 51,313,708 17,324,848 87,556,581 17,324,848 87,005,610 87,005,610 17,324,848 17,324,848 Effect of unvested restricted (4,077 ) — (673,570 ) — (421,510 ) (421,510 ) — — Weighted-average number 51,309,631 17,324,848 86,883,011 17,324,848 86,584,100 86,584,100 17,324,848 17,324,848 Loss per share - basic and (6.88 ) (6.88 ) (7.65 ) (7.65 ) (9.35 ) (1.36 ) (9.35 ) (1.36 ) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Summary of Relationship With Related Party | a) Related parties Name of related parties Relationship Yusheng Han Shareholder of a shareholder of the Company, Chief Executive Officer, director Shaokun Chuai Shareholder of a shareholder of the Company, Chief Scientific Officer, director EaSuMed Holding Ltd. Equity method investee Guangzhou Burning Rock Biological Engineering Co., Ltd. Company controlled by the Founder |
Summary of Related Party Transactions | b) The Group had the following related party transactions: For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Service received from: EaSuMed Holding Ltd. 770 2,195 201 29 Rental income from: Guangzhou Burning Rock Biological Engineering Co., Ltd. (iii) — 187 — — Equipment usage service income from: Guangzhou Burning Rock Biological Engineering Co., Ltd. (iv) — 441 — — Interest income from: Yusheng Han (i) 176 — — — Shaokun Chuai (ii) 295 — — — 471 — — — (i) On March 29, 2019, the Group entered into a loan agreement with Yusheng Han with a principal amount of US$5,500 at the simple rate of 4.5% per annum. The loan was fully repaid in February and March 2020. (ii) On March 28, 2019, the Group entered into a loan agreement with Shaokun Chuai with a principal amount of US$2,500 at the simple rate of 4.5% per annum. The loan was fully repaid in May 2020. (iii) On April 1, 2021, the Group entered into a one-year (iv) On April 1, 2021, the Group entered into a contract provide equipment usage service to with a total contract 2021. The contract was early |
Condensed Financial Informati_2
Condensed Financial Information of the Parent Company (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Balance Sheet Statements, Captions [Line Items] | |
Condensed Balance Sheet [Table Text Block] | The following table sets forth the assets and liabilities of the VIE and subsidiaries of the VIE included in the Group’s consolidated balance sheets: As of December 31, 2021 2022 RMB RMB US$ Cash and cash equivalents 185,850 376,735 54,621 Restricted cash — 10,277 1,490 Accounts receivable (net of allowances of RMB38,922 and RMB45,647 (US$6,618) as of December 31, 2021 and 2022, respectively) 92,197 109,948 15,941 Contract assets (net of allowances of RMB14,478 and RMB35,770 (US$5,186) as of December 31, 2021 and 2022, respectively) 42,391 41,757 6,054 Inter-company receivables* 75,560 245,391 35,578 Inventories 119,257 114,340 16,577 Prepayments and other current assets 40,957 19,215 2,787 Total current assets 556,212 917,663 133,048 Property and equipment, net 42,623 59,465 8,621 Intangible assets, net 633 161 23 Other non-current 8,346 10,165 1,474 Operating right-of-use 51,630 28,805 4,176 Total non-current 103,232 98,596 14,294 TOTAL ASSETS 659,444 1,016,259 147,342 Accounts payable 27,102 10,139 1,470 Deferred revenue 133,489 145,117 21,040 Inter-company payables* 897,633 1,601,116 232,140 Accrued liabilities and other current liabilities 89,976 107,240 15,547 Customer deposits 972 1,803 261 Short-term borrowings 2,370 — — Current portion of operating lease liabilities 25,692 25,953 3,763 Total current liabilities 1,177,234 1,891,368 274,221 Other non-current 8,563 1,901 276 Non-current 29,669 4,640 673 Total non-current 38,232 6,541 949 TOTAL LIABILITIES 1,215,466 1,897,909 275,170 * Inter-company receivables/payables represent balances of VIE and subsidiaries of the VIE due from/to the Company and the Group’s consolidated subsidiaries. |
Condensed Cash Flow Statement [Table Text Block] | The table sets forth the cash flows of the VIE and subsidiaries of the VIE included in the Group’s consolidated statements of cash flows: For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Net cash generated from (used in) operating activities 158,563 (257,506 ) (139,381 ) (20,208 ) Net cash used in investing activities (9,795 ) (11,265 ) (37,088 ) (5,377 ) Net cash (used in) generated from financing activities (30,880 ) 304,623 377,630 54,751 |
Parent Company [Member] | |
Condensed Balance Sheet Statements, Captions [Line Items] | |
Condensed Balance Sheet [Table Text Block] | Condensed Balance Sheets As of December 31, 2021 2022 RMB RMB US$ ASSETS Current assets: Cash and cash equivalents 25,307 71,858 10,418 Restricted cash 7,794 2,120 307 Inter-company receivables 2,929,351 3,057,703 443,325 Prepayments and other current assets 660 121 18 Total current assets 2,963,112 3,131,802 454,068 Non-current assets: Equity method investment 910 690 100 Property and equipment, net 1,778 1,278 185 Total non-current assets 2,688 1,968 285 Total assets 2,965,800 3,133,770 454,353 LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ (DEFICIT) EQUITY Current liabilities: Inter-company payables 1,116,373 1,964,454 284,819 Accrued liabilities and other current liabilities 4,116 10,975 1,590 Total current liabilities 1,120,489 1,975,429 286,409 Total liabilities 1,120,489 1,975,429 286,409 As of December 31, 2021 2022 RMB RMB US$ LIABILITIES AND SHAREHOLDERS’ EQUITY (CONTINUED) Shareholders’ equity: Class A ordinary shares (par value of US$0.0002 per share; 230,000,000 shares authorized; 87,784,001 and 85,318,596 shares issued and outstanding as of December 31, 2021 and 2022) 116 117 17 Class B ordinary shares (par value of US$0.0002 per share; 20,000,000 and 20,000,000 shares authorized; 17,324,848 and 17,324,848 shares issued and outstanding as of December 31, 2021 and 2022) 21 21 3 Treasury stock — (58,919 ) (8,542 ) Additional paid-in capital 4,280,956 4,582,790 664,442 Accumulated deficits (2,228,713 ) (3,199,946 ) (463,949 ) Accumulated other comprehensive loss (207,069 ) (165,722 ) (24,027 ) Total shareholders’ equity 1,845,311 1,158,341 167,944 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 2,965,800 3,133,770 454,353 |
Condensed Income Statement [Table Text Block] | Condensed Statements of Comprehensive Loss For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Revenues — — — — Cost of revenues — — — — Gross profit — — — — Operating expenses: General and administrative expenses (33,530 ) (48,566 ) (31,041 ) (4,501 ) Share of losses in subsidiaries, the VIE and the VIE’s subsidiaries (378,255 ) (750,015 ) (943,534 ) (136,800 ) Total operating expenses (411,785 ) (798,581 ) (974,575 ) (141,301 ) Loss from operations (411,785 ) (798,581 ) (974,575 ) (141,299 ) Interest income 1,318 2,365 3,636 527 Other expense, net (271 ) (481 ) (294 ) (43 ) Change in fair value of warrant liability 3,503 Loss before income taxes (407,235 ) (796,697 ) (971,233 ) (140,815 ) Income tax expenses — — — — Net loss (407,235 ) (796,697 ) (971,233 ) (140,815 ) Net loss attributable to Burning Rock Biotech Limited’s shareholders (407,235 ) (796,697 ) (971,233 ) (140,815 ) Accretion of convertible preferred shares (64,688 ) — — — Net loss attributable to ordinary share holders (471,923 ) (796,697 ) (971,233 ) (140,815 ) Other comprehensive (loss) income, net of tax of nil: — — — — Foreign currency translation adjustments (176,888 ) (39,480 ) 41,347 5,995 Total Comprehensive loss (584,123 ) (836,177 ) (929,886 ) (134,820 ) |
Condensed Cash Flow Statement [Table Text Block] | Condensed Statements of Cash Flows For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Net cash (used in) generated from operating activities 59,605 (51,411 ) (19,357 ) (2,807 ) Net cash used in investing activities (814,967 ) (1,179,603 ) 125,576 18,207 Net cash generated from financing activities 2,128,705 — (66,850 ) (9,692 ) Effect of exchange rate changes (131,185 ) (484 ) 1,508 218 Net (decrease) increase in cash and cash equivalents 1,242,158 (1,231,498 ) 40,877 5,926 Cash and cash equivalents at the beginning of year 22,441 1,264,599 33,101 4,799 Cash and cash equivalents at the end of year 1,264,599 33,101 73,978 10,725 |
Organization and Basis of Pre_3
Organization and Basis of Presentation - Summary of Subsidiaries, VIE and VIE's Subsidiaries (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Date of incorporation | Mar. 10, 2014 |
Subsidiaries | BR Hong Kong Limited | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Date of incorporation | Apr. 01, 2014 |
Place of incorporation | Hong Kong |
Percentage of legal ownership by the Company | 100% |
Principal activities | Investment holding |
Subsidiaries | Beijing Burning Rock Biotech Co Ltd. | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Date of incorporation | Jun. 13, 2014 |
Place of incorporation | PRC |
Percentage of legal ownership by the Company | 100% |
Principal activities | Trading |
Subsidiaries | Burning Rock Biotechnology (Shanghai) Co Ltd. | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Date of incorporation | Jul. 04, 2016 |
Place of incorporation | PRC |
Percentage of legal ownership by the Company | 100% |
Principal activities | Research and development |
Subsidiaries | Burning Rock Dx LLC | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Date of incorporation | Aug. 28, 2019 |
Place of incorporation | United States |
Percentage of legal ownership by the Company | 100% |
Principal activities | Cancer therapy selection test |
VIE | Burning Rock (Beijing) Biotechnology Co Ltd. | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Date of incorporation | Jan. 07, 2014 |
Place of incorporation | PRC |
Percentage of legal ownership by the Company | 0% |
Principal activities | Holding |
VIE's subsidiaries | Guangzhou Burning Rock Dx Co Ltd. | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Date of incorporation | Mar. 18, 2014 |
Place of incorporation | PRC |
Percentage of legal ownership by the Company | 0% |
Principal activities | Cancer therapy selection test and sales of reagent kits |
VIE's subsidiaries | Guangzhou Burning Rock Medical Equipment Co Ltd. | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Date of incorporation | Jan. 06, 2015 |
Place of incorporation | PRC |
Percentage of legal ownership by the Company | 0% |
Principal activities | Facilitation of laboratoryequipment sales andsales of reagent kits |
Organization and Basis of Pre_4
Organization and Basis of Presentation - Summary of Financial Information of VIE and VIE's Subsidiaries (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Table Text Block Supplement [Abstract] | |||||
Cash and cash equivalents | ¥ 905,451 | $ 131,278 | ¥ 1,431,317 | ¥ 1,895,308 | |
Restricted cash | 19,817 | 2,873 | 7,795 | ¥ 29,898 | |
Accounts receivable (net of allowances of RMB38,922 and RMB45,647 (US$6,183) as of December 31, 2021 and 2022, respectively) | 109,954 | 15,942 | 92,197 | ||
Contract assets | 41,757 | 6,054 | 42,391 | ||
Inventories, net | 130,321 | 18,895 | 123,210 | ||
Prepayments and other current assets | 51,462 | 7,462 | 60,279 | ||
Total current assets | 1,258,762 | 182,504 | 1,820,946 | ||
Property and equipment, net | 251,829 | 36,512 | 325,438 | ||
Intangible assets, net | 1,986 | 288 | 5,150 | ||
Other non-current assets | 20,890 | 3,029 | 45,136 | ||
Total non-current assets | 328,705 | 47,658 | 457,641 | ||
TOTAL ASSETS | 1,587,467 | 230,162 | 2,278,587 | ||
Accounts payable | 50,947 | 7,387 | 63,080 | ||
Deferred revenue | 147,633 | 21,405 | 142,871 | ||
Customer deposits | 1,803 | 261 | 972 | ||
Short-term borrowings | 0 | 0 | 2,370 | ||
Total current liabilities | 411,451 | 59,655 | 372,184 | ||
Total non-current liabilities | 17,675 | 2,563 | 61,092 | ||
TOTAL LIABILITIES | 429,126 | 62,218 | 433,276 | ||
Other non-current liabilities | 4,124 | 598 | 11,776 | ||
Non-current portion of operating lease liabilities | 13,551 | 1,965 | 49,316 | ||
Current portion of operating lease liabilities | 37,236 | 5,399 | 34,999 | ||
Operating right-of-use assets | 48,205 | 6,989 | 81,007 | ||
VIE and VIE's subsidiaries | |||||
Table Text Block Supplement [Abstract] | |||||
Cash and cash equivalents | 376,735 | 54,621 | 185,850 | ||
Restricted cash | 10,277 | 1,490 | 0 | ||
Accounts receivable (net of allowances of RMB38,922 and RMB45,647 (US$6,183) as of December 31, 2021 and 2022, respectively) | 109,948 | 15,941 | 92,197 | ||
Contract assets | 41,757 | 6,054 | 42,391 | ||
Inter-company receivables | [1] | 245,391 | 35,578 | 75,560 | |
Inventories, net | 114,340 | 16,577 | 119,257 | ||
Prepayments and other current assets | 19,215 | 2,787 | 40,957 | ||
Total current assets | 917,663 | 133,048 | 556,212 | ||
Property and equipment, net | 59,465 | 8,621 | 42,623 | ||
Intangible assets, net | 161 | 23 | 633 | ||
Other non-current assets | 10,165 | 1,474 | 8,346 | ||
Total non-current assets | 98,596 | 14,294 | 103,232 | ||
TOTAL ASSETS | 1,016,259 | 147,342 | 659,444 | ||
Accounts payable | 10,139 | 1,470 | 27,102 | ||
Deferred revenue | 145,117 | 21,040 | 133,489 | ||
Inter-company payables | [1] | 1,601,116 | 232,140 | 897,633 | |
Accrued liabilities and other current liabilities | 107,240 | 15,547 | 89,976 | ||
Customer deposits | 1,803 | 261 | 972 | ||
Short-term borrowings | 0 | 0 | 2,370 | ||
Total current liabilities | 1,891,368 | 274,221 | 1,177,234 | ||
Total non-current liabilities | 6,541 | 949 | 38,232 | ||
TOTAL LIABILITIES | 1,897,909 | 275,170 | 1,215,466 | ||
Other non-current liabilities | 1,901 | 276 | 8,563 | ||
Non-current portion of operating lease liabilities | 4,640 | 673 | 29,669 | ||
Current portion of operating lease liabilities | 25,953 | 3,763 | 25,692 | ||
Operating right-of-use assets | ¥ 28,805 | $ 4,176 | ¥ 51,630 | ||
[1]Inter-company receivables/payables represent balances of VIE and subsidiaries of the VIE due from/to the Company and the Group’s consolidated subsidiaries. |
Organization and Basis of Pre_5
Organization and Basis of Presentation - Summary of Financial Information of VIE and VIE's Subsidiaries (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) |
Table Text Block Supplement [Abstract] | ||||||
Accounts Receivable, Allowance | ¥ 42,914 | $ 6,222 | ¥ 39,166 | |||
Contract Assets, Net Of Allowances | 35,770 | 5,186 | 14,478 | $ 2,099 | ¥ 3,497 | ¥ 0 |
Variable Interest Entity, Primary Beneficiary [Member] | ||||||
Table Text Block Supplement [Abstract] | ||||||
Accounts Receivable, Allowance | 45,647 | 6,618 | 38,922 | |||
Contract Assets, Net Of Allowances | ¥ 35,770 | $ 5,186 | ¥ 14,478 |
Organization and Basis of Pre_6
Organization and Basis of Presentation - Summary of Operations and Comprehensive Loss Statements of VIE and VIE's Subsidiaries (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
Revenues | ¥ 563,238 | $ 81,662 | ¥ 507,862 | ¥ 429,903 |
Net loss | (971,233) | (140,815) | (796,697) | (407,235) |
VIE and VIE's subsidiaries | ||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
Revenues | 557,667 | 80,854 | 526,071 | 432,142 |
Net loss | ¥ (605,934) | $ (87,852) | ¥ (508,803) | ¥ (244,765) |
Organization and Basis of Pre_7
Organization and Basis of Presentation - Summary of Cash Flow Statement of VIE and VIE's Subsidiaries (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
Net cash generated from (used in) operating activities | ¥ (456,808) | $ (66,232) | ¥ (477,886) | ¥ (73,543) |
Net cash used in investing activities | (7,463) | (1,082) | 81,697 | (109,312) |
Net cash (used in) generated from financing activities | (86,239) | (12,504) | (52,899) | 2,165,719 |
VIE and VIE's subsidiaries | ||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
Net cash generated from (used in) operating activities | (139,381) | (20,208) | (257,506) | 158,563 |
Net cash used in investing activities | (37,088) | (5,377) | (11,265) | (9,795) |
Net cash (used in) generated from financing activities | ¥ 377,630 | $ 54,751 | ¥ 304,623 | ¥ (30,880) |
Organization and Basis of Pre_8
Organization and Basis of Presentation - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 7 Months Ended | 12 Months Ended | ||||
Jun. 20, 2014 | Dec. 31, 2020 USD ($) shares | Dec. 31, 2022 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Entity Incorporation, Date of Incorporation | Mar. 10, 2014 | |||||
Assets | ¥ 1,587,467 | $ 230,162 | ¥ 2,278,587 | |||
Adr conversion ratio | 16.5 | |||||
Net proceeds from issuance of stock | ¥ | ¥ 701 | |||||
IPO [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Newly issued shares through offering | 13,500,000 | |||||
Over-Allotment Option [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Newly issued shares through offering | 2,025,000 | |||||
Private Placement [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Newly issued shares through offering | 1,515,151 | |||||
ADR [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Net proceeds from issuance of stock | $ | $ 259,892 | |||||
ADR [Member] | IPO [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Newly issued shares through offering | 13,500,000 | |||||
ADR [Member] | Over-Allotment Option [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Newly issued shares through offering | 2,025,000 | |||||
ADR [Member] | Private Placement [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Newly issued shares through offering | 1,515,151 | |||||
Exclusive Business Cooperation Agreement [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Collaborative Arrangement Term Of Contract | 10 years | |||||
Collaborative Arrangement Renewal Term | 20 years | |||||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Assets | 1,016,259 | 147,342 | 659,444 | |||
Variable Interest Entity, Primary Beneficiary [Member] | Asset Pledged as Collateral [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Assets | ¥ | 0 | 0 | ||||
VIEs And Subsidiaries Of VIEs [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Net Liabilities | ¥ 881,650 | $ 127,828 | ¥ 556,022 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Summary of Property and Equipment Estimated Useful Lives (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Machinery and Laboratory Equipment [Member] | |
Property, Plant and Equipment, Useful Life | 5 years |
Vehicles [Member] | |
Property, Plant and Equipment, Useful Life | 6 years |
Furniture and Tools [Member] | |
Property, Plant and Equipment, Useful Life | 5 years |
Electronic Equipment [Member] | |
Property, Plant and Equipment, Useful Life | 3 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment, Estimated Useful Lives | Lesser of lease terms or estimated useful lives of the assets |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Intangible Assets Estimated Useful Livess (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Computer Software [Member] | |
Finite-Lived Intangible Asset, Useful Life | 3 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||||||
Jan. 31, 2017 USD ($) | Dec. 31, 2022 CNY (¥) Customer | Dec. 31, 2022 USD ($) Customer | Dec. 31, 2021 CNY (¥) Customer | Dec. 31, 2021 USD ($) Customer | Dec. 31, 2020 CNY (¥) Customer | Dec. 31, 2022 USD ($) | Jun. 30, 2022 CNY (¥) | Jun. 30, 2022 USD ($) | Dec. 31, 2017 | |
Convenience translation rate | 6.8972 | 6.8972 | ||||||||
Equity method investment realized gain loss | ¥ 294 | $ 43 | ¥ 483 | ¥ 275 | ||||||
Impairment of long lived assets | 0 | 0 | 0 | |||||||
Breakage Income | 26,392 | 3,826 | 14,177 | 11,900 | ||||||
Increase in deferred revenue | 4,762 | 690 | 68,469 | 24,863 | ||||||
Deferred revenue recognized | 66,198 | 9,598 | 34,140 | 27,807 | ||||||
Impairment loss on contract assets | 35,770 | 5,186 | 14,478 | 3,497 | ||||||
Remaining performance obligation | ¥ 393,803 | 257,601 | $ 57,096 | |||||||
Minimum percentage of lease term on estimated remaining economic life | 75% | 75% | ||||||||
Percentage of minimum lease payments at the beginning of lease term | 90% | 90% | ||||||||
Employee benefit expenses | ¥ 88,293 | $ 12,801 | ¥ 70,036 | ¥ 28,232 | ||||||
Assets held at major financial institutions | ¥ 925,268 | $ 134,151 | ||||||||
Foreign currency exchange rate, Appreciation depreciation percentage | 8.20% | 8.20% | 2.30% | 2.30% | 6.30% | |||||
Convertible note receivable | ¥ 5,105 | ¥ 0 | 740 | |||||||
Gain On Investments | 105 | $ 15 | ||||||||
Reduction in deferred revenue | 12,015 | 1,742 | ||||||||
Accrued Liabilities and Other Liabilities | 173,832 | 127,892 | 25,203 | |||||||
Increase Decrease In Research And Development Expenses | 2,337 | 339 | 1,871 | ¥ 1,912 | ||||||
Increase Decrease In Interest Expenses | 149 | $ 22 | 100 | ¥ 3,000 | ||||||
Government Assistance [Member] | ||||||||||
Accrued Liabilities and Other Liabilities | 663 | 0 | $ 96 | |||||||
Convertible Note Receivable [Member] | ||||||||||
Convertible note receivable | ¥ 5,000 | $ 725 | ||||||||
Convertible note receivable interest rate | 4% | 4% | ||||||||
Contract with Customer Asset [Member] | ||||||||||
Increase in contract assets | 634 | $ 92 | ||||||||
Fair Value, Nonrecurring [Member] | ||||||||||
Financial assets fair value disclosure | 0 | |||||||||
Financial liabilities fair value disclosure | 0 | |||||||||
Fair Value, Recurring [Member] | ||||||||||
Warrants outstanding | ¥ 0 | ¥ 0 | ||||||||
EaSuMed Holding Ltd [Member] | ||||||||||
Equity method investment ownership percentage | 20.29% | |||||||||
Payments to acquire equity method investments | $ | $ 363 | |||||||||
Supplier Concentration Risk [Member] | ||||||||||
Concentration risk, Percentage | 50% | 50% | 44% | 44% | 57% | |||||
Geographic Concentration Risk [Member] | PRC | ||||||||||
Concentration risk, Percentage | 89% | 89% | ||||||||
Geographic Concentration Risk [Member] | Non PRC [Member] | ||||||||||
Concentration risk, Percentage | 11% | 11% | ||||||||
Maximum [Member] | ||||||||||
Value added tax rate | 13% | |||||||||
Lease term | 6 years | 6 years | ||||||||
Minimum [Member] | ||||||||||
Value added tax rate | 6% | |||||||||
Lease term | 4 months | 4 months | ||||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||||||||||
Number of customers | Customer | 1 | 1 | 1 | 1 | 2 | |||||
Concentration risk, Percentage | 10% | 10% | 10% | 10% | 10% |
Segment Reporting - Summary of
Segment Reporting - Summary of Segment Reporting Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Revenues: | ||||
Revenues from services | ¥ 391,548 | $ 56,769 | ¥ 342,465 | ¥ 311,184 |
Revenues from sales of products | 171,690 | 24,893 | 165,397 | 118,719 |
Total revenues | 563,238 | 81,662 | 507,862 | 429,903 |
Cost of revenues: | (183,199) | (26,561) | (143,716) | (115,981) |
Gross profit | 380,039 | $ 55,101 | 364,146 | 313,922 |
Central laboratory business | ||||
Revenues: | ||||
Revenues from services | 314,770 | 319,353 | 297,342 | |
Revenues from sales of products | 0 | 0 | 0 | |
Total revenues | 314,770 | 319,353 | 297,342 | |
Cost of revenues: | (82,123) | (81,088) | (73,960) | |
Gross profit | 232,647 | 238,265 | 223,382 | |
In-hospital business | ||||
Revenues: | ||||
Revenues from services | 3,606 | (281) | (847) | |
Revenues from sales of products | 171,690 | 165,397 | 118,719 | |
Total revenues | 175,296 | 165,116 | 117,872 | |
Cost of revenues: | (63,296) | (50,315) | (35,849) | |
Gross profit | 112,000 | 114,801 | 82,023 | |
Pharma research and development services | ||||
Revenues: | ||||
Revenues from services | 73,172 | 23,393 | 14,689 | |
Revenues from sales of products | 0 | 0 | 0 | |
Total revenues | 73,172 | 23,393 | 14,689 | |
Cost of revenues: | (37,780) | (12,313) | (6,172) | |
Gross profit | ¥ 35,392 | ¥ 11,080 | ¥ 8,517 |
Segment Reporting - Summary o_2
Segment Reporting - Summary of Total Long Lived Assets By Geographical Location (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Schedule of long lived assets by geographical areas [Line item] | |||
Long-lived assets | ¥ 320,924 | $ 46,530 | ¥ 451,581 |
PRC | |||
Schedule of long lived assets by geographical areas [Line item] | |||
Long-lived assets | 286,797 | 41,582 | 405,544 |
United States | |||
Schedule of long lived assets by geographical areas [Line item] | |||
Long-lived assets | ¥ 34,127 | $ 4,948 | ¥ 46,037 |
Segment Reporting - Summary O_3
Segment Reporting - Summary Of Revenues By Geographic Area (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Revenue From External Customers By Geographic Areas [Line Items] | ||||
Revenues | ¥ 563,238 | $ 81,662 | ¥ 507,862 | ¥ 429,903 |
PRC | ||||
Revenue From External Customers By Geographic Areas [Line Items] | ||||
Revenues | 553,304 | 80,222 | 504,052 | 429,903 |
UNITED STATES | ||||
Revenue From External Customers By Geographic Areas [Line Items] | ||||
Revenues | ¥ 9,934 | $ 1,440 | ¥ 3,810 | ¥ 0 |
Accounts Receivable, Net - Summ
Accounts Receivable, Net - Summary of Account Receivable (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Receivables [Abstract] | |||
Accounts receivable | ¥ 152,868 | $ 22,164 | ¥ 131,363 |
Allowance for credit losses | (42,914) | (6,222) | (39,166) |
Accounts Receivable, Net | ¥ 109,954 | $ 15,942 | ¥ 92,197 |
Accounts Receivable, Net - Su_2
Accounts Receivable, Net - Summary of Movement in the Allowances for Doubtful Accounts (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Accounts Receivable Allowance For Credit Loss [Line Items] | ||||
Balance at the beginning of the year | ¥ 39,166 | $ 5,679 | ¥ 24,215 | ¥ 13,112 |
Provision for credit losses | 3,748 | 543 | 3,593 | 13,647 |
Write-offs | 0 | 0 | 0 | (2,544) |
Balance at the end of the year | 42,914 | 6,222 | 39,166 | 24,215 |
Accounting Standards Update 2016-13 [Member] | ||||
Accounts Receivable Allowance For Credit Loss [Line Items] | ||||
Adoption of ASC 326 | ¥ 0 | $ 0 | ¥ 11,358 | ¥ 0 |
Contract Assets, Net - Schedule
Contract Assets, Net - Schedule of Contract With Customer Asset Net Current (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) |
Contract with Customer, Asset, after Allowance for Credit Loss, Current [Abstract] | ||||||
Contract assets | ¥ 77,527 | $ 11,240 | ¥ 56,869 | |||
Allowance for credit losses | (35,770) | (5,186) | (14,478) | $ (2,099) | ¥ (3,497) | ¥ 0 |
Total | ¥ 41,757 | $ 6,054 | ¥ 42,391 |
Contract Assets, Net - Schedu_2
Contract Assets, Net - Schedule of provision for contract assets and allowance for credit losses (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Schedule of provision for contract assets and allowance for credit losses [Line Items] | ||||
Balance at the beginning of the year | ¥ 14,478 | $ 2,099 | ¥ 3,497 | ¥ 0 |
Provision for credit losses | 21,292 | 3,087 | 8,598 | 3,497 |
Balance at the end of the year | 35,770 | 5,186 | 14,478 | 3,497 |
Accounting Standards Update 2016-13 [Member] | ||||
Schedule of provision for contract assets and allowance for credit losses [Line Items] | ||||
Adoption of ASC 326 | ¥ 0 | $ 0 | ¥ 2,383 | ¥ 0 |
Inventories, Net - Summary of I
Inventories, Net - Summary of Inventories (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Inventory, Work in Process and Raw Materials [Abstract] | |||
Raw materials | ¥ 87,428 | $ 12,676 | ¥ 81,027 |
Work in progress | 7,586 | 1,100 | 7,902 |
Finished goods | 35,307 | 5,119 | 34,281 |
Inventory, Net | ¥ 130,321 | $ 18,895 | ¥ 123,210 |
Prepayments And Other Current_3
Prepayments And Other Current Assets - Summary of Prepayments And Other Current Assets (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Deferred Costs Capitalized Prepaid And Other Assets [Abstract] | |||
Deductible input VAT | ¥ 18,416 | $ 2,670 | ¥ 23,232 |
Prepayments | 20,523 | 2,976 | 30,695 |
Deposits | 2,094 | 304 | 1,874 |
Interest receivable | 103 | 15 | 111 |
Employee loan (i) | 0 | 0 | 3,500 |
Others | 10,326 | 1,497 | 867 |
Prepayments and other Current Asset | ¥ 51,462 | $ 7,462 | ¥ 60,279 |
Prepayments And Other Current_4
Prepayments And Other Current Assets - Summary of Prepayments And Other Current Assets (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Mar. 16, 2021 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Mar. 16, 2021 USD ($) | |
Deferred Costs Capitalized Prepaid And Other Assets [Line Items] | |||||
Principal amount of loan to an employee | ¥ 3,500 | $ 507 | |||
Annual interest rate | 3.08% | ||||
Allowance for credit losses on other current assets | ¥ 0 | ¥ 95 | |||
Reversal Of Provision | 95 | $ 14 | ¥ 76 | ||
Accounting Standards Update [Member] | |||||
Deferred Costs Capitalized Prepaid And Other Assets [Line Items] | |||||
Cumulative effect of adopting accounting standard update on the opening balnace of other current assets | ¥ 115 | $ 17 |
Property And Equipment, Net - S
Property And Equipment, Net - Summary of Property And Equipment Consist of The Following (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | ¥ 529,127 | $ 76,716 | ¥ 486,484 |
Accumulated depreciation | (277,298) | (40,204) | (161,046) |
Property, Plant and Equipment, Net | 251,829 | 36,512 | 325,438 |
Machinery And Laboratory Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 265,476 | 38,490 | 231,289 |
Vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 2,808 | 407 | 2,812 |
Furniture And Tools [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 19,031 | 2,759 | 15,723 |
Electronic Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 51,774 | 7,507 | 48,068 |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 187,379 | 27,167 | 161,037 |
Construction In Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | ¥ 2,659 | $ 386 | ¥ 27,555 |
Property And Equipment, Net - A
Property And Equipment, Net - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Depreciation | ¥ 120,747 | $ 17,506 | ¥ 44,604 | ¥ 32,457 |
Intangible Assets, Net - Summar
Intangible Assets, Net - Summary of Intangible Assets (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Finite-Lived Intangible Assets [Line Items] | |||
Computer software | ¥ 10,654 | $ 1,545 | ¥ 10,450 |
Accumulated amortization | (8,668) | (1,257) | (5,300) |
Intangible assets net (excluding goodwill) | ¥ 1,986 | $ 288 | ¥ 5,150 |
Intangible Assets, Net - Additi
Intangible Assets, Net - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
IntangibleAssets [Abstract] | ||||
Amortization expenses | ¥ 3,349 | $ 486 | ¥ 3,162 | ¥ 852 |
2023 | 1,583 | |||
2024 | 401 | |||
2025 | 2 | |||
2026 | 0 | |||
2027 | ¥ 0 |
Leases - Additional Information
Leases - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Operating Lease, Cost | ¥ 37,447 | $ 5,429 | ¥ 34,785 | |
Short-term Lease, Cost | 2,267 | 329 | 1,740 | |
Operating Lease Rent Expenses | ¥ 36,525 | ¥ 12,103 | ||
Cost of Sales [Member] | ||||
Operating Lease, Cost | 9,875 | |||
Short-term Lease, Cost | $ | 1,432 | |||
Research and Development Expense [Member] | ||||
Operating Lease, Cost | 2,971 | |||
Short-term Lease, Cost | $ | 431 | |||
Selling and Marketing Expense [Member] | ||||
Operating Lease, Cost | 618 | |||
Short-term Lease, Cost | $ | 90 | |||
General and Administrative Expense [Member] | ||||
Operating Lease, Cost | ¥ 26,250 | |||
Short-term Lease, Cost | $ | $ 3,805 |
Leases - Schedule of components
Leases - Schedule of components of lease cost (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | |
Lease, Cost [Abstract] | |||
Operating Lease, Cost | ¥ 37,447 | $ 5,429 | ¥ 34,785 |
Short-term Lease, Cost | 2,267 | 329 | 1,740 |
Amortization of ROU assets | 3,846 | ||
Interest expense on lease liabilities | 295 | ||
Sublease income | (187) | ||
Total lease cost | ¥ 39,714 | $ 5,758 | ¥ 40,479 |
Leases - Schedule of componen_2
Leases - Schedule of components of lease cost (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Apr. 01, 2021 CNY (¥) | Apr. 01, 2021 USD ($) | Dec. 31, 2022 | |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenue from Related Parties | ||
Office Sublease Agreement [Member] | |||
Operating Lease, Lease Income | ¥ 187 | $ 27 |
Leases - Schedule of detailed I
Leases - Schedule of detailed Information about Leases (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | |
Leases [Abstract] | |||
Operating cash flows used for operating leases | ¥ 37,811 | $ 5,482 | ¥ 30,388 |
Operating cash flows used for finance leases | 0 | 0 | 295 |
Financing cash flows used for finance leases | 0 | 0 | 5,111 |
ROU assets obtained in exchange for operating lease liabilities | ¥ 4,311 | $ 625 | ¥ 90,272 |
Weighted-average remaining lease term for operating leases (in years): | 1 year 6 months 29 days | 1 year 6 months 29 days | 2 years 4 months 28 days |
Weighted-average discount rate for operating leases: | 4.95% | 4.95% | 6.08% |
Leases - Schedule of total rent
Leases - Schedule of total rental related expenses (Detail) - Dec. 31, 2022 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2023 | ¥ 39,605 | $ 5,742 |
2024 | 10,035 | 1,455 |
2025 | 3,746 | 543 |
Total future lease payments | 53,386 | 7,740 |
Less: imputed interest | (2,599) | (376) |
Total lease liability balance | ¥ 50,787 | $ 7,364 |
Accrued Liabilities And Other_3
Accrued Liabilities And Other Current Liabilities - Summary of Accrued Liabilities and Other Current Liabilities (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Payables and Accruals [Abstract] | |||
Accrued payroll and welfare | ¥ 70,989 | $ 10,293 | ¥ 74,970 |
Guaranteed return to eligible employees | 38,972 | 5,650 | 0 |
Interests payable | 0 | 0 | 830 |
Accrued reimbursement expenses | 23,197 | 3,363 | 27,918 |
Professional service fees | 10,042 | 1,456 | 3,314 |
Other taxes and surcharge | 11,025 | 1,598 | 7,692 |
Others | 19,607 | 2,843 | 13,168 |
Accrued liabilities and other liabilities | ¥ 173,832 | $ 25,203 | ¥ 127,892 |
Short-Term Borrowings - Additio
Short-Term Borrowings - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | |||||
Short-term borrowings | ¥ 0 | $ 0 | ¥ 2,370 | ||
Short-term Debt, Percentage Bearing Fixed Interest Rate | 5% | 5% | |||
Proceeds from government grants | ¥ 149 | $ 22 | |||
Two Third-Party Individuals | |||||
Debt Instrument [Line Items] | |||||
Short-term borrowings | ¥ 2,370 | $ 344 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Stock Options Valuation Assumptions (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate minimum | 1.52% | 0.97% | 0.51% |
Risk-free interest rate maximum | 3.94% | 2.07% | 1.90% |
Dividend yield | 0% | 0% | 0% |
Expected volatility range Minimum | 48.20% | 47.67% | 44.90% |
Expected volatility range Maximum | 56% | 72.98% | 49.30% |
Exercise multiple | $ 2.8 | $ 2.2 | |
Contractual life | 10 years | 10 years | 10 years |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair market value per ordinary share as at valuation dates | $ 9.29 | $ 30.5 | $ 27.15 |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair market value per ordinary share as at valuation dates | $ 0.013 | $ 9.53 | $ 9.41 |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Share Options Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | ||||
Number of Options, Outstanding Beginning | 7,606,336 | 7,820,429 | 2,403,799 | |
Number of Options, Granted | 23,981,792 | 361,843 | 5,771,720 | |
Number of Options, Exercised | (746,042) | (425,407) | (233,440) | |
Number of Options, Forfeited | (398,106) | (150,529) | (121,650) | |
Number of Options, Cancelled | (10,383,868) | |||
Number of Options, Outstanding Ending | 20,060,112 | 7,606,336 | 7,820,429 | 2,403,799 |
Number of Options, Vested and expected to vest | 20,060,112 | |||
Number of Options, Exercisable | 341,083 | |||
Weighted-Average Exercise Price, Outstanding beginning | $ 0.4849 | $ 0.4717 | $ 1.534 | |
Weighted-Average Exercise Price, Granted | 7.3877 | 0.0002 | 0.0002 | |
Weighted-Average Exercise Price, Exercised | 0.0002 | 0.0002 | 0.0002 | |
Weighted-Average Exercise Price, Forfeited | 1.6149 | 0.0002 | 0.0002 | |
Weighted-Average Exercise Price, Cancelled | 13.39 | |||
Weighted-Average Exercise Price, Outstanding Ending | 2.0527 | 0.4849 | 0.4717 | $ 1.534 |
Weighted-Average Exercise Price, Vested and expected to vest | 2.0527 | |||
Weighted-Average Exercise Price, Exercisable | 10.8097 | |||
Weighted-Average Grant Date Fair Value, Outstanding Beginning | 21.92 | 21.28 | 3.75 | |
Weighted-Average Grant Date Fair Value, Granted | 0.66 | 22.64 | 26.75 | |
Weighted-Average Grant Date Fair Value, Exercised | 5.57 | 2.56 | 1.18 | |
Weighted-Average Grant Date Fair Value, Forfeited | 5.75 | 8.51 | 3.31 | |
Weighted-Average Grant Date Fair Value, Cancelled | 0.57 | |||
Weighted-Average Grant Date Fair Value, Outstanding Ending | 8.43 | $ 21.92 | $ 21.28 | $ 3.75 |
Weighted-Average Grant Date Fair Value, Vested and expected to vest | 8.43 | |||
Weighted-Average Grant Date Fair Value, Exercisable | $ 8.17 | |||
Weighted-Average Remaining Contractual Term, Outstanding | 8 years 11 months 4 days | 8 years 3 months | 9 years 1 month 6 days | 8 years 9 months |
Weighted-Average Remaining Contractual Term, Vested and expected to vest | 8 years 11 months 4 days | |||
Weighted-Average Remaining Contractual Term, Exercisable | 5 years 2 months 15 days | |||
Aggregate Intrinsic Value, Outstanding | $ 19,280 | $ 69,907 | $ 176,963 | $ 20,079 |
Aggregate Intrinsic Value, Vested and expected to vest | 19,280 | |||
Aggregate Intrinsic Value, Exercisable | $ 979 |
Share-Based Compensation - Su_3
Share-Based Compensation - Summary of Restricted Share Units (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) $ / shares shares | Dec. 31, 2020 CNY (¥) shares | Dec. 31, 2019 USD ($) $ / shares shares | Dec. 31, 2022 CNY (¥) shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of Options, Granted | shares | 23,981,792 | 361,843 | 5,771,720 | 5,771,720 | ||
Number of Options, Outstanding Ending | shares | 20,060,112 | 7,606,336 | 7,820,429 | 7,820,429 | 2,403,799 | |
Number of Options, Vested and expected to vest | shares | 20,060,112 | 20,060,112 | ||||
Weighted-Average Grant Date Fair Value, Granted | $ / shares | $ 0.66 | $ 22.64 | $ 26.75 | |||
Weighted-Average Grant Date Fair Value, Outstanding Ending | $ / shares | 8.43 | $ 21.92 | $ 21.28 | $ 3.75 | ||
Weighted-Average Grant Date Fair Value, Vested and expected to vest | $ / shares | $ 8.43 | |||||
Weighted-Average Remaining Contractual Term, Outstanding | 8 years 11 months 4 days | 8 years 3 months | 9 years 1 month 6 days | 9 years 1 month 6 days | 8 years 9 months | |
Weighted-Average Remaining Contractual Term, Vested and expected to vest | 8 years 11 months 4 days | |||||
Aggregate Intrinsic Value, Outstanding Ending | $ | $ 19,280 | $ 69,907 | $ 176,963 | $ 20,079 | ||
Aggregate Intrinsic Value, Vested and expected to vest | $ | $ 19,280 | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of Options, Granted | shares | 47,985 | 4,848 | 4,848 | |||
Number of Options, Vested | shares | (3,699) | (2,424) | ||||
Number of Options, Outstanding Ending | shares | 46,710 | 2,424 | 4,848 | 4,848 | ||
Number of Options, Vested and expected to vest | shares | 47,985 | 47,985 | ||||
Weighted-Average Grant Date Fair Value, Granted | $ / shares | $ 2.36 | $ 24.35 | ||||
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 24.35 | $ 24.35 | ||||
Weighted-Average Grant Date Fair Value, Outstanding Ending | $ / shares | 2.37 | $ 24.35 | $ 24.35 | |||
Weighted-Average Grant Date Fair Value, Vested and expected to vest | $ / shares | $ 2.36 | |||||
Weighted-Average Remaining Contractual Term, Outstanding | 9 years 5 months 23 days | 8 years 5 months 15 days | 9 years 5 months 15 days | 9 years 5 months 15 days | ||
Weighted-Average Remaining Contractual Term, Vested and expected to vest | 9 years 5 months 23 days | |||||
Aggregate Intrinsic Value, Outstanding Ending | $ 106 | $ 36 | ¥ 119 | |||
Aggregate Intrinsic Value, Vested and expected to vest | ¥ | ¥ 108 |
Share-Based Compensation - Su_4
Share-Based Compensation - Summary of Restricted Shares Activities (Detail) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares, Outstanding | 251,008 | 613,852 | 743,955 |
Number of shares, Vested | (237,963) | (91,431) | |
Number of shares, Granted | 743,955 | ||
Number of shares, Forfeited | (19,630) | (38,672) | |
Weighted average grant date fair value, Outstanding | $ 8.71 | $ 8.79 | $ 8.74 |
Number of shares, Repurchased | (105,251) | ||
Weighted average grant date fair value, Vested | $ 8.8 | 8.92 | |
Weighted average grant date fair value, Granted | $ 8.74 | ||
Weighted average grant date fair value, Forfeited | 8.98 | $ 7.76 | |
Weighted average grant date fair value, Repurchased | $ 8.9 |
Share-Based Compensation - Su_5
Share-Based Compensation - Summary of Share-Based Compensation Expenses (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based Payment Arrangement, Expense | ¥ 326,784 | $ 47,379 | ¥ 282,433 | ¥ 173,220 |
Cost of Revenues [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based Payment Arrangement, Expense | 1,783 | 258 | 1,504 | 796 |
Research and Development Expenses [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based Payment Arrangement, Expense | 52,873 | 7,666 | 29,637 | 49,801 |
Selling and Marketing Expenses [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based Payment Arrangement, Expense | 8,525 | 1,236 | 9,612 | 3,457 |
General and Administrative Expenses [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based Payment Arrangement, Expense | ¥ 263,603 | $ 38,219 | ¥ 241,680 | ¥ 119,166 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands | 1 Months Ended | 6 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||||||||
Sep. 26, 2022 Employees shares | Mar. 10, 2022 shares | Sep. 30, 2022 USD ($) shares | Dec. 31, 2020 CNY (¥) shares | Dec. 31, 2020 shares | Dec. 31, 2022 USD ($) Employees shares | Dec. 31, 2022 CNY (¥) Employees shares | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2020 CNY (¥) shares | Dec. 31, 2017 | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2021 USD ($) shares | Dec. 20, 2021 | Jun. 25, 2020 $ / shares | May 09, 2020 $ / shares | Dec. 31, 2019 shares | Apr. 19, 2018 shares | Aug. 20, 2016 shares | Jun. 20, 2014 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based payment award, number of shares authorized | 5,290,234 | 3,690,599 | 3,001,365 | ||||||||||||||||
Options grants in period | 23,981,792 | 23,981,792 | 361,843 | 5,771,720 | |||||||||||||||
Sharebased payment award expiration period | 10 years | 10 years | |||||||||||||||||
Options vested in period fair value | $ 3,453 | ¥ 23,816 | ¥ 21,207 | ¥ 3,580 | |||||||||||||||
Compensation cost not yet recognized stock options | 71,272 | ¥ 491,575 | |||||||||||||||||
Share-based payment arrangement, expense | 47,379 | 326,784 | 282,433 | 173,220 | |||||||||||||||
Share Based Compensation, Options exercised total intrinsic value | $ 244 | 1,686 | 8,355 | ¥ 1,859 | |||||||||||||||
Options outstanding | 7,820,429 | 7,820,429 | 20,060,112 | 7,820,429 | 20,060,112 | 7,606,336 | 2,403,799 | ||||||||||||
Incremental expenses related to the cash settled component | $ 3,975 | ¥ 27,413 | ¥ 11,554 | ||||||||||||||||
Twenty Twenty Plan [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based payment award, number of shares authorized | 4,512,276 | 4,512,276 | 4,512,276 | ||||||||||||||||
Equity instruments other than options grants in period | 2,185,217 | 2,185,217 | |||||||||||||||||
Vesting period | 4 years | 4 years | |||||||||||||||||
Awards available for future grant | 2,451,875 | 2,451,875 | |||||||||||||||||
ESIP NO.1 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Number of eligible employees affected | Employees | 90 | 90 | |||||||||||||||||
ESIP NO.1 | Employee Stock [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Sale of shares | 2,614,636 | ||||||||||||||||||
Sale price per share | $ / shares | $ 20.02 | $ 13.2 | |||||||||||||||||
ESIP NO.1 | Common Class A [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Percenatge of discount in initial public offering | 20% | ||||||||||||||||||
ESIP NO.2 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Number of eligible employees affected | Employees | 90 | 90 | |||||||||||||||||
ESIP NO.2 | Employee Stock [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Percentage of restricted shares lockup in first year | 10% | ||||||||||||||||||
Percentage of restricted shares lockup in second year | 40% | ||||||||||||||||||
Percentage of restricted shares lockup in third year | 50% | ||||||||||||||||||
ESIP NO.2 | Common Class A [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Percenatge of discount in initial public offering | 30% | ||||||||||||||||||
ESIP NO.2 | Common Class A [Member] | Employee Stock [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Percentage of restricted shares lockup in first year | 10% | ||||||||||||||||||
Percentage of restricted shares lockup in second year | 40% | ||||||||||||||||||
Percentage of restricted shares lockup in third year | 50% | ||||||||||||||||||
Maximum subscription amount per person | ¥ | ¥ 2,000 | ||||||||||||||||||
Pre-IPO Plan [member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Options grants in period | 110,000 | 110,000 | 361,843 | 296,327 | |||||||||||||||
Sharebased payment award expiration period | 10 years | 10 years | |||||||||||||||||
Awards available for future grant | 696,607 | 696,607 | |||||||||||||||||
Pre-IPO Plan [member] | Maximum [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Vesting period | 4 years | 4 years | |||||||||||||||||
Pre-IPO Plan [member] | Minimum [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Vesting period | 3 years | 3 years | |||||||||||||||||
Management Plan [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Options grants in period | 0 | 0 | 0 | ||||||||||||||||
Vesting period | 4 years | 4 years | |||||||||||||||||
Sharebased payment award expiration period | 10 years | 10 years | |||||||||||||||||
Share-based compensation arrangement by share-based payment award, percentage of outstanding stock maximum | 5% | 5% | |||||||||||||||||
Awards available for future grant | 111,742 | 111,742 | |||||||||||||||||
2021 Plan [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based payment award, number of shares authorized | 12,533,016 | ||||||||||||||||||
Options grants in period | 10,416,956 | ||||||||||||||||||
Vesting period | 5 years | ||||||||||||||||||
Awards available for future grant | 517,902 | 517,902 | |||||||||||||||||
Options outstanding | 10,383,868 | ||||||||||||||||||
Total incremental cost | $ 1,920 | ¥ 13,246 | |||||||||||||||||
2021 Plan [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Average Closing Share Price | $ | $ 10,000,000 | ||||||||||||||||||
2021 Plan [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Average Closing Share Price | $ | $ 15,000,000 | ||||||||||||||||||
Employee Share Incentive Plan No 2 [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share compensation guaranteed return percentage to eligible employees | 5% | ||||||||||||||||||
2022 Plan [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based payment award, number of shares authorized | 11,775,525 | ||||||||||||||||||
Options grants in period | 11,317,623 | ||||||||||||||||||
Vesting period | 5 years | ||||||||||||||||||
Number of eligible employees affected | Employees | 50 | ||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Options Replaced Grants In Period Gross | 10,125,723 | ||||||||||||||||||
2022 Plan [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Average Closing Share Price | $ | $ 2,000,000 | ||||||||||||||||||
2022 Plan [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Average Closing Share Price | $ | 4,000,000 | ||||||||||||||||||
2022 Plan [Member] | Share-Based Payment Arrangement, Tranche Three [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Average Closing Share Price | $ | $ 10,000,000 | ||||||||||||||||||
Restricted Stock [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Equity instruments other than options grants in period | 743,955 | ||||||||||||||||||
Sharebased payment award expiration period | 4 years | ||||||||||||||||||
Fair value of the restricted shares | ¥ | 42,540 | ||||||||||||||||||
Share-based payment arrangement, expense | $ 4,075 | ¥ 28,109 | ¥ 15,899 | ¥ 1,671 | |||||||||||||||
Restricted Stock [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Vesting period | 1 year | ||||||||||||||||||
Share-based payment award vesting rights percentage | 25% | ||||||||||||||||||
Restricted Stock [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Vesting period | 3 years | ||||||||||||||||||
Share-based payment award vesting rights percentage | 75% | ||||||||||||||||||
Restricted Stock [Member] | Twenty Twenty Plan [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Equity instruments other than options grants in period | 0 | ||||||||||||||||||
Share-based Payment Arrangement, Option [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Compensation cost not yet recognized period for recognition | 1 year 9 months 29 days | 1 year 9 months 29 days |
Treasury Stock - Additional Inf
Treasury Stock - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 CNY (¥) shares | Jun. 30, 2021 USD ($) $ / shares shares | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 CNY (¥) shares | |
Equity, Class of Treasury Stock [Line Items] | |||||
Treasury stock | 3,023,138 | 3,023,138 | |||
Stock repurchased during period, value | ¥ 16,412 | $ 2,380 | |||
Founder [Member] | Restricted Stock [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Treasury stock repurchased shares | 61,026 | ||||
Stock repurchased during period, value | ¥ | ¥ 4,270 | ||||
ESIP No.1 And ESIP No.2 [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Treasury stock | 106,014 | 106,014 | |||
Treasury stock [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Treasury stock repurchased shares | 163,877 | 163,877 | |||
Shares reserved for future issuance | 163,877 | 163,877 | |||
Stock repurchased during period, value | ¥ 4,984 | $ 723 | |||
Treasury stock [Member] | Accelerated Share epurchase [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Stock repurchase program authorized amount | $ | $ 10,000 | ||||
Weighted average price | $ / shares | $ 3.3078 | ||||
Stock repurchased during period, value | ¥ 57,193 | $ 8,555 | |||
Additional paid-in capital [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Stock repurchased during period, value | ¥ 11,428 | $ 1,657 | |||
Additional paid-in capital [Member] | Accelerated Share epurchase [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Stock repurchased during period, value | ¥ 9,657 | $ 1,445 | |||
Common Stock [Member] | Accelerated Share epurchase [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Treasury stock repurchased shares | 3,023,138 | 3,023,138 | |||
Stock repurchased during period, value | $ | $ 10,000 |
Income Taxes - Summary of Group
Income Taxes - Summary of Group's Loss before Income Taxes (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Total loss before income tax | ¥ (969,248) | $ (140,527) | ¥ (795,798) | ¥ (407,235) |
PRC | ||||
Total loss before income tax | (892,612) | (129,416) | (704,003) | (366,634) |
Non PRC [Member] | ||||
Total loss before income tax | ¥ (76,636) | $ (11,111) | ¥ (91,795) | ¥ (40,601) |
Income Taxes - Summary of Curre
Income Taxes - Summary of Current And Deferred Components of The Income Tax Expense (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||||
Income tax expense - current tax | ¥ 1,985 | $ 288 | ¥ 899 | ¥ 0 |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of Effective Tax rate and Statutory Income Tax rate (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Income Tax Disclosure [Abstract] | ||||
Loss before income tax | ¥ (969,248) | $ (140,527) | ¥ (795,798) | ¥ (407,235) |
Income tax benefits computed at PRC statutory rate (25%) | (242,312) | (35,132) | (198,950) | (101,809) |
Effect of tax rate differential | 4,493 | 651 | 13,896 | 10,375 |
Research and development super-deduction | (13,376) | (1,939) | (9,897) | (6,011) |
Non-deductible expenses | 73,476 | 10,653 | 84,029 | 54,255 |
Non-taxable income | (575) | (83) | (872) | (872) |
Expiration of Tax Attributes | 6,540 | 948 | 0 | 0 |
Others | 1,102 | 160 | 0 | 0 |
Changes in valuation allowance | 172,637 | 25,030 | 112,693 | 44,062 |
Income tax expenses | ¥ 1,985 | $ 288 | ¥ 899 | ¥ 0 |
Income Taxes - Summary of Princ
Income Taxes - Summary of Principle Components of Deferred Tax Assets (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Components of Deferred Tax Assets [Abstract] | |||
Accruals and reserves | ¥ 28,725 | $ 4,165 | ¥ 14,748 |
Net operating loss carried forward | 182,191 | 26,415 | 98,015 |
Government grants | 99 | 14 | 0 |
Depreciation and amortization | 4,160 | 604 | 681 |
Excessive education fee | 593 | 86 | 625 |
Research and development expense carried forward | 0 | 0 | 1,063 |
Capitalized research and development expense | 5,581 | 809 | 0 |
Timing difference of research and development expense recognition | 215,026 | 31,176 | 154,017 |
Timing difference of revenue recognition | 1,161 | 168 | 0 |
Excessive donation expense carried forward | 2,533 | 367 | 2,449 |
Operating lease liabilities | 10,405 | 1,509 | 21,438 |
Gross deferred tax assets | 450,474 | 65,313 | 293,036 |
Less: Valuation allowance | (436,833) | (63,335) | (264,196) |
Total deferred tax assets, net | 13,641 | 1,978 | 28,840 |
Deferred tax liabilities: | |||
Operating right of use assets | (13,075) | (1,896) | (20,033) |
Depreciation and amortization | (566) | (82) | (8,807) |
Total deferred tax liabilities | (13,641) | (1,978) | (28,840) |
Net deferred tax assets | ¥ 0 | $ 0 | ¥ 0 |
Income Tax - Unrecognized Tax B
Income Tax - Unrecognized Tax Benefits (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | |
Schedule Of Unrecognized Tax Benefits [Abstract] | |||
Balance at January 1 | ¥ 0 | ¥ 0 | |
Additions based on tax positions related to current year | 1,901 | $ 276 | 0 |
Balance at December 31 | ¥ 1,901 | $ 276 | ¥ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Jan. 01, 2008 | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2018 | Dec. 31, 2022 USD ($) | Dec. 31, 2020 CNY (¥) | |
Unrecognized Tax Benefits | ¥ 1,901 | ¥ 0 | $ 276 | ¥ 0 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 0 | ||||||
Undistributed earnings | 19,595 | $ 2,841 | 15,503 | ||||
Other Noncurrent Liabilities [Member] | |||||||
Unrecognized Tax Benefits | ¥ 1,901 | 0 | 276 | ||||
CHINA | |||||||
Income tax rate | 25% | 25% | 25% | ||||
Net operating loss carried forward | ¥ 706,384 | ¥ 392,060 | $ 102,416 | ||||
Operating Loss Carryforwards, Expiration Term | 5 years | ||||||
CHINA | High and New Technology Enterprise [Member] | |||||||
Income tax rate | 15% | 15% | 15% | ||||
Operating Loss Carryforwards, Expiration Term | 10 years | ||||||
UNITED STATES | |||||||
Income tax rate | 21% | 21% | |||||
State income tax rate | 8.84% | 8.84% | |||||
HONG KONG | |||||||
Income tax rate | 16.50% | 16.50% | |||||
NEW JERSEY | |||||||
State income tax rate | 9% | 9% |
Loss Per Share - Schedule of E
Loss Per Share - Schedule of Earnings Per Share, Basic and Diluted (Detail) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | Dec. 31, 2020 CNY (¥) ¥ / shares shares | |
Numerator: | ||||
Net loss attributable to Burning Rock Biotech Limited's shareholders | ¥ (971,233) | $ (140,815) | ¥ (796,697) | ¥ (407,235) |
Accretion of convertible preferred shares | 0 | 0 | 0 | 64,688 |
Net loss attributable to ordinary shareholders | ¥ (971,233) | $ (140,815) | ¥ (796,697) | ¥ (471,923) |
Common Class A [Member] | ||||
Denominator: | ||||
Weighted average shares outstanding used in loss per share - basic | 86,584,100 | 86,584,100 | 86,883,011 | 51,309,631 |
Weighted average shares outstanding used in loss per share - diluted | 86,584,100 | 86,584,100 | 86,883,011 | 51,309,631 |
Loss per share - basic | (per share) | ¥ (9.35) | $ (1.36) | ¥ (7.65) | ¥ (6.88) |
Loss per share - diluted | (per share) | ¥ (9.35) | $ (1.36) | ¥ (7.65) | ¥ (6.88) |
Common Class B [Member] | ||||
Denominator: | ||||
Weighted average shares outstanding used in loss per share - basic | 17,324,848 | 17,324,848 | 17,324,848 | 17,324,848 |
Weighted average shares outstanding used in loss per share - diluted | 17,324,848 | 17,324,848 | 17,324,848 | 17,324,848 |
Loss per share - basic | (per share) | ¥ (9.35) | $ (1.36) | ¥ (7.65) | ¥ (6.88) |
Loss per share - diluted | (per share) | ¥ (9.35) | $ (1.36) | ¥ (7.65) | ¥ (6.88) |
Common Stock | ||||
Numerator: | ||||
Net loss attributable to Burning Rock Biotech Limited's shareholders | ¥ | ¥ 0 | |||
Common Stock | Common Class A [Member] | ||||
Numerator: | ||||
Net loss attributable to Burning Rock Biotech Limited's shareholders | ¥ (809,298) | $ (117,337) | (664,244) | ¥ (304,440) |
Accretion of convertible preferred shares | 0 | 0 | 0 | (48,359) |
Net loss attributable to ordinary shareholders | ¥ (809,298) | $ (117,337) | ¥ (664,244) | ¥ (352,799) |
Denominator: | ||||
Weighted-average number of ordinary shares outstanding | 87,005,610 | 87,005,610 | 87,556,581 | 51,313,708 |
Effect of unvested restricted shares | (421,510) | (421,510) | (673,570) | (4,077) |
Common Stock | Common Class B [Member] | ||||
Numerator: | ||||
Net loss attributable to Burning Rock Biotech Limited's shareholders | ¥ (161,935) | $ (23,478) | ¥ (132,453) | ¥ (102,795) |
Accretion of convertible preferred shares | 0 | 0 | 0 | (16,329) |
Net loss attributable to ordinary shareholders | ¥ (161,935) | $ (23,478) | ¥ (132,453) | ¥ (119,124) |
Denominator: | ||||
Weighted-average number of ordinary shares outstanding | 17,324,848 | 17,324,848 | 17,324,848 | 17,324,848 |
Effect of unvested restricted shares | 0 | 0 | 0 | 0 |
Related Party Transactions - Su
Related Party Transactions - Summary of Relationship With Related Party (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Yusheng Han | |
Related Party Transaction [Line Items] | |
Nature of Common Ownership or Management Control Relationships | Shareholder of a shareholder of the Company, Chief Executive Officer, director |
Shaokun Chuai | |
Related Party Transaction [Line Items] | |
Nature of Common Ownership or Management Control Relationships | Shareholder of a shareholder of the Company, Chief Scientific Officer, director |
EaSuMed Holding Ltd [Member] | |
Related Party Transaction [Line Items] | |
Nature of Common Ownership or Management Control Relationships | Equity method investee |
Guangzhou Burning Rock Biological Engineering Co., Ltd. | |
Related Party Transaction [Line Items] | |
Nature of Common Ownership or Management Control Relationships | Company controlled by the Founder |
Related Party Transactions - _2
Related Party Transactions - Summary of Related Party Transactions (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | ||
Related Party Transaction [Line Items] | |||||
Rental income from: | ¥ 0 | ¥ 628 | ¥ 0 | ||
Interest income from: | 471 | ||||
Yusheng Han | |||||
Related Party Transaction [Line Items] | |||||
Interest income from: | [1] | 176 | |||
Shaokun Chuai | |||||
Related Party Transaction [Line Items] | |||||
Interest income from: | [2] | 295 | |||
EaSuMed Holding Ltd [Member] | |||||
Related Party Transaction [Line Items] | |||||
Consulting service received from: | ¥ 201 | $ 29 | 2,195 | ¥ 770 | |
Guangzhou Burning Rock Biological Engineering Co., Ltd | |||||
Related Party Transaction [Line Items] | |||||
Rental income from: | [3] | 187 | |||
Equipment usage service income from: | [4] | ¥ 441 | |||
[1]On March 29, 2019, the Group entered into a loan agreement with Yusheng Han with a principal amount of US$5,500 at the simple rate of 4.5% per annum. The loan was fully repaid in February and March 2020.[2]On March 28, 2019, the Group entered into a loan agreement with Shaokun Chuai with a principal amount of US$2,500 at the simple rate of 4.5% per annum. The loan was fully repaid in May 2020.[3]On April 1, 2021, the Group entered into a one-year sublease agreement on its office with a related party and recorded RMB97 in other income for the year ended December 31, 2021. The lease was early terminated on September 30, 2021.[4]On April 1, 2021, the Group entered into a contract to provide equipment usage service to its related party with a total contract amount of RMB997, of which RMB441 was recorded in other income for the year ended December 31,2021. The contract was early terminated on September 30, 2021. |
Related Party Transactions - _3
Related Party Transactions - Summary of Related Party Transactions (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Apr. 01, 2021 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Mar. 29, 2019 USD ($) | Mar. 28, 2019 USD ($) | |
Related Party Transaction [Line Items] | |||||||
Other income related party | ¥ 152 | $ 22 | ¥ 199 | ¥ (887) | |||
Sublease Income | 187 | ||||||
Yusheng Han | |||||||
Related Party Transaction [Line Items] | |||||||
Debt Instrument Face Amount | $ | $ 5,500 | ||||||
Debt instrument interest rate | 4.50% | ||||||
Shaokun Chuai | |||||||
Related Party Transaction [Line Items] | |||||||
Debt Instrument Face Amount | $ | $ 2,500 | ||||||
Debt instrument interest rate | 4.50% | ||||||
Guangzhou Burning Rock Biological Engineering Co., Ltd | |||||||
Related Party Transaction [Line Items] | |||||||
Total Contract Amount of Equipment Usage Service Related Party | ¥ 997 | ||||||
Other income related party | ¥ 441 | ||||||
Guangzhou Burning Rock Biological Engineering Co., Ltd | Office Sublease Agreement [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Sublease Income | ¥ 97 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - Dec. 31, 2022 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Long-term Purchase Commitment [Line Items] | ||
Short term operating lease commitments | ¥ 1,930 | $ 280 |
Restricted Net Assets - Additio
Restricted Net Assets - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | |
CHINA | General Reserve Fund [Member] | Foreign Invested Enterprise [Member] | |||
Restricted Net Assets [Line Items] | |||
Maximum percentage of statutory general reserve related to entity's registered capital | 50% | ||
CHINA | Statutory Surplus Reserve [Member] | Domestic Enterprise [Member] | |||
Restricted Net Assets [Line Items] | |||
Maximum percentage of statutory surplus reserve related to entity's registered capital | 50% | ||
Minimum [Member] | CHINA | General Reserve Fund [Member] | Foreign Invested Enterprise [Member] | |||
Restricted Net Assets [Line Items] | |||
Percentage of Annual After Tax Profit Required To Allocate To The General Reserve Fund | 10% | ||
Minimum [Member] | CHINA | Statutory Surplus Reserve [Member] | Domestic Enterprise [Member] | |||
Restricted Net Assets [Line Items] | |||
Percentage of Annual After Tax Profits Required To Provide Statutory Surplus Fund | 10% | ||
PRC Subsidiaries [Member] | |||
Restricted Net Assets [Line Items] | |||
Restricted net assets | ¥ 382,724 | ||
VIE And VIE Subsidiaries [Member] | |||
Restricted Net Assets [Line Items] | |||
Restricted net assets | ¥ 386,266 | $ 56,003 |
Condensed Financial Informati_3
Condensed Financial Information of the Parent Company - Schedule of Condensed Balance Sheets (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) |
Current assets: | |||||
Cash and cash equivalents | ¥ 905,451 | $ 131,278 | ¥ 1,431,317 | ¥ 1,895,308 | |
Restricted cash | 19,817 | 2,873 | 7,795 | 29,898 | |
Total current assets | 1,258,762 | 182,504 | 1,820,946 | ||
Non-current assets: | |||||
Equity method investment | 690 | 100 | 910 | ||
Property and equipment, net | 251,829 | 36,512 | 325,438 | ||
Total non-current assets | 328,705 | 47,658 | 457,641 | ||
TOTAL ASSETS | 1,587,467 | 230,162 | 2,278,587 | ||
Current liabilities: | |||||
Accrued liabilities and other current liabilities | 173,832 | 25,203 | 127,892 | ||
Total current liabilities | 411,451 | 59,655 | 372,184 | ||
TOTAL LIABILITIES | 429,126 | 62,218 | 433,276 | ||
Shareholders' deficit: | |||||
Treasury stock | (58,919) | (8,542) | 0 | ||
Additional paid-in capital | 4,582,790 | 664,442 | 4,280,956 | ||
Accumulated deficit | (3,199,946) | (463,949) | (2,228,713) | ||
Accumulated other comprehensive loss | (165,722) | (24,027) | (207,069) | ||
Total shareholders' equity | 1,158,341 | 167,944 | 1,845,311 | ¥ 2,421,004 | ¥ (891,494) |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1,587,467 | 230,162 | 2,278,587 | ||
Common Class A [Member] | |||||
Shareholders' deficit: | |||||
Ordinary shares | 117 | 17 | 116 | ||
Common Class B [Member] | |||||
Shareholders' deficit: | |||||
Ordinary shares | 21 | 3 | 21 | ||
Parent Company [Member] | |||||
Current assets: | |||||
Cash and cash equivalents | 71,858 | 10,418 | 25,307 | ||
Restricted cash | 2,120 | 307 | 7,794 | ||
Inter-company receivables | 3,057,703 | 443,325 | 2,929,351 | ||
Prepayments and other current assets | 121 | 18 | 660 | ||
Total current assets | 3,131,802 | 454,068 | 2,963,112 | ||
Non-current assets: | |||||
Equity method investment | 690 | 100 | 910 | ||
Property and equipment, net | 1,278 | 185 | 1,778 | ||
Total non-current assets | 1,968 | 285 | 2,688 | ||
TOTAL ASSETS | 3,133,770 | 454,353 | 2,965,800 | ||
Current liabilities: | |||||
Inter-company payables | 1,964,454 | 284,819 | 1,116,373 | ||
Accrued liabilities and other current liabilities | 10,975 | 1,590 | 4,116 | ||
Total current liabilities | 1,975,429 | 286,409 | 1,120,489 | ||
TOTAL LIABILITIES | 1,975,429 | 286,409 | 1,120,489 | ||
Shareholders' deficit: | |||||
Treasury stock | (58,919) | (8,542) | 0 | ||
Additional paid-in capital | 4,582,790 | 664,442 | 4,280,956 | ||
Accumulated deficit | (3,199,946) | (463,949) | (2,228,713) | ||
Accumulated other comprehensive loss | (165,722) | (24,027) | (207,069) | ||
Total shareholders' equity | 1,158,341 | 167,944 | 1,845,311 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 3,133,770 | 454,353 | 2,965,800 | ||
Parent Company [Member] | Common Class A [Member] | |||||
Shareholders' deficit: | |||||
Ordinary shares | 117 | 17 | 116 | ||
Parent Company [Member] | Common Class B [Member] | |||||
Shareholders' deficit: | |||||
Ordinary shares | ¥ 21 | $ 3 | ¥ 21 |
Condensed Financial Informati_4
Condensed Financial Information of the Parent Company - Schedule of Condensed Balance Sheets (Parenthetical) (Detail) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Common Class A [Member] | ||
Ordinary Shares, Par value | $ 0.0002 | $ 0.0002 |
Ordinary Shares, Shares authorized | 230,000,000 | 230,000,000 |
Ordinary Shares, Shares issued | 85,318,596 | 87,784,001 |
Ordinary Shares, Shares outstanding | 85,318,596 | 87,784,001 |
Common Class A [Member] | Parent Company [Member] | ||
Ordinary Shares, Par value | $ 0.0002 | $ 0.0002 |
Ordinary Shares, Shares authorized | 230,000,000 | 230,000,000 |
Ordinary Shares, Shares issued | 87,784,001 | |
Ordinary Shares, Shares outstanding | 85,318,596 | |
Common Class B [Member] | ||
Ordinary Shares, Par value | $ 0.0002 | $ 0.0002 |
Ordinary Shares, Shares authorized | 20,000,000 | 20,000,000 |
Ordinary Shares, Shares issued | 17,324,848 | 17,324,848 |
Ordinary Shares, Shares outstanding | 17,324,848 | 17,324,848 |
Common Class B [Member] | Parent Company [Member] | ||
Ordinary Shares, Par value | $ 0.0002 | $ 0.0002 |
Ordinary Shares, Shares authorized | 20,000,000 | 20,000,000 |
Ordinary Shares, Shares issued | 17,324,848 | |
Ordinary Shares, Shares outstanding | 17,324,848 |
Condensed Financial Informati_5
Condensed Financial Information of the Parent Company - Schedule of Condensed Statements of Comprehensive Loss (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Revenues | ¥ 563,238 | $ 81,662 | ¥ 507,862 | ¥ 429,903 |
Cost of revenues | 183,199 | 26,561 | 143,716 | 115,981 |
Gross Profit | 380,039 | 55,101 | 364,146 | 313,922 |
Operating expenses: | ||||
General and administrative expenses | 568,284 | 82,393 | 490,256 | 293,800 |
Loss from operations | (980,407) | (142,145) | (797,064) | (412,405) |
Interest income | 9,356 | 1,356 | 3,457 | 6,068 |
Change in fair value of a warrant liability | 0 | 0 | 0 | (3,503) |
Loss before income tax | (969,248) | (140,527) | (795,798) | (407,235) |
Income tax expenses | 1,985 | 288 | 899 | 0 |
Net loss | (971,233) | (140,815) | (796,697) | (407,235) |
Net loss attributable to Burning Rock Biotech Limited's shareholders | (971,233) | (140,815) | (796,697) | (407,235) |
Accretion of convertible preferred shares | 0 | 0 | 0 | 64,688 |
Net loss attributable to ordinary shareholders | (971,233) | (140,815) | (796,697) | (471,923) |
Other comprehensive income (loss), net of tax of nil: | ||||
Foreign currency translation adjustments | 41,347 | 5,995 | (39,480) | (176,888) |
Total comprehensive loss | (929,886) | (134,820) | (836,177) | (584,123) |
Parent Company [Member] | ||||
Revenues | 0 | 0 | 0 | 0 |
Cost of revenues | 0 | 0 | 0 | 0 |
Gross Profit | 0 | 0 | 0 | 0 |
Operating expenses: | ||||
General and administrative expenses | (31,041) | (4,501) | (48,566) | (33,530) |
Income Loss From Subsidiaries VIE And VIE Subsidiaries | (943,534) | (136,800) | (750,015) | (378,255) |
Total operating expenses | (974,575) | (141,301) | (798,581) | (411,785) |
Loss from operations | (974,575) | (141,299) | (798,581) | (411,785) |
Interest income | 3,636 | 527 | 2,365 | 1,318 |
Other expense, net | (294) | (43) | (481) | (271) |
Change in fair value of a warrant liability | 3,503 | |||
Loss before income tax | (971,233) | (140,815) | (796,697) | (407,235) |
Income tax expenses | 0 | 0 | 0 | 0 |
Net loss | (971,233) | (140,815) | (796,697) | (407,235) |
Net loss attributable to Burning Rock Biotech Limited's shareholders | (971,233) | (140,815) | (796,697) | (407,235) |
Accretion of convertible preferred shares | 0 | 0 | 0 | (64,688) |
Net loss attributable to ordinary shareholders | (971,233) | (140,815) | (796,697) | (471,923) |
Other comprehensive income (loss), net of tax of nil: | ||||
Foreign currency translation adjustments | 41,347 | 5,995 | (39,480) | (176,888) |
Total comprehensive loss | ¥ (929,886) | $ (134,820) | ¥ (836,177) | ¥ (584,123) |
Condensed Financial Informati_6
Condensed Financial Information of the Parent Company - Schedule of Condensed Statements of Cash Flows (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash generated from (used in) operating activities | ¥ (456,808) | $ (66,232) | ¥ (477,886) | ¥ (73,543) |
Net cash used in investing activities | (7,463) | (1,082) | 81,697 | (109,312) |
Net cash (used in) generated from financing activities | (86,239) | (12,504) | (52,899) | 2,165,719 |
Effect of exchange rate changes | 36,666 | 5,317 | (37,006) | (155,902) |
Net increase cash, cash equivalents and restricted cash | (513,844) | (74,501) | (486,094) | 1,826,962 |
Cash, cash equivalents and restricted cash at the beginning of year | 1,439,112 | 208,652 | 1,925,206 | 98,244 |
Cash, cash equivalents and restricted cash at the end of year | 925,268 | 134,151 | 1,439,112 | 1,925,206 |
Parent Company [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash generated from (used in) operating activities | (19,357) | (2,807) | (51,411) | 59,605 |
Net cash used in investing activities | 125,576 | 18,207 | (1,179,603) | (814,967) |
Net cash (used in) generated from financing activities | (66,850) | (9,692) | 0 | 2,128,705 |
Effect of exchange rate changes | 1,508 | 218 | (484) | (131,185) |
Net increase cash, cash equivalents and restricted cash | 40,877 | 5,926 | (1,231,498) | 1,242,158 |
Cash, cash equivalents and restricted cash at the beginning of year | 33,101 | 4,799 | 1,264,599 | 22,441 |
Cash, cash equivalents and restricted cash at the end of year | ¥ 73,978 | $ 10,725 | ¥ 33,101 | ¥ 1,264,599 |
Condensed Financial Informati_7
Condensed Financial Information of the Parent Company - Additional Information (Details) - Parent Company [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Investments In Subsidiary Gross Reductions | $ 0 | $ 0 |
Cash Dividends Paid to Parent | $ 0 |