Burning Rock Biotech is China's leading provider of next-generation sequencing (NGS)-based cancer genomic testing. The company analyzes DNA from tumor tissue or blood samples (liquid biopsies) to identify genomic mutations and biomarkers, helping oncologists select targeted therapies for individual patients. Burning Rock's core products cover therapy selection tests across most solid tumor types, molecular residual disease (MRD) testing to detect post-surgery cancer recurrence, and an early cancer detection blood test called OverC, which uses DNA methylation analysis to detect six cancer types. Burning Rock sells to hospitals and physicians across China through two channels: a central laboratory model, where samples are shipped to Burning Rock's Guangzhou facility for analysis, and an in-hospital model, where Burning Rock installs NGS workflows at partner hospitals and sells recurring reagent kits. The in-hospital model is Burning Rock's primary growth driver, with 94 partner hospitals across 43 Chinese cities as of end-2025. The company also earns project-based fees from pharmaceutical companies for clinical trial central lab services and companion diagnostic development. Burning Rock holds two NMPA-approved NGS-based reagent kits, a meaningful advantage in the in-hospital market. The company's early cancer detection test, OverC, has received Breakthrough Device Designation from both the FDA and NMPA, and Burning Rock is running a roughly 5,000-participant study to validate its performance. Burning Rock is also expanding internationally, having begun sales in Japan in 2025.