燃石医学美股招股说明书(2022-11-07版)

424B51d361579d424b5.htm424(B)(5) TableofContents FiledpursuanttoRule424(b)(5)RegistrationNo.333-264577 PROSPECTUSSUPPLEMENT (ToprospectusdatedSeptember30,2022) Upto$100,000,000 BurningRockBiotechLimited AmericanDepositaryShares (RepresentingClassAOrdinaryShares) WehaveenteredintoasalesagreementwithCowenandCompany,LLC,orCowen,relatingtoourAmericanDepositaryShares,orADSs,representingourClassAordinaryshares,offeredbythisprospectussupplementandtheaccompanyingprospectus.EachADSrepresentsoneClassAordinaryshare,parvalueUS0.0002pershare.Inaccordancewiththetermsofthesalesagreement,wemayofferandsellourADSshavinganaggregateofferingpriceofupto$100,000,000fromtimetotimethroughortoCowenactingasouragent. OurADSsarelistedontheNASDAQGlobalMarket,orNASDAQ,underthesymbol“BNR.”OnNovember4,2022,thelastreportedsalepriceofourADSsonNASDAQwas$1.95perADSs.OurADSsalsocommencedtradingontheLondonStockExchangefromNovember1,2022,underthesamesymbolof“BNR.”TheADSslistedontheLondonStockExchangearefullyfungiblewiththeADSslistedonNASDAQ. SalesofourADSs,ifany,underthisprospectussupplementandtheaccompanyingprospectuswillbemadeinsalesdeemedtobe“at-the-marketofferings”asdefinedinRule415promulgatedundertheSecuritiesActof1933,asamended,ortheSecuritiesAct.Cowenisnotrequiredtosellanyspecificamountofsecurities,butwillactasoursalesagentusingcommerciallyreasonableeffortsconsistentwithitsnormaltradingandsalespractices,onmutuallyagreedtermsbetweenCowenandus.Thereisnoarrangementforfundstobereceivedinanyescrow,trustorsimilararrangement. ThecompensationtoCowenforsalesofADSssoldpursuanttothesalesagreementwillbeanamountequalto3.0%ofthegrossproceedsofanyADSssoldunderthesalesagreement,unlesswaivedbyCowenundercertaincircumstances.WehavealsoagreedtoreimburseCowenforCowen’slegalexpenses,includingfeesanddisbursementsofcounselincurredbyCowen,uptoamaximumaggregateamountof $150,000.See“PlanofDistribution”beginningonpageS-73foradditionalinformationregardingthecompensationtobepaidtoCowen.InconnectionwiththesaleoftheADSsonourbehalf,Cowenwillbedeemedtobean“underwriter”withinthemeaningoftheSecuritiesActandthecompensationofCowenwillbedeemedtobeunderwritingcommissionsordiscounts.WehavealsoagreedtoprovideindemnificationandcontributiontoCowenwithrespecttocertainliabilities,includingliabilitiesundertheSecuritiesActortheExchangeActof1934,asamended,ortheExchangeAct. OurbusinessandaninvestmentinourADSsinvolvesignificantrisks.Theserisksaredescribedunderthecaption“RiskFactors”beginningonpageS-17ofthisprospectussupplement,onpage20oftheaccompanyingprospectusandundersimilarheadingsinthedocumentsincorporatedbyreferenceintothisprospectussupplementandtheaccompanyingprospectus. TableofContents WearenotaChineseoperatingcompanybutaholdingcompanyincorporatedintheCaymanIslands.Asaholdingcompanywithnomaterialoperationsofourown,weconductsubstantiallyallofourbusinessthroughcontractualarrangementswiththevariableinterestentity,orVIE,anditssubsidiaries.WhilewedonothavetheequityownershipoftheVIE,thesecontractualarrangementsenableustoreceivetheeconomicbenefitsthatcouldpotentiallybesignificanttotheVIEinconsiderationfortheservicesprovidedbyoursubsidiaries,andholdanexclusiveoptiontopurchaseallorpartoftheequityinterestsinandassetsoftheVIEwhenandtotheextentpermittedbyPRClaw.Becauseofthesecontractualarrangements,wearetheprimarybeneficiaryoftheVIEandhenceconsolidateitsfinancialresultswithoursunderU.S.GAAP.InvestorsinourADSsthusarenotpurchasingequityinterestinouroperatingentitiesinChinabutinsteadarepurchasingequityinterestinaCaymanIslandsholdingcompany.ThesecuritiesofferedinthisprospectussupplementandtheaccompanyingprospectusaresecuritiesofourCaymanIslandsholdingcompany,notofouroperatingsubsidiariesortheVIEs.Asusedinthisprospectussupplementandtheaccompanyingprospectus,“we,”“us,”“ourcompany,”“our,”or“theCompany”referstoBurningRockBiotechLimitedanditssubsidiaries,“theVIE”referstoourPRCvariableinterestentity,BurningRock(Beijing)BiotechnologyCo.Ltd.,and“theVIEs”referstotheVIEanditssubsidiaries. PursuanttotheSpecialAdministrativeMeasuresforAccessofForeignInvestment,ortheNegativeList(2021Edition),asissuedbytheNationalDevelopmentandReformCommission(NDRC)andtheMinistryofFinance(MOFCOM)andamendedfromtimetotime,PRClawsandregulationsprohibitdirectforeigninvestmentinthefieldofresearch,development,andapplicationofgenomicdiagnosisandtreatmenttechnology.TocomplywithPRClawsandregulations,weconductouroperationsinChinaprimarilythroughcontractualarrangementswiththeVIE,whichholdsthelicenses,permitsandapprovalsthatarenecessaryforourbusinessoperationsinthePRC.TheVIEstructureisusedtoreplicateforeigninvestmentinChina-basedcompanieswherethePRClawprohibitsdirectforeigninvestmentintheoperatingcompanies. OurcorporatestructureissubjecttorisksassociatedwithourcontractualarrangementswiththeVIE.TheCompanyanditsinvestorsmayneverdirectlyholdequityinterestsinthebusinessesthatareconductedbytheVIEs.UncertaintiesinthePRClegalsystemcouldlimitourabilitytoenforcethesecontractualarrangements,andthesecontractualarrangementshavenotbeentestedinacourtofl