GUANGZHOU, China, Nov. 15, 2021 (GLOBE NEWSWIRE) -- Burning Rock Biotech Limited (NASDAQ: BNR, the “Company” or “Burning Rock”), a company focused on the application of next generation sequencing (NGS) technology in the field of precision oncology, today reported financial results for the three months ended September 30, 2021.
Business Updates
- Early Detection
- 6-cancer product: we have successfully signed contracts with a small number of pilot hospitals in China for the commercialization of our 6-cancer early detection product, and will focus on customer education and contracting more hospitals.
- 9-cancer product: we expect our 9-cancer early detection product development read-out in the first half of 2022, with potential performance improvement over that of our 6-cancer early detection product.
- Pharma Services
- Pharma service contract backlog continues to build rapidly. The total value of new contracts we entered into during the nine months ended September 30, 2021 amounted to RMB144 million, which is approximately 4.5 times of the new contract value signed in full-year 2020.
- Pharma projects involving our Clinical Laboratory Improvement Amendments (CLIA)-certified and College of American Pathologists (CAP)-accredited laboratory in California continue to grow. For instance, in early November, we announced further collaboration with IMPACT Therapeutics where our Guangzhou and California laboratories would provide testing services in connection with IMPACT Therapeutics’ development of its ATR inhibitor IMP9064, which has received the Investigational New Drug (IND) clearance from the U.S. Food and Drug Administration (FDA) for the Phase I/II clinical study.
- Therapy Selection
- Continued execution of our strategic shift towards more in-hospital testing, with industry-leading scale and growth rate. The volume of in-hospital NGS-based test kits grew 37% year-over-year to over 11,000 tests during the third quarter of 2021, despite the negative COVID-19 impact in August.
Third Quarter 2021 Financial Results
Revenues were RMB126.6 million (US$19.7 million) for the three months ended September 30, 2021, representing a 2.2% increase from RMB123.9 million for the same period in 2020, or a 0.5% sequential decrease from RMB127.3 million for the three months ended June 30, 2021.
- Revenue generated from central laboratory business was RMB78.8 million (US$12.2 million) for the three months ended September 30, 2021, representing a 12.3% decrease from RMB89.9 million for the same period in 2020, primarily attributable to a decrease in the number of patients tested in the central laboratory channel to 7,808 for the three months ended September 30, 2021, representing a 9.7% decrease from 8,644 for the same period in 2020.
- Revenue generated from in-hospital business was RMB43.7 million (US$6.8 million) for the three months ended September 30, 2021, representing a 37.9% increase from RMB31.7 million for the same period in 2020, driven by in-hospital testing volume growth.
- Revenue generated from pharma research and development services was RMB4.1 million (US$0.6 million) for the three months ended September 30, 2021, representing a 79.3% increase from RMB2.3 million for the same period in 2020, primarily attributable to increased testing performed for our pharma customers and growth in companion diagnostics development services.
Cost of revenues was RMB35.0 million (US$5.4 million) for the three months ended September 30, 2021, representing an 8.4% increase from RMB32.3 million for the same period in 2020, which was generally in line with the Company’s continued business growth.
Gross profit was RMB91.6 million (US$14.2 million) for the three months ended September 30, 2021, which was remained relatively stable compared to the same period in 2020. Gross margin was 72.3% for the three months ended September 30, 2021, compared to 73.9% for the same period in 2020.
Operating expenses were RMB262.6 million (US$40.8 million) for the three months ended September 30, 2021, representing a 21.5% increase from RMB216.2 million for the same period in 2020. The increase was primarily driven by headcount growth to support our business expansion.
- Research and development expenses were RMB69.6 million (US$10.8 million) for the three months ended September 30, 2021, representing a 0.5% increase from RMB69.3 million for the same period in 2020, primarily due to an increase in research and development personnel’s staff cost resulted from an increase in headcount, partially offset by a decrease in share-based compensation for research and development personnel.
- Selling and marketing expenses were RMB76.7 million (US$11.9 million) for the three months ended September 30, 2021, representing a 73.6% increase from RMB44.2 million for the same period in 2020, primarily due to an increase in staff cost resulted from increase in headcount to strengthen our commercial presence in the therapy selection business and build up our early detection commercialization team.
- General and administrative expenses were RMB116.3 million (US$18.1 million) for the three months ended September 30, 2021, representing a 13.2% increase from RMB102.7 million for the same period in 2020, primarily due to an increase in general and administrative personnel’s staff cost resulted from an increase in headcount and share-based compensation expenses.
Net loss was RMB170.5 million (US$26.5 million) for the three months ended September 30, 2021, compared to RMB127.1 million for the same period in 2020.
Cash, cash equivalents, restricted cash and short-term investments were RMB1,685.4 million (US$261.6 million) as of September 30, 2021.
2021 Financial Guidance
Starting late October, another wave of COVID resurgence has been reported in multiples cities in China, and the relevant governmental authorities have imposed travel restrictions and other measures. As of the date of this earnings release, the current wave has not been cleared out and the corresponding travel restrictions and other measures have not been lifted. We expect our central-laboratory testing volumes and, to a lesser extent, the growth of our in-hospital testing volumes, to be significantly impacted. We thus expect our 2021 full-year revenue to be at or around RMB500 million, subject to future development of the current wave of COVID resurgence.
Conference Call Information
Burning Rock will host a conference call to discuss the third quarter 2021 financial results at 8:00 a.m. U.S. Eastern Time (9:00 p.m. Hong Kong time) on November 16, 2021.
Details of the conference call are as follows:
| International: | +65 67135590 |
| U.S.: | +1 3322089468 |
| U.K.: | +44 2036928125 |
| Hong Kong: | +852 30186771 |
| China Mobile: | 4008205286 |
| China Landline: | 8008208659 |
| Conference ID: | 2277434 |
A replay of the conference call will be available for one week (dial-in number: +61 2 8199 0299; same conference ID as shown above).
About Burning Rock
Burning Rock Biotech Limited (NASDAQ: BNR), whose mission is to guard life via science, focuses on the application of next generation sequencing (NGS) technology in the field of precision oncology. Its business consists of i) NGS-based therapy selection testing for late-stage cancer patients, with the leading market share in China and over 273,000 tissue and liquid-based tests completed cumulatively, and ii) cancer early detection, which has moved beyond proof-of-concept R&D into the clinical validation stage.
For more information about Burning Rock, please visit: ir.brbiotech.com.
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “confident” and similar statements. Burning Rock may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Burning Rock’s beliefs and expectations, are forward-looking statements. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Burning Rock’s control. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. All information provided in this press release is as of the date of this press release, and Burning Rock does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
Contact: IR@brbiotech.com
Selected Operating Data
| For the three months ended | ||||||||||||||
| March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | March 31, 2021 | June 30, 2021 | September 30, 2021 | ||||||||
| Central Laboratory Channel: | ||||||||||||||
| Number of patients tested | 4,680 | 7,252 | 8,644 | 7,989 | 7,716 | 8,155 | 7,808 | |||||||
| Number of ordering physicians(1) | 810 | 1,175 | 1,194 | 1,114 | 1,082 | 1,013 | 920 | |||||||
| Number of ordering hospitals(2) | 232 | 284 | 289 | 294 | 303 | 300 | 287 | |||||||
| (1) | Represents physicians who on average order at least one test from us every month during a relevant period in the central laboratory channel. |
| (2) | Represents hospitals whose residing physicians who on average order at least one test from us every month during a relevant period in the central laboratory channel. |
| As of | ||||||||||||||
| March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | March 31, 2021 | June 30, 2021 | September 30, 2021 | ||||||||
| In-hospital Channel: | ||||||||||||||
| Pipeline partner hospitals(1) | 23 | 23 | 22 | 23 | 22 | 22 | 24 | |||||||
| Contracted partner hospitals(2) | 21 | 24 | 25 | 29 | 32 | 34 | 34 | |||||||
| Total number of partner hospitals | 44 | 47 | 47 | 52 | 54 | 56 | 58 | |||||||
| (1) | Refers to hospitals that are in the process of establishing in-hospital laboratories, laboratory equipment procurement or installation, staff training or pilot testing using the Company’s products. |
| (2) | Refers to hospitals that have entered into contracts to purchase the Company’s products for use on a recurring basis in their respective in-hospital laboratories the Company helped them establish. Kit revenue is generated from contracted hospitals. |
Selected Financial Data
| For the three months ended | |||||||||||||
| Revenues | March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | March 31, 2021 | June 30, 2021 | September 30, 2021 | ||||||
| (RMB in thousands) | |||||||||||||
| Central laboratory channel | 46,141 | 74,607 | 89,899 | 86,695 | 74,561 | 79,999 | 78,817 | ||||||
| In-hospital channel | 17,123 | 27,588 | 31,704 | 41,457 | 28,994 | 40,502 | 43,714 | ||||||
| Pharma research and development channel | 4,065 | 4,776 | 2,278 | 3,570 | 3,068 | 6,778 | 4,084 | ||||||
| Total revenues | 67,329 | 106,971 | 123,881 | 131,722 | 106,623 | 127,279 | 126,615 | ||||||
| For the three months ended | |||||||||||||||
| Gross profit | March 31, 2020 | June 30, 2020 | September 30,| 2020 | December 31, 2020 | March 31, 2021 | June 30， 2021 | September 30, 2021 | ||||||||
| (RMB in thousands) | |||||||||||||||
| Central laboratory channel | 32,434 | 56,556 | 67,804 | 66,588 | 55,212 | 58,681 | 58,387 | ||||||||
| In-hospital channel | 10,126 | 19,269 | 22,410 | 30,218 | 20,070 | 29,426 | 31,111 | ||||||||
| Pharma research and development channel | 2,224 | 2,573 | 1,373 | 2,347 | 1,658 | 2,124 | 2,098 | ||||||||
| Total gross profit | 44,784 | 78,398 | 91,587 | 99,153 | 76,940 | 90,231 | 91,596 | ||||||||
| For the three months ended | ||||||||||||||
| Share-based compensation expenses | March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | March 31, 2021 | June 30， 2021 | September 30, 2021 | |||||||
| (RMB in thousands) | ||||||||||||||
| Cost of revenues | 176 | 183 | 160 | 277 | 339 | 406 | 267 | |||||||
| Research and development expenses | 2,072 | 25,314 | 10,572 | 11,843 | 22,404 | 20,825 | (9,559 | ) | ||||||
| Selling and marketing expenses | 253 | 491 | 341 | 2,372 | 2,633 | 2,809 | 2,044 | |||||||
| General and administrative expenses | 1,665 | 1,639 | 57,805 | 58,057 | 59,382 | 59,369 | 60,803 | |||||||
| Total share-based compensation expenses | 4,166 | 27,627 | 68,878 | 72,549 | 84,758 | 83,409 | 53,555 | |||||||
Burning Rock Biotech Limited
Unaudited Condensed Statements of Comprehensive Loss
(in thousands, except for number of shares and per share data)
| For the three months ended | |||||||||||||||||||||||
| March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | March 31, 2021 | June 30, 2021 | September 30, 2021 | September 30, 2021 | ||||||||||||||||
| RMB | RMB | RMB | RMB | RMB | RMB | RMB | US$ | ||||||||||||||||
| Revenues | 67,329 | 106,971 | 123,881 | 131,722 | 106,623 | 127,279 | 126,615 | 19,650 | |||||||||||||||
| Cost of revenues | (22,545 | ) | (28,573 | ) | (32,294 | ) | (32,569 | ) | (29,683 | ) | (37,048 | ) | (35,019 | ) | (5,435 | ) | |||||||
| Gross profit | 44,784 | 78,398 | 91,587 | 99,153 | 76,940 | 90,231 | 91,596 | 14,215 | |||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Research and development expenses | (40,016 | ) | (71,176 | ) | (69,330 | ) | (83,418 | ) | (77,414 | ) | (108,071 | ) | (69,649 | ) | (10,809 | ) | |||||||
| Selling and marketing expenses | (29,815 | ) | (37,992 | ) | (44,174 | ) | (56,606 | ) | (55,130 | ) | (68,058 | ) | (76,687 | ) | (11,902 | ) | |||||||
| General and administrative expenses | (34,295 | ) | (42,272 | ) | (102,731 | ) | (114,502 | ) | (116,259 | ) | (116,130 | ) | (116,304 | ) | (18,050 | ) | |||||||
| Total operating expenses | (104,126 | ) | (151,440 | ) | (216,235 | ) | (254,526 | ) | (248,803 | ) | (292,259 | ) | (262,640 | ) | (40,761 | ) | |||||||
| Loss from operations | (59,342 | ) | (73,042 | ) | (124,648 | ) | (155,373 | ) | (171,863 | ) | (202,028 | ) | (171,044 | ) | (26,546 | ) | |||||||
| Interest income | 3,985 | 44 | 698 | 1,341 | 787 | 681 | 958 | 149 | |||||||||||||||
| Interest expense | (1,178 | ) | 1,939 | (776 | ) | (652 | ) | (510 | ) | (565 | ) | (367 | ) | (57 | ) | ||||||||
| Other (expense) income, net | (151 | ) | 122 | (176 | ) | (682 | ) | 118 | 433 | 20 | 3 | ||||||||||||
| Foreign exchange loss, net | 611 | (118 | ) | (2,228 | ) | (1,112 | ) | 57 | (560 | ) | 380 | 59 | |||||||||||
| Change in fair value of warrant liability | 3,503 | - | - | - | - | - | - | - | |||||||||||||||
| Loss before income tax | (52,572 | ) | (71,055 | ) | (127,130 | ) | (156,478 | ) | (171,411 | ) | (202,039 | ) | (170,053 | ) | (26,392 | ) | |||||||
| Income tax expenses | - | - | - | - | - | (1,626 | ) | (424 | ) | (66 | ) | ||||||||||||
| Net loss | (52,572 | ) | (71,055 | ) | (127,130 | ) | (156,478 | ) | (171,411 | ) | (203,665 | ) | (170,477 | ) | (26,458 | ) | |||||||
| Net loss attributable to Burning Rock Biotech Limited’s shareholders | (52,572 | ) | (71,055 | ) | (127,130 | ) | (156,478 | ) | (171,411 | ) | (203,665 | ) | (170,477 | ) | (26,458 | ) | |||||||
| Accretion of convertible preferred shares | (26,288 | ) | (38,400 | ) | - | - | - | - | - | - | |||||||||||||
| Net loss attributable to ordinary shareholders | (78,860 | ) | (109,455 | ) | (127,130 | ) | (156,478 | ) | (171,411 | ) | (203,665 | ) | (170,477 | ) | (26,458 | ) | |||||||
| Loss per share: | |||||||||||||||||||||||
| Ordinary shares - basic and diluted | (3.15 | ) | - | - | - | - | - | - | |||||||||||||||
| Class A ordinary shares - basic and diluted | - | (2.68 | ) | (1.22 | ) | (1.51 | ) | (1.65 | ) | (1.96 | ) | (1.64 | ) | (0.25 | ) | ||||||||
| Class B ordinary shares - basic and diluted | - | (2.68 | ) | (1.22 | ) | (1.51 | ) | (1.65 | ) | (1.96 | ) | (1.64 | ) | (0.25 | ) | ||||||||
| Weighted average shares outstanding used in loss per share computation: | |||||||||||||||||||||||
| Ordinary shares - basic and diluted | 25,031,575 | - | - | - | - | - | - | ||||||||||||||||
| Class A ordinary shares - basic and diluted | - | 23,461,319 | 86,479,686 | 86,511,799 | 86,721,263 | 86,764,260 | 86,908,975 | 86,908,975 | |||||||||||||||
| Class B ordinary shares - basic and diluted | - | 17,324,848 | 17,324,848 | 17,324,848 | 17,324,848 | 17,324,848 | 17,324,848 | 17,324,848 | |||||||||||||||
| Other comprehensive (loss) income, net of tax of nil: | |||||||||||||||||||||||
| Foreign currency translation adjustments | 11,422 | (2,336 | ) | (91,093 | ) | (94,881 | ) | 14,080 | (34,980 | ) | 6,146 | 954 | |||||||||||
| Total comprehensive loss | (41,150 | ) | (73,391 | ) | (218,223 | ) | (251,359 | ) | (157,331 | ) | (238,645 | ) | (164,331 | ) | (25,504 | ) | |||||||
| Total comprehensive loss attributable to Burning Rock Biotech Limited’s shareholders | (41,150 | ) | (73,391 | ) | (218,223 | ) | (251,359 | ) | (157,331 | ) | (238,645 | ) | (164,331 | ) | (25,504 | ) | |||||||
Burning Rock Biotech Limited
Unaudited Condensed Statements of Comprehensive Loss
(in thousands, except for share and per share data)
| For the nine months ended | |||||||||||
| September 30, 2020 | September 30, 2021 | September 30, 2021 | |||||||||
| RMB | RMB | USD | |||||||||
| Revenues | 298,181 | 360,517 | 55,952 | ||||||||
| Cost of revenues | (83,412 | ) | (101,750 | ) | (15,791 | ) | |||||
| Gross profit | 214,769 | 258,767 | 40,161 | ||||||||
| Operating expenses: | |||||||||||
| Research and development expenses | (180,522 | ) | (255,134 | ) | (39,596 | ) | |||||
| Selling and marketing expenses | (111,981 | ) | (199,875 | ) | (31,020 | ) | |||||
| General and administrative expenses | (179,298 | ) | (348,693 | ) | (54,116 | ) | |||||
| Total operating expenses | (471,801 | ) | (803,702 | ) | (124,732 | ) | |||||
| Loss from operations | (257,032 | ) | (544,935 | ) | (84,571 | ) | |||||
| Interest income | 4,727 | 2,426 | 377 | ||||||||
| Interest expense | (15 | ) | (1,442 | ) | (224 | ) | |||||
| Other (expense) income, net | (205 | ) | 571 | 88 | |||||||
| Foreign exchange loss, net | (1,735 | ) | (123 | ) | (19 | ) | |||||
| Change in fair value of warrant liability | 3,503.00 | - | - | ||||||||
| Loss before income tax | (250,757 | ) | (543,503 | ) | (84,349 | ) | |||||
| Income tax expenses | - | (2,050 | ) | (318 | ) | ||||||
| Net loss | (250,757 | ) | (545,553 | ) | (84,667 | ) | |||||
| Net loss attributable to Burning Rock Biotech Limited’s shareholders | (250,757 | ) | (545,553 | ) | (84,667 | ) | |||||
| Accretion of convertible preferred shares | (64,688 | ) | - | - | |||||||
| Net loss attributable to ordinary shareholders | (315,445 | ) | (545,553 | ) | (84,667 | ) | |||||
| Loss per share: | |||||||||||
| Class A ordinary shares - basic and diluted | (5.56 | ) | (5.24 | ) | (0.81 | ) | |||||
| Class B ordinary shares - basic and diluted | (5.56 | ) | (5.24 | ) | (0.81 | ) | |||||
| Weighted average shares outstanding used in loss per share computation: | |||||||||||
| Class A ordinary shares - basic and diluted | 39,446,747 | 86,798,854 | 86,798,854 | ||||||||
| Class B ordinary shares - basic and diluted | 17,324,848 | 17,324,848 | 17,324,848 | ||||||||
| Other comprehensive income (loss), net of tax of nil: | |||||||||||
| Foreign currency translation adjustments Foreign currency translation adjustments | (82,007 | ) | (14,754 | ) | (2,290 | ) | |||||
| Total comprehensive loss | (332,764 | ) | (560,307 | ) | (86,957 | ) | |||||
| Total comprehensive loss attributable to Burning Rock Biotech Limited’s shareholders | (332,764 | ) | (560,307 | ) | (86,957 | ) | |||||
Burning Rock Biotech Limited
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
| As of | |||||
| December 31, 2020 | September 30, 2021 | September 30, 2021 | |||
| RMB | RMB | US$ | |||
| ASSETS | |||||
| Current assets: | |||||
| Cash and cash equivalents | 1,895,308 | 1,621,641 | 251,675 | ||
| Restricted cash | 29,898 | 28,069 | 4,356 | ||
| Short-term investment | 362,132 | 35,670 | 5,536 | ||
| Accounts receivable, net | 88,218 | 92,868 | 14,413 | ||
| Contract assets | 22,534 | 37,268 | 5,783 | ||
| Amounts due from related parties | 212 | 966 | 150 | ||
| Inventories | 68,021 | 115,785 | 17,970 | ||
| Prepayments and other current assets | 57,329 | 60,912 | 9,453 | ||
| Total current assets | 2,523,652 | 1,993,179 | 309,336 | ||
| Non-current assets: | |||||
| Equity method investment | 1,417 | 982 | 152 | ||
| Property and equipment, net | 111,481 | 296,383 | 45,999 | ||
| Operating Right-of-use assets | - | 86,813 | 13,473 | ||
| Intangible assets, net | 3,457 | 4,236 | 657 | ||
| Other non-current assets | 23,021 | 44,692 | 6,936 | ||
| Total non-current assets | 139,376 | 433,106 | 67,217 | ||
| TOTAL ASSETS | 2,663,028 | 2,426,285 | 376,553 | ||
Burning Rock Biotech Limited
Unaudited Condensed Consolidated Balance Sheets (Continued)
(in thousands)
| As of | ||||||||
| December 31, 2020 | September 30, 2021 | September 30, 2021 | ||||||
| RMB | RMB | US$ | ||||||
| LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | 35,482 | 49,122 | 7,624 | |||||
| Deferred revenue | 74,402 | 122,715 | 19,045 | |||||
| Capital lease obligations, current | 4,816 | - | - | |||||
| Accrued liabilities and other current liabilities | 83,648 | 90,966 | 14,116 | |||||
| Customer deposits | 1,120 | 1,042 | 162 | |||||
| Short-term borrowing | 7,370 | 7,370 | 1,144 | |||||
| Current portion of long-term borrowings | 34,695 | - | - | |||||
| Current portion of operating lease liabilities | - | 35,357 | 5,487 | |||||
| Current portion of financing lease liabilities | - | 787 | 122 | |||||
| Total current liabilities | 241,533 | 307,359 | 47,700 | |||||
| Non-current liabilities: | ||||||||
| Deferred government grants | 263 | - | - | |||||
| Operating lease liabilities | - | 57,530 | 8,929 | |||||
| Other non-current liabilities | 228 | 227 | 35 | |||||
| Total non-current liabilities | 491 | 57,757 | 8,964 | |||||
TOTAL LIABILITIES | 242,024 | 365,116 | 56,664 | |||||
| Shareholders’ equity: | ||||||||
| Class A ordinary shares | 116 | 116 | 18 | |||||
| Class B ordinary shares | 21 | 21 | 3 | |||||
| Additional paid-in capital | 4,006,616 | 4,220,944 | 655,080 | |||||
| Accumulated deficits | (1,418,160 | ) | (1,977,569 | ) | (306,913 | ) | ||
| Accumulated other comprehensive loss | (167,589 | ) | (182,343 | ) | (28,299 | ) | ||
| Total shareholders’ equity | 2,421,004 | 2,061,169 | 319,889 | |||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 2,663,028 | 2,426,285 | 376,553 | |||||
Burning Rock Biotech Limited
Unaudited Condensed Statements of Cash Flows
(in thousands)
| For the three months ended | ||||||||||||
| September 30, 2020 | September 30, 2021 | September 30, 2021 | ||||||||||
| RMB | RMB | US$ | ||||||||||
| Net cash generated from (used in) operating activities | (37,052 | ) | (133,394 | ) | (20,705 | ) | ||||||
| Net cash generated from (used in) investing activities | (365,373 | ) | (72,085 | ) | (11,183 | ) | ||||||
| Net cash generated from (used in) financing activities | (20,939 | ) | (32,995 | ) | (5,122 | ) | ||||||
| Effect of exchange rate on cash, cash equivalents and restricted cash | (81,043 | ) | 4,919 | 763 | ||||||||
| Net increase cash, cash equivalents and restricted cash | (504,407 | ) | (233,555 | ) | (36,247 | ) | ||||||
| Cash, cash equivalents and restricted cash at the beginning of period | 2,566,236 | 1,883,265 | 292,278 | |||||||||
| Cash, cash equivalents and restricted cash at the end of period | 2,061,829 | 1,649,710 | 256,031 | |||||||||
| For the nine months ended | ||||||||
| September 30, 2020 | September 30, 2021 | September 30, 2021 | ||||||
| RMB | RMB | US$ | ||||||
| Net cash generated from (used in) operating activities | 17,116 | (365,537 | ) | (56,728 | ) | |||
| Net cash generated (used in) investing activities | (72,884 | ) | 148,667 | 23,071 | ||||
| Net cash generated from (used in) financing activities | 2,097,242 | (46,118 | ) | (7,158 | ) | |||
| Effect of exchange rate on cash, cash equivalents and restricted cash | (77,889 | ) | (12,508 | ) | (1,941 | ) | ||
| Net increase cash, cash equivalents and restricted cash | 1,963,585 | (275,496 | ) | (42,756 | ) | |||
| Cash, cash equivalents and restricted cash at the beginning of period | 98,244 | 1,925,206 | 298,787 | |||||
| Cash, cash equivalents and restricted cash at the end of period | 2,061,829 | 1,649,710 | 256,031 | |||||
