Form 6-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of August, 2020

Commission File Number: 001-39316

 

 

BURNING ROCK BIOTECH LIMITED

(Registrant’s Name)

 

 

601, 6/F, Building 3, Standard Industrial Unit 2

No.7 Luoxuan 4th Road, International Bio Island

Guangzhou, Guangdong

People’s Republic of China

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F  ☒            Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

 

 

 


EXHIBIT INDEX

 

Number

  

Description of Document

99.1    Press release

 

2


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

    Burning Rock Biotech Limited
    By:  

/s/ Leo Li

    Name:   Leo Li
    Title:   Chief Financial Officer
Date: August 11, 2020      

 

3

EX-99.1

Exhibit 99.1

Burning Rock Reports Second Quarter 2020 Financial Results

GUANGZHOU, China, August 11, 2020—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 June 30, 2020.

Second Quarter 2020 Highlights

 

   

Revenues of RMB107.0 million (US$15.1 million) for the three months ended June 30, 2020, representing a 26.1% increase over the corresponding period in 2019.

 

   

Key publications:

 

   

BENEFIT biomarker study (with AstraZeneca) published in Journal of Thoracic Oncology1

 

   

Blood-based MSI validation published in Journal of Molecular Diagnostics2

 

   

NSCLC liquid-biopsy real-world validation (COMPASS) published in Translational Lung Cancer Research3

 

   

Clinical validation and genetic landscape studies on multiple cancer types including breast cancer,4 lymphoma,5 etc.

 

   

Entered into collaboration with Illumina on developing IVD kit solutions on the NextSeq 550Dx system, building on the two companies’ successful collaboration back in 2015 on the MiSeq Dx system that led to the first NMPA (National Medical Products Administration) approved NGS panel for the China market.

 

   

Entered into collaboration with CStone Pharmaceuticals (2616.HK) on CDx development for pralsetinib.

 

   

Progressing on the training and validation of the Company’s 6-cancer test, which builds on the Company’s 3-cancer test demonstrated in January 2020, with improved assay and bioinformatics.

 

   

Launched the PREDICT (Pan-CanceR Early DetectIon ProjeCT) study, a prospective, multi-center study that is expected to enroll 14,000 patients in China, to develop and validate the Company’s pan-cancer early detection test.

 

   

Completed initial public offering and concurrent private placement, with an aggregate offering size of US$281.2 million (giving effect to the full exercise of the over-allotment option).

“We appreciate existing and new shareholders’ valuable support towards our IPO in June, the largest IPO by a molecular diagnostics company from China, as we look to leveraging the proceeds raised to catalyze our growth trajectory, “ said Yusheng Han, chairman and chief executive officer of Burning Rock. “Amid sporadic COVID incidents in China during the second quarter, we returned to positive year-over-year revenue growth. We continued our efforts to bring NGS testing capability in-house for hospitals through our decentralized, kit based, in-hospital channel; we also advanced our market leadership position in the central-laboratory channel where samples are sent out to third-party laboratories for testing. For early cancer detection, after four years of internal R&D, we launched the 14,000 patient PREDICT study during the second quarter, the first early detection study in multiple cancer types in China, to further develop and validate our blood-based test.”

Second Quarter 2020 Financial Results

Revenues were RMB107.0 million (US$15.1 million) for the three months ended June 30, 2020, representing a 26.1% increase from RMB84.8 million for the same period in 2019.

 

   

Revenue generated from central laboratory business was RMB74.6 million (US$10.6 million) for the three months ended June 30, 2020, representing a 17.7% increase from RMB63.4 million for the same period in 2019, primarily attributable to resumed volume growth of the Company’s central laboratory business. This reversed the 37% year-over-year decreasing trend during the first quarter. Number of patients tested in the central laboratory channel increased by 19.9% to 7,252 for the three months ended June 30, 2020 from 6,047 for the same period in 2019.

 

 

1 

Refined Stratification Based on Baseline Concomitant Mutations and Longitudinal circulating tumor DNA Monitoring in Advanced EGFR-mutant Lung Adenocarcinoma under Gefitinib Treatment. Accepted, Journal of Thoracic Oncology.

2 

Detection of Microsatellite Instability from Circulating Tumor DNA by Targeted Deep Sequencing. Journal of Molecular Diagnostic.

3 

Circulating tumor DNA clearance predicts prognosis across treatment regimen in a large real-world longitudinally monitored advanced non-small cell lung cancer cohort. Translational Lung Cancer Research.

4 

Characterizations of Cancer Gene Mutations in Chinese Metastatic Breast Cancer Patients. Frontiers in Oncology.

5 

Molecular profiling of Chinese R-CHOP treated DLBCL patients: identifying a high-risk subgroup. International Journal of Cancer. Available at: https://pubmed.ncbi.nlm.nih.gov/32399964/.

 

1


   

Revenue generated from in-hospital business was RMB27.6 million (US$3.9 million) for the three months ended June 30, 2020, representing a 69.0% increase from RMB16.3 million for the same period in 2019, driven by resumed kit revenue growth of existing contracted hospitals and ramp-up of newly contracted hospitals. This reversed the 36% year-over-year decreasing trend during the first quarter. Number of contracted partner hospitals in the in-hospital channel increased to 24 as of June 30, 2020 from 21 as of March 31, 2020 and 19 as of December 31, 2019.

 

   

Revenue generated from pharma research and development services was RMB4.8 million (US$0.6 million) for the three months ended June 30, 2020, representing a 6.2% decrease from RMB5.1 million for the same period in 2019.

Cost of revenues was RMB28.6 million (US$4.0 million) for the three months ended June 30, 2020, representing a 25.6% increase from RMB22.8 million for the same period in 2019, which was in line with the Company’s continued business growth.

Gross profit was RMB78.4 million (US$11.1 million) for the three months ended June 30, 2020, representing a 26.3% increase from RMB62.0 million for the same period in 2019. Gross margin was 73.3% for the three months ended June 30, 2020, compared to 73.2% for the same period in 2019.

Operating expenses were RMB151.4 million (US$21.4 million) for the three months ended June 30, 2020, representing a 67.3% increase from RMB90.5 million for the same period in 2019.

 

   

Research and development expenses were RMB71.2 million (US$10.1 million) for the three months ended June 30, 2020, representing an 103.4% increase from RMB35.0 million for the same period in 2019, primarily due to an increase in share-based compensation expenses for options granted to research and development personnel.

 

   

Selling and marketing expenses were RMB38.0 million (US$5.4 million) for the three months ended June 30, 2020, representing an 8.8% increase from RMB34.9 million for the same period in 2019.

 

   

General and administrative expenses were RMB42.2 million (US$5.9 million) for the three months ended June 30, 2020, representing an 105.1% increase from RMB20.6 million for the same period in 2019, primarily due to (i) an increase in staff cost, which was in line with the continued growth of the Company’s business, and (ii) expenses related to the Company’s initial public offering.

Net loss was RMB71.1 million (US$10.1 million), compared to RMB26.0 million for the same period in 2019.

Cash, cash equivalents and restricted cash were RMB2.6 billion (US$363.2 million) as of June 30, 2020.

2020 Financial Guidance

Assuming no significant resurgence of the COVID pandemic in China, Burning Rock expects its full year 2020 revenues to be approximately RMB420 million (US$59.4 million), implying a 28% year-over-year growth in the second half of 2020 compared with the same period in 2019.

Conference Call Information

Burning Rock will host a conference call to discuss the second quarter 2020 financial results at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Hong Kong time) on August 11, 2020.

Details of the conference call are as follows:

 

International:                +65 67135090
U.S.:    18665194004
U.K.:    08082346646
Hong Kong:    +852 30186771
China Mobile:    4006208038
China Landline:    8008190121
Conference ID:    4765946

A replay of the conference call will be available for two weeks (dial-in number: +61 2 8199 0299; same conference ID as shown above).

 

2


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 185,000 tissue and liquid-based tests completed cumulatively, and ii) NGS-based 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: www.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.

 

3


Selected Operating Data

 

     Three months ended  
     March 31,
2019
     June 30,
2019
     September 30,
2019
     December 31,
2019
     March 31,
2020
     June 30,
2020
 

Central Laboratory Channel:

                 

Number of patients tested

     5,336        6,047        6,769        7,576        4,680        7,252  

Number of ordering physicians(1)

     984        1,059        1,155        1,222        810        1,175  

Number of ordering hospitals(2)

     249        265        281        304        232        284  

 

(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,
2019
     June 30,
2019
     September 30,
2019
     December 31,
2019
     March 31,
2020
     June 30,
2020
 

In-hospital Channel:

                 

Pipeline partner hospitals(1)

     17        20        21        21        23        23  

Contracted partner hospitals(2)

     14        15        19        19        21        24  

Total number of partner hospitals

     31        35        40        40        44        47  

 

(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.

 

4


Selected Financial Data

 

     For three months ended  
Revenues    March 31,
2019
     June 30,
2019
     September 30,
2019
     December 31,
2019
     March 31,
2020
     June 30,
2020
 
     (RMB in thousands)  

Central laboratory channel

     72,807        63,394        69,304        70,749        46,141        74,607  

In-hospital channel

     26,557        16,329        30,704        14,088        17,123        27,588  

Pharma research and development channel

     5,101        5,090        3,716        3,838        4,065        4,776  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total revenues

     104,465        84,813        103,724        88,675        67,329        106,971  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

     For three months ended  
Gross profit    March 31,
2019
     June 30,
2019
     September 30,
2019
     December 31,
2019
     March 31,
2020
     June 30,
2020
 
     (RMB in thousands)  

Central laboratory channel

     54,910        46,122        50,113        51,420        32,434        56,556  

In-hospital channel

     19,870        12,571        25,412        319        10,126        19,269  

Pharma research and development channel

     3,332        3,366        2,662        3,237        2,224        2,573  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total gross profit

     78,112        62,059        78,187        54,976        44,784        78,398  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

5


Burning Rock Biotech Limited

Unaudited Condensed Statements of Comprehensive Loss

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

 

     For the three months ended  
     March 31,
2019
    June 30,
2019
    September 30,
2019
    December 31,
2019
    March 31,
2020
    June 30,
2020
    June 30,
2020
 
     RMB     RMB     RMB     RMB     RMB     RMB     US$  

Revenues

     104,465       84,813       103,724       88,675       67,329       106,971       15,141  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cost of revenues

     (26,353     (22,754     (25,537     (33,699     (22,545     (28,573     (4,044
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     78,112       62,059       78,187       54,976       44,784       78,398       11,097  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating expenses:

              

Research and development expenses

     (31,427     (34,992     (38,278     (52,238     (40,016     (71,176     (10,074

Selling and marketing expenses

     (26,690     (34,929     (42,606     (49,109     (29,815     (37,992     (5,377

General and administrative expenses

     (31,565     (20,614     (30,866     (49,112     (34,295     (42,272     (5,983
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     (89,682     (90,535     (111,750     (150,459     (104,126     (151,440     (21,434
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Loss from operations

     (11,570     (28,476     (33,563     (95,483     (59,342     (73,042     (10,337
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Interest income

     128       3,806       3,686       3,541       3,985       44       6  

Interest expense

     (4,210     (1,826     (1,650     (1,303     (1,178     1,939       274  

Other (expense) income, net

     (176     (329     (37     (341     (151     122       17  

Foreign exchange (loss) gain, net

     (101     1,142       800       (355     611       (118     (17

Change in fair value of warrant liability

     64       (347     (1,403     (1,153     3,503              
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Loss before income tax

     (15,865     (26,030     (32,167     (95,094     (52,572     (71,055     (10,057
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income tax expenses

     —         —         —         —         —         —      
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

     (15,865     (26,030     (32,167     (95,094     (52,572     (71,055     (10,057
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net loss attributable to Burning Rock Biotech Limited’s shareholders

     (15,865     (26,030     (32,167     (95,094     (52,572     (71,055     (10,057

Accretion of convertible preferred shares

     (50,296     (41,770     (33,772     (39,173     (26,288     (38,400     (5,435
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net loss attributable to ordinary shareholders

     (66,161     (67,800     (65,939     (134,267     (78,860     (109,455     (15,492
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Loss per share:

Basic and diluted

     (2.86     (2.93     (2.85     (5.49     (3.15     (2.68     (0.38

Weighted average shares outstanding used in loss per share computation:

              

Basic and diluted

     23,167,232       23,167,232       23,167,232       24,437,444       25,031,575       40,786,167       40,786,167  

Other comprehensive (loss) income, net of tax of nil

              

Foreign currency translation adjustments

     (278     (14,288     45,317       (6,647     11,422       (2,336     (331
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive loss

     (16,143     (40,318     13,150       (101,741     (41,150     (73,391     (10,388
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive loss attributable to Burning Rock Biotech Limited’s shareholders

     (16,143     (40,318     13,150       (101,741     (41,150     (73,391     (10,388
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

6


     For the six months ended  
     June 30,
2019
    June 30,
2020
    June 30,
2020
 
     RMB     RMB     US$  

Revenues

     189,278       174,300       24,670  
  

 

 

   

 

 

   

 

 

 

Cost of revenues

     (49,107     (51,118     (7,235
  

 

 

   

 

 

   

 

 

 

Gross profit

     140,171       123,182       17,435  
  

 

 

   

 

 

   

 

 

 

Operating expenses:

      

Research and development expenses

     (66,419     (111,192     (15,738

Selling and marketing expenses

     (61,619     (67,807     (9,597

General and administrative expenses

     (52,179     (76,567     (10,837
  

 

 

   

 

 

   

 

 

 

Total operating expenses

     (180,217     (255,566     (36,172
  

 

 

   

 

 

   

 

 

 

Loss from operations

     (40,046     (132,384     (18,737
  

 

 

   

 

 

   

 

 

 

Interest income

     3,934       4,029       570  

Interest expense

     (6,036     761       108  

Other expense, net

     (505     (29     (4

Foreign exchange gain, net

     1,041       493       70  

Change in fair value of warrant liability

     (283     3,503       496  
  

 

 

   

 

 

   

 

 

 

Loss before income tax

     (41,895     (123,627     (17,497
  

 

 

   

 

 

   

 

 

 

Income tax expenses

     —         —         —    
  

 

 

   

 

 

   

 

 

 

Net loss

     (41,895     (123,627     (17,497
  

 

 

   

 

 

   

 

 

 

Net loss attributable to Burning Rock Biotech Limited’s shareholders

     (41,895     (123,627     (17,497

Accretion of convertible preferred shares

     (92,066     (64,688     (9,156
  

 

 

   

 

 

   

 

 

 

Net loss attributable to ordinary shareholders

     (133,961     (188,315     (26,653
  

 

 

   

 

 

   

 

 

 

Loss per share:

Basic and diluted

     (5.78     (5.73     (0.81

Weighted average shares outstanding used in loss per share computation:

      

Basic and diluted

     23,167,232       32,865,350       32,865,350  
  

 

 

   

 

 

   

 

 

 

Other comprehensive (loss) income, net of tax of nil:

      

Foreign currency translation adjustments

     (14,566     9,086       1,286  
  

 

 

   

 

 

   

 

 

 

Total comprehensive loss

     (56,461     (114,541     (16,211
  

 

 

   

 

 

   

 

 

 

Total comprehensive loss attributable to Burning Rock Biotech Limited’s shareholders

     (56,461     (114,541     (16,211
  

 

 

   

 

 

   

 

 

 

 

7


Burning Rock Biotech Limited

Unaudited Condensed Consolidated Balance Sheets

(In thousands)

 

     As of December 31,
2019
     As of
June 30, 2020
 
     RMB      RMB      US$  

ASSETS

        

Current assets:

        

Cash and cash equivalents

     94,235        2,565,973        363,190  

Restricted cash

     4,009        263        37  

Short-term investment

     313,988        —          —    

Accounts receivable

     88,822        83,120        11,765  

Contract assets

     909        18,076        2,558  

Amounts due from related parties

     74,368        —          —    

Inventories

     58,116        67,375        9,536  

Prepayments and other current assets

     72,340        58,633        8,301  
  

 

 

    

 

 

    

 

 

 

Total current assets

     706,787        2,793,440        395,387  
  

 

 

    

 

 

    

 

 

 

Non-current assets:

        

Equity method investment

     1,790        1,764        250  

Long-term investment

     38,369        38,937        5,511  

Property and equipment, net

     89,314        90,711        12,839  

Intangible assets, net

     343        239        34  

Other non-current assets

     10,954        16,536        2,341  
  

 

 

    

 

 

    

 

 

 

Total non-current assets

     140,770        148,187        20,975  
  

 

 

    

 

 

    

 

 

 

TOTAL ASSETS

     847,557        2,941,627        416,362  
  

 

 

    

 

 

    

 

 

 

 

8


Burning Rock Biotech Limited

Unaudited Condensed Consolidated Balance Sheets (Continued)

(in thousands)

 

     As of December 31,
2019
    As of June 30,
2020
    As of June 30,
2020
 
     RMB     RMB     US$  

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ (DEFICIT) EQUITY

      

Current liabilities:

      

Accounts payable

     12,348       26,741       3,785  

Deferred revenue

     49,539       57,643       8,159  

Capital lease obligations, current

     4,893       5,157       730  

Accrued liabilities and other current liabilities

     54,059       102,603       14,523  

Customer deposits

     4,104       15,631       2,212  

Short-term borrowing

     2,370       2,370       335  

Current portion of long-term borrowings

     37,129       14,035       1,987  
  

 

 

   

 

 

   

 

 

 

Total current liabilities

     164,442       224,180       31,731  
  

 

 

   

 

 

   

 

 

 

Non-current liabilities:

      

Deferred government grants

     991       263       37  

Capital lease obligations

     4,816       2,169       307  

Long-term borrowings

     18,266       32,178       4,555  

Warrant liability

     23,503       —         —    

Total non-current liabilities

     47,576       34,610       4,899  
  

 

 

   

 

 

   

 

 

 

TOTAL LIABILITIES

     212,018       258,790       36,630  
  

 

 

   

 

 

   

 

 

 

Mezzanine equity:

      

Series A convertible preferred shares

     186,991       —         —    

Series B convertible preferred shares

     466,983       —         —    

Series C convertible preferred shares

     873,059       —         —    

Total mezzanine equity

     1,527,033       —         —    
  

 

 

   

 

 

   

 

 

 

Shareholders’ (deficit) equity:

      

Ordinary shares

     31       —         —    

Class A ordinary shares

     —         114       17  

Class B ordinary shares

     —         21       3  

Additional paid-in capital

     45,640       3,798,869       537,695  

Accumulated deficits

     (946,464     (1,134,552     (160,585

Accumulated other comprehensive income

     9,299       18,385       2,602  
  

 

 

   

 

 

   

 

 

 

Total shareholders’ (deficit) equity

     (891,494     2,682,837       379,732  
  

 

 

   

 

 

   

 

 

 

TOTAL LIABILITIES, MEZZANIE EQUITY AND SHAREHOLDERS’ (DEFICIT) EQUITY

     847,557       2,941,627       416,362  
  

 

 

   

 

 

   

 

 

 

 

9


Burning Rock Biotech Limited

Unaudited Condensed Statements of Cash Flow

(in thousands)

 

     For the three months ended June 30,  
     2019     2020  
     RMB     RMB     US$  

Net cash (used in) generated from operating activities

     (54,992     61,124       8,652  

Net cash (used in) generated from investing activities

     (168,462     296,102       41,910  

Net cash generated from financing activities

     3,075       1,845,953       261,278  

Effect of exchange rate on cash, cash equivalents and restricted cash

     (1,748     (1,487     (211
  

 

 

   

 

 

   

 

 

 

Net (decrease) increase cash, cash equivalents and restricted cash

     (222,127     2,201,692       311,629  
  

 

 

   

 

 

   

 

 

 

Cash, cash equivalents and restricted cash at the beginning of period

     407,867       364,544       51,598  
  

 

 

   

 

 

   

 

 

 

Cash, cash equivalents and restricted cash at the end of period

     185,740       2,566,236       363,227  
  

 

 

   

 

 

   

 

 

 

 

10