Company: BLRX
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001178913-25-001123
Chunk: 118

Company: BioLineRx Ltd.
Filing Date: 2025-03-31
Form: 20-F
Item: Item 3
Chunk 118
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 been
exercised. The warrants are exercisable for a period of four years from the date of issuance and the pre-funded warrants will not expire
until exercised in full. Since the exercise price of the warrants were not deemed to be fixed, the warrants are not qualified for classification
as an equity instrument and have therefore been classified as a non-current financial liability. The pre-funded warrants have been classified
as equity instruments.

65

In connection with a registered direct offering we completed in January 2025, we issued
warrants to purchase 1,250,000 ADSs at an exercise price of $8.00 per ADS, of which none of these warrants have been exercised to date,
and pre-funded warrants to purchase 391,697 ADSs at an exercise price of $7.996 per ADS, of which all of the warrants had been exercised.
The warrants are exercisable for a period of five years from the date of issuance and the pre-funded warrants will not expire until exercised
in full. We also issued placement agent warrants to purchase 62,500 ADSs at an exercise price of $10.00 per ADS. The warrants are exercisable
for a period of five years from the date of issuance. Since the exercise price of the warrants were not deemed to be fixed, the warrants
are not qualified for classification as an equity instrument and have therefore been classified as a non-current financial liability.
The pre-funded warrants have been classified as equity instruments.

Results of Operations - Overview

Comparison of the Year Ended December 31, 2024 to the Year Ended
December 31, 2023

Revenues

Revenues for the year ended December 31, 2024 were $28.9 million, an increase of $24.1
million, or 502.1% compared to $4.8 million for the year ended December 31, 2023. The revenues in 2024 primarily reflect a portion of
the up-front payment received by us under the Gloria License Agreement and a milestone payment achieved under the Gloria License Agreement,
which collectively amounted to $15.0 million, as well as the up-front payment received by us under the Ayrmid License Agreement and $6.0
million of net revenues from product sales of APHEXDA in the United States. The revenues in 2023 (all of which were recorded in the fourth
quarter of 2023) primarily reflect a portion of the up-front payment received by us for the Gloria License Agreement