Company: BLRX
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001178913-25-001123
Chunk: 120

Company: BioLineRx Ltd.
Filing Date: 2025-03-31
Form: 20-F
Item: Item 3
Chunk 120
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expenses in 2024 reflects the impairment of the remaining rights related to motixafortide in solid tumor indications. This non-cash expenses
in 2023 reflects the impairment of the intellectual property related to AGI-134 resulting from our decision to terminate its development.

Non-operating income (expense), net

We recognized net non-operating income of $18.4 million for the
year ended December 31, 2024 compared to net non-operating expenses of $10.8 million for the year ended December 31, 2023. Non-operating
income for the year ended December 31, 2024 primarily relates to non-cash fair-value adjustments of warrant liabilities on our balance
sheet, as a result of changes in our share price, offset by warrant offering expenses. Non-operating expenses for the year ended December
31, 2023 primarily relates to non-cash, fair-value adjustments of warrant liabilities on our balance sheet.

Financial income (expense), net

We recognized net financial expenses of $7.3 million for the year
ended December 31, 2024 compared to net financial expenses of $0.1 million for the year ended December 31, 2023. Net financial expenses
for both periods primarily relate to interest paid on loans, which increased in 2024 due to a one-time $4.0 million charge to interest
expense in connection with the November 2024 amendment to our loan agreement with BlackRock (as described in Note 11 to our consolidated
financial statements), partially offset by investment income earned on our bank deposits.

B. Liquidity and Capital Resources

Since our inception, we have funded our operations primarily through public and private
offerings of our equity securities, payments received under our strategic licensing and collaboration arrangements, interest earned on
investments and funding previously received from the IIA. As of December 31, 2024, we held $19.6 million of cash, cash equivalents and
short-term bank deposits. In addition, immediately after year end, we received $8.9 million of net proceeds in a registered direct
offering, as described below. We have invested substantially all our available cash funds in short-term bank deposits.

On January 7, 2025, we sold to certain investors, in a registered
direct offering, 858,304 ADSs and pre-funded warrants to purchase 391,697 ADSs. Each ADS and pre-funded warrant was sold together with
ordinary warrants to purchase