Company: BLRX
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001178913-25-001123
Chunk: 275

Company: BioLineRx Ltd.
Filing Date: 2025-03-31
Form: 20-F
Item: Item 8
Chunk 275
---
 be accessed through, our website does not constitute a part of this Annual Report on Form 20-F.
We have included our website address in this Annual Report on Form 20-F solely as an inactive textual reference.

I. Subsidiary Information

Not applicable.

J. Annual Report to Security Holders

Not applicable.

ITEM 11. QUANTITATIVE
AND QUALITATIVE DISCLOSURE ON MARKET RISK

Our consolidated financial statements are prepared in conformity
with IFRS, as issued by the IASB. We are exposed to a variety of risks in the ordinary course of our business, including, but not limited
to, interest rate risk, foreign exchange risk, liquidity risk and credit risk, as discussed below. We regularly assess each of these risks
to minimize any adverse effects on our business as a result of those factors. See Note 3 to our consolidated financial statements, which
are included elsewhere in this Annual Report on Form 20-F, for further discussion of our exposure to these risks.

Risk of Interest Rate Fluctuation

Our investments consist primarily of cash, cash equivalents and
short-term bank deposits. We may also invest in investment-grade marketable securities with maturities of up to three years, including
commercial paper, money market funds, and government/non-government debt securities. The primary objective of our investment activities
is to preserve principal, while maximizing the income that we receive from our investments without significantly increasing risk and loss.
Our investments are exposed to market risk due to fluctuation in interest rates, which may affect our interest income and the fair market
value of our investments. We manage this exposure by performing ongoing evaluations of our investments. Due to the short-term maturities
of our investments to date, their carrying value has always approximated their fair value. It is our policy to hold investments to maturity
in order to limit our exposure to interest rate fluctuations.

Foreign Currency Exchange Risk

Our reporting and functional currency is the dollar. However, we
pay a significant portion of our expenses in NIS and in euro, and we expect this to continue. If the dollar weakens against the NIS or
the euro in the future, there may be a negative impact on our results of operations. The revenues from our current out-licensing and co-development
arrangements are payable in dollars and euros. Although we expect our revenues from future licensing arrangements to be denominated primarily
in dollars, we are exposed to the currency fluctuation risks relating to the