Company: BLRX
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001178913-25-001123
Chunk: 112

Company: BioLineRx Ltd.
Filing Date: 2025-03-31
Form: 20-F
Item: Item 3
Chunk 112
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 the next several
years through our existing cash resources, potential future milestone and royalty payments that we may receive from our existing out-licensing
agreements, primarily royalties from the commercialization of APHEXDA by Ayrmid, potential future upfront, milestone or royalty payments
that we may receive from Gloria and any other out-licensing transaction, interest earned on our investments, and additional capital to
be raised through public or private equity offerings or debt financings. As of December 31, 2024, we had $19.6 million of cash, cash equivalents
and short-term bank deposits.

Revenues

Our revenues to date have been generated primarily from upfront
and milestone payments under out-licensing agreements and between the fourth quarter of 2023 and November 2024, revenues from product
sales of APHEXDA.

We expect our revenues, if any, for the next several years to be
derived primarily from future royalties on product sales, primarily royalties paid by Ayrmid from the commercialization of APHEXDA in
stem cell mobilization in the U. S. and potential milestone payments from the license agreements with Ayrmid and Gloria.

Cost of Revenues

Our cost of revenues to date have consisted of sub-license payments
to the licensors in respect of upfront and milestone payments associated with out-licensing agreements and costs associated with the manufacture
of APHEXDA and royalty payments to the licensor with respect to direct product sales of APHEXDA. Prior to receiving FDA approval for APHEXDA
in September 2023, we expensed all manufacturing and material costs as research and development expenses.

We expect our cost of revenues, if any, for the next several years
to be derived primarily from sub-license payments to the licensors in respect of out-licensing agreements and other potential collaboration
arrangements, including future royalties on product sales from such out-licensing agreements.

Research and Development

Our research and development expenses consist primarily of salaries
and related personnel expenses, fees paid to external service providers, up-front and milestone payments under our license agreements,
patent-related legal fees, costs of preclinical studies and clinical trials, drug and laboratory supplies and costs for facilities and
equipment. We primarily use external service providers to manufacture our therapeutic candidates for clinical trials and for the majority
of our preclinical and clinical development work. We charge all research and development expenses to operations as they are incurred.
We expect our research and development expenses to remain one