Company: BLRX
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001178913-25-001123
Chunk: 119

Company: BioLineRx Ltd.
Filing Date: 2025-03-31
Form: 20-F
Item: Item 3
Chunk 119
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, of $4.6 million,
as well as $0.2 million of revenues from product sales of APHEXDA in the U. S.

Cost of revenues

Cost of revenues for the year ended December 31, 2024 were $9.3 million, an increase
of $5.6, or 151.4% compared to $3.7 million for the year ended December 31, 2023. The cost of revenues in 2024 primarily reflects amortization
of intangible assets, Biokine’s share of the up-front payment received by us for the Ayrmid License Agreement, sub-license fees
accrued on a milestone payment recorded under the Gloria License Agreement, as well as royalties on net product sales of APHEXDA in the
U. S. and cost of goods sold on product sales. The cost of revenues in 2023 primarily reflects Biokine’s share of the up-front payment
received by us for the Gloria License Agreement and of the net sales.

Research and development expenses

Research and development expenses for the year ended December 31, 2024 were $9.2 million,
a decrease of $3.3 million, or 26.4% compared to $12.5 million for the year ended December 31, 2023. The decrease resulted primarily from
lower expenses related to motixafortide NDA supporting activities, the termination of the development of AGI-134 and a decrease in payroll
and share-based compensation.

Sales and marketing expenses

Sales and marketing expenses for the year ended December 31, 2024
were $23.6 million, a decrease of $1.7 million, or 6.7% compared to $25.3 million for the year ended December 31, 2023. The decrease resulted
primarily from the shutdown of U. S. commercial operations in the fourth quarter of 2024 following the Ayrmid License Agreement.

General and administrative expenses

General and administrative expenses for the year ended December
31, 2024 were $6.3 million, similar to the year ended December 31, 2023.

66

Impairment of intangible assets

Impairment of intangible assets expenses for the year ended December
31, 2024 were $1.0 compared to impairment of intangible assets expenses of $6.7 million for the year ended December 31, 2023. This non-cash