Company: BLRX
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001178913-25-001123
Chunk: 4

Company: BioLineRx Ltd.
Filing Date: 2025-03-31
Form: 20-F
Item: Item 3
Chunk 4
---
 to successfully commercialize APHEXDA. While we
began to generate product revenue from sales of APHEXDA, there can be no assurance that we or our licensees will generate significant
revenue or as to the timing of any such revenue, and we may not achieve profitability for several years, if at all. Successful commercialization
is subject to many risks. There are numerous examples of unsuccessful product launches and failures to meet expectations of market potential,
including by pharmaceutical companies with more experience and resources than us.

Successful commercialization will depend upon our licensees’
ability to achieve sufficient market acceptance, reimbursement from third-party payers and adequate market share for APHEXDA. The likelihood
of our long-term success must be considered in light of the expenses, difficulties and potential delays to be encountered in the development
and commercialization of new pharmaceutical products, competitive factors in the marketplace and the complex regulatory environment in
which we operate. Because of the uncertainties and risks associated with these activities, we are unable to accurately predict the timing
and amount of revenues, and if or when we might achieve profitability. We and any licensees may never succeed in these activities and,
even if we do, or any licensee does, we may never generate revenues that are large enough for us to achieve profitability. Even if we
do achieve profitability, we may not be able to sustain or increase profitability on a quarterly or annual basis. Our failure to become
and remain profitable would decrease the value of our company and could impair our ability to raise capital, expand our business, maintain
our research and development efforts, diversify our pipeline or continue our operations. A decline in the value of our company could cause
our shareholders to lose all or part of their investment.

We cannot assure investors
that our existing cash and investment balances will be sufficient to meet our future capital requirements.

As of December 31, 2024, we held $19.6 million of cash, cash equivalents
and short-term bank deposits. In January 2025, we completed a registered direct offering of ADSs and warrants for net proceeds of $8.9
million. Based on our current projected cash requirements, we believe that our existing cash and investment balances, including the proceeds
from the January 2025 registered direct offering, along with other sources of liquidity, including royalties received from Ayrmid for
product sales of APHEXDA and milestone payments from our license agreements with Ayrmid and Gloria, will be sufficient to meet our capital