Company: BLRX
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001178913-25-001123
Chunk: 47

Company: BioLineRx Ltd.
Filing Date: 2025-03-31
Form: 20-F
Item: Item 3
Chunk 47
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 organizations to boycott Israeli goods and services
or restrict business with Israel and Israeli companies. These restrictive laws and policies, along with any future rulings from international
tribunals against Israel, may have an adverse impact on our operating results, financial condition or our business.

Finally, political conditions within Israel may affect our operations.
Israel held five general elections between 2019 and 2022, and prior to October 2023, the Israeli government pursued extensive changes
to Israel’s judicial system and has recently renewed its efforts to effect such changes. In response to the foregoing developments,
certain individuals, organizations, and institutions, both within and outside of Israel, voiced concerns that such proposed changes, if
adopted, may negatively impact the business environment in Israel. Such proposed changes may also lead to political instability or civil
unrest. Actual or perceived political instability in Israel or any negative changes in the political environment, may individually or
in the aggregate adversely affect the Israeli economy and, in turn, our business, financial condition, results of operations and ability
to raise capital.

Due to a significant portion
of our expenses and revenues being denominated in non-dollar currencies, our results of operations may be harmed by currency fluctuations.

Our reporting and functional currency is the U. S. dollar. However,
we pay a significant portion of our expenses in NIS and in Euro, and we expect this to continue. If the dollar depreciates against the
NIS or the Euro in the future, then the U. S. dollar cost of our operations in Israel would increase and our results of operations could
be materially and adversely affected. Although we expect our revenues from future licensing arrangements to be denominated primarily in
dollars, we are exposed to currency fluctuation risks relating to the recording of our revenues in currencies other than the U. S. dollar.
For example, if the Euro appreciates against the dollar, our reported revenues in U. S. dollars may be lower than anticipated. From time
to time, we engage in currency hedging transactions to decrease the risk of financial exposure from fluctuations in the exchange rates
of the currencies mentioned above in relation to the dollar. These measures, however, may not adequately protect us from material adverse
effects.

Before we in-licensed motixafortide,
Biokine had received Israeli government grants for motixafortide research and development. Under our agreement with Biokine, we are required
to abide with terms of these grants, which require us, in addition to payment of royalties