Company: BLRX
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001178913-25-001123
Chunk: 111

Company: BioLineRx Ltd.
Filing Date: 2025-03-31
Form: 20-F
Item: Item 3
Chunk 111
---
 reduced annual
cash burn rate.

We have retained the rights to develop motixafortide across all
solid tumor indications, in all territories other than Asia, including in PDAC, for which an investigator-initiated Phase 2b trial, sponsored
by Columbia University, and supported equally by us and Regeneron, is ongoing at a relatively minimal cost to BioLineRx. We expect this
program to continue to advance without any significant expense to us.

A key component of our strategy moving forward is to in-license
additional assets in oncology and/or rare diseases that exhibit distinct advantages over currently available therapies or address unmet
medical needs that we can advance through clinical development. We have generated our pipeline by systematically identifying, rigorously
validating and in-licensing therapeutic candidates that we believe exhibit a high probability of therapeutic and commercial success. We
have substantial experience in scouting and assessing assets in transactions with back-ended, success-based consideration, which can be
acquired or licensed for a modest upfront payment, and with relatively modest and affordable clinical development programs. We are actively
working on this initiative and are being presented with many promising opportunities that meet these criteria.

60

Our longer-term vision is to develop innovative assets with significant
potential value whose development costs have been offset by the royalties and milestones from our existing motixafortide partnerships.
We aim to continue pursuing new partnerships on these programs to create additional value for our shareholders.

A. Operating Results

History of Losses

Since our inception in 2003, we have generated significant losses
in connection with our research and development, and more recently, our commercialization activities (prior to the Ayrmid License Agreement
in November 2024). As of December 31, 2024, we had an accumulated deficit of $400 million. We expect to continue to generate losses in
connection with our research and development activities relating to our pipeline of therapeutic candidates until we reach commercial profitability,
if ever. Such research and development activities are budgeted to expand over time and will require further resources if we are to be
successful. As a result, we expect to continue to incur operating losses and we expect to need to obtain additional funds to further pursue
our research and development programs.

We have funded our operations primarily through the sale of equity
securities (both in public and private offerings), payments received under our strategic licensing and collaboration arrangements, funding
previously received from the IIA, and interest earned on investments. We expect to continue to fund our operations over