Company: BLRX
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001178913-25-001123
Chunk: 39

Company: BioLineRx Ltd.
Filing Date: 2025-03-31
Form: 20-F
Item: Item 3
Chunk 39
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rate environment, which may make it more difficult, costly or dilutive for us to secure additional financing. A failure to adequately
respond to these risks could have a material adverse impact on our financial condition, results of operations or cash flows.

There can be no assurance that future credit and financial market
instability and a deterioration in confidence in economic conditions will not occur. Our general business strategy may be adversely affected
by any such economic downturn, liquidity shortages, volatile business environment or continued unpredictable and unstable market conditions.
If the current equity and credit markets deteriorate, or if adverse developments are experienced by financial institutions, it may cause
short-term liquidity risk and also make any necessary debt or equity financing more difficult, more costly, more onerous with respect
to financial and operating covenants and more dilutive. Failure to secure any necessary financing in a timely manner and on favorable
terms could have a material adverse effect on our growth strategy, financial performance and market price of our ordinary shares and ADSs
and could require us to alter our operating plans. In addition, there is a risk that one or more of our service providers, financial institutions,
manufacturers, suppliers and other partners may be adversely affected by the foregoing risks, which could directly affect our ability
to attain our operating goals on schedule and on budget.

The market prices of our
ordinary shares and ADSs are subject to fluctuation, which could result in substantial losses by our investors.

The stock market in general and the market prices of our ordinary
shares on the TASE, and ADSs on Nasdaq, in particular, are subject to fluctuation, and changes in these prices may be unrelated to our
operating performance. We expect that the market prices of our ordinary shares and ADSs will continue to be subject to wide fluctuations.
The market price of our ordinary shares and ADSs are and will be subject to a number of factors, including:

  announcements of technological innovations  

  announcements by us of significant acquisitions,                                             

  expiration or terminations of licenses,                

  public concern as to the safety of drugs  

23

  general market conditions;  

  the volatility of market prices for shares  

  success of research and development projects;  

  departure of key personnel;  

  developments concerning intellectual property  

  variations in our and our competitors’  

  changes in earnings estimates or recommendations                                 
  by securities analysts, if our ordinary shares or ADSs are covered by analysts;  
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