Company: BLRX
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001178913-25-001123
Chunk: 56

Company: BioLineRx Ltd.
Filing Date: 2025-03-31
Form: 20-F
Item: Item 3
Chunk 56
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operations in the United States and undertook certain cost-cutting and workforce reduction measures. As a result, we have significantly
reduced our expenditures and as of the date of this Annual Report on Form 20-F have 24 full-time employees and 4 part-time employees.

January 2025 Registered Direct Offering

On January 7, 2025, we sold to certain investors, in a registered
direct offering, 858,304 ADSs and pre-funded warrants to purchase 391,697 ADSs. Each ADS and pre-funded warrant were sold together with
ordinary warrants to purchase up to an aggregate of 1,250,000 ADSs. The purchase price was $8.00 per ADS and accompanying ordinary warrant
and $7.996 per pre-funded warrant and accompanying ordinary warrant. The pre-funded warrants are exercisable at an exercise price of $0.004
per ADS, subject to adjustment as set forth therein, and will not expire until exercised in full. The ordinary warrants have an exercise
price of $8.00 per ADS, subject to adjustment as set forth therein, and have a 5-year term from the issuance date. We also issued placement
agent warrants to purchase 62,500 ADSs at an exercise price of $10.00 per ADS. Aggregate gross proceeds from the offering (without taking
into account any proceeds from any future exercises of pre-funded warrants or ordinary warrants) were $10.0 million.

Amendment to Loan Agreement

In November 2024, in connection with the Ayrmid License Agreement, we entered into the
Loan Amendment to the Loan Agreement that we previously entered into in September 2022 with BlackRock, pursuant to which, (i) we agreed
to make aggregate payments of $16.5 million, as partial repayment of the loan to BlackRock and in lieu of future revenue-based payments,
which will be fully cancelled, (ii) effective December 1, 2024, we agreed to pay the remaining amounts outstanding under the loan (in
principal and interest) over a three year period ending December 1, 2027, and (iii) our minimum cash balance requirement under the Loan
Agreement has been reduced to $4 million. All other terms of the Loan Agreement remain the same. In addition, pursuant to the Amendment,
10% of any future milestone payments received by us from the out-licensing agreements through December 1, 2027 will be used to repay the
outstanding loan principal, and