Company: BLRX
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001178913-25-001123
Chunk: 45

Company: BioLineRx Ltd.
Filing Date: 2025-03-31
Form: 20-F
Item: Item 3
Chunk 45
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In addition, as a consequence of any such delisting, our share price could be negatively affected and our shareholders would likely find
it more difficult to sell, or to obtain accurate quotations as to the prices of, our ADSs.

26

Risks Related to Our Operations in Israel

We conduct our operations
in Israel and therefore, may be adversely affected by political, geopolitical, economic and military instability in Israel and its region.

Our headquarters and principal executive offices, development,
and some of our suppliers and third-party contractors are located in central Israel. In addition, all of our employees and officers and
the majority of our directors are residents of Israel. Accordingly, political, geopolitical, economic and military conditions in Israel
and the surrounding region may directly affect our business could harm our results of operations and could make it more difficult for
us to raise capital.

Since the establishment of the State of Israel in 1948, a number
of armed conflicts have taken place between Israel and its neighboring countries and terrorist organizations active in the region, including
Hamas (an Islamist militia and political group in the Gaza Strip) and Hezbollah (an Islamist militia and political group in Lebanon) ),
which have involved missile strikes, hostile infiltrations, terrorism against civilian targets in various parts of Israel, and recently
abduction of soldiers and citizens.

On October 7, 2023, Hamas terrorists infiltrated Israel’s
southern border from the Gaza Strip and conducted a series of attacks on civilian and military targets. Hamas also launched extensive
rocket attacks on the Israeli population and industrial centers within the State of Israel. These attacks resulted in extensive deaths
and injuries, and Hamas additionally kidnapped many Israeli civilians and soldiers. Following the attack, Israel’s security cabinet
declared war against Hamas. As a result, the Israeli military began to call-up reservists for active duty. None of our employees were
called up for active duty; however, military service call-ups that lead to the absence of personnel for extended periods may materially
and adversely affect our business, prospects, financial condition and results of operations. As of March 16, 2025, we had 24 full-time
and 4 part-time employees, all of whom are located in Israel.

Subsequent to the commencement of the Israel-Hamas war, there have
been hostilities along Israel’s northern border with Lebanon (with the Hezbollah terror organization) and on other fronts from various
extremist groups in region, such as the Houthis in Yemen and various rebel militia