Company: BLRX
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001178913-25-001123
Chunk: 5

Company: BioLineRx Ltd.
Filing Date: 2025-03-31
Form: 20-F
Item: Item 3
Chunk 5
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requirements through the second half of 2026. We have funded our operations primarily through public and private offerings of our securities,
payments received under our strategic licensing and collaboration arrangements and interest earned on investments. The adequacy of our
available funds to meet our operating and capital requirements will depend on many factors, including: milestone payments from our
license agreements with Ayrmid and Gloria, the number, breadth, progress and results of our research, product development and clinical
programs; the costs and timing of obtaining regulatory approvals for any of our therapeutic candidates; the terms and conditions of in-licensing
and out-licensing therapeutic candidates; and costs incurred in enforcing and defending our patent claims and other intellectual property
rights

While we expect to continue to explore alternative financing sources,
including the possibility of future securities offerings and government funding, we cannot be certain that in the future these liquidity
sources will be available when needed on commercially reasonable terms or at all, or that our actual cash requirements will not be greater
than anticipated. We expect to also continue to seek to finance our operations through other sources, including out-licensing arrangements
for the development and commercialization of our therapeutic candidates or other partnerships or joint ventures, as well as grants from
government agencies and foundations. If we are unable to obtain future financing through the methods we describe above or through other
means, we may be unable to complete our business objectives and may be unable to continue operations, which would have a material adverse
effect on our business and financial condition.

4

If we default under our
secured loan agreement with BlackRock, all or a portion of our assets could be subject to forfeiture.

In September 2022, we entered into a secured loan agreement, or
the Loan Agreement, with BlackRock, under which BlackRock agreed to provide the Company with access to term loans in an aggregate principal
amount of up to $40 million in three tranches as follows: (a) a loan in the aggregate principal amount of up to $10 million, (b) a loan
in the aggregate principal amount of up to $20 million, available for drawdown upon achievement of certain milestones and until April
1, 2024, and (c) a loan in the aggregate principal amount of up to $10 million, available for drawdown upon achievement of certain milestones
and until October 1, 2024. We drew down the initial tranche of $10 million following execution of the agreement in September 2022 and
we drew down