Company: BLRX
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001178913-25-001123
Chunk: 3

Company: BioLineRx Ltd.
Filing Date: 2025-03-31
Form: 20-F
Item: Item 3
Chunk 3
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  Your rights and responsibilities as a shareholder will be governed by Israeli law, which may differ in  
  some respects from the rights and responsibilities of shareholders of U. S. companies.                  
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Risks Related to Our Financial Condition and Capital Requirements

We have incurred significant losses since inception
and expect to incur additional losses in the future and may never be profitable.

We are a biopharmaceutical company pursuing life-changing therapies
in oncology and rare diseases. Our first approved product is APHEXDA (motixafortide), a novel peptide for the treatment of stem-cell mobilization
and solid tumors which, on September 8, 2023, was approved by the FDA for use in combination with filgrastim (G-CSF) to mobilize hematopoietic
stem cells to the peripheral blood for collection and subsequent autologous transplantation in patients with multiple myeloma. In October
2023, we out-licensed the rights to motixafortide for all indications in substantially all of Asia, and in November 2024, we out-licensed
the global rights (other than in Asia) to motixafortide for all indications, other than solid tumors. See “ Item 4. B. Information
on the Company - Business Overview - Recent Developments”. As a result of the November 2024 transaction, we shut down our
independent commercialization activities in the United States and refocused our operations on development activities in Israel in the
fields of oncology and rare diseases, at a significantly reduced annual cash burn rate.

3

Since our incorporation, we have been mainly focused on research and development. We
have incurred losses since inception, principally as a result of research and development and general administrative expenses and more
recently sales and marketing in support of our operations. We recorded net losses of $25.0 million in 2022, $60.6 million in 2023 and
$9.2 million in 2024. As of December 31, 2024, we had an accumulated deficit of $400 million. We expect to continue to incur significant
expenses and sustain net losses for the foreseeable future as we continue our planned development activities for motixafortide in
other indications. Our ability to become and remain profitable depends on our and our licensees’ abilities to generate significant
product revenue. Our ability to generate significant revenue will require our licensees