Company: BLRX
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001178913-25-001123
Chunk: 6

Company: BioLineRx Ltd.
Filing Date: 2025-03-31
Form: 20-F
Item: Item 3
Chunk 6
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 the second tranche of $20 million in April 2024, following fulfilment of the requisite milestones. We did not draw down the
third tranche.

In November 2024, in connection with the Ayrmid License Agreement
(as defined below), we entered into an amendment, or the Amendment, to the Loan Agreement 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 were 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 was reduced to $4 million. 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 outstanding loan principal, and the repayments in (ii)
above will be adjusted accordingly. All other terms of the Loan Agreement remain the same.

Our ability to make the scheduled payments under the Loan Agreement
or to refinance our debt obligations with BlackRock depends on numerous factors including, but not limited to, the amount of our cash
reserves, our capital requirements and our ability to raise additional capital. We may be unable to maintain a level of cash reserves
sufficient to permit us to pay the principal and accrued interest on the loan. If our cash reserves, cash flows and capital resources
are insufficient to fund our debt obligations to BlackRock, we may be required to seek additional capital, restructure or refinance our
indebtedness, or delay or abandon our research and development projects or other capital expenditures, which could have a material adverse
effect on our business, financial condition, prospects or results of operations. There is no assurance that we would be able to take any
of such actions, or that such actions would permit us meet our scheduled debt obligations under the BlackRock loan agreement. If we default
on the Loan Agreement and are unable to cure the default pursuant to the terms of the Loan Agreement or are unable to repay or refinance
the loan when due, BlackRock could take possession of any or all assets in which it holds a security interest, and dispose those assets
to the extent necessary to pay off the debts