Company: BLRX
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001178913-25-001123
Chunk: 163

Company: BioLineRx Ltd.
Filing Date: 2025-03-31
Form: 20-F
Item: Item 4
Chunk 163
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 of a material breach or bankruptcy. Further, if our license agreement with Biokine Therapeutics Ltd., or the Upstream License, is terminated in whole or in part, the Ayrmid License Agreement will immediately terminate. In such event, Ayrmid will have the right to enter into a direct license agreement with the licensor of such Upstream License on substantially similar terms.

 
 Following the Ayrmid License Agreement, we shut down our commercial 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