Company: BLRX
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001178913-25-001123
Chunk: 46

Company: BioLineRx Ltd.
Filing Date: 2025-03-31
Form: 20-F
Item: Item 3
Chunk 46
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 groups in Syria and Iraq. In April 2024, Iran launched
drone and missile attacks on military and civilian targets within Israel. In October 2024, Israel began limited ground operations against
Hezbollah in Lebanon, and in November 2024, a ceasefire was brokered between Israel and Hezbollah. In January 2025, a temporary ceasefire
agreement was reached between Hamas in Gaza and Israel, although in March 2025 hostilities resumed. We cannot predict if and to what extent
any ceasefire agreements will remain in effect or will be upheld and military activity and hostilities continue to exist at varying levels
of intensity, and the situation remains volatile, with the potential for escalation into a broader regional conflict involving additional
terrorist organizations and possibly other countries. Also, the fall of the Assad regime in Syria may create geopolitical instability
in the region.

Since the war broke out on October 7, 2023, our operations have not been adversely affected
in a material manner, and we have not experienced disruptions to operations. Our manufacturing operations and supply of APHEXDA take place
outside of Israel and therefore, remain unaffected by the war against Hamas. However, prolonged and/or heightened conflict could adversely
impact our business, financial condition and results of operations in the future.

Our commercial insurance does not cover losses that may occur as
a result of events associated with the security situation in the Middle East. Although the Israeli government currently covers the reinstatement
value of direct damages that are caused by terrorist attacks or acts of war, we cannot assure you that this government coverage will be
maintained or, if maintained, will be sufficient to compensate us fully for damages incurred. Any losses or damages incurred by us could
have a material adverse effect on our business, financial condition and results of operations.

The continuation of the war led to a deterioration of certain indicators
of Israel’s economic standing, for instance, a downgrade in Israel’s credit rating by rating agencies (such as by Moody’s,
S& P Global, and Fitch).

27

The global perception of Israel and Israeli companies, influenced
by actions by international judicial bodies, may lead to increased sanctions and other negative measures against Israel and Israeli companies.
In addition, the political and security situation in Israel may result in parties with whom we have agreements involving performance in
Israel claiming that they are not obligated to perform their commitments under those agreements pursuant to force majeure provisions in
such agreements. There is also a growing movement among countries, activists, and