Company: BLRX
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001178913-25-001123
Chunk: 124

Company: BioLineRx Ltd.
Filing Date: 2025-03-31
Form: 20-F
Item: Item 3
Chunk 124
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 concern. Similarly, our independent registered public accounting firm included a “going
concern” explanatory paragraph in its report on our financial statements as of and for the year ended December 31, 2024.

Developing drugs and conducting clinical trials is expensive and
we will need to raise substantial additional funds to achieve our strategic objectives. Based on our current projected cash requirements,
we believe that our existing cash and investment balances and other sources of liquidity, including royalties received from Ayrmid from
product sales of APHEXDA and milestone payments from our license agreements with Ayrmid and Gloria, will be sufficient to meet our capital
requirements through the second half of 2026. 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,
public and private offerings of our equity securities, as well as grants from government agencies and foundations. Our future capital
requirements will depend on many factors, including:

  the progress and costs of our preclinical studies, clinical trials and other research  

  the scope, prioritization and number of our clinical trials and other research and  

  the amount of revenues we receive, if any, under our collaboration or licensing arrangements;  
  the costs of the development and expansion of our operational infrastructure;                  

  the costs and timing of obtaining regulatory approval of our therapeutic candidates;  

  our success in effecting out-licensing arrangements with third parties;  

  the ability of our collaborators and licensees to achieve development milestones,                          

  the costs of filing, prosecuting, enforcing and defending patent claims and other  

  the costs and timing of securing manufacturing arrangements for clinical or commercial  

  the costs of establishing sales and marketing capabilities or contracting with third  

  the costs of acquiring or undertaking development and commercialization efforts for  

  the magnitude of our general and administrative expenses;  

  interest and principal payments on the loan from BlackRock;  

  any cost that we may incur under current and future licensing arrangements relating  
  to our therapeutic candidates; and                                                   
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  market conditions.  

If funds are not available, we may be required to delay, reduce the scope of, or eliminate
one or more of our research or development programs or our commercialization efforts.

69

Contractual Obligations

We are party to contractual obligations involving commitments to
make payments to third parties. Our contractual