Company: BLRX
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001178913-25-001123
Chunk: 58

Company: BioLineRx Ltd.
Filing Date: 2025-03-31
Form: 20-F
Item: Item 3
Chunk 58
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 engage and authorize Gloria to perform services under the Gloria License Agreement in the Territory.

Pursuant to the terms of the Gloria License Agreement, the Gloria
Licensee made a $15 million upfront payment in October 2023, upon the closing of the transaction. We are entitled to up to $49 million
based on the achievement of certain development and regulatory milestones in China and Japan, and up to $197 million in sales milestones
based on defined sales targets of motixafortide in the Gloria Territory. Additionally, we are eligible to receive tiered, double-digit
royalties (ranging from 10-20%), on aggregate net sales of motixafortide in the Gloria Territory payable on a country-by-country basis
until the longer of (i) fifteen years from the date of the first sale of motixafortide by Licensee, (ii) the last to expire valid claim
of any licensed patents with respect to motixafortide in such country and (iii) the expiration of motixafortide’s orphan drug status
in such country. The royalties payable by Gloria Licensee to us are to be reduced by 50% following the end of the initial royalty term
and are also to be reduced upon the occurrence of certain events, including, on a country-by-country basis, the entry of a generic product
in such country.

The Gloria License Agreement includes various development obligations
for the Gloria Licensee pursuant to an agreed-upon development plan, including the execution of a registrational study in stem-cell mobilization
and the execution of a randomized Phase 2b study in first-line pancreatic adenocarcinoma.

Under the Gloria License Agreement, Gloria is late in the payment of $2.4 million to
us for the achievement of a specific milestone under the Gloria License Agreement and for certain product supply, which was due during
2024. In addition, the planned studies of motixafortide in China under the Gloria License Agreement are currently not advancing according
to schedule and it is unclear when such studies will be initiated, if at all. There can be no assurance that Gloria will meet its payment
obligations or any other obligations under the Gloria License Agreement.

Expanding our Product Portfolio

Following entry into the Gloria License Agreement and the Ayrmid
License Agreement as well as the shutdown of our U. S. commercial operations, we have refocused our operations on development activities
in Israel in the fields of oncology and rare diseases, at a significantly reduced annual cash burn rate