Company: BLRX
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001178913-25-001123
Chunk: 123

Company: BioLineRx Ltd.
Filing Date: 2025-03-31
Form: 20-F
Item: Item 3
Chunk 123
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 million for the
year ended December 31, 2024, compared with net cash used in operating activities of $22.6 million for the year ended December 31, 2023.
The $21.3 million increase in net cash used in operating activities in 2024 was primarily the result of a decrease in contract liabilities
resulting from deferred revenues as of December 31, 2023 that were recognized during 2024, a decrease in accounts payable and accruals,
and a decrease in research and development expenses as described above.

Net cash provided by investing activities was $29.4 million for
the year ended December 31, 2024, compared to net cash provided by investing activities of $1.4 million for the year ended December 31,
2023. The changes in cash flows from investing activities relate primarily to investments in, and maturities of short-term bank deposits.

Net cash provided by financing activities was $20.7 million for
the year ended December 31, 2024, compared to net cash provided by financing activities of $15.1 million for the year ended December 31,
2023. The cash provided by financing activities in 2024 primarily reflects the net proceeds of the loan from BlackRock and the net proceeds
of registered direct offerings of our ADSs in April 2024 and in November 2024, offset by repayments of the loan from BlackRock and the
repayments of lease liabilities. The cash provided by financing activities in 2023 primarily reflects the private placement of ADSs to
HST and Gloria, warrant exercises, and net proceeds from the ATM facility, offset in part by repayments of the loan from BlackRock and
the repayments of lease liabilities.

68

Funding Requirements

We have incurred accumulated losses in the amount of $400 million
through December 31, 2024, and we expect to continue incurring losses and negative cash flows from operations until the cash flows from
our strategic partnerships reach a level to offset our ongoing development costs. In this regard, management monitors rolling forecasts
of our liquidity reserves on the basis of anticipated cash flows and seeks to maintain liquidity balances at levels that are sufficient
to meet its needs. Our cash flow projections are subject to various risks and uncertainties concerning their fulfilment, and these factors
and the risk inherent in our operations, which management has concluded indicate that a material uncertainty exists, may cast significant
doubt on our ability to continue as a going