BioLineRx Reports First Quarter 2025 Financial Results and Provides Corporate Update
- Reports continued progress in the evaluation of assets for potential in-licensing and development in the areas of oncology and rare disease -
- New data from pilot phase of ongoing CheMo4METPANC Phase 2b combination trial of motixafortide in PDAC, sponsored by Columbia University, to be presented at upcoming 2025 ASCO Annual Meeting -
- APHEXDA performing well under Ayrmid stewardship -
- Management to host conference call today, May 27(th), at 8:30 am EDT -
TEL AVIV, Israel, May 27, 2025 /PRNewswire/ -- BioLineRx Ltd. (NASDAQ: BLRX) (TASE: BLRX), a development stage biopharmaceutical company pursuing life-changing therapies in oncology and rare diseases, today reported its unaudited financial results for the quarter ended March 31, 2025, and provided a corporate update.
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"Following our announcement last November that we out-licensed APHEXDA®, our FDA-approved stem cell mobilization agent, to Ayrmid Ltd., we have been actively evaluating new assets in the areas of oncology and rare disease where we can leverage our drug development and regulatory expertise to bring new medicines to market," said Philip Serlin, Chief Executive Officer of BioLineRx. "I remain optimistic that we will announce a meaningful transaction this year."
"At the same time, APHEXDA is performing well under the stewardship of Ayrmid, and I believe this license agreement will contribute significant long-term value to our company," Mr. Serlin concluded.
Financial Updates
-- Completed financing in January 2025 raising gross proceeds of $10
million.
-- Successfully reduced operating expense run rate by over 70% beginning
January 1, 2025, through the APHEXDA program transfer to Ayrmid and the
resulting shutdown of the Company's U.S. commercial operations in Q4
2024, as well as additional headcount and other operating expense
reductions.
-- Reaffirms cash runway through the second half of 2026.
APHEXDA Performance Update
-- APHEXDA generated sales of $1.4 million in the first quarter of 2025,
providing royalty revenues to the Company of $0.3 million.
Clinical Updates
Motixafortide
Pancreatic Ductal Adenocarcinoma (mPDAC)
-- Additional trial sites were activated for the CheMo4METPANC Phase 2b
clinical trial, which is expected to have a positive impact on patient
recruitment. Full enrollment in the randomized trial, which is being led
by Columbia University, and supported by both Regeneron and BioLineRx,
is planned for completion in 2027, with a prespecified interim analysis
planned when 40% of progression free survival (PFS) events are observed.
-- An abstract featuring updated data from the pilot phase of the ongoing
CheMo4METPANC clinical trial has been accepted for a poster presentation
at the 2025 ASCO Annual Meeting on Saturday, May 31(st). Key highlights
include:
-- Two patients underwent definitive treatment for metastatic
pancreatic cancer: one had complete resolution of all radiologically
detected liver lesions and underwent definitive radiation to the
primary pancreatic tumor, and one had a sustained partial response
and underwent pancreaticoduodenectomy with pathology demonstrating a
complete response.
-- An analysis of pre- and on-treatment biopsies revealed that CD8+
T-cell tumor infiltration increased across all eleven patients
treated with the motixafortide combination.
Sickle Cell Disease (SCD) & Gene Therapy
-- Enrollment is continuing into the multi-center Phase 1 clinical trial
evaluating motixafortide for the mobilization of CD34+ hematopoietic
stem cells (HSCs) used in the development of gene therapies for patients
with Sickle Cell Disease (SCD). The trial is sponsored by St. Jude
Children's Research Hospital.
-- Reported continued progress of a Phase 1 clinical trial evaluating
motixafortide as monotherapy and in combination with natalizumab for
stem cell mobilization for gene therapies in sickle cell disease. The
trial is sponsored by Washington University School of Medicine in St.
Louis.
Financial Results for the Quarter Ended March 31, 2025
-- Revenues for the three-month period ended March 31, 2025 were $0.3
million, a decrease of $6.6 million, compared to revenues of $6.9
million for the three-month period ended March 31, 2024. The significant
decrease in revenues from 2024 to 2025 reflects the one-time revenues
recorded in 2024 relating to the out-licensing transaction with Gloria
during the fourth quarter of 2023, as well as the change in the
Company's operations following the out-licensing of APHEXDA to Ayrmid
during the fourth quarter of 2024. The revenues in 2025 reflect the
royalties paid by Ayrmid from the commercialization of APHEXDA in stem
cell mobilization in the U.S. The revenues in 2024 primarily reflect a
portion of the up-front payment received by the Company and a milestone
payment achieved under the license agreement with Gloria, which
collectively amounted to $5.9 million, as well as $0.9 million of net
revenues from product sales of APHEXDA in the U.S.
-- Cost of revenues for the three-month period ended March 31, 2025 was
immaterial, compared to cost of revenues of $1.5 million for the
three-month period ended March 31, 2024. The cost of revenues in 2025
reflects sub-license fees on royalties paid by Ayrmid from the
commercialization of APHEXDA in stem cell mobilization in the U.S. The
cost of revenues in 2024 primarily reflects sub-license fees on a
milestone payment received under the Gloria license agreement and
royalties on net product sales of APHEXDA in the U.S., as well as
amortization of intangible assets and cost of goods sold on product
sales.
-- Research and development expenses for the three months ended March 31,
2025 were $1.6 million, a decrease of $0.9 million, or 34.9%, compared
to $2.5 million for the three months ended March 31, 2024. The decrease
resulted primarily from lower expenses related to motixafortide due to
the out-licensing of U.S. rights to Ayrmid, as well as a decrease in
payroll and share-based compensation, primarily due to a decrease in
headcount.
-- There were no sales and marketing expenses for the three months ended
March 31, 2025, compared to $6.3 million for the three months ended
March 31, 2024. The decrease resulted primarily from the shutdown of
U.S. commercial operations in the fourth quarter of 2024 following the
Ayrmid out-licensing transaction.
-- General and administrative expenses for the three months ended March 31,
2025 were $1.0 million, a decrease of $0.4 million, or 28.6%, compared
to $1.4 million for the three months ended March 31, 2024. The decrease
resulted primarily from a decrease in payroll and share-based
compensation, primarily due to a decrease in headcount, as well as small
decreases in a number of general and administrative expenses.
-- Net non-operating income for the three months ended March 31, 2025 was
$7.6 million, compared to net non-operating income of $4.5 million for
the three months ended March 31, 2024. Non-operating income for both
periods primarily relates to fair-value adjustments of warrant
liabilities on the balance sheet, as a result of changes in the
Company's share price.
-- Net financial expenses for the three months ended March 31, 2025 were
$0.1 million, compared to net financial expenses of $0.4 million for the
three months ended March 31, 2024. Net financial expenses for both
periods primarily relate to loan interest paid, partially offset by
investment income earned on bank deposits.
-- Net income for the quarter ended March 31, 2025 was $5.1 million,
compared to $0.7 million for the quarter ended March 31, 2024.
-- As of March 31, 2025, the Company had cash, cash equivalents, and
short-term bank deposits of $26.4 million
Conference Call and Webcast Information
To access the conference call, please dial +1-888-281-1167 from the U.S. or +972-3-918-0685 internationally. A live webcast and a replay of the call can be accessed through the event page on the Company's website. Please allow extra time prior to the call to visit the site and download any necessary software to listen to the live broadcast. The call replay will be available approximately two hours after completion of the live conference call. A dial-in replay of the call will be available until May 29, 2025; please dial +1-888-295-2634 from the US or +972-3-925-5904 internationally.
About BioLineRx
BioLineRx Ltd. (NASDAQ/TASE: BLRX) is a biopharmaceutical company pursuing life-changing therapies in oncology and rare diseases. The Company's first approved product is APHEXDA® (motixafortide), with an indication in the U.S. for stem cell mobilization for autologous transplantation in multiple myeloma, which is being developed and commercialized by Ayrmid Ltd. (globally, excluding Asia) and Gloria Biosciences (in Asia). BioLineRx is utilizing its end-to-end expertise in development, regulatory affairs and manufacturing to advance its innovative pipeline and ensure life-changing discoveries move beyond the bench to the bedside.
Learn more about who we are, what we do, and how we do it at?www.biolinerx.com, or on?Twitter?and?LinkedIn.?
Forward Looking Statement
Various statements in this release concerning BioLineRx's future expectations constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include words such as "anticipates," "believes," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "projects," "should," "will," and "would," and describe opinions about future events. These include statements regarding management's expectations, beliefs and intentions regarding, among other things, the potential success of the license agreement with Ayrmid and the commercial potential of motixafortide, expectations with regard to clinical trials of motixafortide, the expected cash runway, and BioLineRx's business strategy. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of BioLineRx to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause BioLineRx's actual results to differ materially from those expressed or implied in such forward-looking statements include, but are not limited to: the clinical development, commercialization and market acceptance of BioLineRx's therapeutic candidates, including the degree and pace of market uptake of APHEXDA for the mobilization of hematopoietic stem cells for autologous transplantation in multiple myeloma patients; the initiation, timing, progress and results of BioLineRx's preclinical studies, clinical trials, and other therapeutic candidate development efforts; BioLineRx's ability to advance its therapeutic candidates into clinical trials or to successfully complete its preclinical studies or clinical trials, whether the clinical trial results for APHEXDA will be predictive of real-world results; BioLineRx's receipt of regulatory approvals for its therapeutic candidates, and the timing of other regulatory filings and approvals; whether access to APHEXDA is achieved in a commercially viable manner and whether APHEXDA receives adequate reimbursement from third-party payors; BioLineRx's ability to establish, manage, and maintain corporate collaborations, as well as the ability of BioLineRx's collaborators to execute on their development and commercialization plans; BioLineRx's ability to integrate new therapeutic candidates and new personnel as well as new collaborations; the interpretation of the properties and characteristics of BioLineRx's therapeutic candidates and of the results obtained with its therapeutic candidates in preclinical studies or clinical trials; the implementation of BioLineRx's business model and strategic plans for its business and therapeutic candidates; the scope of protection BioLineRx is able to establish and maintain for intellectual property rights covering its therapeutic candidates and its ability to operate its business without infringing the intellectual property rights of others; estimates of BioLineRx's expenses, future revenues, capital requirements and its needs for and ability to access sufficient additional financing; risks related to changes in healthcare laws, rules and regulations in the United States or elsewhere; competitive companies, technologies and BioLineRx's industry; BioLineRx's ability to maintain the listing of its ADSs on Nasdaq; and statements as to the impact of the political and security situation in Israel on BioLineRx's business, which may exacerbate the magnitude of the factors discussed above. These and other factors are more fully discussed in the "Risk Factors" section of BioLineRx's most recent annual report on Form 20-F filed with the Securities and Exchange Commission on March 31, 2025. In addition, any forward-looking statements represent BioLineRx's views only as of the date of this release and should not be relied upon as representing its views as of any subsequent date. BioLineRx does not assume any obligation to update any forward-looking statements unless required by law.
BioLineRx Ltd.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
(UNAUDITED)
December 31, March 31,
2024 2025
in USD thousands
Assets
CURRENT ASSETS
Cash and cash equivalents 10,436 9,036
Short-term bank deposits 9,126 17,333
Trade receivables 2,476 1,469
Prepaid expenses 443 312
Other receivables 1,478 452
Inventory 3,145 3,315
Total current assets 27,104 31,917
NON-CURRENT ASSETS
Property and equipment, net 386 299
Right-of-use assets, net 967 863
Intangible assets, net 10,449 10,431
Total non-current assets 11,802 11,593
Total assets 38,906 43,510
Liabilities and equity
CURRENT LIABILITIES
Current maturities of long-term loan 4,479 4,684
Accounts payable and accruals:
Trade 5,583 4,693
Other 3,131 1,751
Current maturities of lease liabilities 522 440
Warrants 1,691 2,462
Total current liabilities 15,406 14,030
NON-CURRENT LIABILITIES
Long-term loan, net of current maturities 8,958 7,633
Lease liabilities 1,081 985
Total non-current liabilities 10,039 8,618
COMMITMENTS AND CONTINGENT LIABILITIES
Total liabilities 25,445 22,648
EQUITY
Ordinary shares 38,097 62,570
Share premium 353,693 333,627
Warrants 5,367 3,686
Capital reserve 17,547 17,095
Other comprehensive loss (1,416) (1,416)
Accumulated deficit (399,827) (394,700)
Total equity 13,461 20,862
Total liabilities and equity 38,906 43,510
BioLineRx Ltd.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
Three months ended March 31,
2024 2025
in USD thousands
REVENUES:
License revenues 5,931 255
Product sales, net 924
Total revenues 6,855 255
COST OF REVENUES (1,455) (34)
GROSS
PROFIT 5,400 221
RESEARCH AND DEVELOPMENT EXPENSES (2,494) (1,623)
SALES AND MARKETING EXPENSES (6,342)
GENERAL AND ADMINISTRATIVE EXPENSES (1,386) (989)
OPERATING LOSS (4,822) (2,391)
NON-OPERATING INCOME (EXPENSES), NET 4,490 7,644
FINANCIAL INCOME 565 294
FINANCIAL EXPENSES (929) (420)
NET INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) (696) 5,127
in USD
EARNINGS )LOSS( PER ORDINARY SHARE - BASIC AND DILUTED (0.00) 0.00
WEIGHTED AVERAGE NUMBER OF SHARES USED IN 1,086,589,165 2,217,728,234
CALCULATION OF EARNINGS )LOSS( PER ORDINARY SHARE
BioLineRx Ltd.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)
Other compre- Accumulated
hensive loss deficit
Ordinary Share pre- Capital re-
shares mium serve
Warrants Total
in USD thousands
BALANCE AT JANUARY 1, 2024 31,355 355,482 1,408 17,000 (1,416) (390,606) 13,223
CHANGES FOR THREE MONTHS ENDED MARCH 31, 2024:
Share-based compensation - 533 533
Comprehensive loss for the period - (696) (696)
BALANCE AT MARCH 31, 2024 31,355 355,482 1,408 17,533 (1,416) (391,302) 13,060
Other compre-
hensive loss
Ordinary Share pre- Capital re- Accumulated
shares mium serve deficit Total
Warrants
in USD thousands
BALANCE AT JANUARY 1, 2025 38,097 353,693 5,367 17,547 (1,416) (399,827) 13,461
CHANGES FOR THREE MONTHS ENDED MARCH 31, 2025:
Issuance of share capital, pre-funded warrants and warrants, net 16,415 (14,836) 501 2,080
Pre-funded warrants exercised 8,058 (5,876) (2,182)
Employee stock options expired - 646 (646)
Share-based compensation - 194 194
Comprehensive income for the period - 5,127 5,127
BALANCE AT MARCH 31, 2025 62,570 333,627 3,686 17,095 (1,416) (394,700) 20,862
BioLineRx Ltd.
CONDENSED CONSOLIDATED INTERIM CASH FLOW STATEMENTS
(UNAUDITED)
Three months ended
March 31,
2024 2025
in USD thousands
CASH FLOWS - OPERATING ACTIVITIES
Comprehensive income (loss) for the period (696) 5,127
Adjustments required to reflect net cash used in operating activities (13,413) (7,718)
(see appendix below)
Net cash used in operating activities (14,109) (2,591)
CASH FLOWS - INVESTING ACTIVITIES
Investments in short-term deposits - (12,307)
Maturities of short-term deposits 16,719 4,130
Purchase of property and equipment (32)
Net cash provided by (used in) investing activities 16,687 (8,177)
CASH FLOWS - FINANCING ACTIVITIES
Issuance of share capital, pre-funded warrants and warrants, - 10,697
net of issuance costs
Repayments of loan (765) (1,120)
Repayments of lease liabilities (129) (127)
Net cash provided by (used in) financing activities (894) 9,450
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,684 (1,318)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 4,255 10,436
EXCHANGE DIFFERENCES ON CASH AND CASH EQUIVALENTS 51 (82)
CASH AND CASH EQUIVALENTS - END OF PERIOD 5,990 9,036
BioLineRx Ltd.
APPENDIX TO CONDENSED CONSOLIDATED INTERIM CASH FLOW STATEMENTS
(UNAUDITED)
Three months ended
March 31,
2024 2025
in USD thousands
Adjustments required to reflect net cash used in operating activities:
Income and expenses not involving cash flows:
Depreciation and amortization 897 165
Exchange differences on cash and cash equivalents (51) 82
Fair value adjustments of warrants (4,444) (8,311)
Warrant issuance costs 702
Share-based compensation 533 194
Interest on short-term deposits (163) (30)
Interest on loan 610 -
Exchange differences on lease liabilities (25) (7)
(2,643) (7,205)
Changes in operating asset and liability items:
Decrease (increase) in trade receivables (2,474) 1,007
Increase in inventory (936) (170)
Decrease in prepaid expenses and other receivables 81 1,157
Decrease in accounts payable and accruals (3,511) (2,507)
Decrease in contract liabilities (3,930) -
(10,770) (513)
(13,413) (7,718)
Supplemental information on interest received in cash 357 236
Supplemental information on interest paid in cash 255 361
Supplemental information on non-cash transactions:
Changes in right-of-use asset and lease liabilities 32 44
Warrant issuance costs 237
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Contacts:
United States
Irina Koffler
LifeSci Advisors, LLC
IR@biolinerx.com
Israel
Moran Meir
LifeSci Advisors, LLC
moran@lifesciadvisors.com
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SOURCE BioLineRx Ltd.
