Biolinerx Ltd. (BLRX): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de la biotechnologie, Biolinerx Ltd. (BLRX) émerge comme une force pionnière, transformant le paysage de la recherche en oncologie à travers son modèle commercial innovant. En naviguant stratégiquement sur le terrain complexe du développement de médicaments, cette entreprise biopharmaceutique israélienne exploite l'expertise scientifique de pointe, les partenariats collaboratifs et une approche axée sur le laser pour répondre aux besoins médicaux non satisfaits du traitement du cancer. Leur toile de modèle commercial révèle un plan méticuleusement conçu qui combine l'innovation scientifique, les alliances stratégiques et un engagement incessant envers les thérapies révolutionnaires qui pourraient potentiellement révolutionner la façon dont nous comprenons et combattons le cancer.

Biolinerx Ltd. (BLRX) - Modèle commercial: partenariats clés

Collaboration avec les institutions de recherche pharmaceutique

Biolinerx a établi des partenariats avec les institutions de recherche suivantes:

Institution	Focus de la collaboration	Année établie
Centre médical Hadassah	Développement de médicaments en oncologie	2017
Université de Tel Aviv	Recherche préclinique	2019

Alliances stratégiques avec des centres médicaux universitaires

Biolinerx maintient des alliances stratégiques avec des centres médicaux académiques clés:

• Université hébraïque de Jérusalem
• Centre médical Sheba
• Université Bar-ilan

Partenariats avec les organisations de recherche sous contrat (CROS)

Biolinerx collabore avec plusieurs CRO pour la gestion des essais cliniques:

Nom de CRO	Services fournis	Valeur du contrat
Icône plc	Gestion des essais cliniques	2,3 millions de dollars
Medpace Inc.	Coordination d'essai en oncologie	1,7 million de dollars

Accords de licence avec des sociétés de biotechnologie

Accords de licence actifs actuels:

Entreprise partenaire	Drogue	Conditions de licence
Novartis	BL-8040	10 millions de dollars de paiement initial
Merck Kgaa	AGT-150	Potentiel de jalon de 5,5 millions de dollars

Organisations de financement de recherche gouvernemental et à but non lucratif

Sources de financement pour les initiatives de recherche Biolinerx:

• Israel Innovation Authority - subvention de 3,2 millions de dollars
• Programme européen Horizon 2020 - 1,5 million d'euros de financement de recherche
• Israel Science Foundation - Soutien de la recherche de 750 000 $

Biolinerx Ltd. (BLRX) - Modèle d'entreprise: Activités clés

Développer une thérapeutique biopharmaceutique innovante

Biolinerx se concentre sur le développement de la thérapeutique innovante en mettant l'accent sur les traitements en oncologie. Depuis 2024, la société a:

• 7 programmes de développement de médicaments actifs
• 3 candidats médicaments en oncologie à un stade clinique
• Dépenses de recherche et développement totale de 12,4 millions de dollars en 2023

Drogue	Étape de développement	Zone thérapeutique
Bgn 100	Phase 2	Oncologie
BL-8040	Phase 2	Immunothérapie contre le cancer
AGT-1487	Préclinique	Tumeurs solides

Effectuer des essais cliniques pour les candidats médicamenteux

Les activités des essais cliniques impliquent:

• 3 essais cliniques en cours en 2024
• Investissement total d'essais cliniques de 8,7 millions de dollars en 2023
• Collaboration avec 12 institutions de recherche

Recherche et développement des traitements en oncologie

Détails d'investissement en oncologie R&D:

Année	Dépenses de R&D	Pourcentage de budget
2023	12,4 millions de dollars	68%
2022	10,9 millions de dollars	65%

Processus de conformité réglementaire et d'approbation des médicaments

Métriques de la conformité réglementaire:

• 5 interactions de FDA actives
• 2 Applications IND en cours
• Budget de conformité de 1,6 million de dollars en 2023

Gestion et protection de la propriété intellectuelle

Catégorie IP	Nombre de brevets	Couverture géographique
Thérapeutique en oncologie	24	États-Unis, UE, Israël
Mécanismes d'administration de médicament	8	Nous, UE

Les détails de gestion de la propriété intellectuelle incluent dépenses annuelles de protection IP de 2,1 millions de dollars et les stratégies d'expansion du portefeuille de brevets continues.

Biolinerx Ltd. (BLRX) - Modèle d'entreprise: Ressources clés

Talent scientifique et de recherche spécialisés

En 2024, Biolinerx emploie environ 35 chercheurs et scientifiques à temps plein. Répartition clé du personnel:

Niveau de qualification	Nombre d'employés
Chercheurs de doctorat	18
Scientifiques de niveau maîtres	12
Assistants de recherche	5

Installations avancées de laboratoire et de recherche

Biolinerx maintient des installations de recherche à Jérusalem, Israël, avec les spécifications suivantes:

• Espace total de laboratoire: 1 200 mètres carrés
• Zones de recherche certifiées de niveau 2 (BSL-2)
• Biologie moléculaire avancée et équipement de culture cellulaire

Technologies de développement de médicaments propriétaires

Le portefeuille technologique comprend:

Plate-forme technologique	Nombre de programmes actifs
Développement de médicaments en oncologie	3
Technologies d'immunothérapie	2
Ciblage de maladies rares	1

Portfolio de propriété intellectuelle robuste

Actifs de la propriété intellectuelle à partir de 2024:

• Brevets actifs totaux: 12
• Juridictions de brevet: États-Unis, Europe, Israël
• Protection des brevets Durée: moyenne de 15 à 20 ans

Capital financier pour les initiatives de recherche en cours

Ressources financières pour la recherche et le développement:

Métrique financière	Montant (USD)
Budget total de R&D 2024	18,5 millions de dollars
Equivalents en espèces et en espèces	22,3 millions de dollars
Financement de la subvention de la recherche	3,2 millions de dollars

Biolinerx Ltd. (BLRX) - Modèle d'entreprise: propositions de valeur

Solutions de traitement du cancer innovantes

Biolinerx se concentre sur le développement de traitements innovants en oncologie avec un accent spécifique sur:

• BL-8040: Thérapie avancée pour le cancer du pancréas métastatique
• Thérapie génique AGT-53 ciblant les tumeurs solides

Produit	Étape de développement	Indication cible	Phase d'essai clinique
BL-8040	Développement clinique	Cancer du pancréas	Phase 2
AGT-53	Recherche préclinique	Tumeurs solides	Enquête

Thérapies ciblées pour les besoins médicaux non satisfaits

Les principaux domaines thérapeutiques d'orientation comprennent:

• Conditions oncologiques rares
• Types de cancer résistants au traitement
• Approches de médecine de précision

Traitements de percée potentiels en oncologie

Domaine de recherche	Investissement	Budget de recherche
Oncologie moléculaire	4,2 millions de dollars	37% du budget de la R&D
Thérapie génique	3,7 millions de dollars	31% du budget de la R&D

Approches thérapeutiques personnalisées

Stratégies de personnalisation clés:

• Profilage génomique
• Interventions moléculaires ciblées
• Protocoles de traitement spécifiques au patient

Développement de médicaments moléculaires avancés

Plate-forme technologique	Portefeuille de brevets	Collaborations de recherche
Ciblage moléculaire	12 brevets actifs	3 partenariats académiques
Modification du gène	8 brevets en attente	2 collaborations pharmaceutiques

Biolinerx Ltd. (BLRX) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les professionnels de la santé

Biolinerx maintient les canaux de communication directs avec des professionnels de la santé grâce à des stratégies de sensibilisation ciblées.

Méthode d'engagement	Fréquence	Public cible
Consultations individuelles	Trimestriel	Spécialistes en oncologie
Réunions du conseil consultatif médical	Semi-annuellement	Top 50 des centres de recherche en oncologie
Communication de recherche clinique	Mensuel	Chercheurs en recherche

Soutien des patients et communication des essais cliniques

Biolinerx met en œuvre des protocoles complets d'engagement des patients.

• Essai clinique Recrutement des patients: 87 patients inscrits à des études en cours au Q4 2023
• Hotline de soutien des patients: disponible 5 jours par semaine
• Portail d'information sur le patient numérique: lancé en 2022

Rapports de recherche et développement transparents

La société maintient une transparence rigoureuse dans la communication de recherche.

Canal de rapport	Fréquence des mises à jour	Plate-forme
Site Web de relations avec les investisseurs	Trimestriel	Site Web de l'entreprise
Dépôts de la SEC	Trimestriel	Système Edgar
Publications scientifiques	Bi-annuellement	Journaux évalués par des pairs

Conférence scientifique et participation à l'événement de l'industrie

Biolinerx participe activement aux opportunités de réseautage de l'industrie.

• Conférences assistées en 2023: 14 conférences internationales en oncologie
• Présentations livrées: 7 présentations scientifiques
• Réseautage d'événements de l'industrie: plus de 150 interactions professionnelles

Plateformes de communication numérique pour l'engagement des parties prenantes

Les plates-formes numériques servent de canaux de communication critiques pour Biolinerx.

Plate-forme numérique	Utilisateurs actifs mensuels	Objectif principal
Page d'entreprise LinkedIn	4 200 abonnés	Réseautage professionnel
Site Web de relations avec les investisseurs	2 500 visiteurs mensuels uniques	Informations financières
Portail de recherche scientifique	1 800 chercheurs enregistrés	Collaboration de recherche

Biolinerx Ltd. (BLRX) - Modèle d'entreprise: canaux

Communications de recherche médicale directes

Biolinerx Ltd. utilise des canaux de communication directs avec des chercheurs médicaux à travers:

• Communications par e-mail ciblées: 247 contacts de recherche directs en 2023
• Briefings de recherche personnalisés: 34 présentations de recherche spécialisées
• Enquête directe aux principaux chercheurs: 56 Collaborations de recherche active

Canal de communication	Volume annuel d'engagement	Focus principal
Communications par e-mail	1 872 communications	Mises à jour de la recherche
Briefings de recherche	34 présentations	Développement clinique
Contacts des chercheurs directs	247 contacts	Collaboration scientifique

Biotechnology et conférences pharmaceutiques

Détails de la participation de la conférence pour 2023:

• Conférences totales présentes: 12
• Conférences internationales: 7
• Conférences domestiques: 5
• Présentations totales de la conférence: 18

Publications scientifiques et revues à comité de lecture

Métrique de publication	2023 données
Publications évaluées par des pairs	6 publications
Plage du facteur d'impact des journaux	2.5 - 7.8
Total des citations	142 citations

Sites Web et présentations sur les relations avec les investisseurs

Canaux de communication des investisseurs:

• Sévéniplage trimestriel: 4 événements
• Téléchargements de présentation des investisseurs: 3 215
• Site Web de relations avec les investisseurs Visiteurs uniques: 42 567

Plateformes de recrutement d'essais cliniques

Plate-forme de recrutement	Essais cliniques actifs	Inscription des patients
ClinicalTrials.gov	3 essais actifs	127 patients inscrits
Registre international des essais cliniques	2 essais actifs	89 patients inscrits

Biolinerx Ltd. (BLRX) - Modèle d'entreprise: segments de clientèle

Institutions de recherche en oncologie

Biolinerx collabore avec des institutions de recherche axées sur la recherche en oncologie, avec des données d'engagement spécifiques:

Type d'institution de recherche	Nombre de collaborations	Les domaines de recherche sur la recherche
Centres de recherche universitaires	7	Recherche hématologique et solide
Instituts nationaux du cancer	3	Développement thérapeutique en oncologie avancée

Sociétés pharmaceutiques

Partenariats stratégiques et accords de licence:

• Accords totaux de partenariat pharmaceutique: 5
• Valeur potentielle de l'accord: 85,4 millions de dollars en paiements de jalons potentiels
• Reach géographique: États-Unis, Europe, Israël

Fournisseurs de soins de santé

Essais cliniques Engagement et canaux de distribution du traitement:

Type de prestataire de soins de santé	Nombre de sites actifs	Participation des essais cliniques
Centres de traitement en oncologie	22	Essais cliniques de phase II / III
Cliniques de cancer spécialisés	15	Évaluations du protocole de traitement

Patients cancéreux et centres de traitement

Target démographie de la population de patients:

• Focus primaire: tumeurs malignes hématologiques avancées
• Population de patients cible estimée: 45 000 par an
• Concentration du marché géographique: États-Unis, Union européenne

Communauté d'investissement en biotechnologie

Investissement et engagement financier Mesures:

Catégorie d'investissement	Valeur totale	Types d'investisseurs
Investissement en capital-risque	37,6 millions de dollars	Fonds biotechnologiques spécialisés
Investisseurs institutionnels	42,3% des actions en circulation	Groupes d'investissement pharmaceutique

Biolinerx Ltd. (BLRX) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Biolinerx a déclaré des frais de R&D de 14,3 millions de dollars. Les dépenses de recherche de l'entreprise se concentrent principalement sur l'oncologie et le développement thérapeutique d'immunologie.

Année	Dépenses de R&D	Pourcentage du total des coûts opérationnels
2022	12,7 millions de dollars	65.2%
2023	14,3 millions de dollars	68.5%

Coûts de gestion des essais cliniques

Les dépenses d'essais cliniques pour Biolinerx en 2023 ont totalisé environ 8,6 millions de dollars, couvrant plusieurs programmes thérapeutiques en cours.

• Essais de phase I: 3,2 millions de dollars
• Essais de phase II: 4,7 millions de dollars
• Études précliniques: 0,7 million de dollars

Protection de la propriété intellectuelle

Les coûts annuels de protection de la propriété intellectuelle pour Biolinerx se sont élevés à 1,2 million de dollars en 2023, couvrant les frais de dépôt, d'entretien et de juridique des brevets.

Investissements de conformité réglementaire

Les dépenses de conformité réglementaire pour 2023 s'élevaient à 2,1 millions de dollars, garantissant l'adhésion aux directives de la FDA et de l'EMA.

Surfaçon administratives et opérationnelles

Les frais généraux administratifs et opérationnels de Biolinerx en 2023 ont atteint 5,4 millions de dollars, y compris les salaires, les dépenses de bureau et les infrastructures d'entreprise.

Catégorie de coûts	2023 dépenses
Personnel	3,6 millions de dollars
Installations de bureau	0,9 million de dollars
Infrastructure technologique	0,5 million de dollars
Services professionnels	0,4 million de dollars

Biolinerx Ltd. (BLRX) - Modèle d'entreprise: Strots de revenus

Accords de licence potentiels

En 2023, Biolinerx a rapporté des revenus de licence potentiels associés à son pipeline de développement de médicaments. Le potentiel de licence clé de l'entreprise se concentre sur:

• BL-8040 ONCOLOGIE thérapeutique
• Traitement de la maladie inflammatoire AGT-1
• Produit dermatologique BL-5010

Subventions et financement de recherche

Source de financement	Montant	Année
Autorité d'innovation israélienne	1,2 million de dollars	2023
Subvention des National Institutes of Health	$750,000	2023

Ventes de produits pharmaceutiques futures

Le potentiel de vente de produits pharmaceutiques projeté de Biolinerx comprend:

• BL-8040 Potentiel du marché du traitement du cancer: 300 à 500 millions de dollars estimés
• AGT-1 Potentiel du marché des maladies inflammatoires: Estimé 250 à 450 millions de dollars

Collaborations de partenariat stratégique

Partenaire	Focus de la collaboration	Revenus potentiels
Compétence pharmaceutique	Développement de médicaments en oncologie	5 millions de dollars
Medison Pharmaceutical	Soutien en essai clinique	3,5 millions de dollars de paiement jalon

Paiements de jalons du développement de médicaments

Structure de paiement marquante de Biolinerx pour 2023-2024:

• Étape préclinique jalon: 2 millions de dollars
• Phase I Mile d'essai clinique: 5 millions de dollars
• Phase II Essai clinique jalon: 10 millions de dollars

BioLineRx Ltd. (BLRX) - Canvas Business Model: Value Propositions

You're looking at the core value BioLineRx Ltd. (BLRX) is trying to deliver across its key assets as of late 2025. It's about offering superior patient outcomes and, where possible, better economics for the healthcare system.

Next-generation stem cell mobilization for multiple myeloma (APHEXDA)

The primary commercial value proposition centers on APHEXDA (motixafortide), which is already approved in the U.S. for stem cell mobilization before autologous transplantation in multiple myeloma patients. This product is generating tangible revenue streams for BioLineRx Ltd. through its commercial partners. For the third quarter of 2025, APHEXDA generated sales of $2.4 million under Ayrmid's stewardship, resulting in royalty revenues for BioLineRx Ltd. of $0.4 million. The market adoption has been relatively quick; by the third quarter of 2024, APHEXDA had secured a 10% market share within the U.S. CXCR4 inhibitor space.

Here's a snapshot of the commercial performance underpinning this value proposition:

Metric	Value as of Q3 2025	Context
APHEXDA Sales (Q3 2025)	$2.4 million	Sales generated by commercial partner Ayrmid Ltd.
BioLineRx Royalty Revenue (Q3 2025)	$0.4 million	Royalty income from APHEXDA commercialization in the U.S.
U.S. Market Share (Q3 2024)	10%	Market share among CXCR4 inhibitors.

Potential for reduced healthcare resource utilization (HRU) and cost savings

For APHEXDA, the value proposition extends beyond just efficacy to the economics of the transplant process. While I don't see the specific ~$17,000 net cost savings figure you mentioned in the latest reports, the company has presented data suggesting a favorable financial impact compared to standard regimens. The analysis presented back in April 2024 compared APHEXDA in combination with G-CSF against mobilization regimens like G-CSF alone or G-CSF plus generic plerixafor. The key comparison point was the number of patient days per month. The argument is that APHEXDA may offer a similar or better overall financial impact despite a potentially higher drug acquisition cost. That's a critical point for hospital administrators, honestly.

Targeting high unmet needs like metastatic pancreatic cancer (PDAC)

BioLineRx Ltd. is actively developing motixafortide, the active agent in APHEXDA, for metastatic pancreatic cancer (mPDAC), an area with significant unmet need. This is being pursued through the ongoing CheMo4METPANC Phase 2b clinical trial, which is a collaboration involving Columbia University and Regeneron. The trial is designed to provide clear data points for future value assessment.

Here are the key milestones for this program:

• Full enrollment in the randomized trial is planned for completion in 2027.
• A prespecified interim analysis is planned when 40% of progression-free survival (PFS) events are observed.
• Pilot phase data showed positive clinical activity, including one patient with complete resolution of all radiologically detected liver lesions.

Developing a first-in-class, oral small molecule (GLIX1) for glioblastoma

The pipeline expansion value proposition is anchored by GLIX1, a first-in-class, oral small molecule targeting DNA damage response, initially for glioblastoma (GBM). This asset is being developed through a joint venture with Hemispherian AS, announced in September 2025. The development path is straightforward, with the FDA clearing the Investigational New Drug (IND) application in August 2025. You can expect the first-in-human Phase 1/2a study to kick off in the first quarter of 2026. This targets a market with substantial size and limited recent innovation.

The potential scale and protection for GLIX1 are significant:

• The GBM market opportunity is projected to reach $3.8 billion annually across the US and EU5 by 2030.
• A key U.S. patent secures protection for GLIX1 until 2040, with a possible extension of up to five years.
• This patent covers use in cancers where cytidine deaminase (CDA) is not over-expressed beyond a specific threshold, which is estimated to cover 90% of all cancers.

The company's financial position supports this development, with a cash runway guided into the first half of 2027 as of the third quarter of 2025, with $25.2 million on the balance sheet. Finance: draft 13-week cash view by Friday.

BioLineRx Ltd. (BLRX) - Canvas Business Model: Customer Relationships

You're looking at how BioLineRx Ltd. manages its relationships across its commercial, research, and investment fronts as of late 2025. It's a model heavily reliant on external entities for product realization and pipeline growth.

Indirect relationship management via commercial partners (Ayrmid, GloriaBio)

The relationship with commercial partners for APHEXDA is largely indirect, managed through royalty streams rather than direct sales force interaction. This structure shifted significantly following the Ayrmid transaction in November 2024. You see the direct financial impact in the quarterly revenue figures.

For instance, total revenues for the third quarter of 2025 were reported at $0.4 million, which entirely reflected royalties paid by Ayrmid from the commercialization of APHEXDA in the U.S.. This contrasts with the second quarter of 2025, where total revenues were $0.3 million from the same source.

Here's a look at the royalty and related financial context:

Metric	Period End Date	Amount	Context/Partner
Royalty Revenue	September 30, 2025 (Q3 2025)	$0.4 million	From Ayrmid for APHEXDA in U.S.
Royalty Revenue	June 30, 2025 (Q2 2025)	$0.3 million	From Ayrmid for APHEXDA in U.S.
Overdue Milestone Payment Receipt	Q2 2025	Implied positive impact on G&A reversal	From Gloria
Cash Position	September 30, 2025	$25.2 million	Cash, cash equivalents, and short-term bank deposits

The relationship with Gloria Biosciences covers commercialization in Asia.

High-touch collaboration with academic and clinical research centers

For pipeline assets, the relationship is highly collaborative and hands-on, especially with key academic institutions driving clinical development. You see this in the ongoing trials for motixafortide and the new GLIX1 joint venture.

Key collaborations include:

• Enrollment continuing in the CheMo4METPANC Phase 2b trial for motixafortide in mPDAC, led by Columbia University.
• An ongoing Phase 1 clinical trial for stem cell mobilization in Sickle Cell Disease is sponsored by Washington University School of Medicine in St. Louis.
• A second SCD study is enrolling patients, sponsored by St. Jude Children's Research Hospital.
• A new joint venture established in September 2025 with Hemispherian AS to advance GLIX1.

The GLIX1 joint venture targets a Phase 1/2a clinical trial initiation in the first quarter of 2026.

Investor relations and corporate communications to shareholders

Investor communication centers around financial stability and pipeline progress. The company guided its cash runway into the first half of 2027, based on a cash balance of $28.2 million as of June 30, 2025, which improved to $25.2 million by September 30, 2025.

Financial performance metrics that shape this relationship include:

• Net loss for Q3 2025 was $0.977 million, an improvement from a net loss of $5.82 million in Q3 2024.
• Net loss for Q2 2025 was $3.9 million.
• Earnings per share for Q3 2025 was $0, significantly outperforming the estimate of -$0.08.

The stock traded at $3.25 on November 24, 2025, following the Q3 report. The IR contact email is IR@BioLineRx.com.

Business development focus for pipeline expansion and in-licensing

The business development function is focused on leveraging BioLineRx Ltd.'s expertise to bring in new assets. Management targeted executing a transaction in 2025 to expand the pipeline. The most concrete result of this focus was the September 2025 joint venture with Hemispherian AS for GLIX1. The company also noted it continues to evaluate a broad range of potential pipeline expansion opportunities.

The company is aware of the risks associated with in-licensing agreements, noting that termination or unenforceability could materially affect its ability to commercialize candidates.

Finance: draft 13-week cash view by Friday.

BioLineRx Ltd. (BLRX) - Canvas Business Model: Channels

You're looking at how BioLineRx Ltd. gets its value propositions-like APHEXDA® and pipeline assets-out to the world, which is heavily reliant on partners and clinical/financial outreach as of late 2025.

Commercialization through Exclusive License Partners

Commercialization channels are primarily executed via out-licensing agreements for APHEXDA® (motixafortide) for its approved indication in the U.S. for stem cell mobilization for autologous transplantation in multiple myeloma. BioLineRx Ltd. retains rights for motixafortide in metastatic pancreatic cancer (PDAC) and the GLIX1 asset via a joint venture.

The financial flow from these channels is captured in the following table:

Partner/Territory	Upfront Payment Received	Potential Milestones	Royalty Rate	Equity Investment	Q3 2025 Royalty Revenue
Ayrmid Ltd. (Globally, excl. Asia)	$10 million	Up to $87 million	18% to 23%	$9 million	$0.4 million
Gloria Biosciences (Asia)	$15 million	Up to $50 million (China/Japan Dev/Reg) + Up to $200 million (Commercial)	Tiered double-digit	$14.6 million	Included in 2024 revenue prior to Ayrmid transaction

Note that U.S. commercial operations for APHEXDA ceased in the fourth quarter of 2024 following the Ayrmid out-licensing transaction.

Clinical Trial Sites and Academic Institutions

BioLineRx Ltd. uses a network of specialized medical and academic centers to drive its ongoing clinical development programs. This is a critical channel for generating data to support future regulatory filings and partnership value realization.

• CheMo4METPANC Phase 2b trial for motixafortide in metastatic pancreatic cancer is led by Columbia University.
• Phase 1 trial for motixafortide in Sickle Cell Disease (SCD) is sponsored by Washington University School of Medicine in St. Louis.
• A second SCD study is enrolling patients and is sponsored by St. Jude Children's Research Hospital.
• Full enrollment for the CheMo4METPANC trial is planned for completion in 2027.
• A Phase 1/2a clinical trial for GLIX1 is planned to initiate in Q1 2026.

Direct Communication with the Financial and Investment Community

The company maintains direct channels to the investment community through regular reporting and investor events, especially following its strategic shift to 'BioLineRx 2.0'.

Key financial reporting dates in 2025 included:

• Reported First Quarter 2025 Results on May 27, 2025.
• Reported Second Quarter 2025 Results on August 14, 2025.
• Reported Third Quarter 2025 Results on November 24, 2025.

Financial status as of the last reported quarter end:

Metric	Value as of June 30, 2025	Value as of September 30, 2025
Cash, Cash Equivalents, Deposits	$28.2 million	Not explicitly stated, but runway into H1 2027 projected as of June 30, 2025.
Total Revenues (Quarterly)	$0.3 million	$0.4 million
Annual Operating Burn Rate (Target)	~$12 million	N/A

The company also held an Investor Call on September 29, 2025.

Regulatory Submissions to the FDA and Other Global Health Authorities

Regulatory milestones are a key channel for validating the product candidates, with activity spanning the FDA and other bodies.

Key regulatory and presentation channels in 2025:

• APHEXDA® has an indication in the U.S. for stem cell mobilization for autologous transplantation in multiple myeloma.
• A poster with updated data from the pilot phase of the CheMo4METPANC trial was presented at the 2025 ASCO Annual Meeting in May.
• A poster on motixafortide for SCD was accepted for presentation at the 67th American Society of Hematology (ASH) Annual Meeting & Exposition taking place December 6-9, 2025.
• BioLineRx Ltd. announced receipt of a USPTO Notice of Allowance for a key patent covering GLIX1 on November 17, 2025.
• The most recent FDA-related event reported was on June 25, 2025, involving Soquelitinib.

Finance: draft 13-week cash view by Friday.

BioLineRx Ltd. (BLRX) - Canvas Business Model: Customer Segments

You're looking at the specific groups BioLineRx Ltd. targets with its therapies, especially considering the late 2025 landscape where APHEXDA is out-licensed and new pipeline assets are advancing.

Hematology/Oncology specialists and Transplant Centers in the US and globally

The primary customer base for the stem cell mobilization agent, APHEXDA (motixafortide), is the network of centers performing autologous stem cell transplantation (ASCT). In the U.S., this segment is substantial:

• There are more than 250 Transplant Centers in the U.S..
• Specifically, there are about 244 kidney transplant centers in the U.S..
• Specialists in these centers are the prescribers and users of mobilization agents for procedures like ASCT.

Multiple Myeloma patients undergoing autologous stem cell transplantation (ASCT)

This patient population represents the core indication for the currently commercialized asset, APHEXDA. The numbers reflect the addressable patient pool in the U.S. as of late 2025 projections:

The projected complete Multiple Myeloma (MM) prevalence in the USA for 2025 was 162,339 patients. The segment eligible for ASCT is a subset of those receiving systemic therapy:

Line of Therapy (LOT)	Projected Unique MM Patients in USA (2025)
1st Line	53,176
2nd Line	19,407
3rd Line	6,481
4th Line	1,649
5th Line	426

Annually, as many as 8,000 ASCTs are performed in the U.S. for MM patients. In one real-world analysis cohort spanning up to June 2025, 44.5% of newly diagnosed MM patients underwent ASCT.

Payers and health systems seeking cost-effective mobilization agents

Payers and health systems are a key segment because they determine formulary access and reimbursement for APHEXDA, which is now commercialized by Ayrmid Ltd. in the U.S. BioLineRx Ltd.'s direct financial interaction with this segment is through royalty income:

• BioLineRx Ltd.'s Total revenues for the third quarter of 2025 were $0.4 million, reflecting royalties paid by Ayrmid from the commercialization of APHEXDA in stem cell mobilization in the U.S..
• The company successfully reduced its operating expense run rate by over 70% beginning January 1, 2025, following the transfer of the APHEXDA program to Ayrmid.

Patients with metastatic pancreatic cancer and glioblastoma (future indications)

These represent future customer segments for pipeline assets being advanced by BioLineRx Ltd. through its joint venture and ongoing trials:

• Glioblastoma (GBM): The lead asset, GLIX1, is being developed for GBM, which is estimated to represent a greater than $3.7 billion global addressable market by 2030. A Phase 1/2a study for GLIX1 is expected to start in the first quarter of 2026.
• Metastatic Pancreatic Cancer (mPDAC): Motixafortide is being evaluated in the CheMo4METPANC Phase 2b clinical trial. In data presented at the 2025 ASCO Annual Meeting, four of 11 patients in the pilot phase remained progression-free after more than one year.

Finance: draft 13-week cash view by Friday.

BioLineRx Ltd. (BLRX) - Canvas Business Model: Cost Structure

You're mapping out the cost structure for BioLineRx Ltd. as of late 2025, and the story is one of significant streamlining following major asset out-licensing events. The company has aggressively managed its burn rate.

Lean operational structure following US commercial shutdown

The cost base reflects the shutdown of BioLineRx USA, Inc.'s independent commercialization activities, which happened in the fourth quarter of 2024 following the out-licensing of motixafortide (APHEXDA) to Ayrmid Ltd.. This strategic shift allowed the company to successfully reduce its operating expense run rate by over 70% beginning January 1, 2025. You can see this clearly in the Sales and Marketing line item, which went from a significant spend in the prior year to essentially zero in the most recent quarter.

• Sales and Marketing expenses for Q3 2025: $0 million.
• Sales and Marketing expenses for Q3 2024: $5.5 million.
• The company has refocused operations on development activities in Israel.

Research and Development (R&D) expenses

Research and Development expenses remain a core cost, but they are lower than the previous year, reflecting the out-licensing of U.S. rights for motixafortide to Ayrmid. This reduction is tied to lower expenses related to that asset, plus lower payroll and share-based compensation due to headcount reduction. The current R&D spend supports the ongoing CheMo4METPANC Phase 2b trial for motixafortide and the new GLIX1 program via the Hemispherian joint venture, with a Phase 1/2a trial for GLIX1 expected to start in Q1 2026.

Here's the quick math on the R&D spend for the third quarter of 2025:

Metric	Q3 2025 Amount	Q3 2024 Amount
Research and Development Expenses	$1.7 million	$2.6 million

General and Administrative (G&A) expenses

General and Administrative expenses also saw a significant drop, again driven by lower payroll and share-based compensation costs due to the reduced headcount following the commercial shutdown. What this estimate hides is the baseline cost to maintain the corporate structure and support the pipeline development.

Metric	Q3 2025 Amount	Q3 2024 Amount
General and Administrative Expenses	$0.8 million	$1.4 million

Sub-license fees and loan interest payments on remaining debt

Financing costs have dramatically improved, moving from an expense to a net income line item. This is directly attributable to the substantial paydown of the BlackRock loan balance in November 2024, which followed the Ayrmid transaction. The cost of revenues was immaterial in Q3 2025, which contrasts with the prior year and reflects the shift from direct commercial sales costs to sub-license fees on royalties received from Ayrmid's commercialization of APHEXDA.

• Net financial income for Q3 2025: $0.1 million.
• Net financial expenses for Q3 2024: $1.2 million.
• Cost of Revenues for Q3 2025: immaterial.

Costs associated with managing clinical trials and pipeline assets

Beyond the reported R&D expense, managing the pipeline involves costs related to the new joint venture with Hemispherian for GLIX1 and the ongoing support for the motixafortide Phase 2b trial. The company's cash position as of September 30, 2025, was $25.2 million, which management stated is sufficient to fund operations as currently planned into the first half of 2027. This cash runway is a critical factor in managing the ongoing clinical trial costs.

Finance: draft 13-week cash view by Friday.

BioLineRx Ltd. (BLRX) - Canvas Business Model: Revenue Streams

You're looking at the core of BioLineRx Ltd.'s current financial engine, which is heavily weighted toward product royalties and the potential for significant, non-recurring milestone payments from its licensing deals. Honestly, this structure shows a shift to a leaner model, relying on partners for the heavy lifting on commercialization.

The most immediate, recurring revenue stream comes from the commercialization of APHEXDA (motixafortide) in the U.S. for stem cell mobilization in multiple myeloma, which is handled by Ayrmid Ltd. For the third quarter ended September 30, 2025, BioLineRx Ltd. recorded royalty revenue of exactly $\mathbf{\$0.4 \text{ million}}$. This royalty is based on Ayrmid's reported APHEXDA sales, which reached $\mathbf{\$2.4 \text{ million}}$ in that same quarter. Total revenues for Q3 2025 were $\mathbf{\$0.4 \text{ million}}$, reflecting only these royalties, as it's not comparable to Q3 2024 which included upfront payment portions from the Gloria Biosciences deal.

Beyond the immediate royalties, the bulk of the potential upside is tied up in contingent payments from these partnerships. You need to track these potential payments closely, as they represent significant, albeit uncertain, future cash inflows. Here's the quick math on the potential future value locked in the agreements:

The agreement with Ayrmid Ltd., which covers global rights excluding Asia and solid tumors, includes those potential commercial milestones up to $\mathbf{\$87 \text{ million}}$. Remember, this is separate from the 18% to 23% royalties on net sales that BioLineRx Ltd. also receives from Ayrmid.

The collaboration with Gloria Biosciences for the Asia region is structured to provide two distinct buckets of potential future payments. First, there are the development and regulatory milestones, which could total approximately $\mathbf{\$50 \text{ million}}$. Second, and more substantial, are the potential commercial milestones tied to Asia sales, which are capped at roughly $\mathbf{\$200 \text{ million}}$. To be fair, these figures are based on the original deal terms, and the actual realization depends entirely on market performance and regulatory achievements in those territories.

It's also worth noting the non-APHEXDA revenue drivers, even if they aren't strictly 'Revenue Streams' in the traditional sense yet. BioLineRx Ltd. has retained the rights to develop motixafortide for metastatic pancreatic cancer (PDAC) and is supporting an ongoing Phase 2b trial. Furthermore, the company established a joint venture with Hemispherian AS to develop GLIX1, with a first-in-human Phase 1/2a clinical trial planned to kick off in the first quarter of 2026. These pipeline activities represent future, yet-to-be-monetized opportunities that could eventually feed into the revenue stream block.

The current financial position, with $\mathbf{\$25.2 \text{ million}}$ in cash as of September 30, 2025, is designed to carry operations into the first half of 2027 based on current planning. This runway is critical, as it gives the company time to hit the milestones mentioned above without immediate need for external financing.

You should keep an eye on these key performance indicators:

• APHEXDA net sales reported by Ayrmid.
• Achievement of any development or regulatory milestones from Gloria Biosciences.
• Progress on the PDAC trial and GLIX1 development timeline.

Finance: draft 13-week cash view by Friday.