BioLineRx Ltd. (BLRX): Business Model Canvas [Dec-2025 Updated]

Honestly, when you look at BioLineRx Ltd. (BLRX) now, you're not seeing a traditional pharma sales machine; you're seeing a highly focused, asset-centric operation that has traded volume for leverage. After streamlining operations, the business model pivots entirely to maximizing value from its existing assets through partners, which is key for you to understand as an investor. As of September 30, 2025, the company holds $25.2 million in cash while collecting modest Q3 royalties of $0.4 million from the approved APHEXDA, but the real story lies in the potential upside: massive commercial milestones, like up to $87 million from Ayrmid, tied to advancing motixafortide in pancreatic cancer and managing the GLIX1 joint venture. This canvas distills exactly how BioLineRx Ltd. (BLRX) plans to run lean, manage risk via partners, and collect on years of development work.

BioLineRx Ltd. (BLRX) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that drive BioLineRx Ltd.'s current strategy, especially after the major shift in commercial focus. Honestly, these partnerships are where the near-term cash flow is coming from while the pipeline advances. Here's the quick math on the key players as of late 2025.

Motixafortide Commercialization and Development Alliances

The commercialization of APHEXDA (motixafortide) for stem cell mobilization in the U.S. is now primarily managed through two distinct, yet crucial, agreements, allowing BioLineRx to pivot toward a development-stage focus, which helped reduce the operating expense run rate by over 70% beginning January 1, 2025.

The financial structure of these deals is central to BioLineRx Ltd.'s current standing, with $25.2 million on its balance sheet as of September 30, 2025, maintaining cash runway guidance into the first half of 2027.

The royalties from Ayrmid are already materializing; total revenues for BioLineRx Ltd. in the third quarter of 2025 were $0.4 million, reflecting these payments from APHEXDA commercialization in the U.S.. To be fair, the Q3 2024 revenues of $4.9 million included a portion of the Gloria Biosciences upfront payment, making direct comparisons tricky.

Motixafortide in Pancreatic Cancer (PDAC) Development

BioLineRx Ltd. retained the rights for motixafortide in solid tumors, specifically PDAC, which is being advanced through investigator-initiated trials.

• Columbia University is leading the CheMo4METPANC Phase 2b clinical trial.
• The trial is randomized, evaluating motixafortide + cemiplimab + standard chemo versus chemo alone.
• Planned enrollment is 108 patients, up from an initial plan of 30 patients.
• Regeneron supports the trial equally with BioLineRx Ltd..
• Pilot phase (N=11) showed an Overall Response Rate (ORR) of 64% (7/11).
• A prespecified interim analysis is planned when 40% of Progression-Free Survival (PFS) events are observed.

GLIX1 Joint Venture with Hemispherian AS

In September 2025, BioLineRx Ltd. established a joint venture, Tetragon Biosciences Ltd., with Hemispherian AS to develop GLIX1. This move expands the pipeline into a first-in-class, oral, small molecule targeting DNA damage response.

• Hemispherian holds 60% of the JV, and BioLineRx Ltd. holds 40%.
• BioLineRx Ltd. committed to investing $5 million (Threshold Amount) within 36 months.
• The lead indication is glioblastoma, a market expected to exceed $3.8 billion annually by 2030.
• A key patent covering GLIX1 protects its use in cancers without CDA overexpression, estimated to be over 90% of all cancers.
• The patent protection extends until 2040, with a possible extension of up to five years.
• A Phase 1/2a clinical trial for GLIX1 is planned to start in the first quarter of 2026.

Finance: review the Q4 2025 cash burn projection based on the reduced operating expense run rate by Friday.

BioLineRx Ltd. (BLRX) - Canvas Business Model: Key Activities

You're looking at the core functions BioLineRx Ltd. is executing right now to drive its pipeline forward as of late 2025. It's all about managing the ongoing trials and building out the next wave of assets.

Advancing clinical development of motixafortide in solid tumors (PDAC)

The primary focus remains the CheMo4METPANC Phase 2b clinical trial, evaluating motixafortide in combination with the PD-1 inhibitor cemiplimab and standard chemotherapy for metastatic pancreatic cancer (PDAC). This trial is being led by Columbia University and is supported by both Regeneron and BioLineRx Ltd. Enrollment for the randomized study continues, with a prespecified interim analysis planned once 40% of progression-free survival (PFS) events are observed. Data from the single-arm pilot phase, presented at ASCO 2025, showed that 4 of 11 patients remained progression free after more than one year. The full randomized study is planned to be fully enrolled in 2027.

Key Motixafortide PDAC Trial Metrics (as of late 2025):

Managing the GLIX1 joint venture and Phase 1/2a trial initiation

BioLineRx Ltd. established a joint venture (JV) with Hemispherian AS in September 2025 to advance GLIX1, targeting glioblastoma (GBM) and other cancers. BioLineRx Ltd. is responsible for managing, performing, and funding all JV development activities. Initially, BioLineRx Ltd. holds a 40% stake, which can increase incrementally up to a potential maximum of 70% based on continued investment. The U.S. Food and Drug Administration (FDA) cleared the Investigational New Drug (IND) application in August 2025, and the Phase 1/2a first-in-human study is expected to initiate in Q1 2026. The GBM market opportunity is estimated to be in excess of $3.8 billion annually across the US and EU5 by 2030.

Overseeing regulatory affairs and manufacturing supply chain

Key activities include managing the supply chain for APHEXDA (motixafortide) commercialization by partners, which generates royalty revenue. For the third quarter of 2025, total revenues were $0.4 million, reflecting royalties paid by Ayrmid from APHEXDA commercialization in the U.S. Ayrmid reported APHEXDA sales of $2.4 million in Q3 2025. The royalty revenue for Q3 2025 was reported as $0.4 million (or $427K), which is higher than the $0.3 million received in Q2 2025. Cumulative royalty income from APHEXDA for Q1-Q3 2025 totaled $986K. Research and development expenses for Q3 2025 were $1.7 million, representing a 33.0% decrease compared to $2.6 million in Q3 2024.

Identifying and in-licensing new oncology/rare disease assets

The company has been actively evaluating opportunities to expand its pipeline, with a transaction targeted for 2025. The GLIX1 JV itself represents a successful in-licensing/partnership activity. Furthermore, through the JV agreement, BioLineRx Ltd. gets a first look at three additional preclinical candidates in Hemispherian AS's pipeline. The company's overall cash position as of September 30, 2025, was $25.2 million, supporting operations into the first half of 2027.

Financial and Pipeline Development Metrics (as of late 2025):

Collecting and managing royalty and milestone payments from partners

This activity is directly tied to the commercial success of APHEXDA in the U.S. via Ayrmid. The $0.4 million in Q3 2025 royalty revenue is a direct result of this management function. The company also received a reversal of a provision for doubtful accounts following receipt of an overdue milestone payment from Gloria Biosciences in Q2 2025. General and administrative expenses for Q3 2025 were $0.8 million, a 40.2% decrease from $1.4 million in Q3 2024, reflecting a leaner operational structure supporting this management focus.

• Q3 2025 APHEXDA Royalty Revenue: $0.4 million
• Q2 2025 APHEXDA Royalty Revenue: $0.3 million
• Q3 2025 G&A Expenses: $0.8 million
• Q3 2024 G&A Expenses: $1.4 million

BioLineRx Ltd. (BLRX) - Canvas Business Model: Key Resources

When we look at the core assets BioLineRx Ltd. is relying on right now, it really boils down to a few critical, tangible items. You need to know these numbers to properly assess the foundation they are building on as of late 2025.

The first major resource is the FDA-approved product, APHEXDA (motixafortide). This drug got its U.S. FDA approval on either September 8 or September 11, 2023, for mobilizing hematopoietic stem cells in multiple myeloma patients undergoing autologous transplantation. The clinical proof point you should remember from the GENESIS trial is how effective it was: 67.5% of patients achieved the stem cell collection goal ($\ge 6 \times 106$ CD34+ cells/kg) in just two apheresis sessions, compared to only 9.5% for the placebo plus filgrastim group.

Next, let's talk about the intellectual property protecting the pipeline, specifically for GLIX1. You're looking at strong protection here. A key patent covering GLIX1 for treating cancers where cytidine deaminase is not over-expressed has been granted a Notice of Allowance, extending protection until 2040, with a potential five-year extension. This is huge because it covers over 90% of all cancers. Also, patents for its use in central nervous system cancers, like glioblastoma, are valid until at least 2040 across the U.S., Europe, and 13 other countries.

Financially, the balance sheet as of September 30, 2025, shows BioLineRx Ltd. holding $25.2 million in cash, cash equivalents, and short-term bank deposits. Honestly, that cash position is guiding their operational runway, which they state is sufficient to fund operations into the first half of 2027.

Here's a quick snapshot of these core tangible and IP assets:

Beyond the balance sheet and patents, the human capital is a key resource. You need to factor in the specialized expertise within BioLineRx Ltd. that supports the ongoing development and regulatory navigation for their pipeline.

This expertise is directly applied to their retained rights for motixafortide in solid tumors. To be defintely clear, BioLineRx Ltd. kept the rights to develop motixafortide specifically for metastatic pancreatic cancer (PDAC). They are actively using that expertise in a Phase 2b PDAC trial currently running through a collaboration with Columbia University.

The remaining key resources you should note are:

• Specialized expertise in drug development and regulatory affairs.
• Retained motixafortide rights for solid tumors, including PDAC.
• Ongoing Phase 2b trial for motixafortide in PDAC.

Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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:

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.

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.