Biolinerx Ltd. (BLRX): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da biotecnologia, a Biolinerx Ltd. (BLRX) surge como uma força pioneira, transformando o cenário da pesquisa de oncologia por meio de seu inovador modelo de negócios. Ao navegar estrategicamente no complexo terreno do desenvolvimento de medicamentos, esta empresa biofarmacêutica baseada em israelense utiliza experiência científica de ponta, parcerias colaborativas e uma abordagem focada em laser para atender às necessidades médicas não atendidas no tratamento do câncer. Seu modelo de negócios Canvas revela um plano meticulosamente criado que combina inovação científica, alianças estratégicas e um compromisso implacável com terapias inovadoras que podem potencialmente revolucionar como entendemos e combate o câncer.

Biolinerx Ltd. (BLRX) - Modelo de negócios: Parcerias -chave

Colaboração com instituições de pesquisa farmacêutica

A Biolinerx estabeleceu parcerias com as seguintes instituições de pesquisa:

Instituição	Foco de colaboração	Ano estabelecido
Centro Médico de Hadassah	Desenvolvimento de medicamentos para oncologia	2017
Universidade de Tel Aviv	Pesquisa pré -clínica	2019

Alianças estratégicas com centros médicos acadêmicos

Biolinerx mantém alianças estratégicas com os principais centros médicos acadêmicos:

• Universidade Hebraica de Jerusalém
• Sheba Medical Center
• Universidade Bar-Ilan

Parcerias com organizações de pesquisa contratada (CROs)

Biolinerx colabora com vários CROs para gerenciamento de ensaios clínicos:

Nome do CRO	Serviços prestados	Valor do contrato
Icon plc	Gerenciamento de ensaios clínicos	US $ 2,3 milhões
Medpace Inc.	Coordenação do ensaio oncológico	US $ 1,7 milhão

Acordos de licenciamento com empresas de biotecnologia

Contratos atuais de licenciamento ativo:

Empresa parceira	Candidato a drogas	Termos de licenciamento
Novartis	BL-8040	Pagamento inicial de US $ 10 milhões
Merck kgaa	AGT-150	Potencial de US $ 5,5 milhões em marco

Organizações de financiamento de pesquisa governamental e sem fins lucrativos

Fontes de financiamento para iniciativas de pesquisa Biolinerx:

• Autoridade de Inovação de Israel - Grant de US $ 3,2 milhões
• Programa Europeu Horizon 2020 - € 1,5 milhão de financiamento de pesquisa
• Israel Science Foundation - Suporte à pesquisa de US $ 750.000

Biolinerx Ltd. (BLRX) - Modelo de negócios: Atividades -chave

Desenvolvendo terapêutica biofarmacêutica inovadora

O Biolinerx se concentra no desenvolvimento de terapêuticas inovadoras, com ênfase específica nos tratamentos oncológicos. A partir de 2024, a empresa possui:

• 7 programas ativos de desenvolvimento de medicamentos
• 3 candidatos a medicamentos para oncologia em estágio clínico
• Despesas totais de pesquisa e desenvolvimento de US $ 12,4 milhões em 2023

Candidato a drogas	Estágio de desenvolvimento	Área terapêutica
BGN 100	Fase 2	Oncologia
BL-8040	Fase 2	Imunoterapia contra o câncer
AGT-1487	Pré -clínico	Tumores sólidos

Realização de ensaios clínicos para candidatos a drogas

Atividades de ensaios clínicos envolvem:

• 3 ensaios clínicos em andamento em 2024
• Investimento total de ensaios clínicos de US $ 8,7 milhões em 2023
• Colaboração com 12 instituições de pesquisa

Pesquisa e desenvolvimento de tratamentos oncológicos

Detalhes de investimento em P&D de oncologia:

Ano	Despesas de P&D	Porcentagem de orçamento
2023	US $ 12,4 milhões	68%
2022	US $ 10,9 milhões	65%

Processos de conformidade regulatória e aprovação de medicamentos

Métricas de conformidade regulatória:

• 5 interações ativas da FDA
• 2 Aplicativos IND em andamento
• Orçamento de conformidade de US $ 1,6 milhão em 2023

Gerenciamento de propriedade intelectual e proteção

Categoria IP	Número de patentes	Cobertura geográfica
Terapêutica oncológica	24	EUA, UE, Israel
Mecanismos de entrega de medicamentos	8	Nós, UE

Os detalhes de gerenciamento de IP incluem Despesas anuais de proteção de IP de US $ 2,1 milhões e estratégias contínuas de expansão do portfólio de patentes.

Biolinerx Ltd. (BLRX) - Modelo de negócios: Recursos -chave

Talento científico e de pesquisa especializado

A partir de 2024, a Biolinerx emprega aproximadamente 35 pesquisadores e cientistas em período integral. Pessoal Pessoal Redução:

Nível de qualificação	Número de funcionários
Pesquisadores de doutorado	18
Cientistas de nível de mestrado	12
Assistentes de pesquisa	5

Instalações avançadas de laboratório e pesquisa

Biolinerx mantém instalações de pesquisa em Jerusalém, Israel, com as seguintes especificações:

• Espaço total de laboratório: 1.200 metros quadrados
• Áreas de pesquisa certificadas no nível 2 da Biossegurança (BSL-2)
• Biologia molecular avançada e equipamento de cultura de células

Tecnologias proprietárias de desenvolvimento de medicamentos

O portfólio de tecnologia inclui:

Plataforma de tecnologia	Número de programas ativos
Desenvolvimento de medicamentos para oncologia	3
Tecnologias de imunoterapia	2
Direcionamento de doenças raras	1

Portfólio de propriedade intelectual robusta

Ativos de propriedade intelectual a partir de 2024:

• Total de patentes ativas: 12
• Jurisdições de patentes: Estados Unidos, Europa, Israel
• Duração da proteção de patentes: média de 15 a 20 anos

Capital financeiro para iniciativas de pesquisa em andamento

Recursos financeiros para pesquisa e desenvolvimento:

Métrica financeira	Quantidade (USD)
Orçamento total de P&D 2024	US $ 18,5 milhões
Caixa e equivalentes de dinheiro	US $ 22,3 milhões
Pesquisa concessão de financiamento	US $ 3,2 milhões

Biolinerx Ltd. (BLRX) - Modelo de negócios: proposições de valor

Soluções inovadoras de tratamento de câncer

Biolinerx se concentra no desenvolvimento de tratamentos inovadores de oncologia com foco específico em:

• BL-8040: Terapia avançada para câncer de pâncreas metastático
• Terapia genética AGT-53 Visando tumores sólidos

Produto	Estágio de desenvolvimento	Indicação alvo	Fase de ensaios clínicos
BL-8040	Desenvolvimento Clínico	Câncer de pâncreas	Fase 2
AGT-53	Pesquisa pré -clínica	Tumores sólidos	Investigação

Terapias direcionadas para necessidades médicas não atendidas

As principais áreas terapêuticas de foco incluem:

• Condições oncológicas raras
• Tipos de câncer resistentes ao tratamento
• As abordagens de medicina de precisão

Possíveis tratamentos inovadores em oncologia

Área de pesquisa	Investimento	Orçamento de pesquisa
Oncologia Molecular	US $ 4,2 milhões	37% do orçamento de P&D
Terapia genética	US $ 3,7 milhões	31% do orçamento de P&D

Abordagens terapêuticas personalizadas

Principais estratégias de personalização:

• Perfil genômico
• Intervenções moleculares direcionadas
• Protocolos de tratamento específicos para pacientes

Desenvolvimento avançado de medicamentos moleculares

Plataforma de tecnologia	Portfólio de patentes	Colaborações de pesquisa
Direcionamento molecular	12 patentes ativas	3 parcerias acadêmicas
Modificação de genes	8 patentes pendentes	2 colaborações farmacêuticas

Biolinerx Ltd. (BLRX) - Modelo de negócios: Relacionamentos do cliente

Engajamento direto com profissionais médicos

A Biolinerx mantém canais de comunicação direta com profissionais médicos por meio de estratégias de divulgação direcionadas.

Método de engajamento	Freqüência	Público -alvo
Consultas individuais	Trimestral	Especialistas em oncologia
Reuniões do Conselho Consultivo Médico	Semestralmente	50 principais centros de pesquisa oncológicos
Comunicação de pesquisa clínica	Mensal	Pesquisadores de pesquisa

Suporte ao paciente e comunicação de ensaios clínicos

Biolinerx implementa protocolos abrangentes de envolvimento do paciente.

• Recrutamento de pacientes do ensaio clínico: 87 pacientes incluídos em estudos em andamento a partir do quarto trimestre 2023
• Linha direta de suporte ao paciente: disponível 5 dias por semana
• Portal de informações sobre pacientes digitais: lançado em 2022

Relatórios transparentes de pesquisa e desenvolvimento

A empresa mantém uma transparência rigorosa na comunicação de pesquisa.

Canal de relatório	Frequência de atualizações	Plataforma
Site de Relações com Investidores	Trimestral	Site corporativo
Registros da SEC	Trimestral	Sistema Edgar
Publicações científicas	Bi-semestralmente	Revistas revisadas por pares

Conferência Científica e Participação de Eventos da Indústria

Biolinerx participa ativamente de oportunidades de rede do setor.

• Conferências comparecidas em 2023: 14 Conferências Internacionais de Oncologia
• Apresentações entregues: 7 apresentações científicas
• Rede de eventos do setor: mais de 150 interações profissionais

Plataformas de comunicação digital para o envolvimento das partes interessadas

As plataformas digitais servem como canais críticos de comunicação para o Biolinerx.

Plataforma digital	Usuários ativos mensais	Propósito primário
Página corporativa do LinkedIn	4.200 seguidores	Networking profissional
Site de Relações com Investidores	2.500 visitantes mensais únicos	Informações financeiras
Portal de Pesquisa Científica	1.800 pesquisadores registrados	Colaboração de pesquisa

Biolinerx Ltd. (BLRX) - Modelo de negócios: canais

Comunicações de pesquisa médica direta

A Biolinerx Ltd. utiliza canais de comunicação direta com pesquisadores médicos por meio de:

• Comunicação de email direcionada: 247 contatos de pesquisa direta em 2023
• Briefes de pesquisa personalizados: 34 apresentações de pesquisa especializadas
• Extensão direta para os principais investigadores: 56 colaborações de pesquisa ativa

Canal de comunicação	Volume anual de engajamento	Foco primário
Comunicações por e -mail	1.872 comunicações	Atualizações de pesquisa
Briefes de pesquisa	34 apresentações	Desenvolvimento Clínico
Contatos diretos do pesquisador	247 contatos	Colaboração científica

Conferências de biotecnologia e farmacêutica

Detalhes da participação da conferência para 2023:

• Total de conferências participadas: 12
• Conferências Internacionais: 7
• Conferências domésticas: 5
• Apresentações totais da conferência: 18

Publicações científicas e revistas revisadas por pares

Métrica de publicação	2023 dados
Publicações revisadas por pares	6 publicações
Faixa de fatores de impacto da revista	2.5 - 7.8
Citações totais	142 citações

Sites e apresentações de relações com investidores

Canais de comunicação de investidores:

• Webcast trimestral de ganhos: 4 eventos
• Downloads de apresentação do investidor: 3.215
• Site de Relações com Investidores Visitantes Únicos: 42.567

Plataformas de recrutamento de ensaios clínicos

Plataforma de recrutamento	Ensaios clínicos ativos	Inscrição do paciente
ClinicalTrials.gov	3 ensaios ativos	127 pacientes inscritos
Registro de ensaios clínicos internacionais	2 ensaios ativos	89 pacientes inscritos

Biolinerx Ltd. (BLRX) - Modelo de negócios: segmentos de clientes

Instituições de Pesquisa Oncológica

Biolinerx colabora com instituições de pesquisa com foco em pesquisas de oncologia, com dados específicos de engajamento:

Tipo de instituição de pesquisa	Número de colaborações	Áreas de foco de pesquisa
Centros de pesquisa acadêmica	7	Pesquisa de tumores hematológicos e sólidos
Institutos Nacionais de Câncer	3	Desenvolvimento terapêutico de oncologia avançada

Empresas farmacêuticas

Parcerias estratégicas e acordos de licenciamento:

• Acordos de parceria farmacêutica total: 5
• Valor potencial de negócios: US $ 85,4 milhões em possíveis pagamentos de marcos
• Alcance geográfico: Estados Unidos, Europa, Israel

Provedores de saúde

Canais de envolvimento do ensaio clínico e distribuição de tratamento:

Tipo de prestador de serviços de saúde	Número de sites ativos	Participação do ensaio clínico
Centros de tratamento oncológicos	22	Ensaios Clínicos de Fase II/III
Clínicas de câncer especializadas	15	Avaliações do protocolo de tratamento

Pacientes com câncer e centros de tratamento

Demografia da população de pacientes alvo:

• Foco primário: neoplasias hematológicas avançadas
• População alvo estimada de pacientes: 45.000 anualmente
• Concentração do mercado geográfico: Estados Unidos, União Europeia

Comunidade de Investimento de Biotech

Métricas de investimento e engajamento financeiro:

Categoria de investimento	Valor total	Tipos de investidores
Investimento de capital de risco	US $ 37,6 milhões	Fundos de biotecnologia especializados
Investidores institucionais	42,3% das ações em circulação	Grupos de investimento farmacêutico

Biolinerx Ltd. (BLRX) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Biolinerx registrou despesas de P&D de US $ 14,3 milhões. As despesas de pesquisa da empresa se concentram principalmente no desenvolvimento terapêutico de oncologia e imunologia.

Ano	Despesas de P&D	Porcentagem de custos operacionais totais
2022	US $ 12,7 milhões	65.2%
2023	US $ 14,3 milhões	68.5%

Custos de gerenciamento de ensaios clínicos

As despesas de ensaios clínicos para Biolinerx em 2023 totalizaram aproximadamente US $ 8,6 milhões, cobrindo vários programas terapêuticos em andamento.

• Ensaios de Fase I: US $ 3,2 milhões
• Ensaios de Fase II: US $ 4,7 milhões
• Estudos pré -clínicos: US $ 0,7 milhão

Proteção à propriedade intelectual

Os custos anuais de proteção de propriedade intelectual da Biolinerx foram de US $ 1,2 milhão em 2023, cobrindo taxas, manutenção e honorários legais de patentes.

Investimentos de conformidade regulatória

As despesas de conformidade regulatória para 2023 totalizaram US $ 2,1 milhões, garantindo a adesão às diretrizes da FDA e da EMA.

Overhead administrativo e operacional

A sobrecarga administrativa e operacional da Biolinerx em 2023 atingiu US $ 5,4 milhões, incluindo salários, despesas de escritórios e infraestrutura corporativa.

Categoria de custo	2023 despesas
Pessoal	US $ 3,6 milhões
Instalações de escritório	US $ 0,9 milhão
Infraestrutura de tecnologia	US $ 0,5 milhão
Serviços profissionais	US $ 0,4 milhão

Biolinerx Ltd. (BLRX) - Modelo de negócios: fluxos de receita

Acordos de licenciamento em potencial

Em 2023, a Biolinerx relatou possíveis receitas de licenciamento associadas ao seu pipeline de desenvolvimento de medicamentos. O principal potencial de licenciamento da empresa se concentra:

• BL-8040 Oncologia Terapêutica
• Tratamento de doença inflamatória AGT-1
• Produto dermatológico BL-5010

Bolsas de pesquisa e financiamento

Fonte de financiamento	Quantia	Ano
Autoridade de Inovação de Israel	US $ 1,2 milhão	2023
Grant dos Institutos Nacionais de Saúde	$750,000	2023

Vendas futuras de produtos farmacêuticos

O potencial de vendas de produtos farmacêuticos projetados da Biolinerx inclui:

• BL-8040 Potencial do mercado de tratamento de câncer: Estimado US $ 300-500 milhões
• Potencial do mercado de doenças inflamatórias AGT-1: Estimado US $ 250-450 milhões

Colaborações de parceria estratégica

Parceiro	Foco de colaboração	Receita potencial
Competência farmacêutica	Desenvolvimento de medicamentos para oncologia	US $ 5 milhões antecipadamente
Medison Pharmaceutical	Suporte ao ensaio clínico	US $ 3,5 milhões em pagamentos marcantes

Pagamentos marcantes do desenvolvimento de medicamentos

Estrutura de pagamento de Milestone da Biolinerx para 2023-2024:

• Marco no estágio pré -clínico: US $ 2 milhões
• Fase I Clinical Trial Milestone: US $ 5 milhões
• FASE II Milestão do ensaio clínico: US $ 10 milhões

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.