aibioBioLineRx raises $3.75M at $2.78 per ADS with 1.5x warrant coverage
Tickers BLRX
BioLineRx sold 1,348,921 ADSs at $2.78 each and issued warrants on 2,023,382 more ADSs. It also amended older warrants on 277,273 ADSs and cut its at-the-market facility to zero.
Key facts
- Company
- BioLineRX Ltd. (TASE: BLRX)
- News type
- Financings
- Primary source
- BioLineRx press release (SEC Form 6-K, Exhibit 1)
The offering
BioLineRx Ltd. said on August 28, 2026 that it entered into a definitive agreement for 1,348,921 American Depositary Shares, or ADS equivalents, at $2.78 each, in a registered direct offering. Gross proceeds are expected to be $3.75 million before placement agent fees and other offering expenses. Chardan is the exclusive placement agent. The release does not state its fee or name counsel to either side, and it does not name the investor. Closing was expected on or about August 31, 2026.
A concurrent private placement adds warrants for up to 2,023,382 ADSs at $2.78 each. The warrants expire five years from issuance. Each ADS represents 600 ordinary shares. The company intends to use net proceeds for research and development, working capital and general corporate purposes.
The registered portion comes from a shelf registration statement declared effective on January 5, 2024.
The warrant amendment and the ATM
In connection with the offering, the company amended existing warrants on 277,273 ADSs held by the same investor. The amended warrants carry an exercise price of $2.78 and an expiration date of August 31, 2031. The release calls the new price reduced and the new date extended but does not give the old terms.
BioLineRx also had an at-the-market agreement with H.C. Wainwright & Co., LLC as sales agent, dated September 3, 2021. Its most recent prospectus supplement, filed July 25, 2025, covered up to $4,870,000 of ADSs. The company reduced the maximum amount of that facility to zero concurrently with the registered offering. The filing does not say whether a new facility is planned.
The company and its revenue
The 20-F, filed March 23, 2026, describes BioLineRx as a clinical-stage biopharmaceutical company pursuing therapies in oncology and rare diseases. Its first approved product, Aphexda (motixafortide), is indicated in the United States for stem cell mobilization for autologous transplantation in multiple myeloma. Ayrmid Pharma Ltd. commercializes it outside Asia. The company shut down its independent U.S. commercialization in 2024 and refocused on development in Israel.
The company owns 40% of Tetragon, which was formed to develop GLIX1, with the remainder owned by Hemispherian.
The 20-F reports revenue of $1.2 million for 2025, against $28.9 million for 2024. Research and development expense was $8.1 million in 2025, against $9.1 million in 2024. The net loss was $2.0 million in 2025, against $9.2 million in 2024. Cash used in operations was $8.1 million in 2025, against $43.9 million in 2024.
The cash position
Year-end 2025 cash and cash equivalents were $3.2 million, against $10.4 million at year-end 2024, according to the 20-F. In its second-quarter release of August 31, 2026, the company reported $13.1 million of cash, cash equivalents and short-term bank deposits at June 30, 2026, and said it is maintaining cash runway guidance into the first half of 2027. The quarterly net loss was $4.3 million, against $3.9 million. Research and development expenses were $2.9 million, against $2.3 million, and non-operating expenses of $0.7 million related mainly to fair-value adjustments of warrant liabilities. The $3.75 million of gross proceeds is well below the June 30 balance.
The warrants carry the same $2.78 exercise price as the shares sold, so they bring in cash only if holders choose to exercise.
The science and the royalty line
GLIX1 is in the Phase 1 dose escalation part of a Phase 1/2a trial that began in the first quarter of 2026. The Phase 1 part is meant to enroll up to 30 patients to set a maximum tolerated dose or recommended dose based on safety, pharmacokinetics and preliminary efficacy, and the second of five planned cohorts began dosing in July. Chief Executive Officer Philip Serlin said that a little more than four months into the study the company was very pleased with the drug's safety and tolerability. The planned ovarian cancer arm rests on one patient-derived xenograft model, and talks with PARP inhibitor companies are only at the stage of exploring collaborations.
Aphexda sales in the second quarter of 2026 were $1.6 million, which gave BioLineRx royalty revenue of $0.3 million. A Phase 2b pancreatic cancer trial led by Columbia University has a prespecified interim futility analysis planned at 40% of progression-free survival events, which the company anticipates in 2026.