BLRX: $3.75 Million Offering Sparks Investor Interest! Report prepared for: Unknown Publisher | Date: 30 Aug 2026

1. Executive summary • BioLineRx (NASDAQ/TASE: BLRX) priced a $3.75 million registered-direct ADS offering on 28 Aug 2026 at $2.78, paired with five-year warrants for the same strike, expected to close 31 Aug 2026. Chardan acted as placement agent, and proceeds will fund R&D and working capital. (biolinerx.gcs-web.com) • The deal equals c. 30 % of BLRX’s 4.35 million ADS float and relieves short-term “baby-shelf” constraints (only ~$4.5 m headroom remained under the ATM). (biolinerx.gcs-web.com) • With cash/short-term deposits of $20.9 m and BlackRock debt of ~$13–14 m (due 12/2027, 9.5 % fixed), BLRX’s net cash is roughly $7 m pre-offering; the raise pushes runway into 2H-2027, beyond Phase 1/2a GLIX1 read-outs. (sec.gov) • Market cap is ~$13 m (ADS $2.60, 4.35 m ADS), giving an EV of only ~$5 m after the raise—deep value for an oncology platform that booked $1.2 m 2025 royalties from APHEXDA® (motixafortide). (sec.gov)

2. Dividend policy / history • BLRX has never paid a dividend; its bylaws prohibit distributions while accumulated losses ($401 m as of 12/31/25) persist. (sec.gov) • Consequently, yield = 0 %. AFFO/FFO metrics are not applicable to a clinical-stage biotech.

3. Capital structure, leverage & maturities • Debt: $30 m drawn (Sept-22 & Apr-24) senior secured loan with BlackRock; $16.5 m repaid Nov-24 using licensing cash; remaining principal amortizes monthly to 1 Dec 2027 at 9.5 % plus 5 % end-of-loan fee. Minimum cash covenant cut to $4 m. (sec.gov) • Balance-sheet snapshot 12/31/25 (USD ‘000): Cash & ST deposits $20,936; Total liabilities $25,445; Equity $13,461. (sec.gov) • Warrants: After the Aug-26 transaction, 2.0 m new ADS warrants at $2.78 plus 0.28 m amended legacy warrants (price cut, life extended to 2031). (biolinerx.gcs-web.com) • Share count: 2.621 bn ordinary shares = c. 4.35 m ADS outstanding (each ADS = 600 ordinary). An AGM on 23 Sep 2026 will ask investors to raise authorized shares from 20 bn to 100 bn—material future dilution capacity. (stocktitan.net)

4. Liquidity & coverage • Cash burn 2025 was $11.2 m operating + $5.6 m debt service = $16.8 m. At the 2025 burn-rate, cash + offering proceeds (~$24 m pro-forma) funds ~17 months; management targets GLIX1 phase 1/2a data mid-2027 within runway. (sec.gov) • Debt service coverage: Royalties from APHEXDA® were $1.2 m in 2025 and expected to grow with U.S. uptake and China launch (Gloria), but still cover <20 % of annual interest/principal; equity raises remain primary funding tool. (sec.gov)

5. Valuation Metric | BLRX | Notes Price/Sales (TTM 2025) | 11.0× | $13 m cap / $1.2 m sales (sec.gov) EV/Sales | 4.1× | $5 m EV / $1.2 m sales EV/Cash | 0.24× | Enterprise value steep discount to cash on hand Peer small-cap oncology developers (mean EV/Sales 2026e ~8×) trade richer despite similar phase 1/2 pipelines, implying optionality if GLIX1 data are positive.

6. Risks & red flags • Going-concern: auditors flagged “substantial doubt” absent additional capital. (sec.gov) • Dilution overhang: ATM, large warrant stack, and proposal to authorize 100 bn shares. (stocktitan.net) • Single-asset concentration: GLIX1 (pre-clinical prior to Q1-26) plus limited economics on out-licensed motixafortide. Clinical failure would erase value. (biolinerx.gcs-web.com) • 9.5 % secured loan with IP liens; covenant breach could accelerate repayment and force asset sale. (sec.gov) • Geo-political: HQ in Israel; management cites security situation as a business risk. (sec.gov)

7. Open questions for management • How quickly can APHEXDA® royalties ramp to service the BlackRock loan without repeated equity raises? • Will GLIX1 receive FDA Fast-Track to enable earlier read-outs and non-dilutive funding? • What triggers the optional third-tranche ($10 m) under the BlackRock facility—can it still be renegotiated? • If shareholders approve 100 bn authorized shares, what issuance plan and pricing discipline will the board commit to? • Any near-term China milestone payments from Gloria that could extend cash runway?

8. Source list A. “BioLineRx Announces $3.75 Million Registered Direct Offering and Concurrent Private Placement,” company press release, 28 Aug 2026. (biolinerx.gcs-web.com) B. BioLineRx Form 20-F FY 2025, filed 27 Mar 2026 (financial statements; loan details; risk factors). (sec.gov) C. BioLineRx press release & 6-K, “To Report Q2-26 Results,” 25 Aug 2026 (ATM/baby shelf capacity). (sec.gov) D. StockTitan summary of 6-K (AGM proxy; share authorization; shares outstanding), 24 Aug 2026. (stocktitan.net) E. Real-time quote via tool (BLRX equity, NASDAQ) retrieved 30 Aug 2026. F. StockAnalysis statistics page (cash & debt snapshot, market cap), accessed 29 Aug 2026. (stockanalysis.com)

For informational purposes only; not investment advice.