BioLineRx's Q1 2025: Unpacking Contradictions in Cash Runway, Regulatory Strategy, and APHEXDA Market Potential

Cash runway and financing strategy, regulatory strategy and approval chances, potential of APHEXDA market opportunity, cash runway and financial outlook, and APHEXDA market opportunity and revenue expectations are the key contradictions discussed in BioLineRx Ltd.'s latest 2025Q1 earnings call.



Revenue and Financial Performance:
- BioLineRx reported $0.3 million in total revenues for Q1 2025, a significant decrease from $6.9 million in Q1 2024.
- The decline was primarily due to the out-licensing of APHEXDA to Ayrmid Pharma Limited, which led to reduced revenues from product sales and milestones.

Operating Cash Burn Reduction:
- The company reduced its ongoing operating cash burn by over 70%, from over $40 million annually to less than $12 million as of Q1 2025.
- This was achieved through the shutdown of U.S. operations, headcount reduction in Israel, and the completion of a $10 million financing.

APHEXDA Performance under Ayrmid:
- APHEXDA, under Ayrmid stewardship, generated $1.4 million in sales in Q1 2025, contributing $0.3 million in royalty revenues to BioLineRx.
- The encouraging progress in sales was due to the Ayrmid team's efforts in driving growth following a brief transition period.

Pancreatic Cancer Development:
- A randomized Phase 2b PDAC trial, sponsored by Columbia University, is ongoing and expected to be fully enrolled in 2027.
- The trial's main objective is to evaluate the combination of motixafortide, a PD-1 inhibitor, and standard of care chemotherapy for pancreatic cancer, which is challenging to treat due to its inherent characteristics.