Regeneron's 2025 Q2 Earnings Call: Unraveling Key Contradictions on Study Rights, Communication, and Margins

Regeneron's rights or options for the CheMo4METPANC study, communication strategy for interim analysis, timeline for in-licensing, ASCOT data reception and feedback, and gross margin expectations are the key contradictions discussed in BioLineRx's latest 2025Q2 earnings call.



Pipeline Expansion and Asset In-licensing:
- BioLineRx is actively pursuing the in-licensing of early-stage therapeutic assets in oncology and rare diseases, targeting a definitive announcement this year.
- This strategic move aims to expand the company's pipeline, leveraging its proven expertise in drug development and creating long-term value for shareholders.

Cash Position and Financial Runway:
- As of June 30, 2025, BioLineRx had $28.2 million in cash and equivalents, sufficient to fund operations into the first half of 2027.
- The extended cash runway is attributed to a significant reduction in operating cash burn following a broad restructuring and shutdown of U.S. operations.

APHEXDA Performance and Potential Milestones:
- APHEXDA, now commercialized by Ayrmid Pharma, generated $1.7 million in sales in Q2 2025, resulting in $0.3 million in royalty revenues for BioLineRx.
- The potential long-term milestones and royalties from APHEXDA's development in non-solid tumor indications, such as sickle cell disease, represent additional sources of revenue.

CheMo4METPANC Study and Interim Analysis:
- The CheMo4METPANC Phase IIb trial continues enrolling patients, with an interim analysis planned for when 40% of progression-free survival events are observed.
- The study's prespecified interim analysis is expected to be published, potentially providing valuable data on the combination of motixafortide with cemiplimab and standard of care chemotherapy.