BioLineRx Ltd. Q4 FY2024 earnings call

• Strategy shift: Transformational licensing agreement with Ayrmid Pharma in November, enabling return to complex drug development roots.
• Pipeline evaluation: Evaluating early clinical and late pre-clinical candidates in oncology and rare diseases, funded by license milestones/royalties.
• Ayrmid agreement details: $10M upfront, $87M potential milestones, 18%-23% sales royalties; APHEXDA has 10% market share of CXCR4 inhibitor usage in US since Q4 2023, with over $6M net revenue in US by Nov 21, 2024.
• PDAC program: Motixafortide in Phase 2b trial for PDAC, comparing combination therapy vs. standard care, with enrollment ongoing and interim analysis planned.
• Financials: CFO Mali Zeevi reviewed revenues, costs, R&D, sales/marketing, net loss, and cash positions.

For the year ended December 31, 2024, total revenues were $28.9 million, an increase from $4.8 million in 2023. Revenues in 2024 included $10 million upfront from Ayrmid, $6 million net APHEXDA product revenue, and other milestone payments. Cost of revenues was $9.3 million in 2024 vs. $3.7 million in 2023. R&D expenses were $9.2 million in 2024 vs. $12.5 million in 2023, a decrease. Sales and marketing expenses were $23.6 million in 2024 vs. $25.3 million in 2023, a decrease. Net loss in 2024 was $9.2 million vs. $60.6 million in 2023. Cash as of December 31, 2024, was $19.6 million with pro forma cash of $29 million considering early 2025 financing.

• Evaluating promising candidates for in-licensing in oncology and rare diseases, with potential funding from license milestones/royalties.
• Cash runway projected to fund operations through second half of 2026 with pro forma cash of $29 million.
• Goal to advance motixafortide in solid tumor indications and evaluate additional assets while leveraging expertise.

• Forward-looking statements are subject to many risks and uncertainties; actual results may differ materially from forward-looking statements. Risks detailed in annual report on Form 20-F and quarterly reports on Form 6-K filed with SEC.

Q: Any color on progress in evaluating assets for in-licensing?

A: Looking for early-stage clinical assets in oncology and rare diseases, having meaningful discussions but can't provide timeline or specific details.

Q: Color on sickle cell study benchmarking data?

A: WashU study showed encouraging CD34 cell mobilization kinetics, with many patients not achieving cells for gene therapy, awaiting results.

Q: Commentary on APHEXDA traction for multiple myeloma?

A: Impressed with Ayrmid team, transition went smoothly, confident in their success but Ayrmid should answer specific questions on APHEXDA traction.

Q: Number of assets looked at, split between oncology and rare disease?

A: Focused on early clinical stage assets in oncology and rare diseases, but specific details on number of assets and split not provided due to business development confidentiality.

Q: Allocation of effort for acquisition process?

A: Majority of work in-house, use external consultants for specific expertise when needed.