BioLineRx Ltd.

For the 3 months ended March 31, 2026, revenue was $0.5 million, up from $0.3 million in the same period last year, driven by higher APHEXDA royalties. R&D expense was $2.5 million versus $1.6 million a year ago, while G&A was $0.9 million versus $1.0 million. Net nonoperating income was $0.5 million, down from $7.6 million, and net loss was $2.6 million versus net income of $5.1 million in Q1 2025. Cash and equivalents were $17.4 million, and management said that supports the operating plan into the first half of 2027. Looking ahead, the company expects periodic GLIX1 updates in the second half of 2026 and full dose-escalation results in 2027; the CheMo4METPANC interim futility analysis is still expected later this year.

Phil Serlin focused on the company’s shift toward GLIX1, calling it a highly innovative oral small molecule with a novel mechanism that may be applicable across multiple cancers. He emphasized GBM’s high unmet need, the blood-brain barrier advantage, and the strength of the preclinical package, including combination rationale with PARP inhibitors. On APHEXDA, he framed the higher Q1 sales as evidence that the product is gaining traction after a slow initial ramp, and he sounded optimistic but measured throughout.

Mali Zeevi kept the financial update concise and centered on the quarter’s key line items. She cited revenue of $0.5 million, R&D of $2.5 million, G&A of $0.9 million, net nonoperating income of $0.5 million, and net loss of $2.6 million for the quarter ended March 31, 2026. She also noted cash and equivalents of $17.4 million and said that cash is sufficient to fund the operating plan into the first half of 2027.

Analysts asked about GLIX1 trial site activation, safety observations, and recruitment in GBM; management said NYU is open and recruiting, the other sites should open very shortly, and they are not seeing material recruitment issues in recurrent/progressive GBM. On APHEXDA, management declined to provide Ayrmid operating details but pointed to the rise in Q1 sales as a positive sign that the launch is gaining momentum. In PDAC, management said the planned interim futility analysis remains later this year, but they are re-evaluating the development path in light of new data from another company that may affect the treatment landscape.