BioLineRx Ltd.

For the 3 months ended March 31, 2026, revenues were $0.5 million versus $0.3 million in the prior-year quarter, driven by higher APHEXDA royalties. R&D expense was $2.5 million versus $1.6 million year over year, and G&A was $0.9 million versus $1.0 million. Net loss was $2.6 million versus net income of $5.1 million in Q1 2025, while net nonoperating income was $0.5 million versus $7.6 million a year earlier. Cash and equivalents were $17.4 million at quarter-end, and management said this supports the operating plan into the first half of 2027. No formal next-quarter or full-year revenue guidance was given; the company said it expects periodic GLIX1 updates in the second half of 2026 and full dose-escalation results in 2027.

Phil Serlin framed GLIX1 as the quarter’s main strategic focus, emphasizing that GBM is a wide-open area with high unmet need and limited effective therapies. He highlighted the trial’s launch, the addition of multiple academic centers, and the company’s confidence in the program based on preclinical data and blood-brain-barrier penetration. He also pointed to APHEXDA royalty growth as evidence of improving commercial traction and said he remains very optimistic about BioLineRx’s prospects this year and beyond.

Mali Zeevi focused on the financial recap: revenues of $0.5 million were up from $0.3 million a year ago, mainly due to APHEXDA royalties; R&D rose to $2.5 million from $1.6 million, primarily because of GLIX1; and G&A was $0.9 million versus $1.0 million. She noted net nonoperating income of $0.5 million versus $7.6 million last year, largely tied to noncash fair value changes in warrant liabilities. Cash and equivalents of $17.4 million were said to be sufficient to fund operations into the first half of 2027.

Analysts focused on GBM trial recruitment, site activation, APHEXDA commercialization progress, and GLIX1 dosing. Management said recurrent GBM has little real recruitment competition and that NYU is active, while Northwestern and Moffitt should open shortly, but they would not disclose more site-by-site detail or initial safety observations yet. On APHEXDA, Phil said BioLineRx has limited visibility into Ayrmid’s marketing tactics, but sales growth from about $1.3 million-$1.4 million to $2.5 million suggests momentum. On PDAC, he said the interim futility analysis for CheMo4METPANC is still expected later this year, but changing competitive data could affect the pathway forward.