Persistent negative free cash flow, which reached an outflow of $14.1M in 2024Q1, highlights a structural inability to fund commercialization efforts through internal product sales.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Cash from Operations | -7.79M | -8.14M | -43.87M | -22.61M | -26.24M | -23.57M | -23.21M | -22.67M | -24.19M | -20.55M | -14.51M | -14.17M | -14.48M | -20.23M | -20.11M | -11.22M | 11.46M | -21.51M | -27.96M |
| Operating CF Margin % | - | -684.24% | -151.6% | -471% | - | - | - | - | - | - | - | - | - | - | - | - | 35.94% | -132.21% | - |
| Operating CF Growth % | 251.5% | 81.45% | -94.06% | 13.84% | -11.31% | -1.58% | -2.38% | 6.31% | -17.74% | -41.58% | -2.44% | 2.15% | 28.44% | -0.59% | -79.24% | -197.9% | 153.28% | 23.04% | - |
| Net Income | -8.89M | -1.18M | -9.22M | -60.61M | -24.95M | -27.05M | -30.02M | -25.45M | -22.96M | -24.35M | -15.84M | -14.4M | -10.17M | -17.64M | -20.42M | -13.19M | 2.1M | -15.66M | -32.06M |
| Depreciation & Amortization | 446.39K | 527.15K | 4.07M | 1.38M | 654K | 703K | 934K | 940K | 545K | 481K | 482K | 441K | 246.54K | 329.36K | 407.93K | 410.67K | 511.27K | 446.59K | 636.18K |
| Stock-Based Compensation | 232K | 0 | 1.14M | 2.32M | 2.25M | 1.5M | 1.27M | 1.76M | 2.53M | 1.51M | 1.07M | 1.15M | 968.69K | 872.94K | 839.95K | 1.05M | 1.85M | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 1.78M | 5.66M | -4.17M | -2.08M | -291K | -258K | -1.32M | -3.35M | -630.29K | -1.65M | 12.72M | 2.25M | 0 | 0 |
| Other Non-Cash Items | -1.86M | -8.75M | -18.03M | 19.1M | -5.43M | 39K | 242K | -72K | -517K | -539K | -382K | -190K | -2.32M | 427.57K | 657.13K | -13.61M | 392.62K | 318.26K | 1.44M |
| Working Capital Changes | 2.29M | 1.27M | -21.82M | 15.2M | 1.24M | -540K | -1.29M | 4.32M | -1.71M | 2.65M | 411K | 154K | 151K | -3.59M | 48.45K | 1.39M | 4.37M | -6.62M | 2.03M |
| Change in Receivables | 2.79M | 3.77M | -2.12M | -358K | 0 | 0 | 0 | 0 | -934K | 0 | 0 | -42K | 73.45K | 262.17K | 389.19K | 485.29K | 9.81M | -7.61M | -2.74M |
| Change in Inventory | 1.16M | 1M | -1.19M | -1.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -433.68K | -3.51M | 0 | 4.55M | 0 | 0 | 0 | 0 | -773K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.63M |
| Cash from Investing | 2.33M | -8.61M | 29.37M | 1.44M | 4.01M | -38.22M | 16.67M | 5.26M | 9.55M | -15.93M | 9.3M | -15.6M | -18.17M | -5.69M | 13.74M | -9.87M | -8.32M | 7.85M | -9.29M |
| Capital Expenditures | -33.21K | -27.21K | -53K | -116K | -316K | -97K | 0 | -73K | -10.22M | -4.24M | -55K | -2.72M | -178.48K | -117.16K | -176.39K | -284.81K | -660.94K | -219.73K | -1.41M |
| CapEx % of Revenue | 2.37% | 2.29% | 0.18% | 2.42% | - | - | - | - | - | - | - | - | - | - | - | - | 2.07% | 1.35% | - |
| Acquisitions | 0 | 0 | 0 | 0 | -4.14K | 38.13K | 0 | 6K | 1.5M | -1M | 3K | -202K | 5.39K | -861.16K | 191.12K | -34.94K | 138.67K | 764 | 7.82K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | -1K | -181K | 4.14K | -38.13K | 0 | -6K | -1.5M | 0 | -3K | 202K | -5.39K | 861.16K | -191.12K | -50.45K | -138.67K | 0 | 0 |
| Cash from Financing | -1.75M | 8.95M | 20.66M | 15.06M | 20.44M | 57.75M | 17.87M | 19.19M | 13.1M | 38.68M | 2.09M | 29.49M | 32.63M | 15.07M | 15.77M | -80.66K | 215.62K | 24.87M | 0 |
| Debt Issued (Net) | -4.84M | -4.53M | 4.28M | -1.99M | 6.07M | -3.57M | -3.36M | -1.1M | 9.22M | -93K | -93K | 436K | 0 | -37K | -77.79K | -86.08K | 208.29K | 0 | 0 |
| Equity Issued (Net) | 3.21M | 14M | 16.36M | 14.09M | 14.36M | 50.41M | 19.25M | 20.3M | 3.83M | 38.77M | 2.18M | 29.05M | 32.94M | 15.11M | 15.85M | 0 | 0 | 24.87M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -114.19K | -516.06K | 22K | 2.96M | 5K | 10.91M | 1.98M | 1K | 46K | 0 | 0 | 0 | -300.31K | 3K | -1.98K | 5.41K | 7.33K | 0 | 0 |
| Net Change in Cash | -6.53M | -7.19M | 6.18M | -6.33M | -2.4M | -3.84M | 11.53M | 1.89M | -1.71M | 2.64M | -3.08M | -246K | -2.15M | -10.75M | 9.44M | -20.67M | 1.65M | 11.97M | 15.99M |
| Free Cash Flow | -7.82M | -8.16M | -43.93M | -22.91M | -26.56M | -23.67M | -23.21M | -22.74M | -34.41M | -24.79M | -14.57M | -16.89M | -14.66M | -20.35M | -20.29M | -11.51M | 10.8M | -21.57M | -28.86M |
| FCF Margin % | -557.52% | -686.36% | -151.79% | -477.19% | - | - | - | - | - | - | - | - | - | - | - | - | 33.87% | -132.58% | - |
| FCF Growth % | 75.84% | 81.42% | -91.78% | 13.75% | -12.19% | -2% | -2.05% | 33.91% | -38.83% | -70.13% | 13.73% | -15.21% | 27.97% | -0.3% | -76.33% | -206.52% | 150.07% | 25.26% | - |
| FCF per Share | -1.76 | -1.99 | -0.55 | -0.36 | -0.51 | -0.54 | -1.38 | -2.33 | -4.75 | -4.13 | -3.89 | -4.93 | -6.78 | -13.57 | -17.97 | -13.97 | 13.01 | -1338.72 | -1767.45 |
| FCF Conversion (FCF/Net Income) | 0.88x | 6.87x | 4.76x | 0.37x | 1.05x | 0.87x | 0.77x | 0.89x | 1.05x | 0.84x | 0.92x | 0.98x | 1.42x | 1.15x | 0.99x | 0.85x | 5.47x | 1.37x | 0.87x |
| Interest Paid | 1.01M | 0 | 10.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
As reported in financial statements, the relationship between net income and operating cash flow for BLRX is highly erratic, with OCF/NI ratios swinging from -23.41 in 2024Q2 to 2.32 in 2025Q4, indicating that reported earnings provide little insight into the company's actual cash-generating capacity.
The extreme volatility in the OCF/NI ratio suggests that non-cash items and working capital fluctuations are the primary drivers of reported figures rather than core operational performance. Investors should monitor this divergence as it implies that the company's accounting earnings are currently decoupled from the underlying cash burn required to sustain commercial operations.
Based on BioLineRx's reported figures, the company has consistently posted negative free cash flow, with quarterly outflows reaching as high as $14.1M in 2024Q1, underscoring a persistent inability to fund commercialization efforts through internal product sales or milestone-based revenue streams.
The FCF margin remains deeply negative, reflecting a business model that is currently consuming capital at a rate that far outstrips its ability to generate revenue. This trajectory suggests that the company is entirely dependent on external financing to maintain its current clinical and commercial footprint.
According to recent SEC filings, working capital changes have been a significant source of cash flow noise, including a $14.7M inflow in 2023Q4 followed by a $10.8M outflow in 2024Q1, which suggests that timing differences in milestone payments are heavily distorting the company's reported cash position.
These large, non-recurring swings in working capital indicate that the company's cash flow is highly sensitive to the timing of partner payments rather than steady-state commercial demand. Such instability makes it difficult to forecast the true underlying burn rate without adjusting for these lumpy, non-operational cash movements.
Data from recent filings reveals that while capital expenditures remain minimal, the company's cash flow statement is heavily impacted by non-cash adjustments and stock-based compensation, which, as noted in financial disclosures, often mask the true extent of the cash required to support the commercial launch.
The reliance on stock-based compensation to manage cash expenses suggests a strategy of preserving liquidity at the cost of shareholder dilution. Analysts should investigate whether the current level of capitalized costs or other off-balance sheet arrangements might be understating the true cash requirements of the business.
Quick answers to the most common questions about buying BLRX stock.
BioLineRx Ltd. (BLRX) generated $-8.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
BioLineRx Ltd. (BLRX) reported negative free cash flow of $8.2M in 2025, indicating capital requirements exceeded cash from operations.
BioLineRx Ltd. (BLRX) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.