Revenue growth has decelerated sharply, with the most recent quarterly top-line of $477K representing a significant decline from the $11.7M peak observed in 2024Q4.
| 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 |
|---|
| Sales/Revenue | 1.4M | 1.19M | 28.94M | 4.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 31.89M | 16.27M | 0 |
| Revenue Growth % | -93.72% | -95.89% | 502.92% | - | - | - | - | - | - | - | - | - | - | - | - | -100% | 96.01% | - | - |
| Cost of Goods Sold | 354.64K | 758.97K | 9.26M | 3.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.21M | 6.21M | 636.18K |
| COGS % of Revenue | - | 63.81% | 32.01% | 76.92% | - | - | - | - | - | - | - | - | - | - | - | - | 22.6% | 38.14% | - |
| Gross Profit | 1.05M | 430.39K | 19.68M | 1.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -268.37K | -317.77K | -395.18K | -436.81K | 24.69M | 10.07M | -636.18K |
| Gross Margin % | 74.73% | 36.19% | 67.99% | 23.08% | - | - | - | - | - | - | - | - | - | - | - | - | 77.4% | 61.86% | - |
| Gross Profit Growth % | - | -97.81% | 1675.9% | - | - | - | - | - | - | - | - | 100% | 15.55% | 19.59% | 9.53% | -101.77% | 145.26% | 1682.19% | - |
| Operating Expenses | 11.97M | 10.8M | 40.09M | 50.8M | 29.16M | 24.78M | 22.93M | 28.11M | 25.61M | 25.24M | 16.51M | 16.2M | 16.88M | 17.01M | 21.83M | 15.41M | 20.98M | 26.18M | 32.65M |
| OpEx % of Revenue | - | 907.97% | 138.51% | 1058.38% | - | - | - | - | - | - | - | - | - | - | - | - | 65.79% | 160.88% | - |
| Selling, General & Admin | 2.96M | 3.14M | 28.54M | 31.23M | 11.53M | 5.27M | 4.68M | 4.59M | 5.77M | 5.73M | 5.31M | 4.65M | 4.95M | 4.8M | 4.57M | 4.21M | 5.44M | 3.6M | 3.62M |
| SG&A % of Revenue | - | 264.07% | 98.62% | 650.63% | - | - | - | - | - | - | - | - | - | - | - | - | 17.06% | 22.13% | - |
| Research & Development | 9.01M | 7.66M | 9.15M | 12.52M | 17.63M | 19.47M | 18.17M | 23.44M | 19.81M | 19.51M | 11.18M | 11.49M | 10.9M | 12.21M | 17.21M | 11.2M | 15.49M | 22.58M | 29.02M |
| R&D % of Revenue | - | 643.9% | 31.61% | 260.81% | - | - | - | - | - | - | - | - | - | - | - | - | 48.57% | 138.74% | - |
| Other Operating Expenses | 0 | 0 | 2.4M | 7.05M | 0 | 42K | 70K | 78K | 27K | 0 | 30K | 57K | 1.03M | 0 | 45.24K | 0 | 50.17K | 0 | 0 |
| Operating Income | -10.92M | -10.37M | -20.41M | -49.69M | -29.16M | -24.78M | -22.93M | -28.11M | -25.61M | -25.24M | -16.51M | -16.2M | -17.25M | -17.01M | -21.15M | -16.37M | 3.7M | -16.11M | -33.29M |
| Operating Margin % | -778.3% | -871.78% | -70.52% | -1035.29% | - | - | - | - | - | - | - | - | - | - | - | - | 11.61% | -99.02% | - |
| Operating Income Growth % | - | 49.19% | 58.93% | -70.44% | -17.68% | -8.07% | 18.44% | -9.79% | -1.45% | -52.85% | -1.96% | 6.14% | -1.45% | 19.58% | -29.21% | -541.97% | 122.98% | 51.59% | - |
| EBITDA | -10.47M | -9.84M | -16.34M | -48.31M | -28.5M | -24.07M | -21.99M | -27.17M | -25.15M | -24.8M | -16.03M | -15.76M | -17.01M | -16.68M | -20.75M | -15.96M | 4.21M | -15.67M | -32.65M |
| EBITDA Margin % | -746.48% | -827.46% | -56.47% | -1006.46% | - | - | - | - | - | - | - | - | - | - | - | - | 13.21% | -96.27% | - |
| EBITDA Growth % | 28.47% | 39.78% | 66.17% | -69.49% | -18.4% | -9.46% | 19.06% | -8.02% | -1.42% | -54.71% | -1.75% | 7.37% | -1.98% | 19.63% | -30.06% | -478.61% | 126.9% | 52.02% | - |
| D&A (Non-Cash Add-back) | 446.39K | 527.15K | 4.07M | 1.38M | 654K | 703K | 934K | 940K | 451K | 438K | 481.89K | 441K | 246.54K | 329.36K | 395.18K | 410.67K | 511.27K | 446.59K | 636.18K |
| EBIT | -10.08M | -10.37M | -147K | -58.47M | -29.16M | -24.78M | -28.53M | -23.59M | -22.49M | -25.24M | -16.51M | -16.2M | -17.16M | -16.97M | -19.78M | -15.41M | 3.7M | -15.66M | -32.06M |
| Net Interest Income | 268.14K | -157.24K | -7.33M | -162K | -1.46M | -425K | -1.23M | -1.05M | 698K | 1.15M | 466K | 442K | 2.86M | 725.92K | 2.33M | 2.22M | 844.7K | 0 | 0 |
| Interest Income | 1.38M | 1.13M | 1.83M | 2.01M | 694K | 559K | 236K | 777K | 719K | 1.17M | 480K | 457K | 3.28M | 746.59K | 2.36M | 3.34M | 861.33K | 0 | 0 |
| Interest Expense | 1.11M | 1.29M | 9.16M | 2.17M | 2.16M | 984K | 1.47M | 1.83M | 21K | 21K | 14K | 15K | 411.67K | 20.67K | 25.96K | 1.12M | 16.63K | 0 | 0 |
| Other Income/Expense | 1.17M | 8.33M | 11.19M | -10.92M | 4.21M | -2.28M | -7.09M | 2.67M | 2.64M | 888K | 672K | 1.8M | 6.18M | -16K | 1.37M | 2.34M | -1.61M | 449.13K | 1.23M |
| Pretax Income | -9.75M | -2.04M | -9.22M | -60.61M | -24.95M | -27.05M | -30.02M | -25.45M | -22.96M | -24.35M | -15.84M | -14.4M | -11.08M | -17.02M | -20.42M | -14.03M | 2.1M | -15.66M | -32.06M |
| Pretax Margin % | -695.19% | -171.69% | -31.86% | -1262.79% | - | - | - | - | - | - | - | - | - | - | - | - | 6.57% | -96.26% | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.22M | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 15.86% | 0% | 0% | 0% |
| 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 |
| Net Margin % | -633.66% | -99.58% | -31.86% | -1262.79% | - | - | - | - | - | - | - | - | - | - | - | - | 6.57% | -96.26% | - |
| Net Income Growth % | -161.67% | 87.16% | 84.79% | -142.93% | 7.77% | 9.88% | -17.98% | -10.82% | 5.71% | -53.73% | -10.01% | -41.53% | 42.33% | 13.58% | -54.82% | -728.82% | 113.39% | 51.14% | - |
| Net Income (Continuing) | -9.75M | -2.04M | -9.22M | -60.61M | -24.95M | -27.05M | -30.02M | -25.45M | -22.96M | -24.35M | -15.84M | -14.4M | -11.08M | -17.02M | -20.42M | -13.19M | 2.1M | -15.66M | -32.06M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 4.16M | 5.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.01 | -0.29 | -0.12 | -0.94 | -0.48 | -0.61 | -1.80 | -2.70 | -3.15 | -4.05 | -4.20 | -4.20 | -4.65 | -11.70 | -18.15 | -16.05 | 2.55 | -962.40 | -1923.00 |
| EPS Growth % | -4773.56% | -141.67% | 87.23% | -95.83% | 21.31% | 66.11% | 33.33% | 14.29% | 22.22% | 3.57% | 0% | 9.68% | 60.26% | 35.54% | -13.08% | -729.41% | 100.27% | 49.95% | - |
| EPS (Basic) | - | -0.29 | -0.12 | -0.94 | -0.48 | -0.61 | -1.80 | -2.70 | -3.15 | -4.05 | -4.20 | -4.20 | -4.65 | -11.70 | -18.15 | -16.05 | 2.55 | -962.40 | -1923.00 |
| Diluted Shares Outstanding | 4.43M | 4.11M | 79.87M | 64.22M | 51.6M | 44.2M | 16.86M | 9.76M | 7.24M | 6M | 3.74M | 3.43M | 2.16M | 1.5M | 1.13M | 823.91K | 830.31K | 16.11K | 16.33K |
| Basic Shares Outstanding | 4.43M | 4.11M | 79.87M | 64.22M | 51.6M | 44.2M | 16.86M | 9.76M | 7.24M | 6M | 3.74M | 3.43M | 2.16M | 1.5M | 1.13M | 823.91K | 823.41K | 16.11K | 16.33K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and dilution risk
According to recent financial disclosures, BioLineRx's quarterly revenue has experienced significant volatility, dropping from a peak of $11.7M in 2024Q4 to just $477K in 2026Q1, highlighting the inherent instability of transitioning from milestone-dependent income to a consistent, product-led commercial sales model for APHEXDA.
The sharp contraction in top-line figures suggests that the initial milestone-driven revenue phase has concluded without a commensurate ramp-up in commercial product adoption. Investors should monitor whether the current low revenue base reflects a temporary lull in market penetration or a fundamental challenge in achieving widespread clinical uptake for Motixafortide.
As reported in financial statements, the company's gross margin has fluctuated wildly between 46.9% and 100.0% over the last ten quarters, reflecting the inconsistent nature of revenue recognition and the high, variable cost-to-serve associated with the early-stage commercialization of its lead therapeutic asset.
The lack of margin stability suggests that BioLineRx has yet to achieve the economies of scale necessary to stabilize its cost of goods sold. This variability warrants further investigation into whether royalty obligations or manufacturing inefficiencies are structurally suppressing the profitability of each unit sold.
Based on BioLineRx's reported figures, the company continues to operate with a negative operating margin, which reached -871.78% in recent periods, indicating that the current commercial infrastructure and R&D spend are not yet scaling efficiently against the company's limited and lumpy revenue streams.
The persistent gap between operating expenses and gross profit suggests that the company is currently unable to leverage its existing cost base to drive bottom-line improvement. This structure implies that significant revenue growth is required before the company can approach even a breakeven operating profile.
Data from recent filings reveals a precarious cash position of approximately $3.25M, which appears insufficient to support the company's ongoing commercialization efforts and R&D pipeline, suggesting that the firm faces a high probability of near-term dilutive financing or a potential strategic pivot to preserve capital.
The mismatch between the current cash runway and the high burn rate associated with US commercialization efforts presents a significant risk to shareholder value. Market participants should consider whether the company's current valuation adequately accounts for the high likelihood of future equity dilution required to sustain operations.
Quick answers to the most common questions about buying BLRX stock.
For fiscal year 2025, BioLineRx Ltd. (BLRX) reported total revenue of $1.2M.
BioLineRx Ltd. (BLRX) reported a net loss of $1.2M for the fiscal year ending 2025.
BioLineRx Ltd. (BLRX) reported an operating income of $-10.4M, resulting in an operating profit margin of -871.8%. This margin reflects the operational efficiency of the business before interest and taxes.
BioLineRx Ltd. (BLRX) generated $0.4M in gross profit for the year, representing a gross profit margin of 36.2%. This demonstrates the company's core pricing power and production efficiency.