Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2022 | |
Document And Entity Information [Abstract] | |
Entity Registrant Name | BioLineRx Ltd. |
Entity Central Index Key | 0001498403 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2022 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2022 |
Entity File Number | 001-35223 |
Entity Address, Address Line One | 2 HaMa’ayan Street |
Entity Address, Address Line Two | Modi’in |
Entity Address, Postal Zip Code | 7177871 |
Entity Address, Country | IL |
CONDENSED CONSOLIDATED INTERIM
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (UNAUDITED) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 14,000 | $ 12,990 |
Short-term bank deposits | 29,146 | 44,145 |
Prepaid expenses | 717 | 127 |
Other receivables | 240 | 142 |
Total current assets | 44,103 | 57,404 |
NON-CURRENT ASSETS | ||
Property and equipment, net | 810 | 952 |
Right-of-use assets, net | 1,221 | 1,331 |
Intangible assets, net | 21,704 | 21,704 |
Total non-current assets | 23,735 | 23,987 |
Total assets | 67,838 | 81,391 |
CURRENT LIABILITIES | ||
Current maturities of long-term loan | 1,013 | 2,757 |
Accounts payable and accruals: | ||
Trade | 7,338 | 5,567 |
Other | 1,132 | 1,227 |
Current maturities of lease liabilities | 149 | 168 |
Total current liabilities | 9,632 | 9,719 |
NON-CURRENT LIABILITIES | ||
Warrants | 186 | 1,859 |
Lease liabilities | 1,452 | 1,726 |
Total non-current liabilities | 1,638 | 3,585 |
COMMITMENTS AND CONTINGENT LIABILITIES | ||
Total liabilities | 11,270 | 13,304 |
EQUITY | ||
Ordinary shares | 21,157 | 21,066 |
Share premium | 339,670 | 339,346 |
Warrants | 975 | 975 |
Capital reserve | 13,596 | 13,157 |
Other comprehensive loss | (1,416) | (1,416) |
Accumulated deficit | (317,414) | (305,041) |
Total equity | 56,568 | 68,087 |
Total liabilities and equity | $ 67,838 | $ 81,391 |
CONDENSED CONSOLIDATED INTERI_2
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement Abstract | ||||
RESEARCH AND DEVELOPMENT EXPENSES | $ (5,395) | $ (5,139) | $ (9,830) | $ (9,417) |
SALES AND MARKETING EXPENSES | (1,158) | (330) | (1,795) | (484) |
GENERAL AND ADMINISTRATIVE EXPENSES | (1,049) | (1,044) | (2,056) | (2,061) |
OPERATING LOSS | (7,602) | (6,513) | (13,681) | (11,962) |
NON-OPERATING INCOME (EXPENSES), NET | 458 | (217) | 1,726 | (4,778) |
FINANCIAL INCOME | 80 | 130 | 147 | 247 |
FINANCIAL EXPENSES | (379) | (242) | (565) | (541) |
NET LOSS AND COMPREHENSIVE LOSS | $ (7,443) | $ (6,842) | $ (12,373) | $ (17,034) |
LOSS PER ORDINARY SHARE - BASIC | $ (0.01) | $ (0.01) | $ (0.02) | $ (0.03) |
LOSS PER ORDINARY SHARE - DILUTED | $ (0.01) | $ (0.01) | $ (0.02) | $ (0.03) |
WEIGHTED AVERAGE NUMBER OF SHARES USED IN CALCULATION OF LOSS PER ORDINARY SHARE | 715,365,554 | 669,138,994 | 715,260,781 | 614,780,845 |
CONDENSED INTERIM STATEMENTS OF
CONDENSED INTERIM STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Thousands | Ordinary shares [Member] | Share premium [Member] | Warrants [Member] | Capital reserve [Member] | Other comprehensive loss [Member] | Accumulated deficit [Member] | Total |
BALANCE at Dec. 31, 2020 | $ 9,870 | $ 279,241 | $ 0 | $ 12,322 | $ (1,416) | $ (277,987) | $ 22,030 |
CHANGES FOR | |||||||
Issuance of share capital, net | 8,386 | 37,495 | 975 | 0 | 0 | 0 | 46,856 |
Warrants exercised | 2,235 | 18,967 | 0 | 0 | 0 | 0 | 21,202 |
Employee stock options exercised | 5 | 41 | 0 | (39) | 0 | 0 | 7 |
Employee stock options forfeited and expired | 0 | 143 | 0 | (143) | 0 | 0 | 0 |
Share-based compensation | 0 | 0 | 0 | 832 | 0 | 0 | 832 |
Comprehensive loss for the period | 0 | 0 | 0 | 0 | 0 | (17,034) | (17,034) |
BALANCE at Jun. 30, 2021 | 20,496 | 335,887 | 975 | 12,972 | (1,416) | (295,021) | 73,893 |
BALANCE at Mar. 31, 2021 | 18,731 | 321,920 | 975 | 12,616 | (1,416) | (288,179) | 64,647 |
CHANGES FOR | |||||||
Issuance of share capital, net | 1,581 | 12,516 | 0 | 0 | 0 | 0 | 14,097 |
Warrants exercised | 184 | 1,444 | 0 | 0 | 0 | 0 | 1,628 |
Employee stock options exercised | 0 | 3 | 0 | (1) | 0 | 0 | 2 |
Employee stock options forfeited and expired | 0 | 4 | 0 | (4) | 0 | 0 | 0 |
Share-based compensation | 0 | 0 | 0 | 361 | 0 | 0 | 361 |
Comprehensive loss for the period | 0 | 0 | 0 | 0 | 0 | (6,842) | (6,842) |
BALANCE at Jun. 30, 2021 | 20,496 | 335,887 | 975 | 12,972 | (1,416) | (295,021) | 73,893 |
BALANCE at Dec. 31, 2021 | 21,066 | 339,346 | 975 | 13,157 | (1,416) | (305,041) | 68,087 |
CHANGES FOR | |||||||
Issuance of share capital and warrants, net | 89 | 177 | 0 | 0 | 0 | 0 | 266 |
Employee stock options exercised | 2 | 12 | 0 | (12) | 0 | 0 | 2 |
Employee stock options forfeited and expired | 0 | 135 | 0 | (135) | 0 | 0 | 0 |
Share-based compensation | 0 | 0 | 0 | 586 | 0 | 0 | 586 |
Comprehensive loss for the period | 0 | 0 | 0 | 0 | 0 | (12,373) | (12,373) |
BALANCE at Jun. 30, 2022 | 21,157 | 339,670 | 975 | 13,596 | (1,416) | (317,414) | 56,568 |
BALANCE at Mar. 31, 2022 | 21,066 | 339,444 | 975 | 13,315 | (1,416) | (309,971) | 63,413 |
CHANGES FOR | |||||||
Issuance of share capital, net | 89 | 177 | 0 | 0 | 0 | 0 | 266 |
Employee stock options exercised | 2 | 12 | 0 | (12) | 0 | 0 | 2 |
Employee stock options forfeited and expired | 0 | 37 | 0 | (37) | 0 | 0 | 0 |
Share-based compensation | 0 | 0 | 0 | 330 | 0 | 0 | 330 |
Comprehensive loss for the period | 0 | 0 | 0 | 0 | 0 | (7,443) | (7,443) |
BALANCE at Jun. 30, 2022 | $ 21,157 | $ 339,670 | $ 975 | $ 13,596 | $ (1,416) | $ (317,414) | $ 56,568 |
CONDENSED CONSOLIDATED INTERI_3
CONDENSED CONSOLIDATED INTERIM CASH FLOW STATEMENTS (UNAUDITED) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
CASH FLOWS - OPERATING ACTIVITIES | ||
Net loss for the period | $ (12,373) | $ (17,034) |
Adjustments required to reflect net cash used in operating activities (see appendix below) | 498 | 3,977 |
Net cash used in operating activities | (11,875) | (13,057) |
CASH FLOWS - INVESTING ACTIVITIES | ||
Investments in short-term deposits | (9,000) | (58,000) |
Maturities of short-term deposits | 24,141 | 15,776 |
Purchase of property and equipment | (62) | (38) |
Net cash provided by (used in) investing activities | 15,079 | (42,262) |
CASH FLOWS - FINANCING ACTIVITIES | ||
Issuance of share capital and warrants, net of issuance costs | 266 | 46,856 |
Exercise of warrants | 0 | 10,907 |
Employee stock options exercised | 2 | 7 |
Repayments of loan | (1,812) | (1,648) |
Repayments of lease liabilities | (88) | (122) |
Net cash provided by (used in) financing activities | (1,632) | 56,000 |
INCREASE IN CASH AND CASH EQUIVALENTS | 1,572 | 681 |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 12,990 | 16,831 |
EXCHANGE DIFFERENCES ON CASH AND CASH EQUIVALENTS | (562) | (28) |
CASH AND CASH EQUIVALENTS - END OF PERIOD | 14,000 | 17,484 |
Income and expenses not involving cash flows: | ||
Depreciation and amortization | 314 | 362 |
Exchange differences on cash and cash equivalents | 562 | 28 |
Fair value adjustments of warrants | (1,673) | 4,889 |
Share-based compensation | 586 | 832 |
Interest and exchange differences on short-term deposits | (142) | (103) |
Interest on loan | 68 | 176 |
Exchange differences on lease liability | (205) | (26) |
Total income and expense not involving cash flows | (490) | 6,158 |
Changes in operating asset and liability items: | ||
Increase in prepaid expenses and other receivables | (688) | (1,212) |
Increase (decrease) in accounts payable and accruals | 1,676 | (969) |
Total Change in operating asset and liability | 988 | (2,181) |
Total Adjustments required to reflect net cash used in operating acivities | 498 | 3,977 |
Supplemental information on interest received in cash | 146 | 39 |
Supplemental information on interest paid in cash | 217 | 350 |
Supplemental information on non-cash transactions: | ||
Acquisition of right-of-use asset | 0 | 171 |
Exercise of warrants (portion related to accumulated fair value adjustments) | $ 0 | $ 10,295 |
GENERAL INFORMATION
GENERAL INFORMATION | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of general information [Abstract] | |
GENERAL INFORMATION | NOTE 1 – GENERAL INFORMATION a. General BioLineRx Ltd. (“BioLineRx”), headquartered in Modi’in, Israel, was incorporated and commenced operations in April 2003. BioLineRx and its subsidiaries (collectively, the “Company”) are engaged in the development of therapeutics, primarily in clinical stages, with a focus on the field of oncology. The Company’s American Depositary Shares (“ADSs”) are traded on the NASDAQ Capital Market, and its ordinary shares are traded on the Tel Aviv Stock Exchange (“TASE”). Each ADS represents 15 ordinary shares. In March 2017, the Company acquired Agalimmune Ltd. (“Agalimmune”), a privately held company incorporated in the United Kingdom, with a focus on the field of immuno-oncology. Although the Company has succeeded in generating significant revenues from a number of out-licensing transactions in the past, it cannot determine with reasonable certainty if and when it will become profitable on a current basis. Management believes that the Company’s current cash and other resources will be sufficient to fund its projected cash requirements into the first half of 2024. However, in the event that the Company does not begin to generate sustainable cash flows from its operating activities in the future, the Company will need to carry out significant cost reductions or raise additional funding. b. Approval of financial statements The condensed consolidated interim financial statements of the Company as of June 30, 2022, and for the three and six months then ended, were approved by the Board of Directors on August 15, 2022, and signed on its behalf by the Chairman of the Board, the Chief Executive Officer and the Chief Financial Officer. |
BASIS OF PREPARATION
BASIS OF PREPARATION | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of basis of preparation [Abstract] | |
BASIS OF PREPARATION | NOTE 2 – BASIS OF PREPARATION The Company’s condensed consolidated interim financial statements as of June 30, 2022 and for the three and six months then ended (the “interim financial statements”) have been prepared in accordance with International Accounting Standard No. 34, “Interim Financial Reporting” (“IAS 34”). These interim financial statements, which are unaudited, do not include all disclosures necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with International Financial Reporting Standards (“IFRS”). The condensed consolidated interim financial statements should be read in conjunction with the Company’s annual financial statements as of December 31, 2021 and for the year then ended and their accompanying notes, which have been prepared in accordance with IFRS. The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the entire fiscal year or for any other interim period. The preparation of financial statements in conformity with IFRS requires management to make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, equity and expenses, as well as the related disclosures of contingent assets and liabilities, in the process of applying the Company’s accounting policies. These inputs also consider, among other things, the implications of pandemics and wars across the globe on the Company’s activities, and the resultant effects on critical and significant accounting estimates, most significantly in relation to the value of intangible assets. In this regard, U.S. and global markets are currently experiencing volatility and disruption following the escalation of geopolitical tensions and the ongoing military conflict between Russia and Ukraine. Although the length and impact of the ongoing military conflict are highly unpredictable, the conflict in Ukraine could lead to market disruptions, including significant volatility in commodity prices, credit and the capital markets. As of the date of release of these financial statements, the Company estimates there are no material effects of this conflict on its financial position and results of operations. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of significant accounting policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES The accounting policies and calculation methods applied in the preparation of these interim financial statements are consistent with those applied in the preparation of the annual financial statements as of December 31, 2021 and for the year then ended. |
AT-THE-MARKET (ATM) SALES AGREE
AT-THE-MARKET (ATM) SALES AGREEMENT WITH BTIG | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Issuances Of Share Capital [Abstract] | |
AT-THE-MARKET ("ATM") SALES AGREEMENT WITH BTIG | NOTE 4 – AT-THE-MARKET (“ATM”) SALES AGREEMENT WITH HCW The Company maintains an ATM facility with H.C. Wainwright & Co., LLC (“HCW”) pursuant to an ATM sales agreement entered into in September 2021. In accordance with the agreement, the Company is entitled, at its sole discretion, to offer and sell through HCW, acting as sales agent, ADSs having an aggregate offering price of up to $25.0 million throughout the period during which the ATM facility remains in effect. The Company has agreed to pay HCW a commission of 3.0% of the gross proceeds from the sale of ADSs under the facility. During the six months ended June 30, 2022, the Company issued a total of 203,775 ADSs under the program for total gross proceeds of approximately $0.3 million. From the effective date of the agreement through the issuance date of this report, 606,102 ADSs have been sold under the program for total gross proceeds of approximately $1.4 million. |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of classes of share capital [abstract] | |
SHAREHOLDERS' EQUITY | NOTE 5 – SHAREHOLDERS’ EQUITY As of December 31, 2021 and June 30, 2022, share capital is composed of ordinary shares, as follows: Number of ordinary shares December 31, June 30, 2021 2022 Authorized share capital 1,500,000,000 1,500,000,000 Issued and paid-up share capital 715,156,008 718,283,665 In USD and NIS December 31, June 30, 2021 2022 Authorized share capital (in NIS) 150,000,000 150,000,000 Issued and paid-up share capital (in NIS) 71,515,600 71,828,367 Issued and paid-up share capital (in USD) 21,066,368 21,157,309 |
SHAREHOLDERS' EQUITY (Tables)
SHAREHOLDERS' EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of classes of share capital [abstract] | |
Schedule of Share Capital | Number of ordinary shares December 31, June 30, 2021 2022 Authorized share capital 1,500,000,000 1,500,000,000 Issued and paid-up share capital 715,156,008 718,283,665 In USD and NIS December 31, June 30, 2021 2022 Authorized share capital (in NIS) 150,000,000 150,000,000 Issued and paid-up share capital (in NIS) 71,515,600 71,828,367 Issued and paid-up share capital (in USD) 21,066,368 21,157,309 |
AT-THE-MARKET (ATM) SALES AGR_2
AT-THE-MARKET (ATM) SALES AGREEMENT WITH BTIG (Narrative) (Details) - HCW [Member] - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Aggregate offering price | $ 25 | |
Percentage of commission on sales agreement | 3% | |
Gross proceeds from issuing shares | $ 0.3 | $ 1.4 |
Number of American depositary shares sold | 203,775 | 606,102 |
SHAREHOLDERS' EQUITY (Schedule
SHAREHOLDERS' EQUITY (Schedule of Share Capital) (Details) | Jun. 30, 2022 ILS (₪) shares | Jun. 30, 2022 USD ($) shares | Dec. 31, 2021 ILS (₪) shares | Dec. 31, 2021 USD ($) shares |
Number of Ordinary Shares | ||||
Authorized share capital | 1,500,000,000 | 1,500,000,000 | 1,500,000,000 | 1,500,000,000 |
Issued and paid-up share capital | 718,283,665 | 718,283,665 | 715,156,008 | 715,156,008 |
Authorized share capital | ₪ | ₪ 150,000,000 | ₪ 150,000,000 | ||
Issued and paid-up share capital | ₪ 71,828,367 | $ 21,157,309 | ₪ 71,515,600 | $ 21,066,368 |