BioLineRx Ltd. (NASDAQ: BLRX) (TASE: BLRX), Reports First Quarter 2k19 Financial Results and Provides Corporate Update

BioLineRx Ltd. (NASDAQ: BLRX) (TASE: BLRX), a clinical-stage biopharmaceutical company focused on oncology, today reports its financial results for the quarter ended March 31, 2k19 and provided a corporate update.

Financial Results for the Quarter Ended March 31, 2k19 

Research and development expenses for the quarter ended March 31, 2k19 were $4.400 million, a decrease of $0.7 00million, or 13.400%, compared to $5.100  M for the comparable period in 2k18. The decrease resulted primarily from a decrease in share-based compensation.

Sales and marketing expenses for the quarter ended March 31, 2k19 were $0.300 million, a decrease of $0.200 million, or 47%, compared to $0.500  M for the comparable period in 2k18. The decrease resulted primarily from a one-time compensation payment in the 2k18 period, as well as a decrease in share-based compensation.

General and administrative expenses for the quarter ended March 31, 2k19 were $0.900 million, a decrease of $0.200 million, or 13.500 percent compared to $1.100  M for the comparable period in 2k18. The decrease resulted primarily from a decrease in share-based compensation.

The Company’s operating loss for the quarter ended March 31, 2k19 amounted to $5.6 million, compared with an operating loss of $6.6 00 M for the comparable period in 2k18.

Non-operating expenses amounted to $0.300  M for the quarter ended March 31, 2k19, compared with non-operating income of $0.5 00 M for the comparable period in 2k18. Non-operating expenses for the three months ended March 31, 2k19 primarily relate to warrant offering expenses offset by fair-value adjustments of warrant liabilities on our balance sheet. Non-operating income for the three months ended March 31, 2k18 primarily relate to fair-value adjustments of warrant liabilities on our balance sheet. These fair-value adjustments were highly influenced by the Company’s share price at each period end (revaluation date).

Net financial expenses amounted to $0.2 00 M for the quarter ended March 31, 2k19 compared to an immaterial amount of net financial expenses for the three months ended March 31, 2k18. Net financial expenses for the 2k19 period primarily related to interest paid on loans, offset by investment income earned on bank deposits. Net financial expenses for the 2k18 period primarily relate to losses recorded on foreign currency hedging transactions, offset by investment income earned on bank deposits.

The Company’s net loss for the quarter ended March 31, 2k19 amounted to $6.2 00million, similar to the comparable period in 2k18.

The Company held $40.6 00 M in cash, cash equivalents, and short-term bank deposits as of March 31, 2k19.

Net cash used in operating activities was $4.6  M for the three months ended March 31, 2k19, compared with net cash used in operating activities of $6.800  M for the three months ended March 31, 2k18. The $2.200  M decrease in net cash used in operating activities during the three-month period in 2k19, compared to the three-month period in 2k18, was primarily the result of changes in operating asset and liability items between the two periods – i.e., a decrease in prepaid expenses and other receivables in 2k19 versus an increase in 2k18, as well as a decrease in accounts payable and accruals in 2k18.

Net cash used in investing activities was $9.300  M for the three months ended March 31, 2k19, compared to net cash provided by investing activities of $8.1 00 M for the three months ended March 31, 2k18. The changes in cash flows from investing activities relate primarily to investments in, and maturities of, short-term bank deposits.

Net cash provided by financing activities was $14.9 00 M for the three months ended March 31, 2k19, compared to net cash provided by financing activities of $1.4 00 M for the three months ended March 31, 2k18. The increase in cash flows from financing activities reflects the underwritten public offering completed in February 2k19.

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