READ THE FULL BLRX RESEARCH REPORT
BioLineRx Ltd. (NASDAQ: BLRX) reported second quarter 2026 financial and operational results in an August 31st press release. For the quarter, it produced license revenues of $294,000 and a net loss of $4.3 million. The joint venture (JV) with Hemispherian, which is developing GLIX1, has begun enrolling the second of five cohorts in the ongoing Phase I/IIa trial. It plans to begin dosing a third cohort in September 2026. The company generated new preclinical data for GLIX1 in combination with a PARP inhibitor[1], which shows a synergistic effect between the two. Data from this study will be presented at the European Society for Medical Oncology Annual (ESMO) Congress in October. Days before the second quarter report, BioLineRx executed a $3.75 million capital raise. Its proceeds will support the advancement of the development pipeline.
2Q:26 Operational and Financial Results
BioLineRx reported second quarter sales of $294,000, producing a net loss of $4.3 million or $0.00 per share. The results were announced in a press release on August 31st, 2026, followed by a conference call with management and the filing of Form 6-K providing additional information.
Below we summarize financial results for the three-month period ended June 30th, 2026, compared to the same prior year period:
- Total and license revenues were $294,000 from Ayrmid’s sale of Aphexda compared to $304,000. Ayrmid’s Aphexda product sales for 2Q:26 were $1.6 million vs $1.7 million;
- Cost of revenues was $59,000 compared with $72,000. The amounts represent license fee and royalty pass-throughs to Biokine as a proportion of royalty on motixafortide revenues;
- Research and development (R&D) expenses totaled $2.9 million, rising 27% from $2.3 million. The increase is attributable to spending on the new GLIX1 development program;
- General and administrative (G&A) expenses were $865,000, up 314% from $209,000. The prior year period included a reversal of $0.8 million provision for doubtful accounts related to a milestone payment from Gloria;
- Non-operating expense was $690,000 vs. $1.9 million, primarily reflecting changes in fair-value adjustments of warrant liabilities;
- Net financial expense amounted to $76,000, reflecting interest expense exceeding interest income;
- Net loss was $4.3 million or $0.00 compared to $3.9 million, also $0.00
Cash, equivalents, and short-term bank deposits as of June 30th, 2026 totaled $13.1 million, down from the year end 2025 balance of $20.9 million. Cash burn for 1H:26 was $5.5 million, and net cash used in financing was $2.3 million. Financing cash outflows were related to loan repayments and lease liability repayments. At the end of the second quarter, loans were carried at $6.7 million on the balance sheet. The term loan is expected to be fully repaid by the end of 2027. Management reiterated its forecast of holding sufficient cash to support operations until 1H:27. During the third quarter and just prior to the second quarter earnings report, BioLine announced a $3.75 million capital raise which closed August 31st, 2026, adding 1.35 million American Depositary Shares (ADS) and 2.02 million warrants.
GLIX1 Phase I/IIa Clinical Trial in the Treatment of Glioblastoma
BioLineRx announced the start of its Phase I/IIa clinical trial evaluating GLIX1 for the treatment of glioblastoma in a March 26th press release. As of late August, the trial has dosed the first patient at NYU Langone Health and added two additional sites at Northwestern University and Moffitt Cancer Center, which have and continue to enroll patients. In July, dosing for the second of five planned cohorts was started, and the third cohort is expected to dose its first patient in September. Management commented that they were pleased with drug safety and tolerability.
The Phase I/IIa GLIX1 trial is an open-label, multicenter trial. Its first part is a dose escalation study where an anticipated 30 glioblastoma patients will receive GLIX1 daily as monotherapy. It will seek a maximum tolerated and recommended dose for the next stage of the trial. The Phase I portion will also identify pharmacokinetics (PK), pharmacodynamics (PD), and preliminary efficacy. Trial updates are anticipated in 2H:26 and full results in 1H:27. Management is optimistic on enrollment, anticipating an efficient process and limited competition for patients from other investigational modalities. It also has a favorable view on the space, as few other treatments are showing success.
The Phase IIa portion will include additional indications beyond GBM, including newly diagnosed GBM and other select cancers. The study will evaluate GLIX1 as monotherapy and in combination with standard of care. It will also evaluate GLIX1 in combination with Poly (ADP-ribose) Polymerase (PARP) inhibitors. The Phase IIa expansion will identify preliminary efficacy, PD assessments, and dose optimization data.
BioLine issued a press release on July 8th highlighting preclinical work with GLIX1 and the PARP inhibitor olaparib. Synergy between the two drugs showed better efficacy compared to a control arm and against each drug individually. The combination demonstrated comparable efficacy to that produced by the chemotherapy drug cisplatin. Dr. Ella Sorani explains that PARP inhibitors are approved as maintenance therapy following standard of care, which is resection and then chemotherapy, followed by a PARP inhibitor as maintenance. While it is still early in development and BioLine is in conversations with key opinion leaders on the path forward, BioLine’s initial thoughts are that the synergy offers additional options for development and expands the range of cancers and patient populations that can be treated with PARPi. In addition to ovarian cancer, this includes breast, prostate, and pancreatic cancer.
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[1] PARP stands for poly (ADP-ribose) polymerase. It acts like a repair crew inside cells to fix broken strands of DNA.
