BioLineRx Reports Second Quarter 2023 Financial Results and Recent Corporate and Portfolio Updates
- On Track for
- Signed Exclusive License Agreement to Motixafortide in
- Announced Initiation of Investigator-Initiated Randomized Phase 2 Combination Trial with Motixafortide in First Line PDAC in Collaboration with
- Management to host conference call today,
"We had a very productive second quarter across all areas of the company, including our focused pre-launch preparation activities tied to the potential
Additionally, we advanced our second major development program for motixafortide in pancreatic cancer through the initiation of a randomized Phase 2 clinical trial with
"Finally, our clinical trial collaboration with
Corporate Updates
- On track for September 9, 2023 PDUFA target action date on NDA for motixafortide in stem cell mobilization for autologous transplantation in multiple myeloma
- Signed exclusive license agreement to develop and commercialize motixafortide in
Asia with concurrent equity investment; license agreement includes$15 million upfront payment, plus potential development, regulatory and sales milestones, and tiered double-digit royalties, as well as various development obligations for the licensee, including the planned initiation inChina of a registrational study in stem-cell mobilization and a randomized Phase 2/3 study in first-line pancreatic cancer; straight common equity investment of$14.6 million inBioLineRx at$2.136 per ADS with no warrants; effectiveness and closing of transactions is contingent upon approval byIsraeli Innovation Authority of license agreement within four months of execution, and other closing conditions
Clinical Portfolio Updates
Motixafortide (selective inhibitor of CXCR4 chemokine receptor)
Multiple Myeloma
- Announced publication in Nature Medicine of GENESIS Phase 3 clinical trial data evaluating motixafortide and G-CSF in stem cell mobilization for autologous transplantation in multiple myeloma
Pancreatic Ductal Adenocarcinoma
- Announced initiation of randomized, investigator-initiated Phase 2 clinical trial in collaboration with
Columbia University , with joint funding of the study by Regeneron andBioLineRx , assessing motixafortide in combination with the PD-1 inhibitor cemiplimab and standard-of-care chemotherapy as first-line treatment in patients with mPDAC. Anticipate initial patient data in 2023. A poster of the amended clinical trial design was presented at the 2023American Society of Clinical Oncology (ASCO) Annual Meeting in June
Sickle Cell Disease & Gene Therapy
- Continued to advance plans for a clinical trial in collaboration with
Washington University School of Medicine inSt. Louis to evaluate motixafortide as monotherapy and in combination with natalizumab for CD34+ hematopoietic stem cell mobilization for gene therapies in sickle cell disease. Anticipate trial initiation later this year
AGI-134 (synthetic alpha-Gal glycolipid)
Solid Tumor Immunotherapy
- Evaluating next development pathways for AGI-134 program in consultation with scientific advisory board. Results from Phase 1/2a first-in-human, single-agent study announced in Q4 2022. Study met primary endpoint for safety and tolerability and demonstrated immune activity across multiple biomarkers
Second Quarter 2023 Financial Results
- Research and development expenses for the three months ended
June 30, 2023 were$3.0 million , a decrease of$2.4 million , or 44.3%, compared to$5.4 million for the three months endedJune 30, 2022 . The decrease resulted primarily from lower expenses related to NDA supporting activities related to motixafortide as well as lower expenses associated with the completed AGI-134 clinical trial - Sales and marketing expenses for the three months ended
June 30, 2023 were$5.6 million , an increase of$4.4 million , or 383.9% compared to$1.2 million for the three months endedJune 30, 2022 . The increase resulted primarily from the ramp-up of pre-launch activities related to motixafortide - General and administrative expenses for the three months ended
June 30, 2023 were$1.3 million , an increase of$0.3 million , or 24.4% compared to$1.0 million for the three months endedJune 30, 2022 . The increase resulted primarily from an increase in payroll and related expenses due to a small increase in headcount and share-based compensation, as well as small increases in a number of G&A expenses - Net loss for the three months ended
June 30, 2023 was$18.5 million , compared to$7.4 million for the three months endedJune 30, 2022 . The Company's net loss for the six months endedJune 30, 2023 amounted to$30.7 million , compared to$12.4 million for the six months endedJune 30, 2022 . The increases in net loss for both the three and six months endedJune 30, 2023 were due primarily to a non-operating expense of approximately$7.8 million and$10.8 million respectively, related to the revaluation of outstanding warrants resulting from an increase in the Company's share price over the preceding three and six months - As of
June 30, 2023 , the Company held cash, cash equivalents, and short-term bank deposits of$32.8 million and anticipates this will be sufficient to fund operations, as currently planned, into the first half of 2024. This amount does not include$29.6 million in total funding from the exclusive license agreement and equity investment announced today, which the Company anticipates closing in Q3 subject to formal transaction approval by theIsraeli Innovation Authority and other closing conditions
Conference Call and Webcast Information
To access the conference call, please dial +1-888-281-1167 from the
About
Learn more about who we are, what we do, and how we do it at www.biolinerx.com, or on Twitter and LinkedIn.
Forward Looking Statement
Various statements in this release concerning
Contacts:
IR@biolinerx.com
moran@lifesciadvisors.com
|
||
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION |
||
(UNAUDITED) |
||
|
|
|
2022 |
2023 |
|
in USD thousands |
||
Assets |
||
CURRENT ASSETS |
||
Cash and cash equivalents |
10,587 |
10,104 |
Short-term bank deposits |
40,495 |
22,711 |
Prepaid expenses |
198 |
1,749 |
Other receivables |
721 |
128 |
Total current assets |
52,001 |
34,692 |
NON-CURRENT ASSETS |
||
Property and equipment, net |
726 |
648 |
Right-of-use assets, net |
1,772 |
1,583 |
Intangible assets, net |
21,885 |
22,013 |
Total non-current assets |
24,383 |
24,244 |
Total assets |
76,384 |
58,936 |
Liabilities and equity |
||
CURRENT LIABILITIES |
||
Current maturities of long-term loan |
1,542 |
3,078 |
Accounts payable and accruals: |
||
Trade |
6,966 |
6,733 |
Other |
1,744 |
2,260 |
Current maturities of lease liabilities |
427 |
375 |
Total current liabilities |
10,679 |
12,446 |
NON-CURRENT LIABILITIES |
||
Warrants |
4,509 |
15,352 |
Long-term loan, net of current maturities |
8,626 |
8,495 |
Lease liabilities |
1,729 |
1,589 |
Total non-current liabilities |
14,864 |
25,436 |
Total liabilities |
25,543 |
37,882 |
EQUITY |
||
Ordinary shares |
27,100 |
27,100 |
Share premium |
338,976 |
339,045 |
Warrants |
1,408 |
1,408 |
Capital reserve |
14,765 |
15,616 |
Other comprehensive loss |
(1,416) |
(1,416) |
Accumulated deficit |
(329,992) |
(360,699) |
Total equity |
50,841 |
21,054 |
Total liabilities and equity |
76,384 |
58,936 |
|
|||||
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE LOSS |
|||||
(UNAUDITED) |
|||||
Three months ended |
Six months ended |
||||
2022 |
2023 |
2022 |
2023 |
||
in USD thousands |
in USD thousands |
||||
RESEARCH AND DEVELOPMENT EXPENSES |
(5,395) |
(3,006) |
(9,830) |
(6,690) |
|
SALES AND MARKETING EXPENSES |
(1,158) |
(5,604) |
(1,795) |
(9,478) |
|
GENERAL AND ADMINISTRATIVE EXPENSES |
(1,049) |
(1,305) |
(2,056) |
(2,603) |
|
OPERATING LOSS |
(7,602) |
(9,915) |
(13,681) |
(18,771) |
|
NON-OPERATING INCOME (EXPENSES), NET |
458 |
(7,733) |
1,726 |
(10,649) |
|
FINANCIAL INCOME |
80 |
440 |
147 |
977 |
|
FINANCIAL EXPENSES |
(379) |
(1,337) |
(565) |
(2,264) |
|
NET LOSS AND COMPREHENSIVE LOSS |
(7,443) |
(18,545) |
(12,373) |
(30,707) |
|
in USD |
in USD |
||||
LOSS PER ORDINARY SHARE - BASIC AND DILUTED |
(0.01) |
(0.02) |
(0.02) |
(0.03) |
|
WEIGHTED AVERAGE NUMBER OF SHARES USED IN |
715,365,554 |
922,958,942 |
715,260,781 |
922,958,942 |
|
CONDENSED INTERIM STATEMENTS OF CHANGES IN EQUITY |
|||||||
(UNAUDITED) |
|||||||
Ordinary |
Share |
Capital |
Other comprehensive |
Accumulated |
|||
shares |
premium |
Warrants |
reserve |
loss |
deficit |
Total |
|
in USD thousands |
|||||||
BALANCE AT |
21,066 |
339,346 |
975 |
13,157 |
(1,416) |
(305,041) |
68,087 |
CHANGES FOR SIX MONTHS ENDED |
|||||||
Issuance of share capital, net |
89 |
177 |
- |
- |
- |
- |
266 |
Employee stock options exercised |
2 |
12 |
- |
(12) |
- |
- |
2 |
Employee stock options expired |
- |
135 |
- |
(135) |
- |
- |
- |
Share-based compensation |
- |
- |
- |
586 |
- |
- |
586 |
Comprehensive loss for the period |
- |
- |
- |
- |
- |
(12,373) |
(12,373) |
BALANCE AT |
21,157 |
339,670 |
975 |
13,596 |
(1,416) |
(317,414) |
56,568 |
Ordinary |
Share |
Capital |
Other comprehensive |
Accumulated |
|||
shares |
premium |
Warrants |
reserve |
loss |
deficit |
Total |
|
in USD thousands |
|||||||
BALANCE AT |
27,100 |
338,976 |
1,408 |
14,765 |
(1,416) |
(329,992) |
50,841 |
CHANGES FOR SIX MONTHS ENDED |
|||||||
Employee stock options expired |
- |
69 |
- |
(69) |
- |
- |
- |
Share-based compensation |
- |
- |
- |
920 |
- |
- |
920 |
Comprehensive loss for the period |
- |
- |
- |
- |
- |
(30,707) |
(30,707) |
BALANCE AT |
27,100 |
339,045 |
1,408 |
15,616 |
(1,416) |
(360,699) |
21,054 |
|
||
CONDENSED CONSOLIDATED INTERIM CASH FLOW STATEMENTS |
||
(UNAUDITED) |
||
Six months ended |
||
2022 |
2023 |
|
in USD thousands |
||
CASH FLOWS - OPERATING ACTIVITIES |
||
Net loss for the period |
(12,373) |
(30,707) |
Adjustments required to reflect net cash used in operating activities |
498 |
13,009 |
Net cash used in operating activities |
(11,875) |
(17,698) |
CASH FLOWS – INVESTING ACTIVITIES |
||
Investments in short-term deposits |
(9,000) |
(6,006) |
Maturities of short-term deposits |
24,141 |
24,000 |
Purchase of property and equipment |
(62) |
(99) |
Purchase of intangible assets |
- |
(153) |
Net cash provided by investing activities |
15,079 |
17,742 |
CASH FLOWS – FINANCING ACTIVITIES |
||
Issuance of share capital and warrants, net of issuance costs |
266 |
- |
Employee stock options exercised |
2 |
- |
Repayments of loan |
(1,812) |
- |
Repayments of lease liabilities |
(88) |
(183) |
Net cash used in financing activities |
(1,632) |
(183) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
1,572 |
(139) |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD |
12,990 |
10,587 |
EXCHANGE DIFFERENCES ON CASH AND CASH EQUIVALENTS |
(562) |
(344) |
CASH AND CASH EQUIVALENTS - END OF PERIOD |
14,000 |
10,104 |
|
||
APPENDIX TO CONDENSED CONSOLIDATED INTERIM CASH FLOW STATEMENTS |
||
(UNAUDITED) |
||
Six months ended |
||
2022 |
2023 |
|
in USD thousands |
||
Adjustments required to reflect net cash used in operating activities: |
||
Income and expenses not involving cash flows: |
||
Depreciation and amortization |
314 |
457 |
Exchange differences on cash and cash equivalents |
562 |
344 |
Fair value adjustments of warrants |
(1,673) |
10,843 |
Share-based compensation |
586 |
920 |
Interest and exchange differences on short-term deposits |
(142) |
(210) |
Interest on loan |
68 |
1,405 |
Exchange differences on lease liability |
(205) |
(75) |
(490) |
13,684 |
|
Changes in operating asset and liability items: |
||
Increase in prepaid expenses and other receivables |
(688) |
(958) |
Increase in accounts payable and accruals |
1,676 |
283 |
988 |
(675) |
|
498 |
13,009 |
|
Supplemental information on interest received in cash |
146 |
761 |
Supplemental information on interest paid in cash |
217 |
640 |
Supplemental information on non-cash transactions: |
||
Acquisition of right-of-use asset |
- |
66 |
View original content:https://www.prnewswire.com/news-releases/biolinerx-reports-second-quarter-2023-financial-results-and-recent-corporate-and-portfolio-updates-301913045.html
SOURCE