View Filing Data

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2018
Document And Entity Information
Entity Registrant Name	BioLineRx Ltd.
Entity Central Index Key	0001498403
Document Type	6-K
Document Period End Date	Jun. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2018

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
CURRENT ASSETS
Cash and cash equivalents	$ 5,789	$ 5,110
Short-term bank deposits	35,339	44,373
Prepaid expenses	1,231	307
Other receivables	438	586
Total current assets	42,797	50,376
NON-CURRENT ASSETS
Long-term prepaid expenses	63	61
Long-term investment		1,000
Property and equipment, net	2,318	2,505
Intangible assets, net	7,035	7,023
Total non-current assets	9,416	10,589
Total assets	52,213	60,965
CURRENT LIABILITIES
Current maturities of long-term bank loan	93	93
Accounts payable and accruals:
Trade	4,128	5,516
Other	1,117	1,113
Total current liabilities	5,338	6,722
NON-CURRENT LIABILITIES
Long-term bank loan, net of current maturities	109	157
Warrants	580	1,205
Total non-current liabilities	689	1,362
COMMITMENTS AND CONTINGENT LIABILITIES
Total liabilities	6,027	8,084
EQUITY
Ordinary shares	2,920	2,836
Share premium	243,883	240,682
Capital reserve	11,343	10,337
Other comprehensive loss	(1,416)	(1,416)
Accumulated deficit	(210,544)	(199,558)
Total equity	46,186	52,881
Total liabilities and equity	$ 52,213	$ 60,965

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Profit or loss [abstract]
RESEARCH AND DEVELOPMENT EXPENSES	$ (4,484)	$ (4,062)	$ (9,554)	$ (7,652)
SALES AND MARKETING EXPENSES	(360)	(288)	(844)	(969)
GENERAL AND ADMINISTRATIVE EXPENSES	(883)	(844)	(1,958)	(1,874)
OPERATING LOSS	(5,727)	(5,194)	(12,356)	(10,495)
NON-OPERATING INCOME (EXPENSES), NET	663	(4)	1,125	(9)
FINANCIAL INCOME	287	304	462	761
FINANCIAL EXPENSES	(11)	(3)	(217)	(9)
NET LOSS AND COMPREHENSIVE LOSS	$ (4,788)	$ (4,897)	$ (10,986)	$ (9,752)
LOSS PER ORDINARY SHARE - BASIC AND DILUTED	$ (0.05)	$ (0.05)	$ (0.10)	$ (0.13)
WEIGHTED AVERAGE NUMBER OF SHARES USED IN CALCULATION OF LOSS PER ORDINARY SHARE	106,630,704	94,487,470	106,524,332	76,571,351

CONDENSED INTERIM STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Thousands	Ordinary shares [Member]	Share premium [Member]	Other comprehensive loss [Member]	Capital reserve [Member]	Accumulated deficit [Member]	Total
BALANCE at Dec. 31, 2016	$ 1,513	$ 199,567	$ (1,416)	$ 10,569	$ (175,206)	$ 35,027
CHANGES FOR
Issuance of share capital, net	1,056	30,241				31,297
Employee stock options exercised	1	320		(321)
Employee stock options forfeited and expired		1,240		(1,240)
Share-based compensation				858		858
Comprehensive loss for the period					(9,752)	(9,752)
BALANCE at Jun. 30, 2017	2,570	231,368	(1,416)	9,866	(184,958)	57,430
BALANCE at Dec. 31, 2017	2,836	240,682	(1,416)	10,337	(199,558)	52,881
CHANGES FOR
Issuance of share capital, net	83	2,764				2,847
Employee stock options exercised		399		(399)
Employee stock options forfeited and expired	1	38		(39)
Share-based compensation				1,444		1,444
Comprehensive loss for the period					(10,986)	(10,986)
BALANCE at Jun. 30, 2018	$ 2,920	$ 243,883	$ (1,416)	$ 11,343	$ (210,544)	$ 46,186

- Definition

The amount of residual interest in the assets of the entity after deducting all its liabilities.

+ References + Details

- Definition

The total of income less expenses, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 7
-IssueDate 2017-01-01
-Paragraph 18
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=7&date=2017-03-01&anchor=para_18_b&doctype=Standard
-URIDate 2017-03-09

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2017-01-01
-Paragraph 24
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=1&date=2017-03-01&anchor=para_24_b&doctype=Standard
-URIDate 2017-03-09

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2017-01-01
-Paragraph 32
-Subparagraph a
-Clause ii
-URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=1&date=2017-03-01&anchor=para_32_a_ii&doctype=Standard
-URIDate 2017-03-09

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2017-01-01
-Paragraph 28
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=8&date=2017-03-01&anchor=para_28_b&doctype=Standard
-URIDate 2017-03-09

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2017-01-01
-Paragraph 23
-URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=8&date=2017-03-01&anchor=para_23&doctype=Standard
-URIDate 2017-03-09

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2017-01-01
-Paragraph B10
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=12&date=2017-03-01&anchor=para_B10_b&doctype=Appendix&seq=2
-URIDate 2017-03-09

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2017-01-01
-Paragraph 106
-Subparagraph d
-Clause i
-URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=1&date=2017-03-01&anchor=para_106_d_i&doctype=Standard
-URIDate 2017-03-09

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Note Effective on first application of IFRS 9
-Name IFRS
-Number 4
-IssueDate 2017-01-01
-Paragraph 39L
-Subparagraph e
-URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=4&date=2017-03-01&anchor=para_39L_e&doctype=Standard
-URIDate 2017-03-09

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2017-01-01
-Paragraph 81A
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=1&date=2017-03-01&anchor=para_81A_a&doctype=Standard
-URIDate 2017-03-09

+ Details

CONDENSED CONSOLIDATED INTERIM CASH FLOW STATEMENTS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
CASH FLOWS - OPERATING ACTIVITIES
Comprehensive loss for the period	$ (10,986)	$ (9,752)
Adjustments required to reflect net cash used in operating activities (see appendix below)	(2,054)	1,746
Net cash used in operating activities	(13,040)	(8,006)
CASH FLOWS - INVESTING ACTIVITIES
Investments in short-term deposits	(15,000)	(36,422)
Maturities of short-term deposits	24,385	24,233
Proceeds from realization of long-term investment	1,500
Purchase of property and equipment	(76)	(90)
Purchase of intangible assets	(37)	(3,721)
Net cash provided by (used in) investing activities	10,772	(16,000)
CASH FLOWS - FINANCING ACTIVITIES
Issuances of share capital, net	2,847	28,312
Repayments of bank loan	(47)	(47)
Net cash provided by financing activities	2,800	28,265
INCREASE IN CASH AND CASH EQUIVALENTS	532	4,259
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	5,110	2,469
EXCHANGE DIFFERENCES ON CASH AND CASH EQUIVALENTS	147	218
CASH AND CASH EQUIVALENTS - END OF PERIOD	5,789	6,946
Income and expenses not involving cash flows:
Depreciation and amortization	288	250
Long-term prepaid expenses	(2)	(1)
Exchange differences on cash and cash equivalents	(147)	(218)
Gain on adjustment of warrants to fair value	(625)
Gain on realization of long-term investment	(500)
Share-based compensation	1,444	858
Interest and exchange rate differences on short-term deposits	(351)	(273)
Interest and linkage differences on bank loan	(1)
Total income and expense not involving cash flows	106	616
Changes in operating asset and liability items:
Increase in prepaid expenses and other receivables	(776)	(623)
Increase (decrease) in accounts payable and accruals	(1,384)	1,753
Total Change in operating asset and liability	(2,160)	1,130
Total Adjustments required to reflect net cash used in operating acivities	(2,054)	1,746
Supplementary information on interest received in cash	377	258
Supplementary non-cash investment		$ 2,985

GENERAL INFORMATION

6 Months Ended

Jun. 30, 2018

Disclosure of general information [Abstract]

GENERAL INFORMATION

NOTE 1 – GENERAL INFORMATION

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, from pre-clinical development to advanced clinical trials, primarily in the fields of oncology and immunology.

In February 2007, BioLineRx listed its ordinary shares on the Tel Aviv Stock Exchange (“TASE”) and they have been traded on the TASE since that time. Since July 2011, BioLineRx’s American Depositary Shares (“ADSs”) have also been traded on the NASDAQ Capital Market.

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.

The Company has been engaged in drug development since its incorporation. Although the Company has generated significant revenues from a number of out-licensing transactions in the past, the Company cannot determine with reasonable certainty when and if it will have sustainable profits.

Approval of financial statements

The condensed consolidated interim financial statements of the Company as of June 30, 2018, and for the three and six months then ended, were approved by the Board of Directors on August 7, 2018, and signed on its behalf by the Chairman of the Board, the Chief Executive Officer and the Chief Financial Officer.

BASIS OF PREPARATION	6 Months Ended
BASIS OF PREPARATION	Jun. 30, 2018
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, 2018 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 statement 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, 2017 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, 2018 are not necessarily indicative of the results that may be expected for the entire fiscal year or for any other interim period.

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2018
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, 2017 and for the year then ended, except as follows: (i) IFRS No. 9, “Financial Instruments,” which was effective from January 1, 2018, did not have a material effect on the Company’s financial statements; (ii) IFRS No. 15, “Revenue from Contracts with Customers,” also effective from January 1, 2018, is not relevant to the Company’s financial statements because the Company does not have any revenues; (iii) IFRS No. 16, “Leases,” which is not yet in effect and which the Company has not adopted early, was disclosed in the 2017 annual financial statements. The Company is currently evaluating the potential effect of this new guidance on its consolidated financial statements.

ISSUANCES OF SHARE CAPITAL AND WARRANTS

6 Months Ended

Jun. 30, 2018

Disclosure of issuances of share capital and warrants [Abstract]

ISSUANCES OF SHARE CAPITAL AND WARRANTS

NOTE 4 – ISSUANCES OF SHARE CAPITAL AND WARRANTS

At-the-market (“ATM”) sales agreement with BTIG

In October 2017, the Company entered into an at-the-market (“ATM”) sales agreement with BTIG, LLC (“BTIG”), pursuant to which the Company may, at its sole discretion, offer and sell through BTIG, acting as sales agent, ADSs having an aggregate offering price of up to $30.0 million throughout the period during which the ATM facility remains in effect. The Company will pay BTIG a commission of 3.0% of the gross proceeds from the sale of ADSs under the facility. From the effective date of the agreement through June 30, 2018, 3,880,210 ADSs were sold under the program for total net proceeds of approximately $3.9 million, leaving an available balance under the facility of approximately $26.0 million as of June 30, 2018.

Direct placement of share capital and warrants to BVF

In July 2017, the Company completed a direct placement to BVF Partners L.P., its largest shareholder, for aggregate gross proceeds of $9.6 million. The placement consisted of 8,495,575 ADSs, Series A warrants to purchase an additional 2,973,451 ADSs and Series B warrants to purchase an additional 2,973,451 ADSs. The Series A warrants have an exercise price of $2.00 per ADS and are exercisable for a term of four years. The Series B warrants have an exercise price of $4.00 per ADS and are also exercisable for a term of four years. Net proceeds from the transaction were approximately $9.5 million, after deducting fees and expenses.

The warrants issued have been classified as a non-current financial liability due to a net settlement provision. This liability is initially recognized at its fair value on the date the contract is entered into and subsequently accounted for at fair value at each balance sheet date. The fair value changes are charged to non-operating income and expense in the statement of comprehensive loss.

The fair value of the warrants is computed using the Black and Scholes option pricing model. The fair value of the warrants upon issuance was computed based on the then current price of an ADS, a risk-free interest rate of 1.66% and an average standard deviation of 57.8%. The fair value of the warrants as of June 30, 2018 was based on the then current price of an ADS, a risk-free interest rate of 2.63% and an average standard deviation of 53.8%.

SHAREHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2018

Disclosure of classes of share capital [abstract]

SHAREHOLDERS' EQUITY

NOTE 5 – SHAREHOLDERS’ EQUITY

As of December 31, 2017 and June 30, 2018, share capital is composed of ordinary shares, as follows:

	Number of ordinary shares
	December 31,		June 30,
	2017		2018

Authorized share capital		250,000,000		250,000,000

Issued and paid-up share capital		105,063,437		108,029,516

	In USD and NIS
	December 31,		June 30,
	2017		2018

Authorized share capital (in NIS)		25,000,000		25,000,000

Issued and paid-up share capital (in NIS)		10,506,344		10,802,952

Issued and paid-up share capital (in USD)		2,836,139		2,919,910

REALIZATION OF INVESTMENT IN JOINT VENTURE (iPharma)	6 Months Ended
REALIZATION OF INVESTMENT IN JOINT VENTURE (iPharma)	Jun. 30, 2018
Disclosure of selling the holdings in the joint venture - iPharma [Abstract]
REALIZATION OF INVESTMENT IN JOINT VENTURE (iPharma)	NOTE 6 – REALIZATION OF INVESTMENT IN JOINT VENTURE (iPharma) In 2016, the Company established a joint venture with I-Bridge Capital, a Chinese venture capital fund focused on developing innovative therapies in China, with each party contributing initial seed capital to the venture of $1.0 million. The joint venture, named iPharma, focused on the development of innovative clinical and pre-clinical therapeutic candidates to serve the Chinese and global healthcare markets. In April 2018, the Company sold its holdings in the joint venture to I-Bridge Capital for cash consideration of $1.5 million. The gain of $0.5 million is included in non-operating income in the statement of comprehensive loss.

SHAREHOLDERS' EQUITY (Tables)

6 Months Ended

Jun. 30, 2018

Disclosure of classes of share capital [abstract]

Schedule of Share Capital

As of December 31, 2017 and June 30, 2018, share capital is composed of ordinary shares, as follows:

	Number of ordinary shares
	December 31,		June 30,
	2017		2018

Authorized share capital		250,000,000		250,000,000

Issued and paid-up share capital		105,063,437		108,029,516

	In USD and NIS
	December 31,		June 30,
	2017		2018

Authorized share capital (in NIS)		25,000,000		25,000,000

Issued and paid-up share capital (in NIS)		10,506,344		10,802,952

Issued and paid-up share capital (in USD)		2,836,139		2,919,910

ISSUANCES OF SHARE CAPITAL AND WARRANTS (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	6 Months Ended
	Jul. 31, 2017	Jun. 30, 2018	Jun. 30, 2017	Oct. 31, 2017
Disclosure of terms and conditions of share-based payment arrangement [line items]
Net proceeds from transaction		$ 2,847	$ 28,312
BVF Partners L.P. [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Net proceeds from transaction	$ 9,600
Net proceeds from transaction after deduction	$ 9,500
BTIG, LLC [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Aggregate offering price				$ 30,000
Percentage of commission on sales agreement				3.00%
Share purchase agreement		3,880,210
Net proceeds from transaction		3,900
Available balance under the facility		$ 26,000
ADS [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Risk-free interest rate	1.66%	2.63%
Average standard deviation	57.80%	53.80%
ADS [Member] \| BVF Partners L.P. [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of shares issued in direct placement	8,495,575
ADS [Member] \| BVF Partners L.P. [Member] \| Series A warrants [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Warrants purchase to additional ADSs	2,973,451
Exercise price of warrants	$ 2.00
Exercisable period of warrants	four years
ADS [Member] \| BVF Partners L.P. [Member] \| Series B warrants [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Warrants purchase to additional ADSs	2,973,451
Exercise price of warrants	$ 4.00
Exercisable period of warrants	four years

SHAREHOLDERS' EQUITY (Schedule of Share Capital) (Details) ₪ in Thousands, $ in Thousands	Jun. 30, 2018 USD ($) shares	Jun. 30, 2018 ILS (₪) shares	Dec. 31, 2017 USD ($) shares	Dec. 31, 2017 ILS (₪) shares
Number of Ordinary Shares
Authorized share capital \| shares	250,000,000	250,000,000	250,000,000	250,000,000
Issued and paid-up share capital \| shares	108,029,516	108,029,516	105,063,437	105,063,437
Issued and paid-up share capital \| $	$ 2,919,910		$ 2,836,139
NIS [Member]
Number of Ordinary Shares
Authorized share capital \| ₪		₪ 25,000,000		₪ 25,000,000
Issued and paid-up share capital \| ₪		₪ 10,802,952		₪ 10,506,344

REALIZATION OF INVESTMENT IN JOINT VENTURE (iPharma) (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Apr. 30, 2018	Jun. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of joint ventures [line items]
Initial seed capital to joint venture			$ 1,000
I-Bridge Capital [Member]
Disclosure of joint ventures [line items]
Initial seed capital to joint venture				$ 1,000
Cash consideration to joint venture	$ 1,500
Net gain		$ 500