Earnings call transcript: BioLineRx’s Q1 2026 reveals mixed results

BioLineRx Ltd. (BLRX) reported its Q1 2026 financial results, showcasing a mix of increased revenues and higher expenses, leading to a net loss. The company’s stock showed a premarket decline of 2.53% to $3.08, reflecting investor uncertainty. Yet the broader picture reveals stronger momentum, with shares up nearly 15% over the past week and posting a 14% gain year-to-date. According to InvestingPro analysis, the stock currently appears undervalued relative to its Fair Value, offering potential upside for investors willing to navigate the clinical-stage risks. The earnings call highlighted key developments in their clinical-stage pipeline, notably the GLIX1 trial for glioblastoma treatment.

BioLineRx’s Q1 2026 performance reflected its strategic focus on clinical-stage development. The company reported a revenue increase to $0.5 million, up from $0.3 million in Q1 2025, primarily due to royalties from APHEXDA. However, increased R&D expenses and a drop in non-operating income contributed to a net loss of $2.6 million, compared to a net income of $5.1 million in the same quarter last year.

BioLineRx’s future guidance projects stable earnings per share at -$0.01 for both FY 2026 and FY 2027. Revenue forecasts show modest growth, with expectations of $0.36 million in Q2 2026 and $2.01 million by FY 2027. The company emphasized its strong cash position, which is expected to support operations into 2027.

CEO Phil Serlin stated, "Our increased investment in R&D, particularly in the GLIX1 program, positions us to advance our innovative treatments for glioblastoma and other cancers." He highlighted the strategic importance of the GLIX1 trial and expressed optimism about its potential impact on the company’s future growth.

BioLineRx’s Q1 2026 results underscore its commitment to advancing clinical-stage developments while navigating financial challenges. The company’s strategic initiatives in cancer treatment, particularly the GLIX1 trial, are pivotal to its long-term growth prospects. Analysts remain bullish, with price targets ranging from $12 to $23—substantially above the current $3.16 price. For investors seeking comprehensive analysis, BLRX is among the 1,400+ US equities covered by InvestingPro’s detailed Pro Research Reports, which transform complex Wall Street data into clear, actionable intelligence.

Operator: Ladies and gentlemen, thank you for standing by. Welcome to the BioLineRx first quarter 2026 financial results conference call. All participants are presently in a listen-only mode. Following management’s formal presentation, instructions will be given for the question and answer session. For operator assistance during the conference, please press star zero. I would now like to turn over the call to Chuck Padala, investor relations. Chuck, please go ahead.

Chuck Padala, Investor Relations, BioLineRx: Thank you, operator, and welcome everyone, and thank you for joining us on our quarterly results conference call. Earlier today, we issued a press release, a copy of which is available in the investor relations section of our website. It was also filed as a 6-K. I’d like to remind everyone that certain statements we make during the call will be forward-looking. Because such statements deal with future events and are subject to many risks and uncertainties, actual results may differ materially from those in the forward-looking statements. For a full discussion of these risks and uncertainties, please review our annual report on Form 20-F and our quarterly reports on Form 6-K that are filed with the U.S. Securities and Exchange Commission. At this time, it is now my pleasure to turn the call over to Mr. Phil Serlin, Chief Executive Officer of BioLineRx.

Phil Serlin, Chief Executive Officer, BioLineRx: Thank you, Chuck Padala. Good morning, everyone. Thank you for joining us on today’s call. As has been our practice, I will begin with a few prepared remarks before turning the call over to Mali Zeevi, our Chief Financial Officer, to briefly recap our financials. Afterwards, we will take your questions. Ella Sorani, our Chief Development Officer, is also available for Q&A. I would like to begin this morning with an update on GLIX1, a highly innovative molecule for the treatment of glioblastoma, or GBM, and other cancers that we obtained through our collaboration with Hemispherian.

In March, we were pleased to announce the initiation of a phase I/IIa first-in-human trial of GLIX1 for the treatment of GBM, and a few weeks later, the first patient was dosed at NYU Langone Health under the supervision of Dr. Alexandra Miller, Chief of Neuro-Oncology and Co-director of the Brain and Spine Tumor Center, Perlmutter Cancer Center at Langone Health. A total of three renowned academic centers will participate in this clinical trial. In addition to Langone Health, Northwestern University, led by Dr. Roger Stupp and Dr. Ditte Primdahl, and Moffitt Cancer Center, led by Dr. Patrick Hwu, will also be recruiting and treating patients. Additional sites may be added to the study at a later date as well. The phase I part of the trial is expected to recruit up to 30 patients with recurrent GBM and other high-grade gliomas.

The objective is to establish a maximum tolerated dose and/or recommended dose based on safety, PK/PD, and preliminary efficacy. We expect to provide periodic updates on the trial during the second half of 2026, with full results on the dose escalation part in 2027. The phase IIa expansion part of the trial is planned to include additional indications, including newly diagnosed GBM as well as select cancers with GLIX1 as monotherapy or in combination with standard of care, including in combination with PARP inhibitors. These cohorts are expected to identify preliminary efficacy, PD assessments, and dose optimization data, serving as the basis for a rapid and effective advanced clinical development plan. As a reminder, GLIX1 is an oral small molecule with a novel mechanism of action applicable to a broad range of cancers. By restoring TET2 activity, GLIX1 selectively targets DNA damage repair in cancer cells only.

Glioblastoma was selected as the first indication for GLIX1 due to the low level of TET2 activity in this aggressive brain cancer, for which there remains a high unmet medical need for novel and more effective treatments. GLIX1 has demonstrated its ability to cross the blood-brain barrier, which is a highly significant differentiator for treating GBM and gives us hope that it may show effect where others have failed in this exceedingly difficult indication. Expanding upon our extensive preclinical work, we were very excited to announce just last week new data demonstrating that GLIX1 achieved robust dose-dependent tumor growth inhibition and survival benefit in several studies in two orthotopic cell-derived xenograft, or CDX, models in GBM. In a newly completed subcutaneous temozolomide-resistant patient-derived xenograft, or PDX, model in GBM, GLIX1 demonstrated a robust anti-tumor effect, while no effect was observed with temozolomide.

These results are very encouraging, highlighting the potential to address the high unmet need in GBM, especially since more than half of GBM patients are resistant to temozolomide, which is the current standard of care chemotherapy. We also look forward to engaging with the broader oncology community over the next few days at this year’s ASCO meeting, with two abstracts featuring GLIX1 that have been accepted for online publication. The abstracts highlight the wealth of preclinical data that support GLIX1’s novel mechanism of action, designed to induce tumor-selective DNA damage in a broad range of cancers, thus providing rationale for the development of GLIX1 in GBM and in additional cancers as well.

They also highlight the compelling mechanistic rationale for combining GLIX1 with PARP inhibitors, supported by a synergistic effect in cell lines across diverse cancers, including tumor types typically less responsive to PARP inhibition. Taken together, the results of our extensive preclinical program for GLIX1 strongly support its continued advancement in the ongoing Phase I/II-A first-in-human study, both in GBM and in other cancer indications. The unmet need in glioblastoma is significant. It is the most common and aggressive form of primary brain cancer. GBM occurs at all ages, but peaks with individuals in their 50s and 60s, with an increasing incidence driven by an aging global population. New and better treatments are desperately needed that can improve survival, maintain quality of life, and delay tumor progression. The current standard of care was established more than 20 years ago, with only limited improvements since that time.

Treatment includes surgical resection followed by radiotherapy and concomitant and adjuvant chemotherapy, as-mentioned temozolomide. The prognosis for patients is poor, with median survival of approximately 12 to 18 months following diagnosis. By 2030, the annual incidence of GBM is expected to be approximately 18,500 patients in the U.S. and approximately 13,500 patients across the EU4 +1; France, Germany, Italy, Spain, and the United Kingdom. This translates into total addressable markets across both the newly diagnosed and recurrent settings of more than $3.7 billion in the U.S. and Europe alone. We view this as a wide-open market with few competitors. We are incredibly pleased to have brought this highly innovative molecule into our pipeline, and we look forward to keeping you apprised of our progress as we pursue its development in a wide range of cancers. Turning now to pancreatic cancer or PDAC.

Recall that we retained the rights to develop motixafortide in PDAC as part of the Ayrmid out-licensing agreement, and we continue to support its ongoing development in this indication. Columbia University, supported by both Regeneron and BioLineRx, is executing a randomized Phase II-B clinical trial known as CheMo4METPANC,