Is BioLineRx Ltd. (BLRX) a good stock to buy?
What we have tested leans negative. To like it anyway you need a reason our checks do not capture.
What each rating means, in numbers
Business quality — Middling. Passes 4 of the 9 health checks we can measure — things like making a profit, turning it into cash, and not piling on debt. Across 131,000 company-quarters the weakest scorers went on to fail at 5.4% against 1.4% for the strongest, in every era and all twelve sectors.
How wild is the price? — Wild. The share price swings about 54% in a typical year, which puts it in the above average. Out of every 100 companies that swung like this, about 3.7 went bankrupt within the year. Across the three periods we tested that ran from 0.9% to 5.7%.
What "tested" means here, and why there is no score out of 100
Tested means the read was measured against what actually happened afterwards, on a history that keeps the companies that were later delisted, using only figures that had been filed on the day they are used. Survival was ranked on companies that really did fail. What an owner keeps was tested across the universe from 2011 to 2025.
The full record of everything we have tested is on the research pages.
Which benchmark. Over the period we tested, the median listed company returned +5.8% a year while the S&P 500 returned about +13.9% — the index is weighted by size and was carried by a handful of enormous winners. So "beats the index" and "beats the other companies you could have bought" are different questions. Where a read says it picks better companies, it means the second one. None of these gets you an index fund's return, and we would rather say that than imply otherwise.
The quality read is the strongest thing we have tested: 131,000 company-quarters across 5,300 companies, where the weakest scorers went on to fail at 5.4% against 1.4% for the strongest, holding in every era and all twelve sectors. It still says less likely to break, not likely to beat the market — every band in that study lost to the index at the median, because the median listed company does.
Each read is shown on its own rather than merged into a single score, so you can see which part is strong and which is weak instead of taking an average on trust.
▾ What goes into the smart-money reading
Contributions (weight × component score) sum to the total. This near-term score now includes fundamental health (leverage, FCF trend). It excludes the Altman Z score, whose retained-earnings input this filer does not report separately. See the Financial Health section for the full balance-sheet read.
Chance the S&P 500 falls 10% or more in the next three months.
Counted from every day since 2006. Says nothing about BLRX — see the board for how it is measured.
📍 Where to start on this page, and what to look at first
How to read BLRX (speculative micro-cap)
No model can pin a precise fair value on a company this small — but that does not mean there is nothing to learn. The useful questions are what the price is betting on, and whether the company can survive long enough to deliver it.
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1
Reverse-DCF — what growth the price assumes ↓
The single most useful number here: it backs out the growth the market is paying for. If that figure is "historically unprecedented," the price is running on hype, not fundamentals.
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2
Cash runway ↓
A pre-profit micro-cap lives or dies on whether it can fund itself to profitability before running out of money and diluting you.
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3
The raw financial statements + the 10-K ↓
At this scale, the actual numbers, insider ownership, and share-count trend tell you more than any ratio.
Standard DCF doesn't fit BLRX well — but that's expected for this kind of business. The Rule of 40 (Pre-Profit Growth) Lens below uses the metrics actually used by analysts who value pharmaceuticals. Reverse DCF + Football Field also work as cross-checks.
What this rating means
What the rating says — Above every method. The current price sits ABOVE the high end of every method. The market is paying a premium to all of these lenses — it expects materially better growth or margins than the models assume.
What it does not say — Not a forecast. This shows where today's price sits against several different ways of valuing the business. Where the methods disagree, the spread itself is the useful part - it tells you how much the answer depends on which one you trust.
⚠ At today's price, the market values BLRX at about 10.3× its annual sales — a typical established company trades around 1–3×. Standard industry multiples (the bars below) collapse toward $0 at this scale, so they aren't the useful read. For a micro-cap with sales, lean on the Momentum trend, and cash runway — see 📍 What to focus on.
Football field: where does the price sit?
Different valuation methods produce different fair-value ranges depending on assumptions. Plotting them together lets you see at a glance whether the current price is reasonable across approaches, or only one specific lens.
Industry multiples sourced from: industry: Pharmaceuticals. See the Peer Basket section below for the peer comparison and its limited-comparables caveat.
How to read a company this small
This is a clinical-stage biotech with little or no revenue. Standard DCF requires future cash flows to discount — there's nothing to discount yet. The value is entirely in the drug pipeline and the probability that it works.
- Drug pipeline — phase of each candidate (Phase I → II → III → FDA approval); each phase has historical success probabilities
- Total Addressable Market (TAM) of the lead indication — bigger market = bigger payoff if approved
- Cash runway — months of cash left at current burn rate before they need to raise more (and dilute shareholders)
- Strategic partnerships — Big Pharma collaborations validate the science and bring milestone payments
- Patent / exclusivity timeline — how long until generics if approved
- Insider holdings + management track record — biotech execs with prior wins are a real signal
P/E, P/B, EV/Sales, ROE — meaningless when there's no revenue or earnings. DCF outputs are nonsense.
ClinicalTrials.gov for trial status. The 10-K's "Pipeline" section. Recent press releases on Phase II/III readouts. Conferences like JPM Healthcare or ASCO.
Classified as Clinical-Stage Biotech (confidence 85%). Disagree? An admin can override via the post edit screen.
⚠ Genuine comparables are scarce at this size, so peer multiples are unreliable here. Treat as rough context only — see 📍 What to focus on above.
How does BLRX stack up against its closest peers?
We take the 8 same-industry companies most similar to BLRX (similar size) and check what investors are paying for each dollar of their revenue (or profits). If BLRX is much more expensive on the same yardstick, that's a red flag — unless you have a specific reason it deserves a premium. For a leveraged business, FCF yield (in the table) is usually more reliable than EV/Sales, because revenue multiples ignore differences in margins and debt.
▾ What's "EV / Sales" in plain English?
EV (Enterprise Value) = market cap + total debt − cash. It's "what you'd pay to buy the entire company outright" — you pay the market cap to shareholders and take over their debt, but you keep their cash. EV is fairer than market cap alone because it includes the debt the new owner inherits.
EV / Sales = EV ÷ annual revenue. So "2.5×" means investors pay $2.50 of enterprise value per $1 of yearly sales. Higher = market is paying more per dollar of sales (usually because they expect future growth or fat margins).
p25 / median / p75 are the 25th, 50th (middle), and 75th percentile of the peers' multiples. Half the peers fall between p25 and p75. The median (p50) is the typical peer — that's the benchmark we compare to.
| EV / SalesEV / Sales — For every $1 of yearly revenue, this is how many dollars investors pay to own the whole business (including debt). Why it matters: Works for pre-profit growth companies where P/E and FCF don't apply. The most apples-to-apples cross-company multiple because it ignores accounting choices. Reference: 1–3x for mature companies · 4–10x for software/SaaS · 10–20x for hypergrowth · >20x is rare and demanding Full explanation → |
2.0x / 8.7x / 16.8x |
Bold middle number = median peer. Half the peers trade above it, half below. Computed over 8 same-industry peers; implausible multiples excluded.
⚠️ Important caveat: peer multiples only work if the peers are genuinely comparable. Always check the peer list below — if the auto-picker grabbed micro-caps or unrelated businesses, the comparison is noise. A medical-device giant priced against tiny biotech startups won't produce a useful signal.
▾ View peer list (8)
| Ticker | Company | Industry | Mcap | EV/Sales | EV/GP | EV/EBIT | FCF Yield |
|---|---|---|---|---|---|---|---|
| TOVX | Theriva Biologics, Inc. | Pharmaceuticals | $11M | — | — | — | — |
| LPCN | Lipocine Inc. | Pharmaceuticals | $19M | 9.4x | — | — | 0.8% |
| XBIO | Xenetic Biosciences, Inc. | Pharmaceuticals | $6M | 2.0x | — | — | 9.9% |
| XCUR | EXICURE, INC. | Pharmaceuticals | $20M | — | — | — | — |
| TRAW | Traws Pharma, Inc. | Pharmaceuticals | $22M | 7.9x | — | — | 9.8% |
| VNRX | VOLITIONRX LTD | Pharmaceuticals | $22M | 16.8x | — | — | 0.7% |
| TPST | Tempest Therapeutics, Inc. | Pharmaceuticals | $23M | — | — | — | — |
| VYNE | VYNE Therapeutics Inc. | Pharmaceuticals | $23M | 39.9x | — | — | — |
How much money is in the building, and how long does it last?
A clinical-stage biotech has no product revenue, so cash-flow valuation says nothing. What can be measured is the liquid money it holds, how many months of spending that covers, and what the market is paying for the science once the cash is deducted. Keep the two risks apart: financing risk (can it reach the next result without raising money?) and biological risk (does the drug work?). Cash answers only the first.
Burn is measured from last year's operating cash flow less capital spending, so a company that has just begun a large trial will be spending faster than this implies. Altman Z and Piotroski are not shown: both were built for profitable industrial firms.
Quality & solvency checks
Cheap stocks can be cheap for a reason. These screens warn when a low valuation comes paired with structural fragility.
What these health ratings mean, in numbers
Business quality — Middling. Passes 4 of the 9 health checks we can measure — making a profit, turning it into cash, not piling on debt, not issuing shares. Across 131,000 company-quarters the weakest scorers went on to fail at 5.4% within a year against 1.4% for the strongest, and that held in every era and all twelve sectors. It says "less likely to break", not "likely to beat the market".
Why it matters: Cheap-looking stocks (low P/E or P/B) often have low Z-scores because the market knows the company is dying. Z-score warns you before you fall into a value trap.
Reference: > 3.0 = safe zone · 1.81–3.0 = grey zone · < 1.81 = distress zone
Full explanation →
We can't produce a trustworthy Altman Z here: retained earnings weren't separately reported in our data, so a core input would have to be fabricated. Rather than show a categorical "distress" verdict from an invented number, we mark it unavailable. Judge financial health from the leverage, cash position, and the measurable Piotroski checks instead.
Why it matters: High score = fundamentals improving. Low score = deteriorating. Especially powerful for filtering cheap stocks: cheap + high F-score historically outperforms; cheap + low F-score is often a value trap.
Reference: 7–9 = strong · 4–6 = mediocre · 0–3 = weak
Full explanation →
▾ The checks — what passed, what didn't (and what we couldn't measure)
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✗ Positive net incomeNet income -$2.0M in FY2025.Why this matters: Does the company actually earn a profit? Sustained losses eventually force it to raise money — diluting you — or take on debt.
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✗ Positive operating cash flowOperating cash flow -$8.1M (was -$43.9M the prior year).Why this matters: Profit can be an accounting figure; cash from running the business is harder to fake. Negative operating cash flow means the core business consumes cash and must be funded externally.
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✗ Cash flow backs up reported profitOperating cash flow -$8.1M vs net income -$2.0M.Why this matters: When cash generated exceeds reported earnings, profits are high-quality (not propped up by accruals or one-time items).
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✓ Return on assets improvingReturn on assets -5.0% vs -23.7% a year ago.
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✓ Debt load (vs assets)Total debt is 10.9% of assets vs 11.5% a year ago ($4.5M of $40.9M assets).
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✓ Short-term liquidity (current ratio)Current ratio 1.95x vs 1.76x a year ago.
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✗ Share count (dilution)Share count rose 105.8% (2.4M → 4.9M year-over-year).Why this matters: Issuing lots of new shares splits the pie into more pieces, shrinking your slice. Stable or falling share count protects existing owners.
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✓ Pricing power (gross margin)Gross margin 80.5% vs 68.0% a year ago.
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✗ Sales per asset (asset turnover)Asset turnover 0.03x vs 0.74x a year ago.Why this matters: Asset turnover measures how much revenue each dollar of assets generates. Rising = more productive use of the asset base.
Missing data is never counted as a pass or a fail — it's shown as n/a and excluded from the denominator. Each check compares the company against its own prior year.
Plain English: the company holds about $3M in cash and is burning roughly $8M/year in operations. At that pace, the cash lasts 5 mo before it must raise capital (diluting shareholders), take on debt, or cut spending.
Assumes constant burn and ignores financing/asset sales. For pre-profit biotech and growth companies, this matters more than a DCF — a great drug pipeline is worthless if they run out of money before approval.
What if you assume different inputs?
Here's where we land — and what happens if you change the assumptions. Drag the sliders to set your own Discount RateDiscount Rate — The annual return you demand for taking single-stock risk instead of buying a safe Treasury or index fund.
Why it matters: Higher discount rate = stricter valuation (a stock has to produce more cash to be worth holding). Lower = more generous.
Reference: 8–12% is standard · 9–10% matches S&P 500 historical return · Below 7% is illogical for single-stock risk
Full explanation → (the annual return you demand for single-stock risk) and terminal growth; the value updates live so you can see whether the stock looks cheaper or richer. The discount rate starts at 10.0%, the figure our model used for BLRX. Open Advanced to also change beta, growth and the rate path.
Note: no headline intrinsic value is published for this stock (the valuation is held for a data-quality reason — see the notes above). The calculator below is a what-if tool: the values it produces are your assumptions played out, not our estimate.
A full intrinsic value isn't shown for BLRX because the valuation is currently held for a data-quality reason (see the guardrail notes above). The reverse-DCF reading still works — it needs only the price and cash flow — but we won't publish a forward value until the underlying data passes our checks.
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⚙ Advanced — tinker with every input (beta, growth, rate path, margin → full intrinsic value)
BioLineRx Ltd. The market may be paying up for potential future drug pipeline catalysts, which are not captured by backward-looking models. The biggest risk to our model's base assumptions is that operating cash flow, which was NEGATIVE latest and for 0/5 years, continues to decline from its current negative level, rather than improving as modeled.
As of 2 days ago
Anatomy of a share
What you're buying per share. Bars are at the same scale so you can see the relative size of revenue, costs, cash flow, and debt — not just read them in a table.
What's free cash flow / what do these mean?
Revenue per share — how much the business earns from customers, divided by the number of shares outstanding. Top of the income statement.
Earnings per share — profit left after operating costs, interest, and taxes, per share. Two versions appear on this page and are not interchangeable: GAAP diluted EPS uses the company's weighted-average diluted share count during the reporting period (this is the "earnings" in "price-to-earnings"); net income per current share divides annual net income by today's share count. They differ whenever the share count has changed.
Owner-earnings free cash flow per share — the cash the business produces for shareholders. Savng's owner-earnings FCF subtracts capital expenditures and stock-based compensation from operating cash flow (SBC is a real dilution cost even though it's non-cash). This is deliberately more conservative than "standard" FCF, which subtracts only capital expenditures — so our figure is lower than the headline FCF you'll see elsewhere. FCF funds dividends, buybacks, debt repayment, and acquisitions; a company can report positive earnings yet negative FCF.
Debt per share — total interest-bearing borrowings divided by shares. High debt-per-share next to thin FCF-per-share is a fragility signal.
What you actually need to decide
Every stock price is a disagreement. Here's the single thing that must go right for the bulls, the single thing that breaks the thesis, and the concrete signposts to watch so you can update your view as real results arrive.
- Clinical trial results for lead drug candidates
- Regulatory approval decisions
- New collaboration or licensing agreements
The trend, in plain numbers (FY2024 → FY2025, latest reported)
Straight from the financial statements — no model, no opinion. For a small or unprofitable company, the direction of these numbers usually tells you more than any single valuation.
- Free cash flow is negative at -$8.5M — the cash burn narrowed vs last year.
- Gross margin improved to 81% (+13 pts).
- Still unprofitable at -$2.0M — loss narrowing.
- Revenue fell -96% to $1.2M.
Management & Leadership
Philip A Serlin serves as the Chief Executive Officer, and Mali Zeevi is the Chief Financial Officer. Shaoyu Yan and Sandra Panem are also key directors listed in recent SEC filings.
Chief Executive Officer
Chief Financial Officer
What They Make
BioLineRx Ltd. is a clinical-stage biopharmaceutical company focused on developing novel therapies. They generate revenue primarily through collaborations and potential future product sales to healthcare providers and pharmaceutical partners.
End Markets
Revenue Drivers
Why Is It Priced Like This?
Why Customers Pay
What we use instead: earnings (P/E, EV/EBIT), book value (P/B) — computed from the figures this company does report, shown in the sections below. Those numbers are unaffected by the missing cash-flow data.
The market prices BLRX at a premium of +1306.1% to the model's intrinsic valueIntrinsic Value — Our DCF model's estimate of what each share is mathematically worth based on projected cash flows.
Why it matters: Compare to current price. Below IV = potentially undervalued. Above IV = priced for growth that must actually happen.
Reference: Model-derived; quality depends on data and assumptions.
Full explanation →, likely due to the speculative nature of biotech and the potential for significant returns from successful drug development. This optimism exists despite net income being NEGATIVE latest and for 0/5 years, and operating cash flow also being NEGATIVE latest and for 0/5 years, which are weak health signals not justifying the premium based on current financials. The market may be assigning value to future drug pipeline catalysts, which is not in the model.
Business Model & Valuation
How They Make Money
The company funds its operations through equity raises and has total debt of $4.5 million, which is RISING from $3M to $4M. There are no dividends or significant buybacks reported.
Growth / Revenue DCF
Negative free cash flow: revenue/margin growth model used - standard FCF DCF is unreliable for companies still scaling.
Show advanced inputs
| Revenue Growth | 15.0% |
What this model does NOT do: this is a consolidated owner-earnings FCF model. Standalone segment assumptions: none. It does not project its revenue segments independently; their combined effect is embedded in the historical revenue and cash-flow trend the model extrapolates. The calculator above can only approximate a segment's impact through the single consolidated growth rate — it cannot model any one line separately. For a true segment-level view, build a separate model from the company's segment disclosures.
Maturity & Competitive Position
Moat Signals
Revenue was $1.2 million in the latest fiscal year, while net income and operating cash flow have been negative for the latest period and for 0/5 years.
Geography & Markets
BioLineRx Ltd. is headquartered in Israel, with operations and partnerships that likely extend internationally, particularly in key pharmaceutical markets. Exact geographic revenue mix is not available from current data sources.
Geographic Risks
Market Signals
These are timing signals, not value signals — they describe the stock's recent price behavior, not what the business is worth. Use them for the "the thesis looks good, but is now the moment?" question. Each tile below explains what it's saying.
Why it matters: Short-term contrarian indicator. Extreme readings often precede mean reversion, though not always.
Reference: 30–70 normal · >70 overbought · <30 oversold
Full explanation → (14)37.6NeutralMomentum is balanced — neither overbought nor oversold.
Why it matters: When the fast line crosses above the slow line, short-term momentum is turning up; below, turning down. A timing cue, not a value signal.
Reference: Line above signal = bullish momentum · below = bearish
Full explanation →BearishLine below signalThe fast trend is below the slow trend — short-term momentum is currently downward.
Technicals describe price, not the business. A great company can have a "bearish" tape (a buying chance) and a weak one a "bullish" tape (a trap). Pair these with the valuation and health sections above.
QUALITY
Data Quality & Risk Flags (6 notes — click to expand/collapse)
Guardrail Notes (5)
- FCF negative: revenue/margin growth model projects future cash flows from revenue trajectory.
- Model implies no positive equity value under these assumptions. Valuation is speculative/low-confidence.
- Noncontrolling interests: only 78% of the consolidated business belongs to this share class (equity split (1 − noncontrolling equity ÷ total equity)), so every cash-flow input to the valuation is scaled to the economic share held by these shareholders. The financial statements below remain consolidated. Holding-company structure — read the underlying operating entity too.
- Illiquidity discount 25% applied (small/micro-cap — harder to exit, demand a margin).
- Extreme valuation gap (P/IV withheld — see the note above): result may be dominated by model assumptions, share count issues, or sector-specific dynamics. Treat as low confidence.
FINANCIALS
Financial Statements (5-year tables — click to expand)
From BioLineRx Ltd.'s SEC filings (EDGAR).
Income (5yr)
| Year | Revenue | Net Income | EPS |
|---|---|---|---|
| 2025 | 1.2M | -2.0M | $-0.41 |
| 2024 | 28.9M | -9.2M | $-5.00 |
| 2023 | 4.8M | -60.6M | $-30.00 |
| 2022 | — | -25.0M | $-15.00 |
| 2021 | — | -27.1M | $-20.00 |
Cash Flow (5yr)
| Year | Operating CF | CapEx | − SBC | Free Cash Flow |
|---|---|---|---|---|
| 2025 | -8.1M | 25,000 | 396,000 | -8.5M |
| 2024 | -43.9M | 53,000 | 1.1M | -45.1M |
| 2023 | -22.6M | 116,000 | 2.3M | -25.0M |
| 2022 | -26.2M | 131,000 | 2.2M | -28.6M |
| 2021 | -23.6M | 97,000 | 1.5M | -25.2M |
How we define FCF: operating cash flow − capital expenditure − stock-based compensation (owner-earnings basis — SBC is a real cost to shareholders even though it's non-cash). Latest year: -8.1M − 25,000 − 396,000 (stock-based comp) = -8.5M. This is the same owner-earnings FCF definition the valuation model uses, though the DCF's starting value is a projected from revenue × terminal margin, not this single year.
Balance Sheet
| Total Assets | 40.9M |
| Total Liabilities | 17.6M |
| Equity | 18.2M |
| Total Debt | 4.5M |
Similar companies worth a look
Same sector and industry, similar fundamentals shape. Verify everything yourself — this list is computed mechanically and does not reflect our judgment about whether any of these are a good investment.
The questions people ask about BLRX
Is BioLineRx Ltd. (BLRX) a good stock to buy?
We do not publish a single fair value for BioLineRx Ltd., because one number would not be reliable for this business (the page explains why). Judge it on what today's price assumes, its financial-health checks and what insiders are doing, all shown here from SEC filings. This is educational research from SEC filings, not investment advice.
Is BioLineRx Ltd. (BLRX) overvalued?
A single fair-value number is not reliable for BioLineRx Ltd., so we do not call it overvalued or undervalued. The page shows what growth today's price assumes and how the company's finances look instead. This is educational research from SEC filings, not investment advice.
What growth is priced into BLRX?
Working backwards from today's price, the market is counting on roughly 34.6% a year growth in BLRX's cash flow over the next decade. Compare that with the company's actual record on this page.
Where do these numbers come from?
From BioLineRx Ltd.'s own SEC filings (10-K and 10-Q), Form 4 insider filings and daily market prices. Every figure on the page links to how it was calculated, and the model's weak spots are listed next to its results.