Deep Value: cash covers more than 100% of the stock price

This company holds roughly $17M in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

BioLineRx

BLRX

Biotechnology · Healthcare

Price

$2.81

+0.05 (+1.81%)

Market Cap

$12.2M

Exchange

NASDAQ Capital Market

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

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Share count rising — dilution

+271.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 1.1M (2021) → 4.1M (2025)

Winston Score History

The full picture

BioLineRx is a small Israeli biotechnology company that develops drugs to treat cancer and other serious diseases. Its main approved product is Motixafortide (sold as Aphexda), which is used to help cancer patients collect stem cells before a bone marrow transplant. The company focuses on oncology, meaning treatments related to cancer, and partners with larger pharmaceutical companies to help sell its medicines.

BioLineRx makes money by selling Aphexda in the United States through a commercial partnership with Sun Pharmaceutical Industries, earning revenue from product sales and potentially from licensing deals. The company is headquartered in Israel but generates most of its commercial revenue in the U.S. market. It is a very small company with a market cap near zero, and it spends far more money than it earns, which is reflected in its deeply negative operating margin. The key risk is whether Aphexda can gain enough market adoption to generate sufficient revenue before the company needs to raise additional cash.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+87.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-122.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$8M/ year

↓ Declining (-16% vs prior year)

643.9% of revenue

35.8x the sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

4.3%ownership

Relatively low insider ownership

Cash Runway

~23 months

$17M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Adequate runway but may need to raise capital within 2 years

Revenue accelerating

BioLineRx grew revenue 87% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

80.1%

Premium pricing power — 80.1% gross margin

Profit after running costs

Operating Margin

-629.8%

Losing money on operations — -629.8%

Return on the money invested

ROCE

-44.6%

Weak — -44.6% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-93.7%

Shrinking sales (-93.7% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-557.5%

Burning cash (-557.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.47

Conservative — low debt load (0.47)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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