BioLineRx Ltd.
BLRX Healthcare Biotechnology
BioLineRx Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $1.2 million, down 95.9% from fiscal 2024. In the quarter to June 2026, revenue fell 3.29%, EPS grew 23.0%, free cash flow fell 1,827.7% and total debt fell 40.2%, each against the same quarter a year earlier.
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BioLineRx Ltd. (BLRX) Beneish M-score
BioLineRx Ltd.'s Beneish M-score for fiscal 2025 is −1.01; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −1.01 | (6.67) |
| FY2024 | 5.66 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 2.83 | — | 2.60 | |
| Gross margin index | 0.84 | — | 0.45 | |
| Asset quality index | 1.42 | — | 0.57 | |
| Sales growth index | 0.04 | — | 0.04 | |
| Depreciation index | 1.19 | — | 0.14 | |
| SG&A index | 2.58 | — | −0.44 | |
| Total accruals to total assets | 0.15 | — | 0.69 | |
| Leverage index | 0.65 | — | −0.21 | |
| Beneish M-score | Flagged by the model | −1.01 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| BLRX BioLineRx Ltd. | −1.0× |
| GDTC CytoMed Therapeutics Limited compare | 0.1× |
| KPRX Kiora Pharmaceuticals, Inc. compare | — |
| BIVI BioVie Inc. compare | — |
| LSTA Lisata Therapeutics, Inc. compare | — |
| PHIO Phio Pharmaceuticals Corp. compare | — |
| LTRN Lantern Pharma Inc. compare | — |
| TOVX Theriva Biologics, Inc. compare | — |
| TPST Tempest Therapeutics, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI