ADMA Biologics (ADMA) 10-Q 8 Nov 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Nov. 03, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Document Transition Report	false
Entity File Number	001-36728
Entity Registrant Name	ADMA BIOLOGICS, INC.
Entity Central Index Key	0001368514
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	56-2590442
Entity Address, Address Line One	465 State Route 17
Entity Address, City or Town	Ramsey
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07446
City Area Code	201
Local Phone Number	478-5552
Title of 12(b) Security	Common Stock
Trading Symbol	ADMA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		225,967,668

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 74,156,765	$ 86,521,542
Accounts receivable, net	31,318,680	15,505,048
Inventories	163,116,105	163,280,047
Prepaid expenses and other current assets	5,107,455	5,095,146
Total current assets	273,699,005	270,401,783
Property and equipment, net	54,814,607	58,261,481
Intangible assets, net	476,902	1,013,415
Goodwill	3,529,509	3,529,509
Right-to-use assets	9,753,725	10,485,447
Deposits and other assets	6,722,817	4,770,246
TOTAL ASSETS	348,996,565	348,461,881
Current liabilities:
Accounts payable	10,851,446	13,229,390
Accrued expenses and other current liabilities	29,863,726	24,989,349
Current portion of deferred revenue	142,834	142,834
Current portion of lease obligations	982,891	905,369
Total current liabilities	41,840,897	39,266,942
Senior notes payable, net of discount	142,025,542	142,833,063
Deferred revenue, net of current portion	1,725,906	1,833,031
End of term fee	1,567,139	1,500,000
Lease obligations, net of current portion	9,965,088	10,704,176
Other non-current liabilities	434,647	350,454
TOTAL LIABILITIES	197,559,219	196,487,666
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred Stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding	0	0
Common Stock - voting, $0.0001 par value, 300,000,000 shares authorized, 225,958,084 and 221,816,930 shares issued and outstanding	22,596	22,182
Additional paid-in capital	640,025,888	629,968,704
Accumulated deficit	(488,611,138)	(478,016,671)
TOTAL STOCKHOLDERS' EQUITY	151,437,346	151,974,215
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 348,996,565	$ 348,461,881

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
STOCKHOLDERS' EQUITY
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	225,958,084	221,816,930
Common stock, shares outstanding (in shares)	225,958,084	221,816,930

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Revenues	$ 67,274,598	$ 41,090,137	$ 184,311,323	$ 104,098,237
Cost of product revenue	42,622,013	31,433,496	126,455,745	83,010,156
Gross profit	24,652,585	9,656,641	57,855,578	21,088,081
OPERATING EXPENSES:
Research and development	595,903	1,041,947	2,854,514	2,539,444
Plasma center operating expenses	466,898	4,859,450	3,580,785	12,755,525
Amortization of intangible assets	178,838	178,838	536,514	536,514
Selling, general and administrative	14,725,787	12,893,139	43,485,001	38,563,136
Total operating expenses	15,967,426	18,973,374	50,456,814	54,394,619
INCOME (LOSS) FROM OPERATIONS	8,685,159	(9,316,733)	7,398,764	(33,306,538)
OTHER INCOME (EXPENSE):
Interest income	423,276	7,236	1,004,551	42,573
Interest expense	(6,397,553)	(5,580,366)	(18,812,144)	(13,542,419)
Loss on extinguishment of debt	0	0	0	(6,669,941)
Other expense	(145,827)	(9,641)	(185,638)	(195,942)
Other expense, net	(6,120,104)	(5,582,771)	(17,993,231)	(20,365,729)
NET INCOME (LOSS)	$ 2,565,055	$ (14,899,504)	$ (10,594,467)	$ (53,672,267)
BASIC INCOME (LOSS) PER COMMON SHARE (in dollars per share)	$ 0.01	$ (0.08)	$ (0.05)	$ (0.27)
DILUTED INCOME (LOSS) PER COMMON SHARE (in dollars per share)	$ 0.01	$ (0.08)	$ (0.05)	$ (0.27)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic (in shares)	225,276,980	196,383,935	223,306,331	196,204,893
Diluted (in shares)	233,761,262	196,383,935	223,306,331	196,204,893

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2021	$ 19,581	$ 553,265,706	$ (412,112,721)	$ 141,172,566
Balance (in shares) at Dec. 31, 2021	195,813,817
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 0	1,641,388	0	1,641,388
Vesting of Restricted Stock Units, net of shares withheld for taxes	$ 54	(442,690)	0	(442,636)
Vesting of Restricted Stock Units, net of shares withheld for taxes (in shares)	533,712
Warrants issued in connection with note payable	$ 0	9,569,604	0	9,569,604
Net income (loss)	0	0	(25,007,857)	(25,007,857)
Balance at Mar. 31, 2022	$ 19,635	564,034,008	(437,120,578)	126,933,065
Balance (in shares) at Mar. 31, 2022	196,347,529
Balance at Dec. 31, 2021	$ 19,581	553,265,706	(412,112,721)	141,172,566
Balance (in shares) at Dec. 31, 2021	195,813,817
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)				(53,672,267)
Balance at Sep. 30, 2022	$ 19,678	566,149,846	(465,784,988)	100,384,536
Balance (in shares) at Sep. 30, 2022	196,776,871
Balance at Mar. 31, 2022	$ 19,635	564,034,008	(437,120,578)	126,933,065
Balance (in shares) at Mar. 31, 2022	196,347,529
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 0	1,191,047	0	1,191,047
Vesting of Restricted Stock Units, net of shares withheld for taxes	$ 1	41,320	0	41,321
Vesting of Restricted Stock Units, net of shares withheld for taxes (in shares)	8,703
Net income (loss)	$ 0	0	(13,764,906)	(13,764,906)
Balance at Jun. 30, 2022	$ 19,636	565,266,375	(450,885,484)	114,400,527
Balance (in shares) at Jun. 30, 2022	196,356,232
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 0	1,313,494	0	1,313,494
Vesting of Restricted Stock Units, net of shares withheld for taxes	$ 42	(430,023)	0	(429,981)
Vesting of Restricted Stock Units, net of shares withheld for taxes (in shares)	420,639
Net income (loss)	$ 0	0	(14,899,504)	(14,899,504)
Balance at Sep. 30, 2022	$ 19,678	566,149,846	(465,784,988)	100,384,536
Balance (in shares) at Sep. 30, 2022	196,776,871
Balance at Dec. 31, 2022	$ 22,182	629,968,704	(478,016,671)	151,974,215
Balance (in shares) at Dec. 31, 2022	221,816,930
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 0	1,110,166	0	1,110,166
Vesting of Restricted Stock Units, net of shares withheld for taxes	$ 44	(640,990)	0	(640,946)
Vesting of Restricted Stock Units, net of shares withheld for taxes (in shares)	443,215
Exercise of stock options	$ 0	0	0	0
Exercise of stock options (in shares)	2,443
Net income (loss)	$ 0	0	(6,788,815)	(6,788,815)
Balance at Mar. 31, 2023	$ 22,226	630,437,880	(484,805,486)	145,654,620
Balance (in shares) at Mar. 31, 2023	222,262,588
Balance at Dec. 31, 2022	$ 22,182	629,968,704	(478,016,671)	151,974,215
Balance (in shares) at Dec. 31, 2022	221,816,930
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)				(10,594,467)
Balance at Sep. 30, 2023	$ 22,596	640,025,888	(488,611,138)	151,437,346
Balance (in shares) at Sep. 30, 2023	225,958,084
Balance at Mar. 31, 2023	$ 22,226	630,437,880	(484,805,486)	145,654,620
Balance (in shares) at Mar. 31, 2023	222,262,588
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 0	1,637,038	0	1,637,038
Vesting of Restricted Stock Units, net of shares withheld for taxes	$ 12	(224,978)	0	(224,966)
Vesting of Restricted Stock Units, net of shares withheld for taxes (in shares)	117,484
Warrants issued in connection with note payable	$ 0	5,594,764	0	5,594,764
Cashless exercise of warrants	$ 197	(197)	0	0
Cashless exercise of warrants (in shares)	1,967,847
Exercise of stock options	$ 18	471,528	0	471,546
Exercise of stock options (in shares)	178,829
Net income (loss)	$ 0	0	(6,370,707)	(6,370,707)
Balance at Jun. 30, 2023	$ 22,453	637,916,035	(491,176,193)	146,762,295
Balance (in shares) at Jun. 30, 2023	224,526,748
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 0	1,694,641	0	1,694,641
Vesting of Restricted Stock Units, net of shares withheld for taxes	$ 17	(208,655)	0	(208,638)
Vesting of Restricted Stock Units, net of shares withheld for taxes (in shares)	171,295
Exercise of stock options	$ 126	623,867	0	623,993
Exercise of stock options (in shares)	1,260,041
Net income (loss)	$ 0	0	2,565,055	2,565,055
Balance at Sep. 30, 2023	$ 22,596	$ 640,025,888	$ (488,611,138)	$ 151,437,346
Balance (in shares) at Sep. 30, 2023	225,958,084

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (10,594,467)	$ (53,672,267)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	6,223,050	5,176,492
Loss on disposal of fixed assets	110,947	8,408
Interest paid in kind	2,958,592	2,023,932
Stock-based compensation	4,441,845	4,145,929
Amortization of debt discount	1,895,790	1,908,127
Loss on extinguishment of debt	0	6,669,941
Amortization of license revenue	(107,125)	(107,125)
Changes in operating assets and liabilities:
Accounts receivable	(15,813,632)	7,674,472
Inventories	163,942	(38,189,543)
Prepaid expenses and other current assets	(12,309)	(1,033,238)
Deposits and other assets	(1,220,849)	195,756
Accounts payable	(1,154,769)	12,768,396
Accrued expenses	4,874,378	667,193
Other current and non-current liabilities	(561,345)	(365,415)
Net cash used in operating activities	(8,795,952)	(52,128,942)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(3,573,786)	(10,162,650)
Net cash used in investing activities	(3,573,786)	(10,162,650)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on notes payable	0	(100,000,000)
Payment of debt refinancing fees	0	(2,000,000)
Proceeds from issuance of note payable	0	151,750,000
Taxes paid on vested Restricted Stock Units	(1,074,550)	(831,297)
Payments on finance lease obligations	(16,028)	(27,281)
Net proceeds from the exercise of stock options	1,095,539	0
Payment of deferred financing fees	0	(2,782,928)
Net cash provided by financing activities	4,961	46,108,494
Net decrease in cash and cash equivalents	(12,364,777)	(16,183,098)
Cash and cash equivalents - beginning of period	86,521,542	51,089,118
Cash and cash equivalents - end of period	$ 74,156,765	$ 34,906,020

ORGANIZATION AND BUSINESS

ORGANIZATION AND BUSINESS	9 Months Ended
	Sep. 30, 2023
ORGANIZATION AND BUSINESS [Abstract]
ORGANIZATION AND BUSINESS	1. ORGANIZATION AND BUSINESS ADMA Biologics, Inc. (“ADMA” or the “Company”) is an end-to-end commercial biopharmaceutical company dedicated to manufacturing, marketing and developing specialty plasma-derived biologics for the treatment of immunodeficient patients at risk for infection and others at risk for certain infectious diseases. The Company’s targeted patient populations include immune-compromised individuals who suffer from an underlying immune deficiency disorder or who may be immune-suppressed for medical reasons. ADMA operates through its wholly-owned subsidiaries ADMA BioManufacturing, LLC (“ADMA BioManufacturing”) and ADMA BioCenters Georgia Inc. (“ADMA BioCenters”). ADMA BioManufacturing was formed in January 2017 to facilitate the acquisition of the Biotest Therapy Business Unit (“BTBU”) from BPC Plasma, Inc. (formerly Biotest Pharmaceuticals Corporation) (“BPC” and, together with Biotest AG, “Biotest”) on June 6, 2017. The acquisition included certain assets of BTBU, including the U.S. Food and Drug Administration (“FDA”)-licensed BIVIGAM and Nabi-HB immunoglobulin products, and an FDA-licensed plasma fractionation manufacturing facility located in Boca Raton, FL (the “Boca Facility”) (the “Biotest Transaction”). BTBU had previously been the Company’s third-party contract manufacturer. ADMA BioCenters is the Company’s source plasma collection business with ten plasma collection facilities located throughout the U.S., nine of which hold an approved license with the FDA. The Company has three FDA-approved products, all of which are currently marketed and commercially available: (i) BIVIGAM (Immune Globulin Intravenous, Human), an Intravenous Immune Globulin (“IVIG”) product indicated for the treatment of Primary Humoral Immunodeficiency (“PI”), also known as Primary Immunodeficiency Disease (“PIDD”) or Inborn Errors of Immunity, and for which the Company received FDA approval on May 9, 2019 and commenced commercial sales in August 2019; (ii) ASCENIV (Immune Globulin Intravenous, Human – slra 10% Liquid), an IVIG product indicated for the treatment of PI, for which the Company received FDA approval on April 1, 2019 and commenced first commercial sales in October 2019; and (iii) Nabi-HB (Hepatitis B Immune Globulin, Human), which is indicated for the treatment of acute exposure to blood containing Hepatitis B surface antigen (“HBsAg”) and other listed exposures to Hepatitis B. In addition to its commercially available immunoglobulin products, the Company provides contract manufacturing and laboratory services for certain clients and generates revenues from the sale of intermediate by-products that result from the immunoglobulin production process as well as sales of normal source and high-titer plasma. The Company seeks to develop a pipeline of plasma-derived therapeutics, and its products and product candidates are intended to be used by physician specialists focused on caring for immune-compromised patients with or at risk for certain infectious diseases. As of September 30, 2023, the Company had working capital of $231.9 million, including $74.2 ADMA continues to evaluate a variety of strategic alternatives ,

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (the “FASB”). The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the annual audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 23, 2023. The accompanying consolidated balance sheet as of December 31, 2022 was derived from the audited financial statements as of and for the year ended December 31, 2022. These condensed consolidated interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X, and therefore omit or condense certain footnotes and other information normally included in complete consolidated financial statements prepared in accordance with U.S. GAAP. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all normal and recurring adjustments (which consist primarily of accruals, estimates and assumptions that impact the financial statements) considered necessary to present fairly the Company’s financial position as of September 30, 2023, its results of operations and changes in stockholders’ equity for the three and nine months ended September 30, 2023 and its cash flows for the nine months ended September 30, 2023 and 2022. During the three and nine months ended September 30, 2023 and 2022, comprehensive loss was equal to the net loss amounts presented for the respective periods in the accompanying condensed consolidated statements of operations. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full fiscal year. Use of Estimates The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include rebates and chargebacks deducted from gross revenues, the realizable value of accounts receivable, valuation of inventory, assumptions used in projecting future liquidity and capital requirements, assumptions used in the fair value of awards granted under the Company’s equity incentive plans and warrants issued in connection with the issuance of notes payable and the valuation allowance for the Company’s deferred tax assets. Fair Value of Financial Instruments The carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, accounts receivable and accounts payable, are shown at cost which approximates fair value due to the short-term nature of these instruments. The debt outstanding under the Company’s senior secured term loan (see Note 7) approximates fair value due to the variable interest rate on this debt. Accounts Receivable Accounts receivable is reported at realizable value, net of allowances for contractual credits and doubtful accounts in the amount of $0.1 million at September 30 The Company extends credit to its customers based upon an evaluation of each customer’s financial condition and credit history. Evaluations of the financial condition, payment history and associated credit risk of customers are performed on an ongoing basis. September 30 Inventories Raw materials inventory consists of various materials purchased from suppliers, including normal source plasma and Respiratory Syncytial Virus (“RSV”) high titer plasma, used in the production of the Company’s products. Work-in-process and finished goods inventories (see Note 3) reflect the cost of raw materials as well as costs for direct and indirect labor, primarily salaries, wages and benefits for applicable employees, as well as an allocation of overhead costs related to the Boca Facility including utilities, property taxes, general repairs and maintenance, consumable supplies and depreciation. The Boca Facility overhead allocation to inventory is generally based upon the estimated square footage of the Boca Facility that is used in the production of the Company’s FDA-approved products relative to the total square footage of the facility. Inventories, including plasma intended for resale and plasma intended for internal use in the Company’s manufacturing, commercialization or research and development activities, are carried at the lower of cost or net realizable value determined by the first-in, first-out method. Net realizable value is generally determined based upon the consideration the Company expects to receive when the inventory is sold, less costs to deliver the inventory to the recipient. The estimates for net realizable value of inventory are based on contractual terms or upon historical experience and certain other assumptions, and the Company believes that such assumptions are reasonable. Inventory is periodically reviewed to ensure that its carrying value does not exceed its net realizable value, and adjustments are recorded to write down such inventory, with a corresponding charge to cost of product revenue, when the carrying value or historical cost exceeds its estimated net realizable value. In addition, costs associated with the production of conformance or engineering lots that would not qualify as immediately available for commercial sale are charged to cost of product revenue and not capitalized into inventory. Goodwill Goodwill represents the excess of purchase price over the fair value of net assets acquired by the Company. Goodwill at September 30 Goodwill is not amortized but is assessed for impairment on an annual basis or more frequently if impairment indicators exist. The Company has the option to perform a qualitative assessment of goodwill to determine whether it is more likely than not that the fair value of its reporting unit is less than its carrying amount, including goodwill and other intangible assets. If the Company concludes that this is the case, then it must perform a goodwill impairment test by comparing the fair value of the reporting unit to its carrying value. An impairment charge is recorded to the extent the reporting unit’s carrying value exceeds its fair value, not to exceed the total amount of goodwill allocated to that reporting unit. The Company performs its annual goodwill impairment test as of October 1 of each year. The Company’s annual goodwill impairment test as of October 1, 2023 did not result in a goodwill impairment charge, and the Company did not record any impairment charges related to goodwill for the three and nine months ended September 30 Impairment of Long-Lived Assets The Company assesses the recoverability of its long-lived assets, which include property and equipment and finite-lived intangible assets, whenever significant events or changes in circumstances indicate impairment may have occurred. If indicators of impairment exist, projected future undiscounted cash flows associated with the asset are compared to its carrying amount to determine whether the asset’s carrying value is recoverable. Any resulting impairment is recorded as a reduction in the carrying value of the related asset in excess of fair value and a charge to operating results. For the three and nine months ended September 30 Revenue Recognition Revenues for the three and nine months ended September 30 (ii) product revenues from the sale of human plasma collected through the Company’s Plasma Collection Centers business segment, (iii) contract manufacturing and laboratory services revenue, (iv) revenues from the sale of intermediate by-products; and (v) license and other revenues primarily attributable to the out-licensing of ASCENIV to Biotest in 2012 to market and sell this product in Europe and selected countries in North Africa and the Middle East. Biotest has provided the Company with certain services and financial payments in accordance with the related Biotest license agreement and is obligated to pay the Company certain amounts in the future if certain milestones are achieved. Deferred revenue is amortized into income over the term of the Biotest license, representing a period of approximately 22 years. Product revenue is recognized when the customer is deemed to have control over the product. Control is determined based on when the product is shipped or delivered and title passes to the customer. Revenue is recorded in an amount that reflects the consideration the Company expects to receive in exchange. Revenue from the sale of the Company’s immunoglobulin products is recognized when the product reaches the customer’s destination, and is recorded net of estimated rebates, customer incentives, including prompt pay discounts, wholesaler chargebacks and other wholesaler fees. These estimates are based on historical experience and certain other assumptions, and while the Company believes that such estimates are reasonable, they are subject to change based on future experience and other factors. For revenues associated with contract manufacturing and the sale of intermediates, control transfers to the customer and the performance obligation is satisfied when the customer takes possession of the product from the Boca Facility or from a third-party warehouse that is utilized by the Company. Product revenues from the sale of human plasma collected at the Company’s plasma collection centers are recognized at the time control of the product has been transferred to the customer, which generally occurs at the time of shipment. Product revenues are recognized at the time of delivery if the Company retains control of the product during shipment. For the nine months ended September 30 , September 30 Cost of Product Revenue Cost of product revenue includes costs associated with the manufacture of the Company’s FDA-approved products, intermediates and the sale of human source plasma, as well as expenses related to conformance batch production, process development and scientific and technical operations when these operations are attributable to marketed products. When the activities of these operations are attributable to new products or processes in development, the expenses are classified as research and development expenses. Earnings/loss Per Common Share Basic earnings/loss per common share is computed by dividing net earnings/ earnings/ earnings/ , earnings/ For the three months ended September 30, 2023, basic and diluted earnings per share is calculated as follows: Net income available to common stockholders (numerator) $ 2,565,055 Weighted-average number of common shares (denominator) 225,276,980 Basic earnings per common shares $ 0.01 Weighted-average number of common shares 225,276,980 Potential shares of common stock arising from outstanding stock options, warrants and unvested RSUs 8,484,282 Total shares - diluted (denominator) 233,761,262 Diluted earnings per common share $ 0.01 For the three months ended September 30, 2023, there were no shares with an anti-dilutive effect that needed to be excluded from the earnings per share computation. For the nine months ended September 30, 2023 and for the three and nine months ended September 30, 2022 no potentially dilutive securities are included in the computation of diluted loss per share amounts in the accompanying condensed consolidated financial statements as the Company reported a net loss for these periods. For the nine months ended September 30 , 2023 and 2022, the following securities were excluded from the calculation of diluted loss per common share because of their anti-dilutive effects: For the Nine Months Ended September 30, 2023 2022 Stock options 5,841,241 8,334,313 Restricted Stock Units 4,877,482 4,129,487 Warrants 12,502,906 13,556,898 23,221,629 26,020,698 Stock-Based Compensation The Company follows recognized accounting guidance which requires all equity-based payments, including grants of stock options, to be recognized in the statement of operations as compensation expense based on their fair values at the date of grant. Compensation expense related to awards to employees and directors with service-based vesting conditions is generally recognized on a straight-line basis over the associated vesting period of the award based on the grant date fair value of the award. Stock options granted under the Company’s equity incentive plans generally have a four-year vesting period and a term of 10 years. Pursuant to ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718) Income Taxes The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or its tax returns. Under this method, deferred tax assets and liabilities are recognized for the temporary differences between the tax bases of assets and liabilities and their respective financial reporting amounts at enacted tax rates in effect for the years in which the temporary differences are expected to reverse. The Company records a valuation allowance on its deferred tax assets if it is more likely than not that the Company will not generate sufficient taxable income to utilize its deferred tax assets. The Company is subject to income tax examinations by major taxing authorities for all tax years since 2018 and for previous periods as it relates to the Company’s net operating loss carryforwards. In accordance with U.S. GAAP, the Company is required to determine whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. Derecognition of a tax benefit previously recognized could result in the Company recording a tax liability that would reduce net assets. Based on its analysis, the Company has determined that it has not incurred any liability for unrecognized tax benefits as of September 30, 2023 and December 31, 2022, and during the nine months ended September 30, 2023 and 2022 the Company recognized no adjustments for uncertain tax positions.

INVENTORIES

INVENTORIES	9 Months Ended
	Sep. 30, 2023
INVENTORIES [Abstract]
INVENTORIES	3. INVENTORIES The following table provides the components of inventories: September 30, 2023 December 31, 2022 Raw materials $ 49,857,909 $ 48,644,527 Work-in-process 58,277,455 56,170,853 Finished goods 54,980,741 58,464,667 Total inventories $ 163,116,105 $ 163,280,047 Raw materials includes plasma and other materials expected to be used in the production of BIVIGAM, ASCENIV and Nabi-HB. These materials will be consumed in the production of goods expected to be available for sale or otherwise have alternative uses that provide a probable future benefit. Work-in-process inventory primarily consists of bulk drug substance and unlabeled filled vials of the Company’s immunoglobulin products. Finished goods inventory is comprised of immunoglobulin product inventory and related intermediates that are available for commercial sale, as well as plasma collected at the Company’s plasma collection centers that is expected to be sold to third-party customers.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	9 Months Ended
	Sep. 30, 2023
INTANGIBLE ASSETS [Abstract]
INTANGIBLE ASSETS	4. INTANGIBLE ASSETS Intangible assets at September 30, 2023 and December 31, 2022 consist of the following: September 30, 2023 December 31, 2022 Accumulated Accumulated Cost Amortization Net Cost Amortization Net Trademark and other intangible rights related to Nabi-HB $ 4,100,046 $ 3,709,565 $ 390,481 $ 4,100,046 $ 3,270,276 $ 829,770 Rights to intermediates 907,421 821,000 86,421 907,421 723,776 183,645 $ 5,007,467 $ 4,530,565 $ 476,902 $ 5,007,467 $ 3,994,052 $ 1,013,415 All of the Company’s intangible assets were acquired in the Biotest Transaction. Amortization expense related to these intangible assets was $0.2 million for the three months ended September 30, 2023 and 2022, and $ million for the nine months ended September 30, 2023 and 2022. Remainder of 2023 $ 178,838 2024 298,064

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	9 Months Ended
	Sep. 30, 2023
PROPERTY AND EQUIPMENT [Abstract]
PROPERTY AND EQUIPMENT	5. PROPERTY AND EQUIPMENT Property and equipment and related accumulated depreciation are summarized as follows: September 30, 2023 December 31, 2022 Manufacturing and laboratory equipment $ 20,748,582 $ 18,767,807 Office equipment and computer software 6,260,749 5,318,669 Furniture and fixtures 5,704,638 5,109,898 Construction in process 1,870,317 6,726,995 Leasehold improvements 20,808,155 17,930,905 Land 4,339,441 4,339,441 Buildings and building improvements 20,198,724 19,544,307 79,930,606 77,738,022 Less: Accumulated depreciation (25,115,999 ) (19,476,541 ) Total property, plant and equipment, net $ 54,814,607 $ 58,261,481 Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the asset’s estimated useful life. Land is not depreciated. The buildings were assigned a useful life of 30 years. Property and equipment other than land and buildings have useful lives ranging from three The Company recorded depreciation expense on property and equipment for the three months ended September 30, 2023 and 2022 of $1.9 million and $ 1.7 million , respectively , and for the nine months ended September 30, 2023 and 2022 of $ million and $ million, respectively .

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	9 Months Ended
	Sep. 30, 2023
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract]
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	6. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities at September 30, 2023 and December 31, 2022 are as follows: September 30, 2023 December 31, 2022 Accrued rebates $ 15,907,590 $ 11,436,484 Accrued distribution fees 5,822,699 3,166,896 Accrued incentives 3,309,387 4,193,919 Accrued testing 394,630 309,867 Accrued payroll and other compensation 1,816,036 4,086,379 Other 2,613,384 1,795,804 Total accrued expenses and other current liabilities $ 29,863,726 $ 24,989,349

DEBT

DEBT	9 Months Ended
	Sep. 30, 2023
DEBT [Abstract]
DEBT	7. DEBT A summary of outstanding senior notes payable is as follows: September 30, 2023 December 31, 2022 Notes payable $ 157,706,338 $ 154,747,746 Less: Debt discount (15,680,796 ) (11,914,683 ) Senior notes payable $ 142,025,542 $ 142,833,063 On March 23, 2022 (the “Hayfin Closing Date”), the Company and all of its subsidiaries entered into a Credit and Guaranty Agreement (the “Hayfin Credit Agreement”) with Hayfin Services LLP (“Hayfin”). The Hayfin Credit Agreement provides for a senior secured term loan facility in a principal amount of up to $175.0 million (the “Hayfin Credit Facility”), composed of (i) a term loan made on the Hayfin Closing Date in the principal amount of $150.0 million (the “Hayfin Closing Date Loan”), and (ii) a delayed draw term loan in the principal amount of $25.0 million (the “Hayfin Delayed Draw Loan” and, together with the Hayfin Closing Date Loan, the “Hayfin Loans”). The obligation of the lenders to make the Hayfin Delayed Draw Loan was to have expired on March 22, 2023 and is subject to the satisfaction of certain conditions, including, but not limited to, the Company’s meeting certain 12-month revenue targets as set forth in the Hayfin Credit Agreement. The Hayfin Credit Facility has a maturity date of March 23, 2027 (the “Hayfin Maturity Date”), subject to acceleration pursuant to the Hayfin Credit Agreement, including upon an Event of Default (as defined in the Hayfin Credit Agreement). On March 22, 2023, the Company and Hayfin entered into an amendment to the Hayfin Credit Agreement whereby the lenders’ obligation to make the Hayfin Delayed Draw Loan was extended to June 30, 2023. On the Hayfin Closing Date, the Company used $100.0 million of the Hayfin Closing Date Loan to terminate and pay in full all of the outstanding obligations under the Company’s previously existing credit facility (the “Perceptive Credit Facility”) with Perceptive Credit Holdings II, LP (“Perceptive”). The Company also used $2.0 million of the Hayfin Closing Date Loan proceeds to pay a redemption premium to Perceptive and used approximately $1.0 million of the Hayfin Closing Date Loan proceeds to pay certain fees and expenses incurred in connection with this transaction. In addition, a $1.8 million upfront fee payable to Hayfin was paid “in kind” and was added to the outstanding principal balance in accordance with the terms of the Hayfin Credit Agreement. In connection with the retirement of the Perceptive Credit Facility and all of the obligations thereunder, the Company recorded a loss on extinguishment of debt in the amount of $6.7 million, consisting of the write-off of unamortized discount related to the Perceptive indebtedness and the redemption premium paid to Perceptive. From the time of the Hayfin Closing Date through May 1, 2023, borrowings under the Hayfin Credit Agreement bore interest, at the Company’s election, at either (a) a base rate (equal to the highest of (i) the rate of interest per annum last quoted by The Wall Street Journal as the “Prime Rate” in the United States, (ii) the federal funds rate in effect on such day plus 0.50% and (iii) adjusted Term Secured Overnight Financing Rate (“SOFR”) for a one-month tenor in effect on such day plus 1.00%), plus an applicable margin of 8.5%, or (b) adjusted Term SOFR for either a one-month or three-month tenor, as elected by the Company, and subject to a floor of 1.25%, plus an applicable margin of 9.5% (the “Applicable Margin”); provided, however, that upon, and during the continuance of, an Event of Default, the Applicable Margin increases by an additional 3% per annum. On the last day of each calendar month or quarter during the term of the Hayfin Credit Facility, the Company pays accrued interest to Hayfin. The rate of interest in effect as of September 30,2023 and December 31, 2022 was approximately 13.9%. The Company is also permitted to pay “in kind” a portion of the interest on the Hayfin Loans for each monthly or quarterly interest period in an amount equal to 2.5% per annum, which is added to the principal amount of the outstanding debt under the Hayfin Credit Facility. For On the Hayfin Maturity Date, the Company is required to pay Hayfin the entire outstanding principal amount underlying the Hayfin Loans and any accrued and unpaid interest thereon, as well as an exit fee of 1.0% of the outstanding principal amount being paid. This exit fee is recorded separately as a non-current liability on the accompanying consolidated balance sheets as of September 30,2023 and December 31,2022. Prior to the Hayfin Maturity Date, there are no scheduled principal payments on the Hayfin Loans. All of the Company’s obligations under the Hayfin Credit Agreement are secured by a first-priority lien and security interest in substantially all of the Company’s tangible and intangible assets, including intellectual property and all of the equity interests in the Company’s subsidiaries. The Hayfin Credit Agreement contains certain representations and warranties, affirmative covenants, negative covenants and conditions that are customarily required for similar financings. The negative covenants restrict or limit the ability of the Company and its subsidiaries to, among other things and subject to certain exceptions contained in the Hayfin Credit Agreement, incur new indebtedness; create liens on assets; engage in certain fundamental corporate changes, such as mergers or acquisitions, or changes to the Company’s or its subsidiaries’ business activities; make certain Investments or Restricted Payments (each as defined in the Hayfin Credit Agreement); change its fiscal year; pay dividends; repay certain other As consideration for the Hayfin Credit Agreement, the Company issued to various entities affiliated with Hayfin, on the Hayfin Closing Date, warrants to purchase an aggregate of 9,103,047 shares of the Company’s common stock (the “Hayfin Warrants”). The Hayfin Warrants have an exercise price equal to $1.6478 per share, which is equal to the trailing 30-day Volume Weighted-average Price of the Company’s common stock on the business day immediately prior to the Hayfin Closing Date. The Hayfin Warrants were valued by the Company at approximately $9.6 million as of the Hayfin Closing Date and have an expiration date of March 23, 2029. On Under the terms of the Hayfin Second Amendment, in the event the Company elects to prepay all or any portion of the outstanding principal on the Hayfin Loans, the Company will be subject to an early prepayment fee in the amount equal to (i) 7.0% of the prepaid principal amount, if prepaid on or prior to the first anniversary of the Hayfin Second Amendment, (ii) 3.0% of the prepaid principal amount, if prepaid after the first anniversary of the Hayfin Second Amendment and on or prior to the second anniversary of the Hayfin Second Amendment, or (iii) 1.0% of the prepaid principal amount, if prepaid after the second anniversary of the Hayfin Second Amendment and on or prior to the third anniversary of the Hayfin Second Amendment. For any prepayments of principal or payment of principal on the Hayfin Maturity Date, the Company is also required to pay the exit fee. In addition, the Hayfin Second Amendment provides for a 50% reduction to the foregoing early prepayment fees if the Hayfin Loans are prepaid in connection with a change in control of the Company or other strategic transactions as further described in the Hayfin Second Amendment. In connection with the Hayfin Second Amendment, the Company issued additional warrants to the lenders to purchase 2,391,244 shares of the Company’s common stock at an exercise price of $3.2619 per share (the “ As a result of the upfront fee and exit fee paid or payable to Hayfin, the expenses incurred by the Company in connection with this transaction and the value of the Hayfin Warrants and Hayfin Second Amendment Warrants, the Company recognized an aggregate discount on the Hayfin Loans in the amount of $19.5 million. The Company records debt discount as a reduction to the face amount of the debt, and the debt discount is amortized as interest expense over the life of the debt using the interest method. Based on the fair value of the Hayfin Warrants and the aggregate amount of fees and expenses associated with obtaining the Hayfin Credit Facility, the effective interest rate on the Hayfin Loans as of September 30,2023 and December 31, 2022 was approximately 17.6% and 16.1%, respectively.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2023
STOCKHOLDERS' EQUITY [Abstract]
STOCKHOLDERS' EQUITY	8. STOCKHOLDERS’ EQUITY Preferred Stock The Company is currently authorized to issue up to 10 million shares of preferred stock, $0.0001, par value per share. There were no shares of preferred stock outstanding at September 30, 2023 and December 31, 2022. Common Stock As of September 30, 2023 and December 31, 2022, the Company was authorized to issue 300,000,000 shares of its common stock, $0.0001 par value per share, and 225,958,084 and 221,816,930 shares of common stock were outstanding as of September 30, 2023 and December 31, 2022, respectively. After giving effect to the 43,089,619 shares reserved for outstanding warrants and awards issued or reserved for future issuance under the Company’s equity incentive plans, as of September 30, 2023 there were 30,952,297 shares of common stock available for issuance. Warrants In connection with the Hayfin Credit Agreement that the Company entered into on March 23, 2022 (see Note 7), the Company issued the Hayfin Warrants to purchase 9,103,047 shares of the Company’s common stock. The Hayfin Warrants were valued at $9.6 million using the Black-Scholes option-pricing model assuming an expected term of seven years, a volatility of 68.1%, a dividend yield of 0% and a risk-free rate of interest of 2.36%. On May 1, 2023 the Company issued the Hayfin Second Amendment Warrants, which were valued at $5.6 million using the Black-Scholes option-pricing model assuming an expected term of seven years, a volatility of 67.8%, a dividend yield of 0% and a risk-free rate of interest of 3.62%. On May 13, 2023, warrants to purchase 24,800 shares of the Company’s common stock held by a former noteholder of the Company expired in accordance with their terms. On June 16, 2023, various entities affiliated with Hayfin exercised 3,388,686 Hayfin Warrants in a cashless exercise transaction resulting in the Company issuing 1,967,847 shares of its common stock to such entities. At September 30, 2023 and December 31, 2022, the Company had outstanding warrants to purchase an aggregate of 12,502,906 and 13,525,148 shares, respectively, of common stock, with weighted-average exercise prices of $2.32 and $1.99 per share, respectively, with expiration dates ranging between December 2024 and December 2030. Equity Incentive Plans The fair value of stock options granted under t he Company’s equity incentive plans w The following assumptions were used to determine the fair value of options granted during the nine months ended September 30, 2023 and 2022: Nine Months Ended September 30, 2023 2022 Expected term 5.5 - 6.3 years 5.5 - 6.3 years Volatility 68% 68% Dividend yield 0.0 0.0 Risk-free interest rate 4.20-4.24% 1.72-1.73% On June 21, 2022, the Company’s stockholders approved the ADMA Biologics, Inc. 2022 Compensation Plan (the “2022 Equity Plan”), which replaced the ADMA Biologics, Inc. 2014 Omnibus Incentive Compensation Plan. During the nine months ended September 30, 2023, options to purchase 3,809,210 shares of common stock were exercised, for which 2,108,030 shares were withheld to cover the aggregate exercise prices and 259,867 shares were withheld to cover payroll taxes, and the Company received aggregate net exercise proceeds of $1.1 million. A summary of the Company’s option activity under the Company’s equity incentive plans and related information is as follows: Shares Weighted Average Exercise Price Options outstanding, vested and expected to vest at December 31, 2022 8,256,211 $ 3.37 Forfeited (96,392 ) $ 2.71 Expired (236,878 ) $ 6.53 Granted 1,727,510 $ 3.35 Exercised (3,809,210 ) $ 3.15 Options outstanding, vested and expected to vest at September 30, 2023 5,841,241 $ 3.39 Options exercisable 3,163,516 $ 3.91 As of September 30, 2023, the Company had $4.3 million of unrecognized compensation expense related to options granted under the Company’s equity incentive plans, which is expected to be recognized over a weighted-average period of 2.7 years. During the nine months ended September 30, 2023 and 2022, the Company granted RSUs representing an aggregate of 3,345,760 and 1,119,266 shares, respectively, to certain employees of the Company and to members of its Board of Directors. These RSUs generally vest annually over a period of four years for employees and semi-annually over a period of one year for directors. During the nine months ended September 30, 2023, an aggregate of 1,032,698 shares of common stock vested in connection with grants of RSUs. With respect to these vested RSUs, 300,704 shares valued at approximately $1.0 million were withheld by the Company to cover employees’ tax liabilities. These shares were no longer outstanding as of September 30, 2023. A summary of the Company’s unvested RSU activity and related information is as follows: Shares Weighted Average Grant Date Fair Value Balance at December 31, 2022 2,866,987 $ 1.59 Granted 3,345,760 $ 3.42 Vested (1,032,698 ) $ 1.69 Forfeited (302,567 ) $ 2.64 Balance at September 30, 2023 4,877,482 $ 2.94 As of September 30, 2023, the Company had $11.6 million of unrecognized compensation expense related to unvested RSUs granted under the Company’s equity incentive plans, which is expected to be recognized over a weighted-average period of 3.1 years. Total stock-based compensation expense for all awards granted under the Company’s equity incentive plans for the three and nine months ended September 30, 2023 and 2022 is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Research and development $ 12,328 $ 4,952 $ 27,131 $ 14,521 Plasma center operating expenses 41,346 21,588 104,108 62,255 Selling, general and administrative 1,450,454 1,187,043 3,838,651 3,772,860 Cost of product revenue 190,513 99,911 471,955 296,293 Total stock-based compensation expense $ 1,694,641 $ 1,313,494 $ 4,441,845 $ 4,145,929

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2023
RELATED PARTY TRANSACTIONS [Abstract]
RELATED PARTY TRANSACTIONS	9. RELATED PARTY TRANSACTIONS The Company leases an office building and equipment from Areth, LLC (“Areth”) pursuan t to an agreement for services effective as of January 1, 2016, as amended from time to time , and pays monthly rent on this facility in the amount of $10,000 through December 31, 2026 During the nine months ended September 30, 2023 and 2022, the Company purchased certain specialized medical equipment and services primarily related to the Company’s plasma collection centers, as well as personal protective equipment, from GenesisBPS and its affiliates (“Genesis”), aggregating to $0.4 million and $0.1 million, respectively. Genesis is owned by Dr. Grossman and Adam Grossman. On August 15, 2023, two of the Company’s executive officers exercised options to purchase 2,909,721 shares of the Company’s common stock on a cashless basis, and 688,657 shares of common stock were issued to these executive officers, net of 257,867 shares of common stock to cover a portion of their tax liabilities (see Note 8). See Note 7 for a discussion of the Company’s former credit facility and related transactions with Perceptive, a holder of more than 5% of the Company’s common stock during the nine months ended September 30, 2022. There were no transactions with Perceptive during the nine months ended September 30, 2023.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2023
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	10. COMMITMENTS AND CONTINGENCIES General Legal Matters From time to time, the Company is or may become subject to certain legal proceedings and claims arising in connection with the normal course of its business. Management does not expect that the outcome of any such claims or actions will have a material effect on the Company’s liquidity, results of operations or financial condition. IT Systems Disruption On June 19, 2023, the Company experienced an IT systems disruption, which rendered certain of the Company’s IT technology systems inaccessible for less than one The Company carries appropriate insurance for these types of instances, and while there can be no assurances ADMA will be reimbursed for the insurance claims made pertaining to these charges, the Company is actively working with its insurance broker and carriers. COVID-19 Pandemic The Company continues to monitor the ongoing developments related to the COVID-19 pandemic, including the emergence of the Delta, Omicron and BA.2 variants and other resistant strains of the coronavirus, and its impacts to the Company’s commercial and manufacturing operations and plasma collection facilities, including collections of source plasma, procurement of raw materials and packaging materials, a portion of which are sourced internationally, and the testing of finished drug product that is required prior to its availability for commercial sale. A substantial portion of such testing had historically been performed by contract laboratories outside the United States. Due to a combination of previously mandated state and local “shelter-in-place” orders, as well as government stimulus packages, persisting social distancing measures and varying roll-outs of vaccinations by state, the Company at times experienced lower than normal donor collections at its FDA approved plasma collection centers during 2021 and part of 2022. From time to time during 2021 and 2022, t The pandemic could also impact the Company’s ability to interact with the FDA or other regulatory authorities and could result in delays in the conduct of inspections or review of pending applications or submissions. Although the Company has received FDA approvals for six of its plasma collection centers since January 1, 2022 and During the nine months ended September 30, 2023 and 2022, the Company’s total revenues attributable to international customers was approximately 6% and 7%, respectively. As the Company seeks to grow this aspect of its business, it may also be subject to the impacts of the COVID-19 pandemic in locations outside the United States. Notwithstanding the foregoing, the COVID-19 pandemic to date has not had a material impact on the Company’s financial condition or results of operations, and the Company does not believe that its production operations at the Boca Facility, the Company’s contract fill/finishers or its plasma collection facilities have been significantly impacted by the COVID-19 pandemic. As a result, the Company does not anticipate and has not experienced any material impairments with respect to any of its long-lived assets, including the Company’s property and equipment, goodwill or intangible assets. Although the COVID-19 pandemic has not, to date, materially adversely impacted the Company’s capital and financial resources, because the Company is unable to determine the ultimate severity or duration of the COVID-19 pandemic or other pandemics or their long-term effects on, among other things, the global, national or local economies, the capital and credit markets or the Company’s workforce, customers or suppliers, at this time the Company is unable to predict whether COVID-19 or other pandemics will have a material adverse impact on the Company’s business, financial condition, liquidity or results of operations. Vendor Commitments Pursuant to the terms of a plasma purchase agreement with BPC dated as of November 17, 2011 (the “2011 Plasma Purchase Agreement”), the Company agreed to purchase from BPC an annual minimum volume of source plasma containing antibodies to RSV to be used in the manufacture of ASCENIV. The Company must purchase a to-be-determined and agreed upon annual minimum volume from BPC, and under the original 2011 Plasma Purchase Agreement, the Company was permitted to also collect high-titer RSV plasma from up to five wholly-owned ADMA plasma collection facilities. During 2015, the Company and BPC amended the 2011 Plasma Purchase Agreement to (i) allow the Company to collect its raw material RSV high-titer plasma from any number of wholly-owned ADMA plasma collection facilities and (ii) to allow the Company to purchase its raw material RSV high-titer plasma from other third-party collection organizations, in each case, provided that the annual minimum volumes from BPC were met, thus allowing the Company to expand its reach for raw material supply as it executes its commercialization plans for ASCENIV. As part of the closing of the Biotest Transaction, the parties amended the 2011 Plasma Purchase Agreement to extend the initial term through the 10-year anniversary of the closing date of the Biotest Transaction. Unless terminated earlier, the 2011 Plasma Purchase Agreement expires in June 2027, after which it may be renewed for two additional five-year periods if agreed to by the parties. On December 10, 2018, BPC assigned its rights and obligations under the 2011 Plasma Purchase Agreement to Grifols Worldwide Operations Limited (“Grifols”) as its successor-in-interest, effective January 1, 2019. On January 1, 2019, Grifols and the Company entered into an additional amendment to the 2011 Plasma Purchase Agreement for the purchase of source plasma containing antibodies to RSV from Grifols. Pursuant to this amendment, until January 1, 2022, the Company could purchase RSV plasma from Grifols from the two plasma collection centers that were transferred to BPC on January 1, 2019 at a price equal to cost plus five percent (5%) (without any additional increase due to inflation). Effective January 1, 2022, RSV plasma purchased from these two plasma collection centers are subject to the pricing terms in effect for RSV plasma purchased from other plasma collection centers owned by Grifols. On June 6, 2017, the Company and BPC entered into a Plasma Supply Agreement pursuant to which BPC supplies, on an exclusive basis subject to certain exceptions, to ADMA BioManufacturing an annual minimum volume of hyperimmune plasma that contain antibodies to the Hepatitis B virus for the manufacture of Nabi-HB. The Plasma Supply Agreement has a 10-year term. On July 19, 2018, the Company and BPC entered into an amendment to the Plasma Supply Agreement to provide, among other things, that in the event BPC elects not to supply in excess of ADMA BioManufacturing’s specified amount of Hepatitis B plasma and ADMA BioManufacturing is unable to secure Hepatitis B plasma from a third party at a price that is within a low double- digit percentage of the price that ADMA BioManufacturing pays to BPC, then BPC shall reimburse ADMA BioManufacturing for the difference in price ADMA BioManufacturing incurs. On December 10, 2018, BPC assigned its rights and obligations under the Plasma Supply Agreement to Grifols, effective January 1, 2019. On June 6, 2017, the Company and BPC entered into a Plasma Purchase Agreement (the “2017 Plasma Purchase Agreement”), pursuant to which ADMA BioManufacturing purchases normal source plasma (“NSP”) from BPC at agreed upon annual quantities and prices. The 2017 Plasma Purchase Agreement has an initial term of five years after which the 2017 Plasma Purchase Agreement may be renewed for additional two terms of two years each upon the mutual written consent of the parties. Effective as of May 12, 2021, the Company and Grifols amended the foregoing 2017 Plasma Purchase Agreement whereby, among other things, the term of the agreement was extended through December 31, 2022, however Grifols’ commitment to supply the Company with NSP under this agreement was not satisfied until March of 2023. In order to maintain a reliable supply of raw material plasma thereafter, the Company has executed additional agreements with multiple third-party suppliers of NSP. The Company has also increased its number of plasma collection center buildouts such that the Company expects to have ten FDA-approved plasma collection centers in operation by the end of 2023, while also continuing to increase its plasma collection capabilities at its ADMA BioCenters plasma collection centers business segment. Through December 31, 2022, the Post-Marketing Commitments In connection with the approval of the BLA for BIVIGAM, on December 19, 2012, Biotest committed to perform two additional post-marketing studies, a pediatric study to evaluate the efficacy and safety of BIVIGAM in children and adolescents, and a post-authorization safety study to further assess the potential risk of hypotension and hepatic and renal impairment in BIVIGAM-treated patients with primary humoral immunodeficiency. These studies were required to be completed by June of 2023. Both studies have been completed and the study reports have been submitted to the FDA. ADMA had assumed the remaining obligations, and the costs of the studies have been expensed as incurred as research and development expenses. For the nine months ended September 30, 2023 and 2022, the Company incurred expenses related to these studies of $1.7 million and $1.5 million, respectively. In connection with the FDA’s approval of ASCENIV on April 1, 2019, the Company is required to perform a pediatric study to evaluate the safety and efficacy of ASCENIV in children and adolescents. For the nine months ended September 30, 2023 and 2022, the Company incurred expenses related to this study in the amount of $0.6 million and $0.3 million, respectively. The Company expects to incur expenses of approximately $1.3 million to complete this study, which is required to be completed by June of 2026. Employment Contracts The Company has entered into employment agreements with Mr. Grossman and with Brian Lenz, the Company’s Executive Vice President, Chief Financial Officer and General Manager, ADMA BioCenters. Other Commitments In the normal course of business, the Company enters into contracts that contain a variety of indemnifications with its employees, licensors, suppliers and service providers. Further, the Company indemnifies its directors and officers who are, or were, serving at the Company’s request in such capacities. The Company’s maximum exposure under these arrangements is unknown as of September 30, 2023. The Company does not anticipate recognizing any significant losses relating to these arrangements.

SEGMENTS

SEGMENTS	9 Months Ended
	Sep. 30, 2023
SEGMENTS [Abstract]
SEGMENTS	11. SEGMENTS The Company is engaged in the manufacture, marketing and development of specialty plasma-derived biologics. The Company’s ADMA BioManufacturing segment reflects the Company’s immunoglobulin manufacturing, commercial and development operations in Boca Raton, FL. The Plasma Collection Centers segment consists of ten operational plasma collection facilities located throughout the U.S., nine of which currently hold FDA licenses Summarized financial information concerning reportable segments is shown in the following tables: Three Months Ended September 30, 2023 ADMA BioManufacturing Plasma Collection Centers Corporate Consolidated Revenues $ 66,566,884 $ 672,006 $ 35,708 $ 67,274,598 Cost of product revenue 41,733,958 888,055 - 42,622,013 Income (loss) from operations 15,016,875 (682,947 ) (5,648,769 ) 8,685,159 Interest and other expense, net (140,669 ) (400 ) (5,979,035 ) (6,120,104 ) Net income (loss) 14,876,206 (683,347 ) (11,627,804 ) 2,565,055 Total assets 262,553,540 35,621,536 50,821,489 348,996,565 Depreciation and amortization expense 1,282,076 810,432 - 2,092,508 Three Months Ended September 30, 2022 ADMA Plasma Collection BioManufacturing Centers Corporate Consolidated Revenues $ 37,280,798 $ 3,773,631 $ 35,708 $ 41,090,137 Cost of product revenue 27,883,046 3,550,450 - 31,433,496 Income (loss) from operations 297,310 (4,636,269 ) (4,977,774 ) (9,316,733 ) Interest and other expense, net (3,023 ) (154 ) (5,579,594 ) (5,582,771 ) Net income (loss) 294,287 (4,636,423 ) (10,557,368 ) (14,899,504 ) Total assets 242,983,498 39,125,933 18,448,139 300,557,570 Depreciation and amortization expense 1,214,529 647,463 - 1,861,992 Nine Months Ended September 30, 2023 ADMA Plasma Collection BioManufacturing Centers Corporate Consolidated Revenues $ 175,904,955 $ 8,299,243 $ 107,125 $ 184,311,323 Cost of product revenue 118,708,495 7,747,250 - 126,455,745 Income (loss) from operations 26,576,977 (3,028,792 ) (16,149,421 ) 7,398,764 Interest and other expense, net (170,069 ) (605 ) (17,822,557 ) (17,993,231 ) Net income (loss) 26,406,908 (3,029,397 ) (33,971,978 ) (10,594,467 ) Capital expenditures 1,767,825 1,805,961 - 3,573,786 Depreciation and amortization expense 3,857,085 2,365,965 - 6,223,050 Nine Months Ended September 30, 2022 ADMA Plasma Collection BioManufacturing Centers Corporate Consolidated Revenues $ 95,129,542 $ 8,861,570 $ 107,125 $ 104,098,237 Cost of product revenue 74,383,948 8,626,208 - 83,010,156 Loss from operations (4,423,228 ) (12,520,163 ) (16,363,147 ) (33,306,538 ) Interest and other expense, net (70,084 ) (1,221 ) (13,624,483 ) (13,695,788 ) Loss on extinguishment of debt - - (6,669,941 ) (6,669,941 ) Net loss (4,493,312 ) (12,521,384 ) (36,657,571 ) (53,672,267 ) Capital expenditures 4,292,246 5,870,404 - 10,162,650 Depreciation and amortization expense 3,486,212 1,689,362 918 5,176,492 Net revenues according to geographic area, based on the location of where the product is shipped, is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 United States $ 64,617,747 $ 37,854,167 $ 173,920,284 $ 96,445,162 International 2,656,851 3,235,970 10,391,039 7,653,075 Total revenues $ 67,274,598 $ 41,090,137 $ 184,311,323 $ 104,098,237

LEASE OBLIGATIONS

LEASE OBLIGATIONS	9 Months Ended
	Sep. 30, 2023
LEASE OBLIGATIONS [Abstract]
LEASE OBLIGATIONS	12. LEASE OBLIGATIONS The Company leases certain properties and equipment for its ADMA BioCenters and ADMA BioManufacturing subsidiaries, which leases provide the right to use the underlying assets and require lease payments through the respective lease terms which expire at various dates through 2033. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company determines if an arrangement is an operating lease at inception. Leases with an initial term of 12 months or less are not recorded on the balance sheet. All other leases are recorded on the balance sheet with assets representing the right to use the underlying asset for the lease term and lease liabilities representing the obligation to make lease payments arising from the lease. For all of its leases, the Company has elected and applies the practical expedient available to lessees to combine non-lease components with their related lease components and account for them as a single combined lease component. Aggregate lease expense for the Company’s leases for the three months ended September 30, 2023 and 2022 was approximately $0.6 million, and aggregate lease expense for the nine months ended September 30, 2023 and 2022 was $1.8 million and $1.5 million, respectively. Cash paid for the Company’s leases for the three months ended September 30, 2023 and 2022 was approximately $0.6 million and $0.5 million, respectively, and cash paid for the nine months ended September 30, 2023 and 2022 was approximately $1.8 million and $1.3 million, respectively. The Company has aggregate lease liabilities of $10.9 million and $11.6 million as of September 30, 2023 and December 31, 2022, respectively, which are comprised primarily of the leases for the Company’s plasma collection centers and a warehouse lease for raw material storage related to the Company’s immunoglobulin manufacturing operations. The Company’s operating leases have a weighted average remaining term of 7.9 years. Scheduled payments under the Company’s lease obligations are as follows: Remainder of 2023 $ 597,659 Year ended December 31, 2024 2,343,314 2025 2,366,432 2026 2,116,036 2027 2,040,690 2028 2,087,825 Thereafter 6,150,745 Total payments 17,702,701 Less: imputed interest (6,754,722 ) Current portion (982,891 ) Balance at September 30, 2023 $ 9,965,088

SUPPLEMENTAL DISCLOSURE OF CASH

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION	9 Months Ended
	Sep. 30, 2023
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION [Abstract]
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION	13. SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Supplemental cash flow information for the nine months ended September 30, 2023 and 2022 is as follows: 2023 2022 SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for interest $ 13,895,692 $ 9,610,361 Noncash Financing and Investing Activities: Equipment acquired reflected in accounts payable and accrued liabilities $ 270,328 $ 1,749,746 Right-to-use assets in exchange for lease obligations $ - $ 3,660,890 Warrants issued in connection with notes payable $ 5,594,764 $ 9,569,604

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (the “FASB”). The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the annual audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 23, 2023. The accompanying consolidated balance sheet as of December 31, 2022 was derived from the audited financial statements as of and for the year ended December 31, 2022. These condensed consolidated interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X, and therefore omit or condense certain footnotes and other information normally included in complete consolidated financial statements prepared in accordance with U.S. GAAP. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all normal and recurring adjustments (which consist primarily of accruals, estimates and assumptions that impact the financial statements) considered necessary to present fairly the Company’s financial position as of September 30, 2023, its results of operations and changes in stockholders’ equity for the three and nine months ended September 30, 2023 and its cash flows for the nine months ended September 30, 2023 and 2022. During the three and nine months ended September 30, 2023 and 2022, comprehensive loss was equal to the net loss amounts presented for the respective periods in the accompanying condensed consolidated statements of operations. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full fiscal year.
Use of Estimates	Use of Estimates The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include rebates and chargebacks deducted from gross revenues, the realizable value of accounts receivable, valuation of inventory, assumptions used in projecting future liquidity and capital requirements, assumptions used in the fair value of awards granted under the Company’s equity incentive plans and warrants issued in connection with the issuance of notes payable and the valuation allowance for the Company’s deferred tax assets.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, accounts receivable and accounts payable, are shown at cost which approximates fair value due to the short-term nature of these instruments. The debt outstanding under the Company’s senior secured term loan (see Note 7) approximates fair value due to the variable interest rate on this debt.
Accounts Receivable	Accounts Receivable Accounts receivable is reported at realizable value, net of allowances for contractual credits and doubtful accounts in the amount of $0.1 million at September 30 The Company extends credit to its customers based upon an evaluation of each customer’s financial condition and credit history. Evaluations of the financial condition, payment history and associated credit risk of customers are performed on an ongoing basis. September 30
Inventories	Inventories Raw materials inventory consists of various materials purchased from suppliers, including normal source plasma and Respiratory Syncytial Virus (“RSV”) high titer plasma, used in the production of the Company’s products. Work-in-process and finished goods inventories (see Note 3) reflect the cost of raw materials as well as costs for direct and indirect labor, primarily salaries, wages and benefits for applicable employees, as well as an allocation of overhead costs related to the Boca Facility including utilities, property taxes, general repairs and maintenance, consumable supplies and depreciation. The Boca Facility overhead allocation to inventory is generally based upon the estimated square footage of the Boca Facility that is used in the production of the Company’s FDA-approved products relative to the total square footage of the facility. Inventories, including plasma intended for resale and plasma intended for internal use in the Company’s manufacturing, commercialization or research and development activities, are carried at the lower of cost or net realizable value determined by the first-in, first-out method. Net realizable value is generally determined based upon the consideration the Company expects to receive when the inventory is sold, less costs to deliver the inventory to the recipient. The estimates for net realizable value of inventory are based on contractual terms or upon historical experience and certain other assumptions, and the Company believes that such assumptions are reasonable. Inventory is periodically reviewed to ensure that its carrying value does not exceed its net realizable value, and adjustments are recorded to write down such inventory, with a corresponding charge to cost of product revenue, when the carrying value or historical cost exceeds its estimated net realizable value. In addition, costs associated with the production of conformance or engineering lots that would not qualify as immediately available for commercial sale are charged to cost of product revenue and not capitalized into inventory.
Goodwill	Goodwill Goodwill represents the excess of purchase price over the fair value of net assets acquired by the Company. Goodwill at September 30 Goodwill is not amortized but is assessed for impairment on an annual basis or more frequently if impairment indicators exist. The Company has the option to perform a qualitative assessment of goodwill to determine whether it is more likely than not that the fair value of its reporting unit is less than its carrying amount, including goodwill and other intangible assets. If the Company concludes that this is the case, then it must perform a goodwill impairment test by comparing the fair value of the reporting unit to its carrying value. An impairment charge is recorded to the extent the reporting unit’s carrying value exceeds its fair value, not to exceed the total amount of goodwill allocated to that reporting unit. The Company performs its annual goodwill impairment test as of October 1 of each year. The Company’s annual goodwill impairment test as of October 1, 2023 did not result in a goodwill impairment charge, and the Company did not record any impairment charges related to goodwill for the three and nine months ended September 30
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company assesses the recoverability of its long-lived assets, which include property and equipment and finite-lived intangible assets, whenever significant events or changes in circumstances indicate impairment may have occurred. If indicators of impairment exist, projected future undiscounted cash flows associated with the asset are compared to its carrying amount to determine whether the asset’s carrying value is recoverable. Any resulting impairment is recorded as a reduction in the carrying value of the related asset in excess of fair value and a charge to operating results. For the three and nine months ended September 30
Revenue Recognition	Revenue Recognition Revenues for the three and nine months ended September 30 (ii) product revenues from the sale of human plasma collected through the Company’s Plasma Collection Centers business segment, (iii) contract manufacturing and laboratory services revenue, (iv) revenues from the sale of intermediate by-products; and (v) license and other revenues primarily attributable to the out-licensing of ASCENIV to Biotest in 2012 to market and sell this product in Europe and selected countries in North Africa and the Middle East. Biotest has provided the Company with certain services and financial payments in accordance with the related Biotest license agreement and is obligated to pay the Company certain amounts in the future if certain milestones are achieved. Deferred revenue is amortized into income over the term of the Biotest license, representing a period of approximately 22 years. Product revenue is recognized when the customer is deemed to have control over the product. Control is determined based on when the product is shipped or delivered and title passes to the customer. Revenue is recorded in an amount that reflects the consideration the Company expects to receive in exchange. Revenue from the sale of the Company’s immunoglobulin products is recognized when the product reaches the customer’s destination, and is recorded net of estimated rebates, customer incentives, including prompt pay discounts, wholesaler chargebacks and other wholesaler fees. These estimates are based on historical experience and certain other assumptions, and while the Company believes that such estimates are reasonable, they are subject to change based on future experience and other factors. For revenues associated with contract manufacturing and the sale of intermediates, control transfers to the customer and the performance obligation is satisfied when the customer takes possession of the product from the Boca Facility or from a third-party warehouse that is utilized by the Company. Product revenues from the sale of human plasma collected at the Company’s plasma collection centers are recognized at the time control of the product has been transferred to the customer, which generally occurs at the time of shipment. Product revenues are recognized at the time of delivery if the Company retains control of the product during shipment. For the nine months ended September 30 , September 30
Cost of Product Revenue	Cost of Product Revenue Cost of product revenue includes costs associated with the manufacture of the Company’s FDA-approved products, intermediates and the sale of human source plasma, as well as expenses related to conformance batch production, process development and scientific and technical operations when these operations are attributable to marketed products. When the activities of these operations are attributable to new products or processes in development, the expenses are classified as research and development expenses.
Earnings/loss Per Common Share	Earnings/loss Per Common Share Basic earnings/loss per common share is computed by dividing net earnings/ earnings/ earnings/ , earnings/ For the three months ended September 30, 2023, basic and diluted earnings per share is calculated as follows: Net income available to common stockholders (numerator) $ 2,565,055 Weighted-average number of common shares (denominator) 225,276,980 Basic earnings per common shares $ 0.01 Weighted-average number of common shares 225,276,980 Potential shares of common stock arising from outstanding stock options, warrants and unvested RSUs 8,484,282 Total shares - diluted (denominator) 233,761,262 Diluted earnings per common share $ 0.01 For the three months ended September 30, 2023, there were no shares with an anti-dilutive effect that needed to be excluded from the earnings per share computation. For the nine months ended September 30, 2023 and for the three and nine months ended September 30, 2022 no potentially dilutive securities are included in the computation of diluted loss per share amounts in the accompanying condensed consolidated financial statements as the Company reported a net loss for these periods. For the nine months ended September 30 , 2023 and 2022, the following securities were excluded from the calculation of diluted loss per common share because of their anti-dilutive effects: For the Nine Months Ended September 30, 2023 2022 Stock options 5,841,241 8,334,313 Restricted Stock Units 4,877,482 4,129,487 Warrants 12,502,906 13,556,898 23,221,629 26,020,698
Stock-Based Compensation	Stock-Based Compensation The Company follows recognized accounting guidance which requires all equity-based payments, including grants of stock options, to be recognized in the statement of operations as compensation expense based on their fair values at the date of grant. Compensation expense related to awards to employees and directors with service-based vesting conditions is generally recognized on a straight-line basis over the associated vesting period of the award based on the grant date fair value of the award. Stock options granted under the Company’s equity incentive plans generally have a four-year vesting period and a term of 10 years. Pursuant to ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718)
Income Taxes	Income Taxes The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or its tax returns. Under this method, deferred tax assets and liabilities are recognized for the temporary differences between the tax bases of assets and liabilities and their respective financial reporting amounts at enacted tax rates in effect for the years in which the temporary differences are expected to reverse. The Company records a valuation allowance on its deferred tax assets if it is more likely than not that the Company will not generate sufficient taxable income to utilize its deferred tax assets. The Company is subject to income tax examinations by major taxing authorities for all tax years since 2018 and for previous periods as it relates to the Company’s net operating loss carryforwards. In accordance with U.S. GAAP, the Company is required to determine whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. Derecognition of a tax benefit previously recognized could result in the Company recording a tax liability that would reduce net assets. Based on its analysis, the Company has determined that it has not incurred any liability for unrecognized tax benefits as of September 30, 2023 and December 31, 2022, and during the nine months ended September 30, 2023 and 2022 the Company recognized no adjustments for uncertain tax positions.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Calculation of Basic and Diluted Earnings Per Share	For the three months ended September 30, 2023, basic and diluted earnings per share is calculated as follows: Net income available to common stockholders (numerator) $ 2,565,055 Weighted-average number of common shares (denominator) 225,276,980 Basic earnings per common shares $ 0.01 Weighted-average number of common shares 225,276,980 Potential shares of common stock arising from outstanding stock options, warrants and unvested RSUs 8,484,282 Total shares - diluted (denominator) 233,761,262 Diluted earnings per common share $ 0.01
Calculation of Diluted Loss Per Common Share	For the nine months ended September 30 , 2023 and 2022, the following securities were excluded from the calculation of diluted loss per common share because of their anti-dilutive effects: For the Nine Months Ended September 30, 2023 2022 Stock options 5,841,241 8,334,313 Restricted Stock Units 4,877,482 4,129,487 Warrants 12,502,906 13,556,898 23,221,629 26,020,698

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Sep. 30, 2023
INVENTORIES [Abstract]
Components of Inventory	The following table provides the components of inventories: September 30, 2023 December 31, 2022 Raw materials $ 49,857,909 $ 48,644,527 Work-in-process 58,277,455 56,170,853 Finished goods 54,980,741 58,464,667 Total inventories $ 163,116,105 $ 163,280,047

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	9 Months Ended
	Sep. 30, 2023
INTANGIBLE ASSETS [Abstract]
Schedule of Intangible Assets	Intangible assets at September 30, 2023 and December 31, 2022 consist of the following: September 30, 2023 December 31, 2022 Accumulated Accumulated Cost Amortization Net Cost Amortization Net Trademark and other intangible rights related to Nabi-HB $ 4,100,046 $ 3,709,565 $ 390,481 $ 4,100,046 $ 3,270,276 $ 829,770 Rights to intermediates 907,421 821,000 86,421 907,421 723,776 183,645 $ 5,007,467 $ 4,530,565 $ 476,902 $ 5,007,467 $ 3,994,052 $ 1,013,415
Intangible Asset Future Aggregate Amortization Expense	All of the Company’s intangible assets were acquired in the Biotest Transaction. Amortization expense related to these intangible assets was $0.2 million for the three months ended September 30, 2023 and 2022, and $ million for the nine months ended September 30, 2023 and 2022. Remainder of 2023 $ 178,838 2024 298,064

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	9 Months Ended
	Sep. 30, 2023
PROPERTY AND EQUIPMENT [Abstract]
Property and Equipment	Property and equipment and related accumulated depreciation are summarized as follows: September 30, 2023 December 31, 2022 Manufacturing and laboratory equipment $ 20,748,582 $ 18,767,807 Office equipment and computer software 6,260,749 5,318,669 Furniture and fixtures 5,704,638 5,109,898 Construction in process 1,870,317 6,726,995 Leasehold improvements 20,808,155 17,930,905 Land 4,339,441 4,339,441 Buildings and building improvements 20,198,724 19,544,307 79,930,606 77,738,022 Less: Accumulated depreciation (25,115,999 ) (19,476,541 ) Total property, plant and equipment, net $ 54,814,607 $ 58,261,481

ACCRUED EXPENSES AND OTHER CU_2

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2023
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities at September 30, 2023 and December 31, 2022 are as follows: September 30, 2023 December 31, 2022 Accrued rebates $ 15,907,590 $ 11,436,484 Accrued distribution fees 5,822,699 3,166,896 Accrued incentives 3,309,387 4,193,919 Accrued testing 394,630 309,867 Accrued payroll and other compensation 1,816,036 4,086,379 Other 2,613,384 1,795,804 Total accrued expenses and other current liabilities $ 29,863,726 $ 24,989,349

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2023
DEBT [Abstract]
Summary of Outstanding Senior Notes Payable	A summary of outstanding senior notes payable is as follows: September 30, 2023 December 31, 2022 Notes payable $ 157,706,338 $ 154,747,746 Less: Debt discount (15,680,796 ) (11,914,683 ) Senior notes payable $ 142,025,542 $ 142,833,063

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 30, 2023
STOCKHOLDERS' EQUITY [Abstract]
Schedule of Assumptions	The following assumptions were used to determine the fair value of options granted during the nine months ended September 30, 2023 and 2022: Nine Months Ended September 30, 2023 2022 Expected term 5.5 - 6.3 years 5.5 - 6.3 years Volatility 68% 68% Dividend yield 0.0 0.0 Risk-free interest rate 4.20-4.24% 1.72-1.73%
Schedule of Option Activity	A summary of the Company’s option activity under the Company’s equity incentive plans and related information is as follows: Shares Weighted Average Exercise Price Options outstanding, vested and expected to vest at December 31, 2022 8,256,211 $ 3.37 Forfeited (96,392 ) $ 2.71 Expired (236,878 ) $ 6.53 Granted 1,727,510 $ 3.35 Exercised (3,809,210 ) $ 3.15 Options outstanding, vested and expected to vest at September 30, 2023 5,841,241 $ 3.39 Options exercisable 3,163,516 $ 3.91
Schedule of Unvested RSU Activity	A summary of the Company’s unvested RSU activity and related information is as follows: Shares Weighted Average Grant Date Fair Value Balance at December 31, 2022 2,866,987 $ 1.59 Granted 3,345,760 $ 3.42 Vested (1,032,698 ) $ 1.69 Forfeited (302,567 ) $ 2.64 Balance at September 30, 2023 4,877,482 $ 2.94
Schedule of Stock-Based Compensation Expense	Total stock-based compensation expense for all awards granted under the Company’s equity incentive plans for the three and nine months ended September 30, 2023 and 2022 is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Research and development $ 12,328 $ 4,952 $ 27,131 $ 14,521 Plasma center operating expenses 41,346 21,588 104,108 62,255 Selling, general and administrative 1,450,454 1,187,043 3,838,651 3,772,860 Cost of product revenue 190,513 99,911 471,955 296,293 Total stock-based compensation expense $ 1,694,641 $ 1,313,494 $ 4,441,845 $ 4,145,929

SEGMENTS (Tables)

SEGMENTS (Tables)	9 Months Ended
	Sep. 30, 2023
SEGMENTS [Abstract]
Summarized Financial Information Concerning Reportable Segments	Summarized financial information concerning reportable segments is shown in the following tables: Three Months Ended September 30, 2023 ADMA BioManufacturing Plasma Collection Centers Corporate Consolidated Revenues $ 66,566,884 $ 672,006 $ 35,708 $ 67,274,598 Cost of product revenue 41,733,958 888,055 - 42,622,013 Income (loss) from operations 15,016,875 (682,947 ) (5,648,769 ) 8,685,159 Interest and other expense, net (140,669 ) (400 ) (5,979,035 ) (6,120,104 ) Net income (loss) 14,876,206 (683,347 ) (11,627,804 ) 2,565,055 Total assets 262,553,540 35,621,536 50,821,489 348,996,565 Depreciation and amortization expense 1,282,076 810,432 - 2,092,508 Three Months Ended September 30, 2022 ADMA Plasma Collection BioManufacturing Centers Corporate Consolidated Revenues $ 37,280,798 $ 3,773,631 $ 35,708 $ 41,090,137 Cost of product revenue 27,883,046 3,550,450 - 31,433,496 Income (loss) from operations 297,310 (4,636,269 ) (4,977,774 ) (9,316,733 ) Interest and other expense, net (3,023 ) (154 ) (5,579,594 ) (5,582,771 ) Net income (loss) 294,287 (4,636,423 ) (10,557,368 ) (14,899,504 ) Total assets 242,983,498 39,125,933 18,448,139 300,557,570 Depreciation and amortization expense 1,214,529 647,463 - 1,861,992 Nine Months Ended September 30, 2023 ADMA Plasma Collection BioManufacturing Centers Corporate Consolidated Revenues $ 175,904,955 $ 8,299,243 $ 107,125 $ 184,311,323 Cost of product revenue 118,708,495 7,747,250 - 126,455,745 Income (loss) from operations 26,576,977 (3,028,792 ) (16,149,421 ) 7,398,764 Interest and other expense, net (170,069 ) (605 ) (17,822,557 ) (17,993,231 ) Net income (loss) 26,406,908 (3,029,397 ) (33,971,978 ) (10,594,467 ) Capital expenditures 1,767,825 1,805,961 - 3,573,786 Depreciation and amortization expense 3,857,085 2,365,965 - 6,223,050 Nine Months Ended September 30, 2022 ADMA Plasma Collection BioManufacturing Centers Corporate Consolidated Revenues $ 95,129,542 $ 8,861,570 $ 107,125 $ 104,098,237 Cost of product revenue 74,383,948 8,626,208 - 83,010,156 Loss from operations (4,423,228 ) (12,520,163 ) (16,363,147 ) (33,306,538 ) Interest and other expense, net (70,084 ) (1,221 ) (13,624,483 ) (13,695,788 ) Loss on extinguishment of debt - - (6,669,941 ) (6,669,941 ) Net loss (4,493,312 ) (12,521,384 ) (36,657,571 ) (53,672,267 ) Capital expenditures 4,292,246 5,870,404 - 10,162,650 Depreciation and amortization expense 3,486,212 1,689,362 918 5,176,492
Net Revenues According to Geographic Area	Net revenues according to geographic area, based on the location of where the product is shipped, is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 United States $ 64,617,747 $ 37,854,167 $ 173,920,284 $ 96,445,162 International 2,656,851 3,235,970 10,391,039 7,653,075 Total revenues $ 67,274,598 $ 41,090,137 $ 184,311,323 $ 104,098,237

LEASE OBLIGATIONS (Tables)

LEASE OBLIGATIONS (Tables)	9 Months Ended
	Sep. 30, 2023
LEASE OBLIGATIONS [Abstract]
Payments Under Lease Obligations	Scheduled payments under the Company’s lease obligations are as follows: Remainder of 2023 $ 597,659 Year ended December 31, 2024 2,343,314 2025 2,366,432 2026 2,116,036 2027 2,040,690 2028 2,087,825 Thereafter 6,150,745 Total payments 17,702,701 Less: imputed interest (6,754,722 ) Current portion (982,891 ) Balance at September 30, 2023 $ 9,965,088

SUPPLEMENTAL DISCLOSURE OF CA_2

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2023
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION [Abstract]
Supplemental Cash Flow Information	Supplemental cash flow information for the nine months ended September 30, 2023 and 2022 is as follows: 2023 2022 SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for interest $ 13,895,692 $ 9,610,361 Noncash Financing and Investing Activities: Equipment acquired reflected in accounts payable and accrued liabilities $ 270,328 $ 1,749,746 Right-to-use assets in exchange for lease obligations $ - $ 3,660,890 Warrants issued in connection with notes payable $ 5,594,764 $ 9,569,604

ORGANIZATION AND BUSINESS (Deta

ORGANIZATION AND BUSINESS (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) Product Facility
Organization and Business [Abstract]
Number of plasma collection facilities under approval and development | Facility	10
Number of FDA-licensed plasma collection facilities | Facility	9
Number of FDA approved product | Product	3
Working capital | $	$ 231.9
Cash and cash equivalents | $	$ 74.2

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Accounts Receivable (Details) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($) Customer	Dec. 31, 2022 USD ($) Customer
Accounts Receivable [Abstract]
Accounts receivable, allowances for contractual credits and doubtful accounts | $	$ 0.1	$ 0.1
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Three Customers [Member]
Accounts Receivable [Abstract]
Number of customers | Customer	4	2
Percentage of account receivables	95%	92%

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Goodwill (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Goodwill [Abstract]
Goodwill	$ 3,529,509		$ 3,529,509		$ 3,529,509
Impairment charges related to goodwill	$ 0	$ 0	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Impairment of Long-lived Assets (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Impairment of Long-lived Assets [Abstract]
Impairment of long-lived assets	$ 0	$ 0	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Revenue Recognition (Details) - Customer	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Two Customers [Member] | Revenues [Member] | Customer Concentration Risk [Member]
Revenue Recognition [Abstract]
Number of customers	2	2
Percentage of consolidated revenues	71%	72%
Biotest License Agreement [Member]
Revenue Recognition [Abstract]
Amortization period	22 years

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Earnings/loss Per Common Share (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings/loss Per Common Share [Abstract]
Net income available to common stockholders (numerator)	$ 2,565,055	$ (6,370,707)	$ (6,788,815)	$ (14,899,504)	$ (13,764,906)	$ (25,007,857)	$ (10,594,467)	$ (53,672,267)
Weighted-average number of common shares (denominator) (in shares)	225,276,980			196,383,935			223,306,331	196,204,893
Basic earnings per common shares (in dollars per share)	$ 0.01			$ (0.08)			$ (0.05)	$ (0.27)
Total shares - diluted (denominator) (in shares)	233,761,262			196,383,935			223,306,331	196,204,893
Diluted earnings per common share (in dollars per share)	$ 0.01			$ (0.08)			$ (0.05)	$ (0.27)
Loss Per Common Share [Abstract]
Potentially dilutive securities (in shares)	0						23,221,629	26,020,698
Potentially dilutive securities not included in computation of diluted loss per share amount (in shares)				0			0	0
Stock Options [Member]
Earnings/loss Per Common Share [Abstract]
Potential shares of common stock arising from outstanding stock options, warrants and unvested RSUs (in shares)	8,484,282
Loss Per Common Share [Abstract]
Potentially dilutive securities (in shares)							5,841,241	8,334,313
Restricted Stock Units [Member]
Loss Per Common Share [Abstract]
Potentially dilutive securities (in shares)							4,877,482	4,129,487
Unvested Restricted Stock Units [Member]
Earnings/loss Per Common Share [Abstract]
Potential shares of common stock arising from outstanding stock options, warrants and unvested RSUs (in shares)	8,484,282
Warrants [Member]
Earnings/loss Per Common Share [Abstract]
Potential shares of common stock arising from outstanding stock options, warrants and unvested RSUs (in shares)	8,484,282
Loss Per Common Share [Abstract]
Potentially dilutive securities (in shares)							12,502,906	13,556,898

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Stock-based Compensation (Details)	9 Months Ended
	Sep. 30, 2023
Stock-based Compensation [Abstract]
Equity incentive plans, vesting period	4 years
Equity incentive plans, term	10 years

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Income Taxes (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Income Taxes [Abstract]
Unrecognized tax benefits	$ 0		$ 0
Uncertain tax positions	$ 0	$ 0

INVENTORIES (Details)

INVENTORIES (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
INVENTORIES [Abstract]
Raw materials	$ 49,857,909	$ 48,644,527
Work-in-process	58,277,455	56,170,853
Finished goods	54,980,741	58,464,667
Total inventories	$ 163,116,105	$ 163,280,047

INTANGIBLE ASSETS, Summary (Det

INTANGIBLE ASSETS, Summary (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Finite-Lived Intangible Assets, Net [Abstract]
Cost	$ 5,007,467		$ 5,007,467		$ 5,007,467
Accumulated amortization	4,530,565		4,530,565		3,994,052
Net	476,902		476,902		1,013,415
Amortization of intangible assets	178,838	$ 178,838	536,514	$ 536,514
Trademark and Other Intangible Rights Related to Nabi-HB [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Cost	4,100,046		4,100,046		4,100,046
Accumulated amortization	3,709,565		3,709,565		3,270,276
Net	390,481		390,481		829,770
Rights to Intermediates [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Cost	907,421		907,421		907,421
Accumulated amortization	821,000		821,000		723,776
Net	$ 86,421		$ 86,421		$ 183,645

INTANGIBLE ASSETS, Future Aggre

INTANGIBLE ASSETS, Future Aggregate Amortization Expense (Details)	Sep. 30, 2023 USD ($)
Estimated Aggregate Amortization Expense [Abstract]
Remainder of 2023	$ 178,838
2024	$ 298,064

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	$ 79,930,606		$ 79,930,606		$ 77,738,022
Less: accumulated depreciation	(25,115,999)		(25,115,999)		(19,476,541)
Total property, plant and equipment, net	54,814,607		54,814,607		58,261,481
Depreciation expense	$ 1,900,000	$ 1,700,000	$ 5,700,000	$ 4,600,000
Minimum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful life	3 years		3 years
Maximum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful life	10 years		10 years
Manufacturing and Laboratory Equipment [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	$ 20,748,582		$ 20,748,582		18,767,807
Office Equipment and Computer Software [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	6,260,749		6,260,749		5,318,669
Furniture and Fixtures [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	5,704,638		5,704,638		5,109,898
Construction in Process [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	1,870,317		1,870,317		6,726,995
Leasehold Improvements [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	20,808,155		20,808,155		17,930,905
Land [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	4,339,441		4,339,441		4,339,441
Buildings and Building Improvements [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	$ 20,198,724		$ 20,198,724		$ 19,544,307
Building [Member]
Property, Plant and Equipment [Abstract]
Estimated useful life	30 years		30 years

ACCRUED EXPENSES AND OTHER CU_3

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Accrued Expenses and Other Current Liabilities [Abstract]
Accrued rebates	$ 15,907,590	$ 11,436,484
Accrued distribution fees	5,822,699	3,166,896
Accrued incentives	3,309,387	4,193,919
Accrued testing	394,630	309,867
Accrued payroll and other compensation	1,816,036	4,086,379
Other	2,613,384	1,795,804
Total accrued expenses and other current liabilities	$ 29,863,726	$ 24,989,349

DEBT (Details)

DEBT (Details) - USD ($)

3 Months Ended

9 Months Ended

May 01, 2023

Apr. 30, 2023

Mar. 23, 2022

Dec. 31, 2026

Sep. 30, 2023

Sep. 30, 2022

Jun. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Jun. 16, 2023

May 13, 2023

Dec. 31, 2022

Senior Notes Payable [Abstract]

Notes payable

$ 157,706,338

$ 157,706,338

$ 154,747,746

Less: Debt discount

(15,680,796)

(15,680,796)

(11,914,683)

Senior notes payable

142,025,542

142,025,542

$ 142,833,063

Payment for outstanding obligations

0

$ 100,000,000

Loss on extinguishment of debt

0

$ 0

0

(6,669,941)

Interest paid-in-kind

2,958,592

2,023,932

Revenues

$ 67,274,598

$ 41,090,137

$ 184,311,323

104,098,237

Warrant to purchase shares of common stock (in shares)

24,800

Hayfin Credit Agreement [Member]

Senior Notes Payable [Abstract]

Maturity date

Mar. 23, 2029

Upfront fee paid in kind

$ 1,800,000

Loss on extinguishment of debt

$ (6,700,000)

Applicable margin

9.50%

Increase applicable margin

3%

Effective interest rate

17.60%

17.60%

16.10%

Percentage of interest amount to pay in kind

2.50%

Interest paid-in-kind

$ 3,000,000

$ 2,000,000

Percentage of exit fee on outstanding principal amount being paid

1%

Scheduled principal payments

$ 0

Shares issued upon exercise of warrants (in shares)

9,103,047

Warrant exercise price per share (in dollars per share)

$ 1.6478

Trailing period for VWAP

30 days

Fair value of warrants

$ 9,600,000

Warrant to purchase shares of common stock (in shares)

9,103,047

1,967,847

Fair value of warrants

$ 9,600,000

Hayfin Credit Agreement [Member] | Minimum [Member]

Senior Notes Payable [Abstract]

Cash balance

$ 6,000,000

Revenues

$ 75,000,000

Hayfin Credit Agreement [Member] | Maximum [Member] | Forecast [Member]

Senior Notes Payable [Abstract]

Revenues

$ 250,000,000

Hayfin Credit Agreement [Member] | Federal Funds Rate [Member]

Senior Notes Payable [Abstract]

Credit agreement, interest rate provided

0.50%

Hayfin Credit Agreement [Member] | Secured Overnight Financing Rate [Member]

Senior Notes Payable [Abstract]

Credit agreement, interest rate provided

1%

Term of variable rate

1 month

Applicable margin

8.50%

Hayfin Credit Agreement [Member] | Secured Overnight Financing Rate [Member] | Minimum [Member]

Senior Notes Payable [Abstract]

Term of variable rate

1 month

Hayfin Credit Agreement [Member] | Secured Overnight Financing Rate [Member] | Maximum [Member]

Senior Notes Payable [Abstract]

Term of variable rate

3 months

Hayfin Credit Agreement [Member] | Base Rate [Member]

Senior Notes Payable [Abstract]

Percentage of floor interest rate

1.25%

Hayfin Second Amendment [Member]

Senior Notes Payable [Abstract]

Less: Debt discount

$ (19,500,000)

Warrant exercise price per share (in dollars per share)

$ 3.2619

Percentage of reduction to forego early prepayment fees

50%

Warrant to purchase shares of common stock (in shares)

2,391,244

Fair value of warrants

$ 5,600,000

Hayfin Second Amendment [Member] | Prepaid on or Prior to First Anniversary [Member]

Senior Notes Payable [Abstract]

Percentage of prepaid principal amount

7%

Hayfin Second Amendment [Member] | Prepaid after the First Anniversary [Member]

Senior Notes Payable [Abstract]

Percentage of prepaid principal amount

3%

Hayfin Second Amendment [Member] | Prepaid after the Second Anniversary [Member]

Senior Notes Payable [Abstract]

Percentage of prepaid principal amount

1%

Hayfin Second Amendment [Member] | Secured Overnight Financing Rate [Member]

Senior Notes Payable [Abstract]

Applicable margin

8.50%

9.50%

Hayfin Credit Facility [Member] | Hayfin Credit Agreement [Member]

Senior Notes Payable [Abstract]

Maturity date

Mar. 23, 2027

Hayfin Credit Facility [Member] | Hayfin Credit Agreement [Member] | Maximum [Member]

Senior Notes Payable [Abstract]

Notes payable

$ 175,000,000

Hayfin Closing Date Loan [Member]

Senior Notes Payable [Abstract]

Payment for outstanding obligations

100,000,000

Hayfin Closing Date Loan [Member] | Hayfin Credit Agreement [Member]

Senior Notes Payable [Abstract]

Notes payable

150,000,000

Redemption premium

2,000,000

Payment for certain fees and expenses

1,000,000

Effective interest rate

13.90%

Hayfin Delayed Draw Loan [Member] | Hayfin Credit Agreement [Member]

Senior Notes Payable [Abstract]

Notes payable

$ 25,000,000

Maturity date

Mar. 22, 2023

STOCKHOLDERS' EQUITY, Preferred

STOCKHOLDERS' EQUITY, Preferred Stock (Details) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Preferred Stock [Abstract]
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, outstanding (in shares)	0	0

STOCKHOLDERS' EQUITY, Common St

STOCKHOLDERS' EQUITY, Common Stock (Details) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Common Stock [Abstract]
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares outstanding (in shares)	225,958,084	221,816,930
Warrants outstanding (in shares)	43,089,619
Common stock, available for issuance (in shares)	30,952,297

STOCKHOLDERS' EQUITY, Warrants

STOCKHOLDERS' EQUITY, Warrants (Details) - USD ($) $ / shares in Units, $ in Millions				9 Months Ended
	Jun. 16, 2023	May 01, 2023	Mar. 23, 2022	Sep. 30, 2023	May 13, 2023	Dec. 31, 2022
Warrants [Abstract]
Warrant to purchase shares of common stock (in shares)					24,800
Warrants outstanding (in shares)				43,089,619
Hayfin Credit Agreement [Member]
Warrants [Abstract]
Warrant to purchase shares of common stock (in shares)	1,967,847		9,103,047
Fair value of warrants			$ 9.6
Expected term				7 years
Volatility			68.10%
Dividend yield			0%
Risk-free interest rate			2.36%
Warrants exercised (in shares)	3,388,686
Warrant exercise price per share (in dollars per share)			$ 1.6478
Hayfin Second Amendment [Member]
Warrants [Abstract]
Warrant to purchase shares of common stock (in shares)		2,391,244
Fair value of warrants		$ 5.6
Expected term				7 years
Volatility		67.80%
Dividend yield		0%
Risk-free interest rate		3.62%
Warrant exercise price per share (in dollars per share)		$ 3.2619
Common Stock [Member]
Warrants [Abstract]
Warrants outstanding (in shares)				12,502,906		13,525,148
Warrant exercise price per share (in dollars per share)				$ 2.32		$ 1.99

STOCKHOLDERS' EQUITY, Equity In

STOCKHOLDERS' EQUITY, Equity Incentive Plans (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 21, 2022
Stock Options [Abstract]
Common stock, available for issuance (in shares)	30,952,297		30,952,297
Aggregate exercise proceeds			$ 1,095,539	$ 0
Restricted Stock Units [Abstract]
Restricted stock units vested over a period			4 years
Stock-based compensation expense [Abstract]
Stock-based compensation expense	$ 1,694,641	$ 1,313,494	$ 4,441,845	4,145,929
Research and Development [Member]
Stock-based compensation expense [Abstract]
Stock-based compensation expense	12,328	4,952	27,131	14,521
Plasma Center Operating Expenses [Member]
Stock-based compensation expense [Abstract]
Stock-based compensation expense	41,346	21,588	104,108	62,255
Selling, General and Administrative [Member]
Stock-based compensation expense [Abstract]
Stock-based compensation expense	1,450,454	1,187,043	3,838,651	3,772,860
Cost of Product Revenue [Member]
Stock-based compensation expense [Abstract]
Stock-based compensation expense	$ 190,513	$ 99,911	$ 471,955	$ 296,293
2022 Compensation Plan [Member]
Stock Options [Abstract]
Common stock, available for issuance (in shares)					18,000,000
Stock Options [Member]
Stock Options [Abstract]
Number of stock options granted (in shares)			1,727,510	1,194,032
Weighted average remaining contractual life of stock options, outstanding			6 years 9 months 18 days
Weighted average remaining contractual life of stock options, expected to vest			6 years 9 months 18 days
Weighted average remaining contractual life of stock options, exercisable			5 years 2 months 12 days
Shares purchased (in shares)			(3,809,210)
Shares withheld to cover aggregate exercise prices (in shares)	2,108,030		2,108,030
Shares withheld for payroll taxes (in shares)	259,867		259,867
Aggregate exercise proceeds			$ 1,100,000
Stock Options, Shares [Abstract]
Options outstanding, vested and expected to vest, beginning balance (in shares)			8,256,211
Forfeited (in shares)			(96,392)
Expired (in shares)			(236,878)
Granted (in shares)			1,727,510
Exercised (in shares)			(3,809,210)
Options outstanding, vested and expected to vest, ending balance (in shares)	5,841,241		5,841,241
Options exercisable (in shares)	3,163,516		3,163,516
Stock Options, Weighted Average Exercise Price [Abstract]
Options outstanding, vested and expected to vest, beginning balance (in dollars per share)			$ 3.37
Forfeited (in dollars per share)			2.71
Expired (in dollars per share)			6.53
Granted (in dollars per share)			3.35
Exercised (in dollars per share)			3.15
Options outstanding, vested and expected to vest, ending balance (in dollars per share)	$ 3.39		3.39
Options exercisable (in dollars per share)	$ 3.91		$ 3.91
Stock Options [Member] | Minimum [Member]
Fair Value Assumptions and Methodology [Abstract]
Expected term			5 years 6 months	5 years 6 months
Stock Options [Member] | Maximum [Member]
Fair Value Assumptions and Methodology [Abstract]
Expected term			6 years 3 months 18 days	6 years 3 months 18 days
Stock Options [Member] | Equity Incentive Plans [Member]
Stock Options, Weighted Average Exercise Price [Abstract]
Unrecognized compensation expense, stock options	$ 4,300,000		$ 4,300,000
Unrecognized compensation expense recognition period			2 years 8 months 12 days
RSUs [Member]
Restricted Stock Units [Abstract]
Number of restricted stock units granted (in shares)			3,345,760	1,119,266
Shares withheld for tax withholding obligation (in shares)	300,704		300,704
Amount of shares withheld for tax withholding obligation	$ 1,000,000		$ 1,000,000
Unvested RSU, Shares [Abstract]
Beginning balance (in shares)			2,866,987
Granted (in shares)			3,345,760
Vested (in shares)			(1,032,698)
Forfeited (in shares)			(302,567)
Ending balance (in shares)	4,877,482		4,877,482
Unvested RSU, Weighted Average Grant Date Fair Value [Abstract]
Beginning balance (in dollars per share)			$ 1.59
Granted (in dollars per share)			3.42
Vested (in dollars per share)			1.69
Forfeited (in dollars per share)			2.64
Ending balance (in dollars per share)	$ 2.94		$ 2.94
RSUs [Member] | Directors [Member]
Restricted Stock Units [Abstract]
Restricted stock units vested over a period			1 year
RSUs [Member] | Employees [Member]
Restricted Stock Units [Abstract]
Restricted stock units vested over a period			4 years
RSUs [Member] | Equity Incentive Plans [Member]
Stock Options, Weighted Average Exercise Price [Abstract]
Unrecognized compensation expense recognition period			3 years 1 month 6 days
Unvested RSU, Weighted Average Grant Date Fair Value [Abstract]
Unrecognized compensation expense, non option	$ 11,600,000		$ 11,600,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - Related Party [Member]		1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 15, 2023 Officer shares	Jan. 31, 2016 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Perceptive [Member]
Related Party Transactions [Abstract]
Minimum percentage of common stock held by lender						5%
Areth, LLC [Member]
Related Party Transactions [Abstract]
Rent expense | $		$ 10,000	$ 30,000	$ 30,000	$ 90,000	$ 90,000
Genesis [Member]
Related Party Transactions [Abstract]
Purchased materials amount | $					$ 400,000	$ 100,000
Executive Officer [Member]
Related Party Transactions [Abstract]
Number of executive officers that exercised options | Officer	2
Shares purchased in cashless transaction (in shares)	2,909,721
Common stock shares issued (in shares)	688,657
Shares withheld to cover portion of tax liabilities (in shares)	257,867

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)			3 Months Ended			9 Months Ended		12 Months Ended
	Jun. 19, 2023 Batch	Apr. 01, 2019 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) Facility Term Center	Sep. 30, 2022 USD ($)	Dec. 31, 2021 Facility
Vendor and Licensor Commitments [Abstract]
Number of batches in production at the time of disruption | Batch	2
Non recurring charge of inventory				$ 2,100,000
Impact of operating expenses			$ 466,898	$ 700,000	$ 4,859,450	$ 3,580,785	$ 12,755,525
Number of FDA-licensed plasma collection facilities approved | Facility						6
Number of FDA Inspections | Facility								2
Plasma supply agreement term						10 years
Plasma purchased from Grifols						$ 6,500,000	$ 40,300,000
Percentage of inventory purchases						23%	68%
Post-Marketing Commitments [Abstract]
Research and Development Expense		$ 1,300,000	$ 595,903		$ 1,041,947	$ 2,854,514	$ 2,539,444
BIVIGAM [Member]
Post-Marketing Commitments [Abstract]
Research and Development Expense						1,700,000	1,500,000
ASCENIV [Member]
Post-Marketing Commitments [Abstract]
Research and Development Expense						$ 600,000	$ 300,000
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | International Customers [Member]
Vendor and Licensor Commitments [Abstract]
Concentration risk, percentage						6%	7%
Maximum [Member]
Vendor and Licensor Commitments [Abstract]
IT technology systems inaccessible period	7 days
2011 Plasma Purchase Agreement [Member]
Vendor and Licensor Commitments [Abstract]
Plasma purchase agreement term						10 years
Number of renewal terms | Term						2
Plasma purchase agreement renewal period						5 years
Number of plasma collection centers that collects RSV Plasma which were transferred to BPC | Center						2
Percentage of plasma purchase price equal to cost						5%
2011 Plasma Purchase Agreement [Member] | Maximum [Member]
Vendor and Licensor Commitments [Abstract]
Number of plasma collection facilities | Facility						5
2017 Plasma Purchase Agreement [Member]
Vendor and Licensor Commitments [Abstract]
Number of plasma collection facilities | Facility						10
Plasma purchase agreement term						5 years
Number of renewal terms | Term						2
Plasma purchase agreement renewal period						2 years

SEGMENTS (Details)

SEGMENTS (Details)	3 Months Ended						9 Months Ended
	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2023 USD ($) Facility	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting Information [Abstract]
Number of FDA-licensed plasma collection facilities | Facility							9
Number of remaining plasma collection facilities under construction | Facility							10
Revenues	$ 67,274,598			$ 41,090,137			$ 184,311,323	$ 104,098,237
Cost of product revenue	42,622,013			31,433,496			126,455,745	83,010,156
Income (loss) from operations	8,685,159			(9,316,733)			7,398,764	(33,306,538)
Interest and other expense, net	(6,120,104)			(5,582,771)			(17,993,231)	(13,695,788)
Loss on extinguishment of debt	0			0			0	(6,669,941)
Net income (loss)	2,565,055	$ (6,370,707)	$ (6,788,815)	(14,899,504)	$ (13,764,906)	$ (25,007,857)	(10,594,467)	(53,672,267)
Capital expenditures							3,573,786	10,162,650
Total assets	348,996,565			300,557,570			348,996,565	300,557,570	$ 348,461,881
Depreciation and amortization expense	2,092,508			1,861,992			6,223,050	5,176,492
United States [Member]
Segment Reporting Information [Abstract]
Revenues	64,617,747			37,854,167			173,920,284	96,445,162
International [Member]
Segment Reporting Information [Abstract]
Revenues	2,656,851			3,235,970			10,391,039	7,653,075
Corporate [Member]
Segment Reporting Information [Abstract]
Revenues	35,708			35,708			107,125	107,125
Cost of product revenue	0			0			0	0
Income (loss) from operations	(5,648,769)			(4,977,774)			(16,149,421)	(16,363,147)
Interest and other expense, net	(5,979,035)			(5,579,594)			(17,822,557)	(13,624,483)
Loss on extinguishment of debt								(6,669,941)
Net income (loss)	(11,627,804)			(10,557,368)			(33,971,978)	(36,657,571)
Capital expenditures							0	0
Total assets	50,821,489			18,448,139			50,821,489	18,448,139
Depreciation and amortization expense	0			0			0	918
Operating Segments [Member] | ADMA BioManufacturing [Member]
Segment Reporting Information [Abstract]
Revenues	66,566,884			37,280,798			175,904,955	95,129,542
Cost of product revenue	41,733,958			27,883,046			118,708,495	74,383,948
Income (loss) from operations	15,016,875			297,310			26,576,977	(4,423,228)
Interest and other expense, net	(140,669)			(3,023)			(170,069)	(70,084)
Loss on extinguishment of debt								0
Net income (loss)	14,876,206			294,287			26,406,908	(4,493,312)
Capital expenditures							1,767,825	4,292,246
Total assets	262,553,540			242,983,498			262,553,540	242,983,498
Depreciation and amortization expense	1,282,076			1,214,529			3,857,085	3,486,212
Operating Segments [Member] | Plasma Collection Centers [Member]
Segment Reporting Information [Abstract]
Revenues	672,006			3,773,631			8,299,243	8,861,570
Cost of product revenue	888,055			3,550,450			7,747,250	8,626,208
Income (loss) from operations	(682,947)			(4,636,269)			(3,028,792)	(12,520,163)
Interest and other expense, net	(400)			(154)			(605)	(1,221)
Loss on extinguishment of debt								0
Net income (loss)	(683,347)			(4,636,423)			(3,029,397)	(12,521,384)
Capital expenditures							1,805,961	5,870,404
Total assets	35,621,536			39,125,933			35,621,536	39,125,933
Depreciation and amortization expense	$ 810,432			$ 647,463			$ 2,365,965	$ 1,689,362

LEASE OBLIGATIONS (Details)

LEASE OBLIGATIONS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
LEASE OBLIGATIONS [Abstract]
Aggregate lease expense	$ 600,000	$ 600,000	$ 1,800,000	$ 1,500,000
Cash payments for lease	600,000	$ 500,000	1,800,000	$ 1,300,000
Operating and financing lease liabilities	$ 10,900,000		$ 10,900,000		$ 11,600,000
Weighted average remaining term	7 years 10 months 24 days		7 years 10 months 24 days
Payments Under Lease Obligations [Abstract]
Remainder of 2023	$ 597,659		$ 597,659
Year ended December 31, 2024	2,343,314		2,343,314
2025	2,366,432		2,366,432
2026	2,116,036		2,116,036
2027	2,040,690		2,040,690
2028	2,087,825		2,087,825
Thereafter	6,150,745		6,150,745
Total payments	17,702,701		17,702,701
Less: imputed interest	(6,754,722)		(6,754,722)
Current portion	(982,891)		(982,891)		(905,369)
Balance at September 30, 2023	$ 9,965,088		$ 9,965,088		$ 10,704,176

SUPPLEMENTAL DISCLOSURE OF CA_3

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
SUPPLEMENTAL CASH FLOW INFORMATION [Abstract]
Cash paid for interest	$ 13,895,692	$ 9,610,361
Noncash Financing and Investing Activities [Abstract]
Equipment acquired reflected in accounts payable and accrued liabilities	270,328	1,749,746
Right-to-use assets in exchange for lease obligations	0	3,660,890
Warrants issued in connection with notes payable	$ 5,594,764	$ 9,569,604