ADMA Biologics (ADMA) 10-Q 12 Nov 13 2013 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2013	Nov. 12, 2013
Document And Entity Information	'	'
Entity Registrant Name	'ADMA BIOLOGICS, INC.	'
Entity Central Index Key	'0001368514	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-13	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Is Entity a Well-known Seasoned Issuer?	'No	'
Is Entity a Voluntary Filer?	'No	'
Is Entity's Reporting Status Current?	'Yes	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	9,223,943
Document Fiscal Period Focus	'Q3	'
Document Fiscal Year Focus	'2013	'

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2013	Dec. 31, 2012
Current Assets	'	'
Cash and cash equivalents	$5,380,043	$12,535,672
Accounts Receivable	335,091	39,112
Inventories	1,205,073	1,265,593
Prepaid Expenses	223,418	107,761
Total Current Assets	7,143,625	13,948,138
Property and Equipment at cost, Net	811,398	779,297
Other Assets	'	'
Deferred Financing Costs	282,262	363,403
Restricted Cash	452,004	452,004
Deposits	12,577	12,577
Total Other Assets	746,843	827,984
TOTAL ASSETS	8,701,866	15,555,419
Current Liabilities	'	'
Accounts Payable	1,482,643	1,058,671
Accrued expenses	911,130	747,079
Accrued Interest	35,417	0
Current Portion of Deferred Revenue	75,556	0
Current Portion of Leasehold Improvement Loan	12,373	11,569
Total Current Liabilities	2,517,119	1,817,319
Notes Payable, Net of Debt Discount	4,840,508	3,773,524
Warrant Liability	168,777	229,345
End of Term Liability, Note Payable	132,500	106,000
Deferred Revenue	1,599,259	0
Deferred Rent Liability	110,952	127,595
Leasehold Improvement Loan	68,507	77,890
TOTAL LIABILITIES	9,437,622	6,131,673
COMMITMENTS AND CONTINGENCIES	'	'
STOCKHOLDERS' (DEFICIENCY) EQUITY	'	'
Common Stock $.0001 par value 75,000,000 shares authorized, 5,871,002 shares issued and outstanding	587	587
Additional paid-in capital	47,199,023	46,532,487
Accumulated Deficit	-47,935,366	-37,109,328
TOTAL STOCKHOLDERS' (DEFICIENCY) EQUITY	-735,756	9,423,746
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIENCY) EQUITY	$8,701,866	$15,555,419

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Stockholders Equity	'	'
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	75,000,000	75,000,000
Common stock, issued	5,871,002	5,871,002
Common stock, outstanding	5,871,002	5,871,002

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Condensed Consolidated Statements Of Operations	'	'	'	'
Product revenue	$1,107,341	$360,338	$2,643,546	$594,834
License revenue	18,889	'	25,185	'
Total Revenues	1,107,341	360,338	2,643,546	594,834
OPERATING EXPENSES	'	'	'	'
Cost of product revenue	726,245	144,691	1,741,052	288,761
Research and development	1,408,990	1,940,637	6,346,924	2,201,131
Plasma center	657,776	489,300	1,713,058	1,327,761
General and administrative expenses	845,301	1,034,530	3,366,699	2,446,043
TOTAL OPERATING EXPENSES	3,638,312	3,609,158	13,167,733	6,263,696
LOSS FROM OPERATIONS	-2,530,971	-3,248,820	-10,524,187	-5,668,862
OTHER INCOME (EXPENSE):	'	'	'	'
Interest income	2,145	5,722	5,658	15,712
Interest expense	-162,934	-2,649	-450,574	-14,241
Change in fair value of stock warrants	2,813	'	60,568	'
Other income	'	'	82,497	'
TOTAL OTHER INCOME (EXPENSE)	-157,976	3,073	-301,851	1,471
LOSS BEFORE INCOME TAXES	-2,688,947	-3,245,747	-10,826,038	-5,667,391
State income tax benefit	'	'	'	617,615
NET LOSS	($2,688,947)	($3,245,747)	($10,826,038)	($5,049,776)
NET LOSS PER COMMON SHARE - BASIC AND DILUTED	($0.46)	($0.55)	($1.84)	($1)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, Basic and Diluted	5,871,002	5,910,965	5,871,002	5,064,766

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) (USD $)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning Balance, Amount at Dec. 31, 2012	$587	$46,532,487	($37,109,328)	$9,423,746
Beginning Balance, Shares at Dec. 31, 2012	5,871,002	'	'	'
Stock-based compensation	'	666,536	'	666,536
Net loss	'	'	-10,826,038	-10,826,038
Ending Balance, Amount at Sep. 30, 2013	$587	$47,199,023	($47,935,366)	($735,756)
Ending Balance, Shares at Sep. 30, 2013	5,871,002	'	'	'

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net Loss	($10,826,038)	($5,049,776)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'
Depreciation and amortization	159,075	140,743
Stock based compensation	666,536	408,544
Warrant liability	-60,568	'
Amortization of debt discount	66,984	'
Amortization of deferred financing costs	72,042	'
Amortization of license revenue	-25,185	'
Changes in operating assets and liabilities	'	'
Accounts receivable	-295,979	-61,897
Inventories	60,520	137,658
Prepaid Expenses	-115,657	-130,352
Other assets	132,403	-90,000
Accounts payable	423,972	-412,652
Accrued expenses	95,730	-24,330
Accrued interest	35,417	1,959
Deferred revenue	1,700,000	'
Deferred rent liability	-16,643	-16,642
Net cash used in operating activities	-7,927,391	-5,096,745
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Purchase of property and equipment	-191,176	-83,521
Net cash used in investing activities	-191,176	-83,521
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Proceeds from issuance of common stock, net of note payable conversion	'	17,287,288
Proceeds from Hercules debt note payable	1,000,000	'
Payment of equity issuance costs	-28,483	-1,266,495
Payments on notes payable	'	-200,000
Payments of leasehold improvement loan	-8,579	-7,901
Net cash provided by financing activities	962,938	15,812,892
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	-7,155,629	10,632,626
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	12,535,672	87,771
CASH AND CASH EQUIVALENTS - END OF PERIOD	5,380,043	10,720,397
Cash paid for interest	275,305	3,820
Supplemental Disclosure of Noncash Financing Activities:	'	'
Conversion of notes payable and accrued interest into common stock	'	262,740
Reclassification of equity issuance costs to additional paid-in capital	'	421,077
Accrued equity issuance costs	68,321	'
End of term liability for Hercules note payable	26,500	'
Stock issued to shell company	'	$53

1_ORGANIZATION_AND_BUSINESS

1. ORGANIZATION AND BUSINESS	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
1. ORGANIZATION AND BUSINESS	'
	ADMA Biologics, Inc. (“ADMA” or the “Company”) is a late-stage biopharmaceutical company that develops, manufactures, and intends to market specialty plasma-based biologics targeted to niche patient populations for the treatment and prevention of certain infectious diseases. The target patient populations include immune-compromised individuals who suffer from an underlying immune deficiency disease or who may be immune-compromised for medical reasons. ADMA also operates ADMA BioCenters Georgia, Inc., (“ADMA BioCenters”) of Norcross, Georgia, a source plasma collection facility licensed by the U.S. Food and Drug Administration (“FDA”) and certified by the German Health Authority (“GHA”), which provides ADMA with a portion of its blood plasma for the manufacture of RI-002, ADMA’s lead product candidate.
	The Company has experienced net losses and negative cash flows from operations since inception and expects these conditions to continue for the foreseeable future.  The Company has needed to raise capital from the sales of its equity and debt securities to sustain operations.
	In February 2012, privately-held ADMA Biologics, Inc. (“Former ADMA”) completed a private placement (the “2012 Financing”) to raise gross proceeds of $17.3 million in cash in connection with and immediately prior to the closing of the merger (the “Merger”) with an acquisition of a reporting shell company (“ParentCo”). In the 2012 Financing, Former ADMA issued shares of its common stock at a price per share of $9.60 to accredited investors pursuant to a securities purchase agreement dated February 13, 2012 (the “Securities Purchase Agreement”).  In lieu of repayment of senior secured promissory notes, the aggregate amount of unpaid principal and interest on the notes was invested by the holders in the 2012 Financing in exchange for shares of Former ADMA’s common stock. Immediately prior to the Merger, (i) shares of Series A preferred stock of Former ADMA were converted into shares of Former ADMA’s common stock after giving effect to cumulative anti-dilution adjustments and accrued dividends, and (ii) the shares of common stock of Former ADMA were reverse split at a ratio of 1-for-6.8 (the “Reverse Split”). All of the then issued and outstanding shares of Former ADMA’s common stock were automatically exchanged into shares of ParentCo’s common stock at a 1:1 exchange ratio and as adjusted for the 0.27-for-1 stock dividend paid on the ParentCo common stock in April 2013.  All warrants, options and other rights to purchase or acquire shares of Former ADMA’s common stock outstanding immediately prior to the Merger were converted into warrants, options or other rights, as the case may be, to purchase shares of ParentCo’s common stock at the same exercise prices (subsequently adjusted for the stock dividend) and the shares of ParentCo’s common stock held by the stockholders of ParentCo immediately prior to the Merger were canceled.
	The net cash proceeds from the 2012 Financing, after the payment of all expenses related to the 2012 Financing and the Merger, including legal, printing and travel expense, the Placement Agent’s cash fee and expense reimbursement and miscellaneous were approximately $15.3 million, not including in such proceeds the senior secured promissory notes that were satisfied in exchange for shares of Former ADMA’s common stock in the 2012 Financing.  Based upon the Company’s projected revenue and expenditures for 2013, management currently believes that its current cash and cash equivalents as of September 30, 2013, in addition to the funds received from the Initial Public Offering (“IPO”) completed in October 2013, (see Note 8 Subsequent Events), is anticipated to be sufficient to fund ADMA’s operations into the first half of 2016.  Furthermore, if the Company’s assumptions underlying its estimated expenses and revenues prove to be wrong, it may have to raise additional capital sooner than anticipated.  Due to numerous risks and uncertainties associated with the research, development and future commercialization of its product candidate, the Company is unable to estimate with certainty the amounts of increased capital outlays and operating expenditures associated with its anticipated clinical trials and development activities.  The Company’s current estimates may be subject to change as circumstances regarding requirements further develop. The Company may decide to raise capital through public or private equity offerings, debt financings or corporate collaboration and licensing arrangements.  The Company does not have any existing commitments for future external funding.  The Company may seek to sell additional equity or debt securities or obtain a bank credit facility.  The sale of additional equity or debt securities, if convertible, could result in dilution to the Company’s stockholders.  The incurrence of indebtedness would result in increased fixed obligations and could also result in covenants that would restrict the Company’s operations or other financing alternatives.
	Additional equity or debt financing, grants, or corporate collaboration and potential licensing arrangements may not be available on acceptable terms, if at all.  If adequate funds are not available, the Company may be required to delay, reduce the scope of or eliminate the Company’s research and development programs, reduce the Company’s planned clinical trials and delay or abandon potential commercialization efforts of the Company’s lead product candidate.  The Company may be required to obtain loans or raise additional funds to meet long-term obligations and continue operations. There can be no assurance that such funds, if available at all, can be obtained on terms acceptable to the Company. As of September 30, 2013, the Company had $5.4 million in cash and cash equivalents.  On October 22, 2013, the Company completed its IPO and received net proceeds of $26.5 million, (see Note 8 Subsequent Events).
	There can be no assurance that the Company's research and development will be successfully completed or that any product will be approved or commercially viable. The Company is subject to risks common to companies in the biotechnology industry including, but not limited to, dependence on collaborative arrangements, development by the Company or its competitors of new technological innovations, dependence on key personnel, protection of proprietary technology and compliance with the FDA and other governmental regulations and approval requirements.

2_SUMMARY_OF_SIGNIFICANT_ACCOU

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	Basis of presentation and principles of consolidation
	The accompanying condensed consolidated financial statements include the accounts of ADMA Biologics, Inc. and its wholly-owned subsidiaries, ADMA Plasma Biologics, Inc. and ADMA Bio Centers of Georgia. All significant intercompany transactions and balances have been eliminated in consolidation.
	The condensed consolidated financial statements for the interim periods included herein are unaudited; however, they contain all adjustments (consisting of only normal recurring adjustments) which in the opinion of management are necessary to present fairly the consolidated financial position of the Company as of September 30, 2013 and its results of operations and cash flows for the three and nine months ended September 30, 2013 and 2012.  The results of operations for the interim periods are not necessarily indicative of results that may be expected for any other interim periods or for the full year.  These interim financial statements should be read in conjunction with the audited annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, filed with the Securities and Exchange Commission on March 6, 2013.
	The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States, or GAAP, in accordance with the rules and regulations of the Securities and Exchange Commission for interim reporting.  Pursuant to such rules and regulations, certain information and footnote disclosures normally included in complete annual financial statements have been condensed or omitted.
	Inventories
	Plasma inventories (both plasma intended for resale and plasma intended for internal use in the Company's research and development activities) are carried at the lower of cost or market value determined on the first-in, first-out method.  Once the research and development plasma is processed to a finished product for ongoing trials, it is then expensed to research and development.  Inventory at September 30, 2013 and 2012 consists of raw materials.  Inventory also includes plasma collected at the Company’s FDA-licensed and GHA-certified plasma collection center.
	Revenue recognition
	Revenue from the sale of human plasma collected at the Company’s plasma collection center and plasma-derived medicinal products is recognized at the time of transfer of title and risk of loss to the customer, which usually occurs at the time of shipment.  Revenue is recognized at the time of delivery if the Company retains the risk of loss during shipment. Revenues are substantially attributed to one customer. Revenue from license fees and research and development services rendered are recognized as revenue when the performance obligations under the terms of the license agreement have been completed.  Deferred revenue of $1.7 million was recorded in the second quarter of 2013 as a result of certain research and development services to be provided in accordance with a license agreement and is recognized over the term of the license.
	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 valuation of inventory, assumptions used in the fair value determination of stock-based compensation and the allowance for the valuation of future tax benefits.
	Earnings (loss) per common share
	Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period.  Because the holders of the Series A preferred stock were not contractually required to share in the Company’s losses, in applying the two-class method to compute basic net loss per common share, no allocation to preferred stock was made for the three and nine months ended September 30, 2012 and no preferred stock was outstanding during the three and nine months ended September 30, 2013.
	Diluted net loss per share is calculated by dividing net loss attributable to common stockholders as adjusted for the effect of dilutive securities, if any, by the weighted average number of common stock and dilutive common stock outstanding during the period.  Potential common shares include the shares of common stock issuable upon the exercise of outstanding stock options and a warrant (using the treasury stock method) and the conversion of the shares of Series A preferred stock (using the more dilutive of the (a) as converted method or (b) the two–class method).  Potential common shares in the diluted net loss per share computation are excluded to the extent that they would be anti-dilutive.  No potentially dilutive securities are included in the computation of any diluted per share amounts as the Company reported a net loss for all periods presented.  The aggregate number of potentially dilutive securities that would be issued upon conversion of convertible notes and Series A preferred stock, and the exercise of outstanding warrants and stock options, was 0.9 million and 0.7 million as of September 30, 2013 and 2012, respectively.
	Stock-based compensation
	The Company follows recognized accounting guidance which requires all stock-based payments, including grants of stock options, to be recognized in the statement of operations as compensation expense, based on their fair values on the grant date. The estimated fair value of options granted under the Company’s 2007 Employee Stock Option Plan (“Plan”) is recognized as compensation expense over the option-vesting period.
	During the three months ended September 30, 2013, no options were granted to employees.  During the nine months ended September 30, 2013, 25,587 options were issued to employees.
	During the three months ended September 30, 2012, options to purchase an aggregate of 119,325 shares of common stock were issued to a Board member and the Company’s Chief Medical and Scientific Officer and during the nine months ended September 30, 2012, a total of 506,559 options were issued to employees and Board members.

3_NOTES_PAYABLE

3. NOTES PAYABLE	9 Months Ended
	Sep. 30, 2013
Debt Disclosure [Abstract]	'
3. NOTES PAYABLE	'
	On December 21, 2012, the Company and its subsidiaries entered into a Loan and Security Agreement, or the Loan Agreement, with Hercules. Under the Loan Agreement for up to $6 million, the Company has borrowed $4 million in December 2012, and has borrowed an additional $1 million in March 2013, upon reaching its first milestone of enrolling at least one patient in a pivotal Phase III clinical study of its lead product candidate RI-002. The loan bears interest at a rate per annum equal to the greater of (i) 8.5% and (ii) the sum of (a) 8.5% plus (b) the Prime Rate (as reported in The Wall Street Journal) minus 5.75%.  As of September 30, 2013, the rate of the loan was 8.5%. The loan is secured by the Company’s assets, except for the Company’s intellectual property (which is subject to a negative pledge). The principal will be repaid over 27 months beginning no later than May 1, 2014, unless accelerated as a result of certain events of default. Interest is due and payable on the first of every month and at the termination date, unless accelerated as a result of an event of default. In addition, a backend fee equal to 2.65% of the amount funded under the facility is due on the maturity or prepayment date or the date that the secured obligations become due and payable and a 1% facility fee in the amount of $60,000 and a commitment fee in the amount of $25,000 were both due and paid at closing. The loan matures in June 2016.
	In the event the Company elects or is required to prepay the loan, the Company is obligated to pay a prepayment charge corresponding to a percentage of the outstanding principal amount of the loan, with such percentage being: 3.0% if prepayment occurs in the first year, 2.0% if prepayment occurs in the second year and 0.5% if prepayment occurs after the second year but prior to the last day of the term.
	The Loan Agreement contains customary representations, warranties and covenants, including limitations on incurring indebtedness, engaging in mergers or acquisitions and making investments, distributions or transfers. The representations, warranties and covenants contained in the Loan Agreement were made only for purposes of such agreement and as of a specific date or specific dates, were solely for the benefit of the parties to such agreement, and may be subject to limitations agreed upon by the contracting parties, including being qualified by confidential disclosures exchanged between the parties in connection with the execution of the Loan Agreement.
	Events of default under the agreement include, but are not limited to: (i) insolvency, liquidation, bankruptcy or similar events; (ii) failure to pay any debts due under the Loan Agreement or other loan documents on a timely basis; (iii) failure to observe any covenant or secured obligation under the Loan Agreement or other loan documents, which failure, in most cases, is not cured within 10 days of written notice by lender; (iv) occurrence of any default under any other agreement between the Company and the lender, which is not cured within 10 days; (v) occurrence of an event that could reasonably be expected to have a material adverse effect; (vi) material misrepresentations; (vii) occurrence of any default under any other agreement involving indebtedness in excess of $50,000 or the occurrence of a default under any agreement that could reasonably be expected to have a material adverse effect; and (viii) certain money judgments are entered against the Company or a certain portion of its assets are attached or seized. Remedies for events of default include acceleration of amounts owing under the Loan Agreement and taking immediate possession of, and selling, any collateral securing the loan.
	In connection with the Loan Agreement, the Company issued to Hercules a warrant to purchase 31,750 shares of common stock with an exercise price set at the lower of (i) $7.56 or (ii) the price per share of the next round of financing, subject to customary anti-dilution adjustments. The warrant expires after 10 years and has piggyback registration rights with respect to the shares of common stock underlying the warrant. In addition, the Company has also granted Hercules the option to invest (until the loan maturity date) up to $1 million in future equity financings (other than under an effective registration statement) at the same terms as the other investors.
	The Loan Agreement contains certain provisions that require the warrants issued to Hercules to be accounted for as a liability and “marked-to-market” each reporting period. Changes in the valuation of this liability at the end of each reporting period will be included in the Company’s reported operating results, and may create volatility in the Company’s reported operating results.  Upon completion of the Company’s IPO in October 2013, the down round warrant protection feature resulting in the warrant liability’s quarterly “marked-to-market” valuation terminated and, therefore, this liability will be reclassified to additional paid in capital during the fourth quarter of 2013.

4_STOCKHOLDERS_EQUITY

4. STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2013
Equity [Abstract]	'
4. STOCKHOLDERS' EQUITY	'
	Common stock options and warrants
	The fair value of employee options granted was determined on the date of grant using the Black-Scholes option valuation model. The Black-Scholes model was developed for use in estimating the fair value of publicly traded options, which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility. The Company's employee stock options have characteristics significantly different from those of traded options, and changes in the subjective input assumptions can materially affect the fair value estimate. Because there has been no public market for the Company's stock and very little historical experience with the Company's stock options, similar public companies were used for comparison and expectations as to assumptions required for fair value computation using the Black-Scholes methodology.
	The Company records compensation expense associated with stock options and other forms of equity compensation using the Black-Scholes option-pricing model and the following assumptions:
		Nine Months Ended
		30-Sep-13
	Expected term	6.25 years
	Volatility	63%
	Dividend yield	0
	Risk-free interest rate	1.24%
	Guidance for stock-based compensation requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company currently estimates there will be no forfeitures of options.
	The weighted average remaining contractual life of stock options outstanding and expected to vest at September 30, 2013 is 7.9 years.  The weighted average remaining contractual life of stock options exercisable at September 30, 2013 is 7.1 years.
	A summary of the Company’s option and warrant activity under the Plan and related information is as follows:
			Nine Months Ended
			30-Sep-13
						Weighted
						Average
						Exercise
			Shares			Price
	Outstanding at beginning of period			749,211		$	6.86
	Granted			25,587		$	7.56
	Outstanding at end of period and expected to vest			774,798		$	6.89
	Options exercisable			349,564		$	6.08
	Weighted average fair value of options granted during period					$	4.42
	Stock-based compensation expense for the three and nine months ended September 30, 2013 and 2012 was:
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2013			2012			2013		2012
	Research and development	$	55,067		$	43,178		$	162,643	$	49,446
	General and administrative		170,154			165,017			503,893		359,098
	Total stock-based compensation expense	$	225,221		$	208,195		$	666,536	$	408,544
	As of September 30, 2013, the total compensation expense related to unvested options not yet recognized totaled $2,279,974. The weighted-average vesting period over which the total compensation expense will be recorded related to unvested options not yet recognized at September 30, 2013 was approximately 2.6 years.

5_RELATED_PARTY_TRANSACTIONS

5. RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2013
Related Party Transactions [Abstract]	'
5. RELATED PARTY TRANSACTIONS	'
	The Company leases an office building and equipment from an entity owned by related parties on a month-to-month basis.  Rent expense amounted to $24,112 and $72,336 for the three and nine months ended September 30, 2013 and 2012, respectively.
	The Company maintains deposits and other accounts at a bank which is less than 5%-owned by related parties and where a stockholder and Company director is a member of the Board of Directors of the bank.

6_COMMITMENT_AND_CONTINGENCIES

6. COMMITMENT AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2013
Commitments and Contingencies Disclosure [Abstract]	'
COMMITMENT AND CONTINGENCIES	'
	General Legal Matters
	We are subject to certain legal proceedings and claims arising in connection with the normal course of our business. In the opinion of management, there are currently no claims that would have a material adverse effect on our consolidated financial position, results of operations or cash flows.

7_SEGMENTS

7. SEGMENTS	9 Months Ended
	Sep. 30, 2013
Segment Reporting [Abstract]	'
6. SEGMENTS	'
	The Company is engaged in the development and commercialization of human plasma and plasma-derived therapeutics.  The Company also operates an FDA-licensed source plasma collection facility located in Norcross, Georgia.  The Company defines its segments as those business units for which operating results are regularly reviewed by the chief operating decision maker (“CODM”) to analyze performance and allocate resources.
	The plasma collection center segment includes the Company’s operation in Georgia.  The research and development segment includes the Company’s plasma development operations in New Jersey.
	Summarized financial information concerning reportable segments is shown in the following table:
		Plasma
	Three Months Ended	Collection			Research and
	30-Sep-13	Center			Development			Corporate			Consolidated
	Revenues	$	1,088,452		$	-		$	18,889		$	1,107,341
	Cost of product revenue		726,245			-			-			726,245
	Gross profit		362,207			-			18,889			381,096
	Loss from operations		(295,569	)		(1,408,990	)		(826,412	)		(2,530,971	)
	Other expense		(1,863	)		-			(156,113	)		(157,976	)
	Loss before income taxes		(297,432	)		(1,408,990	)		(982,525	)		(2,688,947	)
	Property and equipment, net		624,492			3,539			183,367			811,398
	Depreciation and amortization expense		43,043			809			11,035			54,887
		Plasma
	Three Months Ended	Collection			Research and
	30-Sep-12	Center			Development			Corporate			Consolidated
	Revenues	$	360,338		$	-		$	-		$	360,338
	Cost of product revenue		144,691			-			-			144,691
	Gross profit		215,647			-			-			215,647
	Loss from operations		(273,653	)		(1,940,637	)		(1,034,530	)		(3,248,820	)
	Other income (expense)		(2,095	)		-			5,168			3,073
	Loss before income taxes		(275,748	)		(1,940,637	)		(1,029,362	)		(3,245,747	)
	Property and equipment, net		701,637			16,306			85,766			803,709
	Depreciation and amortization expense		40,517			4,206			4,173			48,896
		Plasma
	Nine Months Ended	Collection			Research and
	30-Sep-13	Center			Development			Corporate			Consolidated
	Revenues	$	2,618,361		$	-		$	25,185		$	2,643,546
	Cost of product revenue		1,741,052			-			-			1,741,052
	Gross profit		877,309			-			25,185			902,494
	Loss from operations		(835,749	)		(6,346,924	)		(3,341,514	)		(10,524,187	)
	Other expense		(5,784	)		-			(296,067	)		(301,851	)
	Loss before income taxes		(841,533	)		(6,346,924	)		(3,637,581	)		(10,826,038	)
	Property and equipment, net		624,492			3,539			183,367			811,398
	Depreciation and amortization expense		129,325			2,428			27,322			159,075
		Plasma
	Nine Months Ended	Collection			Research and
	30-Sep-12	Center			Development			Corporate			Consolidated
	Revenues	$	594,834		$	-		$	-		$	594,834
	Cost of product revenue		288,761			-			-			288,761
	Gross profit		306,073			-			-			306,073
	Loss from operations		(1,021,688	)		(2,201,131	)		(2,446,043	)		(5,668,862	)
	Other income (expense)		(6,465	)		-			7,936			1,471
	Loss before income taxes		(1,028,153	)		(2,201,131	)		(2,438,107	)		(5,667,391	)
	Property and equipment, net		701,637			16,306			85,766			803,709
	Depreciation and amortization expense		121,553			12,618			6,572			140,743
	The “Corporate” column includes general and administrative overhead expenses.  Property and equipment, net, included in the “Corporate” column above includes assets related to corporate and support functions.

8_SUBSEQUENT_EVENTS

8. SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2013
Subsequent Events [Abstract]	'
7. SUBSEQUENT EVENTS	'
	On October 1, 2013, the Company satisfied the terms of its Letter of Credit pursuant to the landlord tenant agreement for its ADMA BioCenters subsidiary facility in Georgia. The Company was required to maintain a restricted cash balance of $452,000 as part of the Letter of Credit.  After satisfying its obligation in October 2013, the Company, on October 1, 2013, has reclassified the restricted cash balance of $452,004 to cash and cash equivalents.
	On October 22, 2013, the Company completed its IPO by issuing 3,352,941 shares of its common stock, priced at $8.50 per share.  Aggregate net proceeds to ADMA, after deducting underwriting discounts and commissions was $26,499,998.  The Company expects its available cash on hand as of September 30, 2013, in addition to the funds received from the IPO to be sufficient to fund its operations into the first half of 2016.

2_SUMMARY_OF_SIGNIFICANT_ACCOU1

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
Basis of presentation and principles of consolidation	'
	The accompanying condensed consolidated financial statements include the accounts of ADMA Biologics, Inc. and its wholly-owned subsidiaries, ADMA Plasma Biologics, Inc. and ADMA Bio Centers of Georgia. All significant intercompany transactions and balances have been eliminated in consolidation.
	The condensed consolidated financial statements for the interim periods included herein are unaudited; however, they contain all adjustments (consisting of only normal recurring adjustments) which in the opinion of management are necessary to present fairly the consolidated financial position of the Company as of September 30, 2013 and its results of operations and cash flows for the three and nine months ended September 30, 2013 and 2012.  The results of operations for the interim periods are not necessarily indicative of results that may be expected for any other interim periods or for the full year.  These interim financial statements should be read in conjunction with the audited annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, filed with the Securities and Exchange Commission on March 6, 2013.
	The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States, or GAAP, in accordance with the rules and regulations of the Securities and Exchange Commission for interim reporting.  Pursuant to such rules and regulations, certain information and footnote disclosures normally included in complete annual financial statements have been condensed or omitted.
Inventories	'
	Plasma inventories (both plasma intended for resale and plasma intended for internal use in the Company's research and development activities) are carried at the lower of cost or market value determined on the first-in, first-out method.  Once the research and development plasma is processed to a finished product for ongoing trials, it is then expensed to research and development.  Inventory at September 30, 2013 and 2012 consists of raw materials.  Inventory also includes plasma collected at the Company’s FDA-licensed and GHA-certified plasma collection center.
Revenue recognition	'
	Revenue from the sale of human plasma collected at the Company’s plasma collection center and plasma-derived medicinal products is recognized at the time of transfer of title and risk of loss to the customer, which usually occurs at the time of shipment.  Revenue is recognized at the time of delivery if the Company retains the risk of loss during shipment. Revenues are substantially attributed to one customer. Revenue from license fees and research and development services rendered are recognized as revenue when the performance obligations under the terms of the license agreement have been completed.  Deferred revenue of $1.7 million was recorded in the second quarter of 2013 as a result of certain research and development services to be provided in accordance with a license agreement and is recognized over the term of the license.
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 valuation of inventory, assumptions used in the fair value determination of stock-based compensation and the allowance for the valuation of future tax benefits.
Earnings (loss) per common share	'
	Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period.  Because the holders of the Series A preferred stock were not contractually required to share in the Company’s losses, in applying the two-class method to compute basic net loss per common share, no allocation to preferred stock was made for the three and nine months ended September 30, 2012 and no preferred stock was outstanding during the three and nine months ended September 30, 2013.
	Diluted net loss per share is calculated by dividing net loss attributable to common stockholders as adjusted for the effect of dilutive securities, if any, by the weighted average number of common stock and dilutive common stock outstanding during the period.  Potential common shares include the shares of common stock issuable upon the exercise of outstanding stock options and a warrant (using the treasury stock method) and the conversion of the shares of Series A preferred stock (using the more dilutive of the (a) as converted method or (b) the two–class method).  Potential common shares in the diluted net loss per share computation are excluded to the extent that they would be anti-dilutive.  No potentially dilutive securities are included in the computation of any diluted per share amounts as the Company reported a net loss for all periods presented.  The aggregate number of potentially dilutive securities that would be issued upon conversion of convertible notes and Series A preferred stock, and the exercise of outstanding warrants and stock options, was 0.9 million and 0.7 million as of September 30, 2013 and 2012, respectively.
Stock-based compensation	'
	The Company follows recognized accounting guidance which requires all stock-based payments, including grants of stock options, to be recognized in the statement of operations as compensation expense, based on their fair values on the grant date. The estimated fair value of options granted under the Company’s 2007 Employee Stock Option Plan (“Plan”) is recognized as compensation expense over the option-vesting period.
	During the three months ended September 30, 2013, no options were granted to employees.  During the nine months ended September 30, 2013, 25,587 options were issued to employees.
	During the three months ended September 30, 2012, options to purchase an aggregate of 119,325 shares of common stock were issued to a Board member and the Company’s Chief Medical and Scientific Officer and during the nine months ended September 30, 2012, a total of 506,559 options were issued to employees and Board members.

4_STOCKHOLDERS_EQUITY_Tables

4. STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 30, 2013
Equity [Abstract]	'
Compensation expense associated with stock options	'
		Nine Months Ended
		30-Sep-13
	Expected term	6.25 years
	Volatility	63%
	Dividend yield	0
	Risk-free interest rate	1.24%
Companys option and warrant activity	'
			Nine Months Ended
			30-Sep-13
						Weighted
						Average
						Exercise
			Shares			Price
	Outstanding at beginning of period			749,211		$	6.86
	Granted			25,587		$	7.56
	Outstanding at end of period and expected to vest			774,798		$	6.89
	Options exercisable			349,564		$	6.08
	Weighted average fair value of options granted during period					$	4.42
Stock-based compensation expenses	'
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2013			2012			2013		2012
	Research and development	$	55,067		$	43,178		$	162,643	$	49,446
	General and administrative		170,154			165,017			503,893		359,098
	Total stock-based compensation expense	$	225,221		$	208,195		$	666,536	$	408,544

7_SEGMENTS_Tables

7. SEGMENTS (Tables)	9 Months Ended
	Sep. 30, 2013
Segment Reporting [Abstract]	'
SEGMENTS	'
		Plasma
	Three Months Ended	Collection			Research and
	30-Sep-13	Center			Development			Corporate			Consolidated
	Revenues	$	1,088,452		$	-		$	18,889		$	1,107,341
	Cost of product revenue		726,245			-			-			726,245
	Gross profit		362,207			-			18,889			381,096
	Loss from operations		(295,569	)		(1,408,990	)		(826,412	)		(2,530,971	)
	Other expense		(1,863	)		-			(156,113	)		(157,976	)
	Loss before income taxes		(297,432	)		(1,408,990	)		(982,525	)		(2,688,947	)
	Property and equipment, net		624,492			3,539			183,367			811,398
	Depreciation and amortization expense		43,043			809			11,035			54,887
		Plasma
	Three Months Ended	Collection			Research and
	30-Sep-12	Center			Development			Corporate			Consolidated
	Revenues	$	360,338		$	-		$	-		$	360,338
	Cost of product revenue		144,691			-			-			144,691
	Gross profit		215,647			-			-			215,647
	Loss from operations		(273,653	)		(1,940,637	)		(1,034,530	)		(3,248,820	)
	Other income (expense)		(2,095	)		-			5,168			3,073
	Loss before income taxes		(275,748	)		(1,940,637	)		(1,029,362	)		(3,245,747	)
	Property and equipment, net		701,637			16,306			85,766			803,709
	Depreciation and amortization expense		40,517			4,206			4,173			48,896
		Plasma
	Nine Months Ended	Collection			Research and
	30-Sep-13	Center			Development			Corporate			Consolidated
	Revenues	$	2,618,361		$	-		$	25,185		$	2,643,546
	Cost of product revenue		1,741,052			-			-			1,741,052
	Gross profit		877,309			-			25,185			902,494
	Loss from operations		(835,749	)		(6,346,924	)		(3,341,514	)		(10,524,187	)
	Other expense		(5,784	)		-			(296,067	)		(301,851	)
	Loss before income taxes		(841,533	)		(6,346,924	)		(3,637,581	)		(10,826,038	)
	Property and equipment, net		624,492			3,539			183,367			811,398
	Depreciation and amortization expense		129,325			2,428			27,322			159,075
		Plasma
	Nine Months Ended	Collection			Research and
	30-Sep-12	Center			Development			Corporate			Consolidated
	Revenues	$	594,834		$	-		$	-		$	594,834
	Cost of product revenue		288,761			-			-			288,761
	Gross profit		306,073			-			-			306,073
	Loss from operations		(1,021,688	)		(2,201,131	)		(2,446,043	)		(5,668,862	)
	Other income (expense)		(6,465	)		-			7,936			1,471
	Loss before income taxes		(1,028,153	)		(2,201,131	)		(2,438,107	)		(5,667,391	)
	Property and equipment, net		701,637			16,306			85,766			803,709
	Depreciation and amortization expense		121,553			12,618			6,572			140,743

1_ORGANIZATION_AND_BUSINESS_De

1. ORGANIZATION AND BUSINESS (Details Narrative) (USD $)	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2012	Dec. 31, 2011
Accounting Policies [Abstract]	'	'	'	'
Cash and cash equivalents	$5,380,043	$12,535,672	$10,720,397	$87,771

2_SUMMARY_OF_SIGNIFICANT_ACCOU2

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	9 Months Ended
	Sep. 30, 2013
Summary Of Significant Accounting Policies Details Narrative	'
Options issued to employees	25,587
Options granted to President and Chief Executive Officer	506,559

4_STOCKHOLDERS_EQUITY_Details

4. STOCKHOLDERS' EQUITY (Details)	9 Months Ended
	Sep. 30, 2013
Compensation expense associated with stock options and other forms of equity compensation assumptions	'
Expected Term	'6 years 3 months
Volatility	63.00%
Dividend yield	0.00%
Risk-free interest rate-minimum	1.24%

4_STOCKHOLDERS_EQUITY_Details_

4. STOCKHOLDERS' EQUITY (Details 1) (USD $)	9 Months Ended
	Sep. 30, 2013
Shares	'
Outstanding at beginning of period	749,211
Granted	25,587
Outstanding at end of period and expected to vest	774,798
Options exercisable	349,564
Weighted Average Exercise Price	'
Outstanding at beginning of period	$6.86
Granted	$7.56
Outstanding at end of period and expected to vest	$6.89
Options exercisable	$6.08
Weighted-average fair value of options granted during the period	$4.42

4_STOCKHOLDERS_EQUITY_Details_1

4. STOCKHOLDERS' EQUITY (Details 2) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Stock-based compensation expenses	'	'	'	'
Research and development	$55,067	$43,178	$162,643	$49,446
General and administrative	170,154	165,017	503,893	359,098
Total stock-based compensation expense	$225,221	$208,195	$666,536	$408,544

5_RELATED_PARTY_TRANSACTIONS_D

5. RELATED PARTY TRANSACTIONS (Details Narrative) (USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Related Party Transactions [Abstract]	'	'
Rent expense	$24,112	$72,336

7_SEGMENTS_Details

7. SEGMENTS (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Summarized financial information concerning reportable segments	'	'	'	'
Revenues	$1,107,341	$360,338	$2,643,546	$594,834
Cost of sales	726,245	144,691	1,741,052	288,761
Gross profit	381,096	215,647	902,494	306,073
Loss from operations	-2,530,971	-3,248,820	-10,524,187	-5,668,862
Other (income) expense	-157,976	3,073	-301,851	1,471
Loss before income taxes	-2,688,947	-3,245,747	-10,826,038	-5,667,391
Property and equipment, net	811,398	803,709	811,398	803,709
Depreciation and amortization expense	54,887	48,896	159,075	140,743
Plasma Collection Center Member	'	'	'	'
Summarized financial information concerning reportable segments	'	'	'	'
Revenues	1,088,452	360,338	2,618,361	594,834
Cost of sales	726,245	144,691	1,741,052	288,761
Gross profit	362,207	215,647	877,309	306,073
Loss from operations	-295,569	-273,653	-835,749	-1,021,688
Other (income) expense	-1,863	-2,095	-5,784	-6,465
Loss before income taxes	-297,432	-275,748	-841,533	-1,028,153
Property and equipment, net	624,492	701,637	624,492	701,637
Depreciation and amortization expense	43,043	40,517	129,325	121,553
Research And Development Member	'	'	'	'
Summarized financial information concerning reportable segments	'	'	'	'
Revenues	'	'	'	'
Cost of sales	'	'	'	'
Gross profit	'	'	'	'
Loss from operations	-1,408,990	-1,940,637	-6,346,924	-2,201,131
Other (income) expense	'	'	'	'
Loss before income taxes	-1,408,990	-1,940,637	-6,346,924	-2,201,131
Property and equipment, net	3,539	16,306	3,539	16,306
Depreciation and amortization expense	809	4,206	2,428	12,618
Corporate Member	'	'	'	'
Summarized financial information concerning reportable segments	'	'	'	'
Revenues	18,889	'	25,185	'
Cost of sales	'	'	'	'
Gross profit	18,889	'	25,185	'
Loss from operations	-826,412	-1,034,530	-3,341,514	-2,446,043
Other (income) expense	-156,113	5,168	-296,067	7,936
Loss before income taxes	-982,525	-1,029,362	-3,637,581	-2,438,107
Property and equipment, net	183,367	85,766	183,367	85,766
Depreciation and amortization expense	$11,035	$4,173	$27,322	$6,572