ADMA Biologics (ADMA) 10-Q 12 May 14 2014 FY Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	9-May-14
Document And Entity Information	'	'
Entity Registrant Name	'ADMA BIOLOGICS, INC.	'
Entity Central Index Key	'0001368514	'
Document Type	'10-Q	'
Document Period End Date	31-Mar-14	'
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	'	9,291,823
Document Fiscal Period Focus	'FY	'
Document Fiscal Year Focus	'2014	'

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2014	Dec. 31, 2013
Current Assets	'	'
Cash and cash equivalents	$26,517,959	$26,149,477
Short-Term Investments	2,203,040	2,935,184
Accounts Receivable	484,423	'
Inventories	984,493	1,669,058
Prepaid Expenses	597,598	298,730
Total Current Assets	30,787,513	31,052,449
Property and Equipment at cost, Net	828,948	765,299
Other Assets	'	'
Deferred Financing Costs	307,700	149,618
Deposits	27,163	12,577
Total Other Assets	334,863	162,195
TOTAL ASSETS	31,951,324	31,979,943
Current Liabilities	'	'
Accounts Payable	2,763,872	2,709,489
Accrued expenses	1,349,931	823,550
Accrued Interest	101,102	36,597
Current Portion of Deferred Revenue	75,556	75,556
Current Portion of Leasehold Improvement Loan	12,941	12,654
Total Current Liabilities	4,303,402	3,657,846
Notes Payable, Net of Debt Discount	9,674,139	4,865,228
Warrant Liability	214,368	'
End of Term Liability, Note Payable	132,500	132,500
Deferred Revenue	1,561,481	1,580,370
Deferred Rent Liability	99,857	105,404
Leasehold Improvement Loan	61,890	65,236
TOTAL LIABILITIES	16,047,637	10,406,584
COMMITMENTS AND CONTINGENCIES	'	'
STOCKHOLDERS' (DEFICIENCY) EQUITY	'	'
Common Stock $.0001 par value 75,000,000 shares authorized, and 9,291,823 shares issued and outstanding at March 31, 2014 and December 31, 2013	929	929
Additional paid-in capital	74,443,204	74,209,004
Accumulated Deficit	-58,540,446	-52,636,574
TOTAL STOCKHOLDERS' EQUITY	15,903,687	21,573,359
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$31,951,324	$31,979,943

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Stockholders Equity	'	'
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	75,000,000	75,000,000
Common stock, issued	9,291,823	9,291,823
Common stock, outstanding	9,291,823	9,291,823

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Condensed Consolidated Statements Of Operations	'	'
Product revenue	$1,541,670	$792,935
License revenue	18,889	'
Total Revenues	1,560,559	792,935
OPERATING EXPENSES	'	'
Cost of product revenue	977,030	529,046
Research and development	4,330,457	1,467,584
Plasma center	802,469	515,288
General and administrative expenses	1,134,589	1,431,106
TOTAL OPERATING EXPENSES	7,244,545	3,943,024
LOSS FROM OPERATIONS	-5,683,986	-3,150,089
OTHER INCOME (EXPENSE):	'	'
Interest income	1,779	510
Interest expense	-226,885	-128,796
Change in fair value of stock warrants	5,220	36,728
TOTAL OTHER EXPENSE	-219,886	-91,558
NET LOSS	($5,903,872)	($3,241,647)
NET LOSS PER COMMON SHARE - BASIC AND DILUTED	($0.64)	($0.55)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, Basic and Diluted	9,291,823	5,871,002

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, 2013	$929	$74,209,004	($52,636,574)	$21,573,359
Beginning Balance, Shares at Dec. 31, 2013	9,291,823	'	'	'
Stock-based compensation	'	234,200	'	234,200
Net loss	'	'	-5,903,872	-5,903,872
Ending Balance, Amount at Mar. 31, 2014	$929	$74,443,204	($58,540,446)	$15,903,687
Ending Balance, Shares at Mar. 31, 2014	9,291,823	'	'	'

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net Loss	($5,903,872)	($3,241,647)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'
Depreciation and amortization	48,299	43,613
Stock based compensation	234,200	218,544
Warrant liability	-5,220	-36,728
Amortization of debt discount	28,498	20,344
Amortization of deferred financing costs	29,555	20,640
Payment-in-kind interest	19,505	'
Amortization of license revenue	-18,889	'
Changes in operating assets and liabilities	'	'
Accounts receivable	-484,423	-287,215
Inventories	684,566	258,326
Prepaid Expenses	-298,868	-543,681
Other assets	6,103	195,361
Accounts payable	54,383	320,340
Accrued expenses	526,381	-70,412
Accrued interest	45,000	33,292
Deferred rent liability	-5,548	-5,548
Net cash used in operating activities	-5,040,330	-3,074,771
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Proceeds from sale of short-term investments	732,143	'
Purchase of property and equipment	-111,948	-66,074
Net cash used in investing activities	620,195	-66,074
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Proceeds from Hercules debt note payable	4,850,000	1,000,000
Payment of equity issuance costs	'	-71,514
Debt issuance costs	-58,326	'
Payments of leasehold improvement loan	-3,057	-2,796
Net cash provided by financing activities	4,788,617	925,690
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	368,482	-2,215,155
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	26,149,477	12,535,672
CASH AND CASH EQUIVALENTS - END OF PERIOD	26,517,959	10,320,517
Cash paid for interest	106,250	61,389
Supplemental Disclosure of Noncash Financing Activities:	'	'
End of term liability for Hercules note payable	'	26,500
Warrants issued in connection with note payable	$219,588	'

1_ORGANIZATION_AND_BUSINESS

1. ORGANIZATION AND BUSINESS	3 Months Ended
	Mar. 31, 2014
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 for the treatment and prevention of certain infectious diseases. The Company’s targeted patient populations include immune-compromised individuals who suffer from an underlying immune deficiency disease or who may be immune-suppressed for medical reasons. ADMA also operates its wholly owned subsidiary, ADMA BioCenters Georgia, Inc., (“ADMA BioCenters”), a source plasma collection business 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, which is intended for the treatment of Primary Immune Deficiency Disease, (“PIDD”).
	The Company has experienced net losses and negative cash flows from operations since inception in 2004 and expects these conditions to continue for the foreseeable future.  The Company has needed to raise capital from the sales of its equity securities and debt financings to sustain operations.
	In October 2013, ADMA completed an initial public offering of its common stock at a price per share of $8.50, raising gross proceeds of $29.1 million.  Based upon the Company’s projected revenue and expenditures for 2014, management currently believes that its cash, cash equivalents and short-term investments as of March 31, 2014, in addition to the funds potentially available from its credit facility, are 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 and development and potential 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 our business requirements 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 March 31, 2014, the Company had $26,517,959 in cash and cash equivalents and $2,203,040 in short-term investments.
	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	3 Months Ended
	Mar. 31, 2014
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 and its wholly-owned subsidiaries, ADMA Plasma Biologics, Inc. and ADMA BioCenters. 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 March 31, 2014 and its results of operations and cash flows for the three months ended March 31, 2014 and 2013.  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 for the year ended December 31, 2013 on Form 10-K, filed with the U.S. Securities and Exchange Commission, (“the Commission”) on March 28, 2014.
	The condensed consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Principles, (“GAAP”), in accordance with the rules and regulations of the 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 clinical trials, it is then expensed to research and development.  Inventory at March 31, 2014 and 2013 consists of raw materials or source plasma intended for sale to third party customers.  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 being 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, warrants and the allowance for the valuation of future tax benefits.
	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.
	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 shares of common stock and potential dilutive common stock outstanding during the period.  Potential dilutive common stock includes the shares of common stock issuable upon the exercise of outstanding stock options and warrants (using the treasury stock method).  Potential dilutive common stock in the diluted net loss per share computation is 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 upon the exercise of outstanding warrants and stock options was 1.0 million and 0.9 million as of March 31, 2014 and 2013, 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 stock options granted under the Company’s 2007 Employee Stock Option Plan (the “Plan”) is recognized as compensation expense over the option-vesting period.
	On February 21, 2014, the Board approved, subject to stockholder approval at the Annual Meeting of ADMA Biologics, Inc., the 2014 Omnibus Incentive Compensation Plan (the “2014 Plan”), incentive stock options to purchase an aggregate of 167,932 shares of the Company's common stock under the 2014 Plan, which is subject to stockholder approval at the Annual Meeting, to three of its executive officers. Stock options to purchase 99,309 shares were approved by the Board for the Company’s President and Chief Executive Officer, Adam S. Grossman; stock options to purchase 39,032 shares were approved by the Board for the Company’s Chief Financial Officer, Brian Lenz; and stock options to purchase 29,591 shares were approved by the Board for the Company's Chief Scientific and Medical Officer, James Mond, M.D., Ph.D. The stock options will vest over a period of four years and are exercisable at a price per share of $8.50, the closing price of the Company’s common stock on the OTC Bulletin Board on February 21, 2014. On February 21, 2014, the Board also approved, subject to stockholder approval at the Annual Meeting of the 2014 Plan, non-qualified stock options to purchase 9,000 shares of the Company's common stock under the 2014 Plan, which is subject to stockholder approval at the Annual Meeting, to each of its six non-employee directors.  The stock options will vest over a period of 24 months and terminate 12 months following separation and are exercisable at a price per share of $8.50, the closing price of the Company’s common stock on the OTC Bulletin Board on February 21, 2014. The maximum number of shares reserved for delivery under the 2014 Plan shall be: (a) 800,000 shares; plus (b) an annual increase to be added as of the first day of the Company’s fiscal year, beginning in 2015 and occurring each year thereafter through 2020, equal to the least of (i) 200,000 shares, (ii) 1% of the outstanding shares of common stock as of the end of the Company’s immediately preceding fiscal year, and (iii) any lesser number of shares determined by the Board; provided, however, that the aggregate number of shares available for issuance pursuant to such increases shall not exceed a total of 800,000 shares.  During the three months ended March 31, 2013, a total of 25,587 stock options to purchase shares of common stock were issued to employees.

3_Debt

3. Debt	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
3. Debt	'
	Hercules Loan and Security Agreement
	On December 21, 2012, the Company and its subsidiaries entered into a Loan and Security Agreement, (“the Loan Agreement”), with Hercules Technology Growth Capital, Inc., (“Hercules”).  Under the Loan Agreement, the Company borrowed $5.0 million consisting of $4.0 million on the closing date and an additional $1.0 million upon enrolling its first patient in its pivotal (Phase III) clinical study of its lead product candidate RI-002. On February 24, 2014, we entered into the First Amendment to the Loan Agreement, (“Loan Amendment”), under which the Company may borrow up to a maximum of $15.0 million. The Company borrowed $10.0 million on the closing date ($5.0 million of which was used to refinance existing debt with Hercules) and an additional $5.0 million will be made available upon the Company successfully meeting the clinical endpoints of a Phase III clinical study of RI-002 as a treatment for PIDD in a manner that supports a Biologic License Application filing, (“BLA”). If this objective is met, this $5.0 million tranche will be at the Company’s sole option. The loan bears interest at a rate per annum equal to the greater of (i) 8.75% and (ii) the sum of (a) 8.75% plus (b) the Prime Rate (as reported in The Wall Street Journal) minus (c) 5.75%. Payment-in-kind interest accrues on the outstanding principal balance of the loan, compounded monthly at 1.95% per annum.  Such accrued and unpaid interest is added to the principal balance of the loan on the first day of each month beginning on the month after the closing.  The Company plans to repay the principal over 27 months beginning no later than April 1, 2015 (unless extended to October 1, 2015 upon the Company meeting certain eligibility criteria for the final tranche), unless accelerated as a result of certain events of default.  A backend fee equal to $132,500 is due the earliest of April 1, 2016, the prepayment date and the date that the secured obligations become due and payable.  In addition, a first amendment commitment fee and a facility fee in the amount of $15,000 and $135,000, respectively, were paid at closing.   In the event the Company elects to prepay the loan, the Company is obligated to pay a prepayment charge corresponding to a percentage of the principal amount of the loan, with such percentage being: 2.5% if prepayment occurs in the first year, 1.5% if prepayment occurs in the second year and 0.5% if prepayment occurs after the second year but prior to the final day of the term.  The loan matures no later than January 1, 2018.  The loan is secured by the Company’s assets, except for its intellectual property (which is subject to a negative pledge). Interest is due and payable on the 1st day of every month and at the termination date, unless accelerated as a result of an event of default. 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 us 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 us or a certain portion of our 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 original Loan Agreement, the Company issued to Hercules a warrant to purchase 31,750 shares of common stock with an exercise price of $7.56, and under the amended Loan Agreement, the Company issued to Hercules a warrant to purchase an additional 34,800 shares of its common stock (and a warrant for an additional 23,200 shares of common stock if we borrow an additional $5.0 million as described above), with an exercise price set at the lower of (i) $7.50 per share or (ii) the price per share of the next round of financing over the next twelve months, subject to customary anti-dilution adjustments.  The warrants expire after 10 years and have 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 $1.0 million in future equity financings 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 “mark-to-market” each reporting period.  Changes in the valuation of this liability at the end of each reporting period will be included in its reported operating results, and may create volatility in its reported operating results. The fair value of the initial Loan Agreement warrant was calculated using a lattice-based option model in order to account for features in the warrant that could cause the exercise price to reset (“down round protection”) in the next issuance of our common stock (the next round of equity financing). The Company recorded the fair value of the warrant of $229,345 as warrant liability and as a debt discount to the carrying value of the loan.  The key assumptions used to value the warrants included the expected date of the next round of equity financing, volatility of 59% on our common stock based upon similar public companies volatilities for comparison, an expected dividend yield of 0.0%, and a term of 10 years.  As of October 22, 2013, the closing of the Initial Public Offering (“IPO”), the Company recorded $186,055 as the fair value of the warrant, as additional paid in capital.   As a result of the decrease in warrant liability, the Company recorded a $43,290 change in the fair value of warrant liability.  This warrant liability was adjusted from inception of the initial Loan Agreement to October 22, 2013, to fair value each reporting period using a lattice-based option model and the debt discount will be amortized to interest expense over the term of the loan. Upon the completion of the IPO of common stock in October 2013, the down round warrant protection feature resulting in the warrant liability’s quarterly “mark-to-market” valuation terminated and, therefore, this liability was reclassified to additional paid-in capital during the fourth quarter of 2013. The fair value of the amended Loan Agreement warrant was calculated using a lattice-based option model in order to account for features in the warrant that could cause the exercise price to reset (“down round protection”) in the next issuance of our common stock (the next round of equity financing). The Company recorded the fair value of the warrant of $219,588 as warrant liability and as a debt discount to the carrying value of the loan.  The key assumptions used to value the warrants included the expected date of the next round of equity financing, volatility of 60% on our common stock based upon similar public companies volatilities for comparison, an expected dividend yield of 0.0%, and a term of 10 years.  As of March 31, 2014, the Company recorded $214,368 as the fair value of the warrant. As a result of the decrease in warrant liability, the Company recorded a $5,220 change in the fair value of warrant liability.  This warrant liability will be adjusted from the date of the Loan Agreement on February 24, 2014, to fair value each reporting period using a lattice-based option model and the debt discount will be amortized to interest expense over the term of the loan. The down round warrant protection feature resulting in the warrant liability’s quarterly “mark-to-market” valuation will terminate at the end of the one-year period following the amended Loan Closing on February 24, 2014.

4_STOCKHOLDERS_EQUITY

4. STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2014
Equity [Abstract]	'
4. STOCKHOLDERS' EQUITY	'
	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 minimal data 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.
	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 material forfeitures of options.
	The weighted average remaining contractual life of stock options outstanding and expected to vest at March 31, 2014 is 7.6 years.  The weighted average remaining contractual life of stock options exercisable at March 31, 2014 is 6.9 years.
	A summary of the Company’s option activity under the Plan and related information is as follows:
		Three Months Ended
		31-Mar-14
				Weighted
				Average
				Exercise
		Shares		Price
	Outstanding at beginning of period		826,995	$	6.9
	Forfeited		-	$	-
	Granted		-	$	-
	Outstanding at end of period and expected to vest		826,995	$	6.9
	Options exercisable		437,183	$	6.36
	Stock-based compensation expense for the three months ended March 31, 2014 and 2013 is as follows:
		Three Months Ended
		March 31,
		2014		2013
	Research and development	$	69,559	$	53,107
	General and administrative		164,641		165,437
	Total stock based compensation expense	$	234,200	$	218,544
	As of March 31, 2014, the total compensation expense related to unvested options not yet recognized totaled $2,049,114. The weighted-average vesting period over which the total compensation expense will be recorded related to unvested options not yet recognized at March 31, 2014 was approximately 2.3 years.

5_RELATED_PARTY_TRANSACTIONS

5. RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2014
Related Party Transactions [Abstract]	'
5. RELATED PARTY TRANSACTIONS	'
	The Company leases an office building and equipment from an entity owned by a related party on a month-to-month basis.  Rent expense amounted to $24,112 for each of the three months ended March 31, 2014 and 2013, respectively.
	The Company maintains deposits and other accounts at a bank which is less than 5%-owned by a related party 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	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]	'
6. COMMITMENT AND CONTINGENCIES	'
	General Legal Matters.
	The Company is 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 its consolidated financial position, results of operations or cash flows.

7_SEGMENTS

7. SEGMENTS	3 Months Ended
	Mar. 31, 2014
Segment Reporting [Abstract]	'
7. 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 Company’s CODM, is its President and Chief Executive Officer.
	The Company has two operating segments, (1) the plasma collection center segment, which includes the Company’s operation in Georgia; and (2) the research and development segment, which includes the Company’s plasma development operations in New Jersey.
	Summarized financial information concerning reportable segments is shown in the following table:
		Plasma			Research
	Three Months Ended	Collection			and
	31-Mar-14	Center			Development			Corporate			Consolidated
	Revenues	$	1,541,670		$	-		$	18,889		$	1,560,559
	Cost of product revenue		977,030			-			-			977,030
	Gross profit		564,640			-			18,889			583,529
	Loss from operations		(237,829	)		(4,330,457	)		(1,115,700	)		(5,683,986	)
	Other expense		(1,730	)		-			(218,156	)		(219,886	)
	Net loss		(239,559	)		(4,330,457	)		(1,333,856	)		(5,903,872	)
	Property and equipment, net		655,342			1,920			171,686			828,948
	Depreciation and
	amortization expense		35,983			809			11,507			48,299
	Three Months Ended	Collection			Research and
	31-Mar-13	Center			Development			Corporate			Consolidated
	Revenues	$	792,935		$	-		$	-		$	792,935
	Cost of product revenue		529,046			-			-			529,046
	Gross profit		263,889			-			-			263,889
	Loss from operations		(251,399	)		(1,467,584	)		(1,431,106	)		(3,150,089	)
	Other expense		-			-			(91,558	)		(91,558	)
	Net loss		(251,399	)		(1,467,584	)		(1,522,664	)		(3,241,647	)
	Property and equipment, net		708,994			5,131			87,632			801,757
	Depreciation and
	amortization expense		36,833			836			5,944			43,613
	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.

2_SUMMARY_OF_SIGNIFICANT_ACCOU1

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
Basis of presentation and principles of consolidation	'
	The accompanying condensed consolidated financial statements include the accounts of ADMA and its wholly-owned subsidiaries, ADMA Plasma Biologics, Inc. and ADMA BioCenters. 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 March 31, 2014 and its results of operations and cash flows for the three months ended March 31, 2014 and 2013.  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 for the year ended December 31, 2013 on Form 10-K, filed with the U.S. Securities and Exchange Commission, (“the Commission”) on March 28, 2014.
	The condensed consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Principles, (“GAAP”), in accordance with the rules and regulations of the 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 clinical trials, it is then expensed to research and development.  Inventory at March 31, 2014 and 2013 consists of raw materials or source plasma intended for sale to third party customers.  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 being 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, warrants and the allowance for the valuation of future tax benefits.
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.
	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 shares of common stock and potential dilutive common stock outstanding during the period.  Potential dilutive common stock includes the shares of common stock issuable upon the exercise of outstanding stock options and warrants (using the treasury stock method).  Potential dilutive common stock in the diluted net loss per share computation is 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 upon the exercise of outstanding warrants and stock options was 1.0 million and 0.9 million as of March 31, 2014 and 2013, 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 stock options granted under the Company’s 2007 Employee Stock Option Plan (the “Plan”) is recognized as compensation expense over the option-vesting period.
	On February 21, 2014, the Board approved, subject to stockholder approval at the Annual Meeting of ADMA Biologics, Inc., the 2014 Omnibus Incentive Compensation Plan (the “2014 Plan”), incentive stock options to purchase an aggregate of 167,932 shares of the Company's common stock under the 2014 Plan, which is subject to stockholder approval at the Annual Meeting, to three of its executive officers. Stock options to purchase 99,309 shares were approved by the Board for the Company’s President and Chief Executive Officer, Adam S. Grossman; stock options to purchase 39,032 shares were approved by the Board for the Company’s Chief Financial Officer, Brian Lenz; and stock options to purchase 29,591 shares were approved by the Board for the Company's Chief Scientific and Medical Officer, James Mond, M.D., Ph.D. The stock options will vest over a period of four years and are exercisable at a price per share of $8.50, the closing price of the Company’s common stock on the OTC Bulletin Board on February 21, 2014. On February 21, 2014, the Board also approved, subject to stockholder approval at the Annual Meeting of the 2014 Plan, non-qualified stock options to purchase 9,000 shares of the Company's common stock under the 2014 Plan, which is subject to stockholder approval at the Annual Meeting, to each of its six non-employee directors.  The stock options will vest over a period of 24 months and terminate 12 months following separation and are exercisable at a price per share of $8.50, the closing price of the Company’s common stock on the OTC Bulletin Board on February 21, 2014. The maximum number of shares reserved for delivery under the 2014 Plan shall be: (a) 800,000 shares; plus (b) an annual increase to be added as of the first day of the Company’s fiscal year, beginning in 2015 and occurring each year thereafter through 2020, equal to the least of (i) 200,000 shares, (ii) 1% of the outstanding shares of common stock as of the end of the Company’s immediately preceding fiscal year, and (iii) any lesser number of shares determined by the Board; provided, however, that the aggregate number of shares available for issuance pursuant to such increases shall not exceed a total of 800,000 shares.  During the three months ended March 31, 2013, a total of 25,587 stock options to purchase shares of common stock were issued to employees.

4_STOCKHOLDERS_EQUITY_Tables

4. STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2014
Equity [Abstract]	'
Companys option and warrant activity	'
		Three Months Ended
		31-Mar-14
				Weighted
				Average
				Exercise
		Shares		Price
	Outstanding at beginning of period		826,995	$	6.9
	Forfeited		-	$	-
	Granted		-	$	-
	Outstanding at end of period and expected to vest		826,995	$	6.9
	Options exercisable		437,183	$	6.36
Stock-based compensation expenses	'
		Three Months Ended
		March 31,
		2014		2013
	Research and development	$	69,559	$	53,107
	General and administrative		164,641		165,437
	Total stock based compensation expense	$	234,200	$	218,544

7_SEGMENTS_Tables

7. SEGMENTS (Tables)	3 Months Ended
	Mar. 31, 2014
Segment Reporting [Abstract]	'
SEGMENTS	'
		Plasma			Research
	Three Months Ended	Collection			and
	31-Mar-14	Center			Development			Corporate			Consolidated
	Revenues	$	1,541,670		$	-		$	18,889		$	1,560,559
	Cost of product revenue		977,030			-			-			977,030
	Gross profit		564,640			-			18,889			583,529
	Loss from operations		(237,829	)		(4,330,457	)		(1,115,700	)		(5,683,986	)
	Other expense		(1,730	)		-			(218,156	)		(219,886	)
	Net loss		(239,559	)		(4,330,457	)		(1,333,856	)		(5,903,872	)
	Property and equipment, net		655,342			1,920			171,686			828,948
	Depreciation and
	amortization expense		35,983			809			11,507			48,299
	Three Months Ended	Collection			Research and
	31-Mar-13	Center			Development			Corporate			Consolidated
	Revenues	$	792,935		$	-		$	-		$	792,935
	Cost of product revenue		529,046			-			-			529,046
	Gross profit		263,889			-			-			263,889
	Loss from operations		(251,399	)		(1,467,584	)		(1,431,106	)		(3,150,089	)
	Other expense		-			-			(91,558	)		(91,558	)
	Net loss		(251,399	)		(1,467,584	)		(1,522,664	)		(3,241,647	)
	Property and equipment, net		708,994			5,131			87,632			801,757
	Depreciation and
	amortization expense		36,833			836			5,944			43,613

1_ORGANIZATION_AND_BUSINESS_De

1. ORGANIZATION AND BUSINESS (Details Narrative) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Accounting Policies [Abstract]	'	'
Cash and cash equivalents	$26,517,959	$26,149,477

2_SUMMARY_OF_SIGNIFICANT_ACCOU2

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Summary Of Significant Accounting Policies Details Narrative	'	'
Options issued to employees	'	25,587

4_STOCKHOLDERS_EQUITY_Details

4. STOCKHOLDERS' EQUITY (Details) (USD $)	3 Months Ended
	Mar. 31, 2014
Shares	'
Outstanding at beginning of period	826,995
Forfeited	'
Granted	'
Outstanding at end of period and expected to vest	826,995
Options exercisable	437,183
Weighted Average Exercise Price	'
Outstanding at beginning of period	$6.90
Forfeited	'
Granted	'
Outstanding at end of period and expected to vest	$6.90
Options exercisable	$6.36

4_STOCKHOLDERS_EQUITY_Details_

4. STOCKHOLDERS' EQUITY (Details 1) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Stock-based compensation expenses	'	'
Research and development	$69,559	$53,107
General and administrative	164,641	165,437
Total stock-based compensation expense	$234,200	$218,544

5_RELATED_PARTY_TRANSACTIONS_D

5. RELATED PARTY TRANSACTIONS (Details Narrative) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Related Party Transactions [Abstract]	'	'
Rent expense	$24,112	$24,112

7_SEGMENTS_Details

7. SEGMENTS (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Summarized financial information concerning reportable segments	'	'
Revenues	$1,541,670	$792,935
Cost of sales	977,030	529,046
Gross profit	583,529	263,889
Loss from operations	-5,683,986	-3,150,089
Other (income) expense	-219,886	-91,558
Net loss	-5,903,872	-3,241,647
Property and equipment, net	828,948	801,757
Depreciation and amortization expense	48,299	43,613
Plasma Collection Center Member	'	'
Summarized financial information concerning reportable segments	'	'
Revenues	1,541,670	792,935
Cost of sales	977,030	529,046
Gross profit	564,640	263,889
Loss from operations	-237,829	-251,399
Other (income) expense	-1,730	'
Net loss	-239,559	-251,399
Property and equipment, net	655,342	708,994
Depreciation and amortization expense	35,983	36,833
Research And Development Member	'	'
Summarized financial information concerning reportable segments	'	'
Revenues	'	'
Cost of sales	'	'
Gross profit	'	'
Loss from operations	-4,330,457	-1,467,584
Other (income) expense	'	'
Net loss	-4,330,457	-1,467,584
Property and equipment, net	1,920	5,131
Depreciation and amortization expense	809	836
Corporate Member	'	'
Summarized financial information concerning reportable segments	'	'
Revenues	18,889	'
Cost of sales	'	'
Gross profit	18,889	'
Loss from operations	-1,115,700	-1,431,106
Other (income) expense	-218,156	-91,558
Net loss	-1,333,856	-1,522,664
Property and equipment, net	171,686	87,632
Depreciation and amortization expense	$11,507	$5,944