ADMA Biologics (ADMA) 10-K 23 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Mar. 23, 2016	Jun. 30, 2015
Document And Entity Information
Entity Registrant Name	ADMA BIOLOGICS, INC.
Entity Central Index Key	1,368,514
Document Type	10-K
Document Period End Date	Dec. 31, 2015
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 Public Float			$ 40,940,784
Entity Common Stock, Shares Outstanding		10,713,087
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,015

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Current Assets:
Cash and Cash Equivalents	$ 10,440,959	$ 17,199,030
Short-Term Investments	6,368,177	4,652,675
Accounts Receivable	924,468	383,961
Inventories	3,445,773	1,708,763
Prepaid Expenses	111,027	143,586
Total Current Assets	21,290,404	24,088,015
Property and Equipment at Cost, Net	2,396,950	2,840,698
Other Assets:
Deferred Financing Costs	0	67,640
Deposits	27,163	27,163
Total Other Assets	27,163	94,803
TOTAL ASSETS	23,714,517	27,023,516
Current Liabilities:
Accounts Payable	2,087,855	1,779,197
Accrued Expenses	1,968,384	2,223,639
Accrued Interest	0	105,664
Current Portion of Deferred Revenue	145,154	75,556
Current Portion of Leasehold Improvement Loan	15,139	13,841
Total Current Liabilities	4,216,532	4,197,897
Notes Payable, Net of Debt Discount	14,247,212	14,568,285
Warrant Liability	0	476,760
End of Term Liability, Notes Payable	1,432,000	132,500
Deferred Revenue	2,832,867	1,504,815
Deferred Rent Liability	128,676	83,214
Leasehold Improvement Loan	36,256	51,395
TOTAL LIABILITIES	$ 22,893,543	$ 21,014,866
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Common Stock $0.0001 par value 75,000,000 shares authorized, and 10,713,087 and 9,291,823 shares issued and outstanding as of December 31, 2015 and December 31, 2014, respectively	$ 1,072	$ 929
Additional Paid-in Capital	88,239,569	75,457,458
Accumulated Deficit	(87,419,667)	(69,449,737)
TOTAL STOCKHOLDERS' EQUITY	820,974	6,008,650
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 23,714,517	$ 27,023,516

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Stockholders Equity
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	75,000,000	75,000,000
Common stock, issued	10,713,087	9,291,823
Common stock, outstanding	10,713,087	9,291,823

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
REVENUES:
Product revenue	$ 7,050,283	$ 5,839,989
License and other revenue	127,350	75,556
Total Revenues	7,177,633	5,915,545
OPERATING EXPENSES:
Cost of product revenue	4,311,461	3,742,367
Research and development	7,015,946	9,517,014
Plasma centers	4,618,065	3,850,828
General and administrative	6,745,968	4,823,869
TOTAL OPERATING EXPENSES	22,691,440	21,934,078
LOSS FROM OPERATIONS	(15,513,807)	(16,018,533)
OTHER INCOME (EXPENSE):
Interest income	37,830	14,217
Interest expense	(1,842,716)	(1,286,215)
Change in fair value of stock warrants	67,860	(74,356)
Loss on extinguishment of debt	(719,097)	0
OTHER EXPENSE, NET	(2,456,123)	(1,346,354)
LOSS BEFORE INCOME TAXES	(17,969,930)	(17,364,887)
State income tax benefit	0	551,724
NET LOSS	$ (17,969,930)	$ (16,813,163)
NET LOSS PER COMMON SHARE, Basic and Diluted	$ (1.73)	$ (1.81)
WEIGHTED AVERAGE SHARES OUTSTANDING, Basic and Diluted	10,412,305	9,291,823

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - 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		$ 1,248,454		1,248,454
Net loss			$ (16,813,163)	(16,813,163)
Ending Balance, Amount at Dec. 31, 2014	$ 929	$ 75,457,458	(69,449,737)	6,008,650
Ending Balance, Shares at Dec. 31, 2014	9,291,823
Issuance of common stock, net, Amount	$ 141	10,245,239		10,245,380
Issuance of common stock, net, Shares	1,408,750
Stock-based compensation		1,711,047		1,711,047
Stock issued in connection with stock options exercised, Amount	$ 1	49,226		49,227
Stock issued in connection with stock options exercised, Shares	7,514
Restricted stock, Amount	$ 1	(1)		0
Restricted stock, Shares	5,000
Elimination of warrant liability		408,900		408,900
Warrants issued in connection with note payable		367,700		367,700
Net loss			(17,969,930)	(17,969,930)
Ending Balance, Amount at Dec. 31, 2015	$ 1,072	$ 88,239,569	$ (87,419,667)	$ 820,974
Ending Balance, Shares at Dec. 31, 2015	10,713,087

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (17,969,930)	$ (16,813,163)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	469,821	247,852
Stock-based compensation	1,711,047	1,248,454
Warrant liability	(67,860)	74,356
Amortization of debt discount	353,635	133,197
Amortization of deferred financing costs	39,717	125,777
Payment-in-kind interest	124,536	176,245
Amortization of license and other revenue	(127,350)	(75,556)
Loss on extinguishment of debt	719,097	0
Changes in operating assets and liabilities:
Accounts receivable	(540,507)	(383,961)
Inventories	(1,737,010)	(39,704)
Prepaid expenses	32,559	155,144
Other assets	0	(14,586)
Accounts payable	308,658	(937,779)
Accrued expenses	(199,615)	1,351,937
Accrued interest	(105,664)	69,067
Deferred revenue	1,525,000	0
Deferred rent liability	45,462	(22,190)
Net cash used in operating activities	(15,418,404)	(14,704,910)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of short-term investments	(1,715,502)	(1,717,492)
Purchase of property and equipment	(26,073)	(2,323,251)
Net cash used in investing activities	(1,741,575)	(4,040,743)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Oxford note payable	16,000,000	0
Proceeds from issuance of common stock	10,257,380	0
Proceeds from stock options exercised	49,227	0
Proceeds from Hercules note payable, net of fees	0	9,850,000
Repayment of Hercules note payable	(15,300,781)	0
Prepayment penalty of early extinguishment of note payable	(229,512)	0
Payment of debt issuance costs	(228,065)	(30,140)
Payment of Hercules end of term fee	(132,500)	0
Equity issuance costs	0	(12,000)
Payments of leasehold improvement loan	(13,841)	(12,654)
Net cash provided by financing activities	10,401,908	9,795,206
NET DECREASE IN CASH AND CASH EQUIVALENTS	(6,758,071)	(8,950,447)
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR	17,199,030	26,149,477
CASH AND CASH EQUIVALENTS - END OF YEAR	10,440,959	17,199,030
SUPPLEMENTAL INFORMATION:
Cash paid for interest	1,326,788	785,527
Supplemental Disclosure of Noncash Financing Activities:
Reclassification of equity issuance costs to additional paid-in capital	12,000	0
Warrants issued in connection with note payable	367,700	402,404
Accrued equity issuance costs	0	55,640
End of term liability in connection with note payable	1,432,000	$ 0
Elimination of warrant liability	$ 408,900

1. ORGANIZATION AND BUSINESS

1. ORGANIZATION AND BUSINESS	12 Months Ended
	Dec. 31, 2015
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 commercialize 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 with U.S. Food and Drug Administration (“FDA”) approved facilities in Norcross, Georgia and Marietta, Georgia. Both the Norcross and Marietta centers have achieved German Health Authority (“GHA”) and the Korean Ministry of Food and Drug Safety (“MFDS”) certifications. ADMA BioCenters provides ADMA with a portion of its raw material plasma for the manufacture of RI-002, ADMA’s lead product candidate, which is intended for the treatment of Primary Immune Deficiency Disease, (“PIDD”). A Biologics License Application (“BLA”) for RI-002 was submitted to the FDA on July 31, 2015 and accepted for review on September 18, 2015. The Company’s Marietta, Georgia center received FDA approval to sell human source plasma within the U.S. on September 17, 2015. 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. Since inception, the Company has needed to raise capital from the sales of its equity securities and debt financings to sustain operations. In October 2013, the Company completed an Initial Public Offering (“IPO”) to raise gross proceeds of $29.1 million, and in February 2012, the Company completed a private placement to raise gross proceeds of $17.3 million, and during December 2012, February and December 2014, the Company borrowed a total of $15 million from Hercules Technology Growth Capital, Inc. (“Hercules”) and subsequently refinanced its borrowings of $16 million with Oxford Finance LLC (“Oxford”) (see Note 5). In March 2015, ADMA completed an underwritten public offering of its common stock, raising gross proceeds of $11.3 million. In June 2015, ADMA entered into a Loan and Security Agreement (the “LSA”) with Oxford, as collateral agent and lender, pursuant to which ADMA accessed an initial term loan in the aggregate principal amount of $16.0 million, of which $15.7 million was used to repay an existing loan balance of $15.0 million, along with $0.4 million of interest and $0.3 million of prepayment premium and other fees, under its prior loan and security agreement, dated December 21, 2012, with Hercules, (the “Prior Loan Agreement”), as amended on February 24, 2014, (the “Prior Loan Amendment”). ADMA may elect to access an additional term loan under the LSA in the aggregate principal amount of $5.0 million if it receives approval of its BLA for RI-002 from the FDA on or before January 31, 2017. Also, at ADMA’s discretion, if it receives BLA approval for RI-002 from the FDA within the initial 18-month interest only period, it may elect to extend its interest only period for an additional six months. As of December 31, 2015, the Company had working capital of $17.0 million, consisting primarily of $10.4 million of cash and cash equivalents, $6.4 million of short-term investments, $0.9 million of accounts receivable, $3.4 million of inventories, and $0.1 million of prepaid expenses, offset primarily by $2.1 million of accounts payable, $1.9 million of accrued expenses and $0.1 million of deferred revenue. Based upon the Company’s projected revenue and expenditures for 2016, including the ongoing implementation of the Company’s commercialization and expansion activities, management currently believes that its cash, cash equivalents, short-term investments and accounts receivable as of December 31, 2015 are sufficient to fund ADMA’s operations, as currently conducted, into the second half of 2016. In order to have sufficient cash to fund the Company’s operations, the Company will read to raise additional equity or debt by the end of the second half of 2016 in order to continue as a going concern and we cannot provide any assurance that the Company will be successful in doing so. ADMA’s long term liquidity will be dependent upon on its ability to raise additional capital, to fund its research and development and commercial programs and meet its obligations on a timely basis. If ADMA is unable to successfully raise sufficient additional capital, it will likely not have sufficient cash flow and liquidity to fund its business operations, forcing ADMA to curtail activities and potentially significantly reduce, or potentially cease operations. Even if ADMA is able to raise additional capital, such financings may only be available on unattractive terms, resulting in significant dilution of stockholders’ interests and, in such event, the value and potential future market price of its common stock may decline. 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 FDA and other governmental regulations and approval requirements.

2. SUMMARY OF SIGNIFICANT ACCOU

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	The following comprises the Company’s significant accounting policies: Basis of presentation The accompanying consolidated financial statements include the accounts of ADMA Biologics, Inc. and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. Cash and cash equivalents The Company considers all highly-liquid instruments purchased with a maturity of three months or less to be cash equivalents. The Company purchases certificates of deposits with maturity schedules of three, six, nine and twelve months. Instruments with original maturities greater than three months but less than twelve months are included in short-term investments. The Company regularly maintains cash and short-term investments at third-party financial institutions in excess of the Federal Deposit Insurance Corporation, or FDIC, insurance limit. While the Company monitors the daily cash balances in the operating accounts and adjusts the balances as appropriate, these balances could be impacted, and there could be a material adverse effect on the Company’s business, if one or more of the financial institutions with which the Company has deposits fails or is subject to other adverse conditions in the financial or credit markets. To date, the Company has not experienced a loss or lack of access to its invested cash or cash equivalents; however, the Company cannot provide assurance that access to its invested cash and cash equivalents will not be impacted by adverse conditions in the financial and credit markets. Inventories Plasma inventories (both plasma intended for resale and plasma intended for internal use in the Company's research and development and future anticipated commercialization activities) are carried at the lower of cost or market value determined on the first-in, first-out method. Research and development plasma used in clinical trials was processed to a finished product and subsequently expensed to research and development. Inventory at December 31, 2015 and December 31, 2014 consists of high titer plasma and normal source plasma. Debt In April 2015, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2015-03, Interest—Imputation of Interest Revenue recognition Depending on the agreement with the customer, revenues from the sale of human plasma collected at the Company’s FDA licensed plasma collection centers are recognized at the time of transfer of title and risk of loss to the customer, which occurs at the time of shipment. Revenue is recognized at the time of delivery if the Company retains the risk of loss during shipment. The Company’s revenues are substantially attributable 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. Revenues for the year ended December 31, 2015 are comprised of product revenues from the sale of normal source human plasma collected from the Company’s plasma collection centers segment and license and other revenues are primarily attributable to the out-licensing of RI-002 to Biotest AG to market and sell in Europe and selected countries in North Africa and the Middle East. Biotest AG and Biotest Pharmaceuticals Corporation, or Biotest, a subsidiary of Biotest AG, has provided the Company with certain financial payment and services in accordance with the related license agreement and is obligated to pay the Company certain amounts in the future if certain milestones are achieved. During the third quarter 2015, the Company recorded deferred revenue of $1.5 million for a milestone payment provided to the Company upon its filing of the BLA for RI-002 with the FDA, in accordance with the terms of the license agreement. Deferred revenue of $1.7 million was recorded in 2013 as a result of certain research and development services provided in accordance with the same license agreement. Deferred revenue is recognized over the term of the license. Deferred revenue is amortized into income for a period of approximately 20 years, the term of the license agreement. Concentration of significant customers and accounts receivable As of and for the years ended December 31, 2015 and 2014, the Company’s trade receivable balance and revenues were substantially attributable to one customer. Research and development costs The Company expenses all research and development costs as incurred, of which such expenses include costs associated with planning and conducting clinical trials, manufacturing, quality, testing, validation, regulatory consulting and filing fees and employees’ compensation expenses directly related to R&D activities. 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. Concentration of credit risk Financial instruments which potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents and short-term investments. Property and equipment Fixed assets are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the asset’s estimated useful life, which is five to ten years. Leasehold improvements are amortized over the lesser of the lease term or their estimated useful lives. Income taxes The Company recognizes deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Under this method, deferred tax liabilities and assets are determined on the basis of the difference between the tax basis of assets and liabilities and their respective financial reporting amounts (“temporary differences”) at enacted tax rates in effect for the years in which the temporary differences are expected to reverse. The Company records a valuation allowance on its deferred income tax assets if it is more likely than not that these deferred income tax assets will not be realized. The Company has no unrecognized tax benefits at December 31, 2015 and 2014. The Company’s U.S. Federal and state income tax returns prior to fiscal year 2012 are closed and management continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. The Company will recognize interest and penalties associated with tax matters as income tax expense. Earnings (Loss) Per 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 common stock and dilutive common stock outstanding during the period. Potential common stock includes the shares of common stock issuable upon the exercise of outstanding stock options and warrants (using the treasury stock method). Potential common stock in the diluted net loss per share computation is excluded to the extent that it 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 1.7 million and 1.3 million as of December 31, 2015 and 2014, 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”) and the 2014 Omnibus Incentive Compensation Plan (the “2014 Plan”) is recognized as compensation expense over the option-vesting period. During the years ended December 31, 2015 and 2014, stock options to purchase 432,500 and 221,932 shares of common stock, respectively, were issued to employees and non-employee directors. During the year ended December 31, 2015, options to purchase 7,514 shares of common stock were exercised by an employee and options to purchase 9,710 shares of common stock were forfeited. On June 19, 2014, at the Annual Meeting of Stockholders (the “Annual Meeting”), the stockholders approved the 2014 Plan, which was approved by the Board of Directors of ADMA (the “Board”) on February 21, 2014. The maximum number of shares reserved for grant under the 2014 Plan is: (a) 800,000 shares; plus (b) an annual increase 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 years ended December 31, 2015 and 2014, the Company recorded stock-based compensation expense to employees of $1,711,047 and $1,248,454, respectively. The fair value of employee options granted was determined on the date of grant using the Black-Scholes model. The Black-Scholes option valuation 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. To determine the risk-free interest rate, the Company utilized the U.S. Treasury yield curve in effect at the time of the grant with a term consistent with the expected term of the Company’s awards. The expected term of the options granted is in accordance with Staff Accounting Bulletins 107 and 110, which is based on the average between vesting terms and contractual terms. The expected dividend yield reflects the Company’s current and expected future policy for dividends on the Company’s common stock. The expected stock price volatility for the Company’s stock options was calculated by examining the pro rata historical volatilities for similar publicly traded industry peers and the trading history for the Company’s common stock. The Company will continue to analyze the expected stock price volatility and expected term assumptions. The Company has not experienced any material forfeitures of stock options and, as such, has not established a forfeiture rate since the stock options currently outstanding are primarily held by the Company’s senior management and directors. The Company will continue to evaluate the effects of such future potential forfeitures, as they may arise, to evaluate the Company’s estimated forfeiture rate. 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: Year Ended Year Ended December 31, 2015 December 31, 2014 Expected term 6.3 years 6.3 years Volatility 51-58% 60% Dividend yield 0.0 0.0 Risk-free interest rate 1.49-2.14% 2.19% Fair value of financial instruments The carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, short-term investments, accounts payable, and notes payable are shown at cost which approximates fair value due to the short-term nature of these instruments.

3. PROPERTY AND EQUIPMENT

3. PROPERTY AND EQUIPMENT	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
3. PROPERTY AND EQUIPMENT	Property and equipment consist of the following at December 31, 2015 2014 Lab and office equipment $ 1,272,042 $ 1,236,553 Computer software 188,277 188,277 Leasehold improvements 2,690,320 2,699,736 4,150,639 4,124,566 Less: Accumulated depreciation and amortization (1,753,689 ) (1,283,868 ) $ 2,396,950 $ 2,840,698 The Company recorded depreciation and amortization expense of $469,821 and $247,852 for the years ended December 31, 2015 and 2014, respectively.

4. LEASEHOLD IMPROVEMENT LOAN

4. LEASEHOLD IMPROVEMENT LOAN	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
4. LEASEHOLD IMPROVEMENT LOAN	In connection with the lease of commercial real estate by the Company’s wholly-owned subsidiary for the operation of the plasma collection center, the Company borrowed $125,980 from the lessor to pay for leasehold improvement costs in excess of the allowance provided for in the lease agreement. The loan bears interest at 9% and is payable in 120 monthly installments of $1,596 maturing January 2019. Principal maturities under the loan are as follows: 2016 $ 15,139 2017 16,559 2018 18,113 2019 1,584 $ 51,395

5. DEBT

5. DEBT	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
5. DEBT	Loan and Security Agreement On June 19, 2015, the Company entered into the LSA with Oxford for up to $21.0 million and refinanced its existing loan with Hercules. The first tranche of $16.0 million from the Oxford loan was primarily used to repay its existing facility with Hercules and the remaining $5.0 million is available at ADMA’s option upon RI-002’s BLA being approved from the FDA on or before January 31, 2017. The LSA bears interest at a rate per annum equal to the greater of (i) 7.80% and (ii) the sum of (a) the three (3) month U.S. LIBOR rate (as reported in The Wall Street Journal In connection with the LSA, on June 19, 2015, the Company issued to Oxford a seven year warrant, expiring on June 19, 2022, to purchase 74,309 shares of common stock at an exercise price of $8.51 per share. The Company recorded $367,700 as the fair value of the warrant to additional paid-in capital and as a debt discount to the carrying value of the loan. The key assumptions used to value the warrants included: volatility of 57% on the Company’s common stock based upon a pro rata percentage of the Company’s common stock’s volatility and similar public companies’ volatilities for comparison, an expected dividend yield of 0.0%, a risk-free interest rate of 1.99% and a term of 7 years. As a result of prepaying the Hercules loan prior to maturity, the Company incurred a loss on extinguishment of debt of $0.7 million comprised of unamortized debt issuance costs, unamortized debt discount related to the warrants issued to Hercules, along with a prepayment penalty. A summary of the Oxford loan balance as of December 31, 2015 is as follows: Gross proceeds $ 16,000,000 Less: debt discount, net End of term fee (1,250,194 ) Warrants (310,196 ) Financing fees (192,398 ) Note payable $ 14,247,212 In connection with the Prior Loan Agreement with Hercules, the Company borrowed a total of $15.0 million, which was repaid and terminated in June 2015 through a new loan with Oxford. The Company recorded a loss on extinguishment of $0.7 million comprised of an early prepayment penalty and the remaining unamortized debt issuance costs and end of term fee. The loan’s interest at a rate per annum was 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 A summary of the recast Hercules loan balance as of December 31, 2014 is as follows: Gross proceeds $ 15,000,000 Plus: payment in kind interest 176,245 15,176,245 Less: debt discount, net Warrants (403,979 ) Financing fees (161,951 ) End of term fee (42,030 ) Note payable $ 14,568,285

6. STOCKHOLDERS' EQUITY

6. STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
6. STOCKHOLDERS' EQUITY	On March 18, 2015, the Company closed an underwritten sale of 1,225,000 shares of its common stock, as well as 183,750 additional shares of its common stock pursuant to the full exercise of the over-allotment option granted to the underwriters, for gross proceeds of approximately $11.3 million. Net proceeds from this offering were approximately $10.2 million, net of underwriting discounts and offering expenses of approximately $1.1 million. The shares were sold under a shelf registration statement on Form S-3 (File No. 333-200638) that was declared effective by the SEC on December 23, 2014. Oxford and Hercules Debt Financing Warrant Issuance In connection with the LSA with Oxford, on June 19, 2015, the Company issued to Oxford a seven year warrant, expiring on June 19, 2022, to purchase 74,309 shares of common stock at an exercise price of $8.51 per share. In connection with the Prior Loan Agreement with Hercules, on December 21, 2012, the Company issued to Hercules a warrant to purchase 31,750 shares of common stock with an exercise price of $7.56, subject to customary anti-dilution adjustments. In connection with the Loan Amendment, the Company issued to Hercules a warrant to purchase 23,200 and 34,800 shares of common stock of the Company in February and December 2014, respectively, 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 from the expiration of the exercise price adjustment, 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. The down round warrant protection feature resulting in the warrant liability’s quarterly “mark-to-market” valuation has terminated as of the end of the one-year period following the amended Loan Closing on February 24, 2014 (see Note 5).

7. RELATED PARTY TRANSACTIONS

7. RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
7. 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 $96,448 for each of the years ended December 31, 2015 and 2014, respectively. The Company also reimburses its landlord for office related expenses, equipment and certain other operational expenses,which have been insignificant to the consolidated financial statements for the years ended December 31, 2015 and 2014. The Company maintains deposits and other accounts at a bank which is less than 5%-owned by related parties and where a stockholder is a member of the Board of Directors of the bank.

8. COMMITMENTS AND CONTINGENCIE

8. COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
8. COMMITMENTS AND CONTINGENCIES	Lease commitments The Company has entered into leases for its ADMA BioCenters’ facilities located in Norcross, Georgia and in Marietta, Georgia. The Norcross, Georgia lease expires on September 30, 2023, and the Marietta, Georgia lease expires on January 31, 2024. Total rent expense for its New Jersey and Georgia facilities during the years ended 2015 and 2014 was approximately $420,000 and $414,000, respectively. Future minimum lease payments for both leases, for each of the five years ending December 31 and thereafter are as follows: 2016 $ 354,383 2017 359,059 2018 362,774 2019 375,198 2020 376,812 Thereafter 1,113,408 $ 2,941,634 Vendor and Licensor Commitments On December 31, 2012, the Company entered into a Manufacturing, Supply and License Agreement with Biotest, which replaces a prior agreement that expired on December 31, 2012. Under the agreement, the Company agreed to purchase exclusively from Biotest its worldwide requirements of RSV immune globulin manufactured from human plasma containing RSV antibodies. The term of the agreement is for a period of ten years from January 1, 2013, renewable for two additional five-year periods at the agreement of both parties. The Company is obligated under this agreement to purchase a minimum of at least one lot of product during each calendar year after the finished product is approved by the FDA. This number is subject to increase at the Company’s option. As consideration for Biotest’s obligations under the agreement, the Company is obligated to pay a dollar amount per lot of RSV immune globulin manufactured from human plasma containing RSV antibodies, as well as a percentage royalty on the sales thereof and of RI-002, up to a specified cumulative maximum. The agreement may be terminated by either party (a) by reason of a material breach if the breaching party fails to remedy the breach within 120 days after receiving notice of the breach from the other party, (b) upon bankruptcy, insolvency, dissolution, or winding up of the other party, or (c) if the other party is unable to fulfill its obligations under the agreement for 120 consecutive days or more as a result of (a) or (b) above. In a separate license agreement effective December 31, 2012, the Company granted Biotest an exclusive license to market and sell RSV antibody-enriched Immune Globulin Intravenous (“IVIG”) in Europe and in selected countries in North Africa and the Middle East, collectively referred to as the Territory, to have access to the Company’s testing services for testing of Biotest’s plasma samples using the Company’s proprietary RSV assay, and to reference (but not access) the Company’s proprietary information for the purpose of Biotest seeking regulatory approval for the RSV antibody-enriched IVIG in the Territory. As consideration for the license, Biotest agreed to provide the Company with certain services at no charge and also compensate us with cash payments upon the completion of certain milestones. Such services have been accounted for as deferred revenue which were recorded in 2013 as a result of certain research and development services as provided for in accordance with a license agreement. Deferred revenue is recognized over the term of the license and is amortized into income for a period of approximately 20 years, the term of the license agreement. Biotest is also obligated to pay the Company an adjustable royalty based on a percentage of revenues from the sale of RSV antibody-enriched IVIG in the Territory for 20 years from the date of first commercial sale. Additionally, Biotest has agreed to grant the Company an exclusive license for marketing and sales in the United States and Canada for Biotest’s Varicella Zoster Immune Globulin (“VZIG”), the terms of which the Company expects to finalize during 2016. As such, the Company expects to account for the value of this license as a charge to operations once the terms of the in-license agreement are finalized. Pursuant to the terms of a Plasma Purchase Agreement with Biotest, the Company has agreed to purchase from Biotest an annual minimum volume of source plasma containing antibodies to RSV to be used in the manufacture of RI-002. This volume will increase at the earlier of the Company’s receipt of a BLA from the FDA, or March 31, 2016. The Company must purchase a to-be-determined and agreed upon annual minimum volume from Biotest but may also collect high-titer RSV plasma from up to five wholly-owned ADMA BioCenters. During 2015, Biotest and ADMA amended its Plasma Purchase Agreement with Biotest, to allow ADMA the ability to collect its raw material RSV high-titer plasma from other third party collection organizations, thus allowing ADMA to expand its reach for raw material supply as the Company approaches commercialization for RI-002. Unless terminated earlier, the agreement expires in November 2021, after which it may be renewed for two additional five-year periods if agreed to by the parties. Either party may terminate the agreement if the other party fails to remedy any material default in the performance of any material condition or obligation under the agreement following notice. Either party may also terminate the agreement, after providing written notice, if a proceeding under any bankruptcy, reorganization, arrangement of debts, insolvency or receivership law is filed by or against the other party, and is not dismissed or stayed, or a receiver or trustee is appointed for all or a substantial portion of the assets of the other party, or the other party makes an assignment for the benefit of its creditors or becomes insolvent. The Company may also terminate the agreement upon written notice if the clinical development of its product candidate is halted or terminated, whether by the FDA, a Data Safety Monitoring Board, or any other regulatory authority. Upon termination of the agreement, the Company must pay for any source plasma already delivered to the Company and for any source plasma collected under the terms of the agreement. Employment contracts The Company has entered into employment agreements with its executive management team consisting of its President and Chief Executive Officer, Chief Medical and Scientific Officer and Chief Financial Officer. General legal matters The Company is and may become subject to certain legal proceedings and claims arising in connection with the normal course of its 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. Other commitments In the normal course of business, the Company enters into contracts that contain a variety of indemnifications with its employees, licensors, suppliers and service providers. Further, the Company indemnifies its directors and officers who are, or were, serving at the Company’s request in such capacities. The Company’s maximum exposure under these arrangements is unknown as of December 31, 2015. The Company does not anticipate recognizing any significant losses relating to these arrangements.

9. STOCK OPTIONS

9. STOCK OPTIONS	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
9. STOCK OPTIONS	On June 19, 2014, at the Annual Meeting of Stockholders (the “Annual Meeting”), the stockholders approved the 2014 Plan, which was approved by the Board on February 21, 2014. On July 16, 2007 (the “Effective Date”), the Company’s Board and stockholders adopted the Plan. On July 17, 2012, the Company’s Board and stockholders amended the Plan to increase the aggregate number of options available for grant to 903,224. Additionally, the Board also, approved subject to stockholder approval at the Annual Meeting under the Prospective Plan, 800,000 shares of common stock plus 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 lower of 200,000, or 1% of the outstanding shares of common stock as of the end of the Company’s immediately preceding fiscal year and any lesser number of shares determined by the Board, provided that the aggregate number of shares available for issuance pursuant to such increases shall not exceed a total of 800,000 shares reserved for issuance under the terms of the Prospective Plan. The aggregate options approved in the Plan and 2014 Plan as of December 31, 2015 is 1,788,628 with 1,464,203 outstanding and expected to vest and 324,425 available for future issuance as of December 31, 2015. During the year ended December 31, 2015, 7,514 options were exercised; such options were included in the Plan. The Plan provides for the Board or a Committee of the Board (the “Committee”) to grant awards to optionees and to determine the exercise price, vesting term, expiration date and all other terms and conditions of the awards, including acceleration of the vesting of an award at any time. All options granted under the Plan are intended to be incentive stock options (“ISOs”), unless specified by the Committee to be non-qualified options (“NQOs”) as defined by the Internal Revenue Code. ISOs and NQOs may be granted to employees, consultants or Board members at an option price not less than the fair market value of the common stock subject to the Stock Option Agreement. The following table summarizes information about stock options outstanding as of December 31, 2015 and 2014: Year Ended Year Ended December 31, 2015 December 31, 2014 Weighted Weighted Average Average Exercise Exercise Shares Price Shares Price Outstanding at beginning of year 1,048,927 $ 7.24 826,995 $ 6.90 Forfeited (9,710 ) $ 9.16 - - Exercised (7,514 ) $ 6.55 - - Granted 432,500 $ 9.92 221,932 $ 8.50 Outstanding at end of year and expected to vest 1,464,203 $ 8.02 1,048,927 $ 7.24 Options exercisable 880,457 $ 7.19 635,763 $ 6.81 Weighted average fair value of options granted during the year $ 5.25 $ 5.06 The weighted average remaining contractual term of stock options outstanding and expected to vest at December 31, 2015 is 7.2 years. The weighted average remaining contractual term of stock options exercisable at December 31, 2015 is 6.1 years. Stock-based compensation expense for the years ended December 31, 2015 and 2014 was: 2015 2014 Research and development $ 724,776 $ 541,140 Plasma centers 48,386 56,900 General and administrative 937,885 650,414 Total stock-based compensation expense $ 1,711,047 $ 1,248,454 As of December 31, 2015, the total unrecognized compensation expense related to unvested options totaled $2,657,226. The weighted-average vesting period over which the total compensation expense will be recorded related to unvested options at December 31, 2015 was approximately 2.7 years. The aggregate intrinsic value is calculated as the difference between (i) the closing price of the common stock at December 31, 2015 and (ii) the exercise price of the underlying awards, multiplied by the number of options that had an exercise price less than the closing price on the last trading day. The Company’s outstanding and exercisable options had an intrinsic value of $952,773 and $880,457 as of December 31, 2015, respectively.

10. INCOME TAXES

10. INCOME TAXES	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
10. INCOME TAXES	A reconciliation of income taxes at the U.S. Federal statutory rate to the benefit for income taxes is as follows: Year Ended December 31, 2015 2014 Benefit at US federal statutory rate $ (6,109,776 ) $ (5,904,062 ) State taxes - deferred (124,874 ) 879,793 Increase in valuation allowance, inclusive of true-ups 6,021,614 5,147,244 Research and development credits (389,355 ) (551,863 ) Sale of state net operating loss - (551,724 ) Other 602,391 428,888 Benefit for income taxes $ - $ (551,724 ) A summary of the Company’s deferred tax assets is as follows: December 31, 2015 2014 Federal and state net operating loss carryforwards $ 25,834,860 $ 21,004,587 Federal and state research credits 4,353,534 3,649,268 Accrued expenses and other 1,371,547 884,472 Total gross deferred tax assets 31,559,941 25,538,327 Less: valuation allowance for deferred tax assets (31,559,941 ) (25,538,327 ) Net deferred tax assets $ - $ - As of December 31, 2015, the Company had Federal and state net operating loss carryforwards of approximately $72.5 million and $46.0 million, respectively. The Company also had Federal and state research and development tax credit carryforwards of approximately $3.7 million and $0.6 million, respectively. The net operating loss carryforwards and tax credits will expire at various dates beginning in 2027 if not utilized. The Company received $551,724 in December 2014 from the sale of net operating loss and research and development credit carryforwards under the New Jersey Economic Development Authority Technology Business Tax Certificate Transfer Program. These amounts are recorded on the consolidated financial statements as income tax benefits in the year they are received. The Company did not qualify for this program in 201, as such, the Company cannot make assurances that it will qualify for the program or that the program will exist in future years.

11. SEGMENTS

11. SEGMENTS	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
11. SEGMENTS	The Company is engaged in the development and commercialization of human plasma and plasma-derived therapeutics. The Company also operates two FDA-licensed source plasma collection facilities located in Norcross, Georgia and in Marietta, Georgia. The Company defines its segments as those business units whose 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 plasma collection center segment includes the Company’s operations 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: Year Ended December 31, Plasma Collection Research and 2015 Centers Development Corporate Consolidated Revenues $ 7,050,283 $ - $ 127,350 $ 7,177,633 Cost of product revenue 4,311,461 - - 4,311,461 Gross profit 2,738,822 - 127,350 2,866,172 Loss from operations (1,879,243 ) (7,015,946 ) (6,618,618 ) (15,513,807 ) Other expense - - (2,456,123 ) (2,456,123 ) Loss before income taxes (1,879,243 ) (7,015,946 ) (9,074,741 ) (17,969,930 ) Total assets 2,719,641 - 20,994,876 23,714,517 Depreciation and amortization expense 419,301 - 50,520 469,821 Year Ended December 31, Plasma Collection Research and 2014 Centers Development Corporate Consolidated Revenues $ 5,839,989 $ - $ 75,556 $ 5,915,545 Cost of product revenue 3,742,367 - - 3,742,367 Gross profit 2,097,622 - 75,556 2,173,178 Loss from operations (1,753,206 ) (9,517,014 ) (4,748,313 ) (16,018,533 ) Other income (expense) 262 - (1,346,616 ) (1,346,354 ) Loss before income taxes (1,752,944 ) (9,517,014 ) (6,094,929 ) (17,364,887 ) Total assets 3,073,179 - 23,950,337 27,023,516 Depreciation and amortization expense 198,244 2,729 46,879 247,852 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.

12. OTHER EMPLOYEE BENEFITS

12. OTHER EMPLOYEE BENEFITS	12 Months Ended
	Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]
12. OTHER EMPLOYEE BENEFITS	The Company sponsors a 401(k) savings plan. Under the plan, employees may make contributions which are eligible for a Company discretionary percentage contribution as defined in the plan and determined by the Board of Directors. The Company recognized $0.1 million of related compensation expense for the years ended December 31, 2015 and 2014.

2. SUMMARY OF SIGNIFICANT ACC19

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Basis of presentation	The accompanying consolidated financial statements include the accounts of ADMA Biologics, Inc. and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation.
Cash and cash equivalents	The Company considers all highly-liquid instruments purchased with a maturity of three months or less to be cash equivalents. The Company purchases certificates of deposits with maturity schedules of three, six, nine and twelve months. Instruments with original maturities greater than three months but less than twelve months are included in short-term investments. The Company regularly maintains cash and short-term investments at third-party financial institutions in excess of the Federal Deposit Insurance Corporation, or FDIC, insurance limit. While the Company monitors the daily cash balances in the operating accounts and adjusts the balances as appropriate, these balances could be impacted, and there could be a material adverse effect on the Company’s business, if one or more of the financial institutions with which the Company has deposits fails or is subject to other adverse conditions in the financial or credit markets. To date, the Company has not experienced a loss or lack of access to its invested cash or cash equivalents; however, the Company cannot provide assurance that access to its invested cash and cash equivalents will not be impacted by adverse conditions in the financial and credit markets.
Inventories	Plasma inventories (both plasma intended for resale and plasma intended for internal use in the Company's research and development and future anticipated commercialization activities) are carried at the lower of cost or market value determined on the first-in, first-out method. Research and development plasma used in clinical trials was processed to a finished product and subsequently expensed to research and development. Inventory at December 31, 2015 and December 31, 2014 consists of high titer plasma and normal source plasma.
Debt	In April 2015, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2015-03, Interest—Imputation of Interest
Revenue recognition	Depending on the agreement with the customer, revenues from the sale of human plasma collected at the Company’s FDA licensed plasma collection centers are recognized at the time of transfer of title and risk of loss to the customer, which occurs at the time of shipment. Revenue is recognized at the time of delivery if the Company retains the risk of loss during shipment. The Company’s revenues are substantially attributable 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. Revenues for the year ended December 31, 2015 are comprised of product revenues from the sale of normal source human plasma collected from the Company’s plasma collection centers segment and license and other revenues are primarily attributable to the out-licensing of RI-002 to Biotest AG to market and sell in Europe and selected countries in North Africa and the Middle East. Biotest AG and Biotest Pharmaceuticals Corporation, or Biotest, a subsidiary of Biotest AG, has provided the Company with certain financial payment and services in accordance with the related license agreement and is obligated to pay the Company certain amounts in the future if certain milestones are achieved. During the third quarter 2015, the Company recorded deferred revenue of $1.5 million for a milestone payment provided to the Company upon its filing of the BLA for RI-002 with the FDA, in accordance with the terms of the license agreement. Deferred revenue of $1.7 million was recorded in 2013 as a result of certain research and development services provided in accordance with the same license agreement. Deferred revenue is recognized over the term of the license. Deferred revenue is amortized into income for a period of approximately 20 years, the term of the license agreement.
Concentration of significant customers and accounts receivable	As of and for the years ended December 31, 2015 and 2014, the Company’s trade receivable balance and revenues were substantially attributable to one customer.
Research and development costs	The Company expenses all research and development costs as incurred, of which such expenses include costs associated with planning and conducting clinical trials, manufacturing, quality, testing, validation, regulatory consulting and filing fees and employees’ compensation expenses directly related to R&D activities.
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.
Concentration of credit risk	Financial instruments which potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents and short-term investments.
Property and equipment	Fixed assets are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the asset’s estimated useful life, which is five to ten years. Leasehold improvements are amortized over the lesser of the lease term or their estimated useful lives.
Income taxes	The Company recognizes deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Under this method, deferred tax liabilities and assets are determined on the basis of the difference between the tax basis of assets and liabilities and their respective financial reporting amounts (“temporary differences”) at enacted tax rates in effect for the years in which the temporary differences are expected to reverse. The Company records a valuation allowance on its deferred income tax assets if it is more likely than not that these deferred income tax assets will not be realized. The Company has no unrecognized tax benefits at December 31, 2015 and 2014. The Company’s U.S. Federal and state income tax returns prior to fiscal year 2012 are closed and management continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. The Company will recognize interest and penalties associated with tax matters as income tax expense.
Earnings (Loss) Per 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 common stock and dilutive common stock outstanding during the period. Potential common stock includes the shares of common stock issuable upon the exercise of outstanding stock options and warrants (using the treasury stock method). Potential common stock in the diluted net loss per share computation is excluded to the extent that it 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 1.7 million and 1.3 million as of December 31, 2015 and 2014, 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”) and the 2014 Omnibus Incentive Compensation Plan (the “2014 Plan”) is recognized as compensation expense over the option-vesting period. During the years ended December 31, 2015 and 2014, stock options to purchase 432,500 and 221,932 shares of common stock, respectively, were issued to employees and non-employee directors. During the year ended December 31, 2015, options to purchase 7,514 shares of common stock were exercised by an employee and options to purchase 9,710 shares of common stock were forfeited. On June 19, 2014, at the Annual Meeting of Stockholders (the “Annual Meeting”), the stockholders approved the 2014 Plan, which was approved by the Board of Directors of ADMA (the “Board”) on February 21, 2014. The maximum number of shares reserved for grant under the 2014 Plan is: (a) 800,000 shares; plus (b) an annual increase 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 years ended December 31, 2015 and 2014, the Company recorded stock-based compensation expense to employees of $1,711,047 and $1,248,454, respectively. The fair value of employee options granted was determined on the date of grant using the Black-Scholes model. The Black-Scholes option valuation 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. To determine the risk-free interest rate, the Company utilized the U.S. Treasury yield curve in effect at the time of the grant with a term consistent with the expected term of the Company’s awards. The expected term of the options granted is in accordance with Staff Accounting Bulletins 107 and 110, which is based on the average between vesting terms and contractual terms. The expected dividend yield reflects the Company’s current and expected future policy for dividends on the Company’s common stock. The expected stock price volatility for the Company’s stock options was calculated by examining the pro rata historical volatilities for similar publicly traded industry peers and the trading history for the Company’s common stock. The Company will continue to analyze the expected stock price volatility and expected term assumptions. The Company has not experienced any material forfeitures of stock options and, as such, has not established a forfeiture rate since the stock options currently outstanding are primarily held by the Company’s senior management and directors. The Company will continue to evaluate the effects of such future potential forfeitures, as they may arise, to evaluate the Company’s estimated forfeiture rate. 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: Year Ended Year Ended December 31, 2015 December 31, 2014 Expected term 6.3 years 6.3 years Volatility 51-58% 60% Dividend yield 0.0 0.0 Risk-free interest rate 1.49-2.14% 2.19%
Fair value of financial instruments	The carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, short-term investments, accounts payable, and notes payable are shown at cost which approximates fair value due to the short-term nature of these instruments.

2. SUMMARY OF SIGNIFICANT ACC20

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Schedule of assumptions used for equity compensation expense	Year Ended Year Ended December 31, 2015 December 31, 2014 Expected term 6.3 years 6.3 years Volatility 51-58% 60% Dividend yield 0.0 0.0 Risk-free interest rate 1.49-2.14% 2.19%

3. PROPERTY AND EQUIPMENT (Tabl

3. PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2015
Property And Equipment Tables
Schedule of property and equipment	Property and equipment consist of the following at December 31, 2015 2014 Lab and office equipment $ 1,272,042 $ 1,236,553 Computer software 188,277 188,277 Leasehold improvements 2,690,320 2,699,736 4,150,639 4,124,566 Less: Accumulated depreciation and amortization (1,753,689 ) (1,283,868 ) $ 2,396,950 $ 2,840,698

4. LEASEHOLD IMPROVEMENT LOAN (

4. LEASEHOLD IMPROVEMENT LOAN (Tables)	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Schedule Principal maturities under leasehold improvement loan	2016 $ 15,139 2017 16,559 2018 18,113 2019 1,584 $ 51,395

5. DEBT (Tables)

5. DEBT (Tables)	12 Months Ended
	Dec. 31, 2015
Oxford Loan
Summary of loans	Gross proceeds $ 16,000,000 Less: debt discount, net End of term fee (1,250,194 ) Warrants (310,196 ) Financing fees (192,398 ) Note payable $ 14,247,212
Hercules Loan
Summary of loans	Gross proceeds $ 15,000,000 Plus: payment in kind interest 176,245 15,176,245 Less: debt discount, net Warrants (403,979 ) Financing fees (161,951 ) End of term fee (42,030 ) Note payable $ 14,568,285

8. COMMITMENTS AND CONTINGENC24

8. COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Future minimum lease payments	2016 $ 354,383 2017 359,059 2018 362,774 2019 375,198 2020 376,812 Thereafter 1,113,408 $ 2,941,634

9. STOCK OPTIONS (Tables)

9. STOCK OPTIONS (Tables)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Schedule of stock options outstanding	Year Ended Year Ended December 31, 2015 December 31, 2014 Weighted Weighted Average Average Exercise Exercise Shares Price Shares Price Outstanding at beginning of year 1,048,927 $ 7.24 826,995 $ 6.90 Forfeited (9,710 ) $ 9.16 - - Exercised (7,514 ) $ 6.55 - - Granted 432,500 $ 9.92 221,932 $ 8.50 Outstanding at end of year and expected to vest 1,464,203 $ 8.02 1,048,927 $ 7.24 Options exercisable 880,457 $ 7.19 635,763 $ 6.81 Weighted average fair value of options granted during the year $ 5.25 $ 5.06
Stock-based compensation expense	2015 2014 Research and development $ 724,776 $ 541,140 Plasma centers 48,386 56,900 General and administrative 937,885 650,414 Total stock-based compensation expense $ 1,711,047 $ 1,248,454

10. INCOME TAXES (Tables)

10. INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of reconciliation of income taxes	Year Ended December 31, 2015 2014 Benefit at US federal statutory rate $ (6,109,776 ) $ (5,904,062 ) State taxes - deferred (124,874 ) 879,793 Increase in valuation allowance, inclusive of true-ups 6,021,614 5,147,244 Research and development credits (389,355 ) (551,863 ) Sale of state net operating loss - (551,724 ) Other 602,391 428,888 Benefit for income taxes $ - $ (551,724 )
Schedule of deferred tax asset	December 31, 2015 2014 Federal and state net operating loss carryforwards $ 25,834,860 $ 21,004,587 Federal and state research credits 4,353,534 3,649,268 Accrued expenses and other 1,371,547 884,472 Total gross deferred tax assets 31,559,941 25,538,327 Less: valuation allowance for deferred tax assets (31,559,941 ) (25,538,327 ) Net deferred tax assets $ - $ -

11. SEGMENTS (Tables)

11. SEGMENTS (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
SEGMENTS	Year Ended December 31, Plasma Collection Research and 2015 Centers Development Corporate Consolidated Revenues $ 7,050,283 $ - $ 127,350 $ 7,177,633 Cost of product revenue 4,311,461 - - 4,311,461 Gross profit 2,738,822 - 127,350 2,866,172 Loss from operations (1,879,243 ) (7,015,946 ) (6,618,618 ) (15,513,807 ) Other expense - - (2,456,123 ) (2,456,123 ) Loss before income taxes (1,879,243 ) (7,015,946 ) (9,074,741 ) (17,969,930 ) Total assets 2,719,641 - 20,994,876 23,714,517 Depreciation and amortization expense 419,301 - 50,520 469,821 Year Ended December 31, Plasma Collection Research and 2014 Centers Development Corporate Consolidated Revenues $ 5,839,989 $ - $ 75,556 $ 5,915,545 Cost of product revenue 3,742,367 - - 3,742,367 Gross profit 2,097,622 - 75,556 2,173,178 Loss from operations (1,753,206 ) (9,517,014 ) (4,748,313 ) (16,018,533 ) Other income (expense) 262 - (1,346,616 ) (1,346,354 ) Loss before income taxes (1,752,944 ) (9,517,014 ) (6,094,929 ) (17,364,887 ) Total assets 3,073,179 - 23,950,337 27,023,516 Depreciation and amortization expense 198,244 2,729 46,879 247,852

1. ORGANIZATION AND BUSINESS (D

1. ORGANIZATION AND BUSINESS (Details Narrative) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accounting Policies [Abstract]
Cash and cash equivalents	$ 10,440,959	$ 17,199,030	$ 26,149,477
Short-term investments	6,368,177	4,652,675	2,935,184
Accounts receivable	$ 924,468	$ 383,961	$ 0

2. SUMMARY OF SIGNIFICANT ACC29

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Summary Of Significant Accounting Policies Details
Expected term	6 years 3 months 18 days	6 years 3 months 18 days
Volatility		60.00%
Volatility, minimum	51.00%
Volatility, maximum	58.00%
Dividend yield	0.00%	0.00%
Risk-free interest rate Minimum	1.49%
Risk-free interest rate Maximum	2.14%
Risk-free interest rate		2.19%

2. SUMMARY OF SIGNIFICANT ACC30

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Summary Of Significant Accounting Policies Details Narrative
Options issued to employees and non-employee directors	432,500	221,932
Stock-based compensation	$ 1,711,047	$ 1,248,454

3. PROPERTY AND EQUIPMENT (Deta

3. PROPERTY AND EQUIPMENT (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Property And Equipment Tables
Lab and office equipment	$ 1,272,042	$ 1,236,553
Computer software	188,277	188,277
Leasehold improvements	2,690,320	2,699,736
Total gross	4,150,639	4,124,566
Less: Accumulated depreciation and amortization	(1,753,689)	(1,283,868)
Net	$ 2,396,950	$ 2,840,698

3. PROPERTY AND EQUIPMENT (De32

3. PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 469,821	$ 247,852

4. LEASEHOLD IMPROVEMENT LOAN33

4. LEASEHOLD IMPROVEMENT LOAN (Details)	Dec. 31, 2015USD ($)
Notes to Financial Statements
2,016	$ 15,139
2,017	16,559
2,018	18,113
2,019	1,584
Total	$ 51,395

5. DEBT (Details)

5. DEBT (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Oxford Loan
Gross proceeds	$ 16,000,000
Plus: payment in kind interest	0
Less: debt discount, net
End of term fee	(1,250,194)
Warrants	(310,196)
Financing fees	(192,398)
Note payable	$ 14,247,212
Hercules Loan
Gross proceeds		$ 15,000,000
Plus: payment in kind interest		176,245
Less: debt discount, net
End of term fee		(403,979)
Warrants		(161,951)
Financing fees		(42,030)
Note payable		$ 14,568,285

7. RELATED PARTY TRANSACTIONS (

7. RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Related Party Transactions [Abstract]
Rent expense	$ 96,448	$ 96,448

8. COMMITMENTS AND CONTINGENC36

8. COMMITMENTS AND CONTINGENCIES (Details)	Dec. 31, 2015USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,016	$ 354,383
2,017	359,059
2,018	362,774
2,019	375,198
2,020	376,812
Thereafter	1,113,408
Total	$ 2,941,634

8. COMMITMENTS AND CONTINGENC37

8. COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Rent expenses	$ 420,000	$ 414,000

9. STOCK OPTIONS (Details)

9. STOCK OPTIONS (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Shares
Outstanding at beginning of year	1,048,927	826,995
Forfeited	(9,710)	0
Exercised	(7,514)	0
Granted	432,500	221,932
Outstanding at end of year and expected to vest	1,464,203	1,048,927
Options exercisable	880,457	635,763
Weighted Average Exercise Price
Outstanding at beginning of year	$ 7.24	$ 6.90
Forfeited	9.16	0
Exercised	6.55	0
Granted	9.92	8.50
Outstanding at end of year and expected to vest	8.02	7.24
Options exercisable	7.19	6.81
Weighted average fair value of options granted during the year	$ 5.25	$ 5.06

9. STOCK OPTIONS (Details 1)

9. STOCK OPTIONS (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Stock-based compensation expenses
Total stock-based compensation expense	$ 1,711,047	$ 1,248,454
Research and Development Expense
Stock-based compensation expenses
Total stock-based compensation expense	724,776	541,140
Plasma centers [Member]
Stock-based compensation expenses
Total stock-based compensation expense	48,386	56,900
General and Administrative Expense
Stock-based compensation expenses
Total stock-based compensation expense	$ 937,885	$ 650,414

9. STOCK OPTIONS (Details Narra

9. STOCK OPTIONS (Details Narrative)	12 Months Ended
	Dec. 31, 2015USD ($)shares
Equity [Abstract]
Total unrecognized compensation expense related to unvested options	$ 2,657,226
Total unrecognized compensation expense related to unvested options, period	2 years 6 months
Options available for future grant | shares	324,425
Option Outstanding intrinsic value	$ 952,773
Exercisable options intrinsic value	$ 880,457

10. INCOME TAXES (Details)

10. INCOME TAXES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Benefit at US federal statutory rate	$ (6,109,776)	$ (5,904,062)
State taxes - deferred	(124,874)	879,793
Increase in valuation allowance, inclusive of true-ups	6,021,614	5,147,244
Research and development credits	(389,355)	(551,863)
Sale of state net operating loss	0	(551,724)
Other	602,391	428,888
Benefit for income taxes	$ 0	$ (551,724)

10. INCOME TAXES (Details 1)

10. INCOME TAXES (Details 1) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Deferred tax assets:
Federal and state net operating loss carryforwards	$ 25,834,860	$ 21,004,587
Federal and state research credits	4,353,534	3,649,268
Accrued expenses and other	1,371,547	884,472
Total gross deferred tax assets	31,559,941	25,538,327
Less: valuation allowance for deferred tax assets	(31,559,941)	(25,538,327)
Net deferred tax assets	$ 0	$ 0

10. INCOME TAXES (Details Narra

10. INCOME TAXES (Details Narrative)	Dec. 31, 2015USD ($)
Federal
Net operating loss carryforwards	$ 72,500,000
Research and development tax credit carryforwards	3,700,000
State
Net operating loss carryforwards	46,000,000
Research and development tax credit carryforwards	$ 600,000

11. SEGMENTS (Details)

11. SEGMENTS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Summarized financial information concerning reportable segments
Revenues	$ 7,177,633	$ 5,915,545
Cost of product revenue	4,311,461	3,742,367
Gross profit	2,866,172	2,173,178
Loss from operations	(15,513,807)	(16,018,533)
Other income (expense)	(2,456,123)	(1,346,354)
Loss before income taxes	(17,969,930)	(17,364,887)
Total assets	23,714,517	27,023,516
Depreciation and amortization expense	469,821	247,852
Plasma Collection Centers [Member]
Summarized financial information concerning reportable segments
Revenues	7,050,283	5,839,989
Cost of product revenue	4,311,461	3,742,367
Gross profit	2,738,822	2,097,622
Loss from operations	(1,879,243)	(1,753,206)
Other income (expense)	0	262
Loss before income taxes	(1,879,243)	(1,752,944)
Total assets	2,719,641	3,073,179
Depreciation and amortization expense	419,301	198,244
Research And Development [Member]
Summarized financial information concerning reportable segments
Revenues	0	0
Cost of product revenue	0	0
Gross profit	0	0
Loss from operations	(7,015,946)	(9,517,014)
Other income (expense)	0	0
Loss before income taxes	(7,015,946)	(9,517,014)
Total assets	0	0
Depreciation and amortization expense	0	2,729
Corporate [Member]
Summarized financial information concerning reportable segments
Revenues	127,350	75,556
Cost of product revenue	0	0
Gross profit	127,350	75,556
Loss from operations	(6,618,618)	(4,748,313)
Other income (expense)	(2,456,123)	(1,346,616)
Loss before income taxes	(9,074,741)	(6,094,929)
Total assets	20,994,876	23,950,337
Depreciation and amortization expense	$ 50,520	$ 46,879