ADMA Biologics (ADMA) 10-Q 12 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 12, 2016
Document And Entity Information
Entity Registrant Name	ADMA BIOLOGICS, INC.
Entity Central Index Key	1,368,514
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
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		12,886,741
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,016

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Current Assets
Cash and Cash Equivalents	$ 12,549,173	$ 10,440,959
Short-Term Investments	11,270,963	6,368,177
Accounts Receivable	826,715	924,468
Inventories	4,209,326	3,445,773
Prepaid Expenses	638,059	111,027
Total Current Assets	29,494,236	21,290,404
Property and Equipment at cost, Net	2,220,590	2,396,950
Other Assets
Deposits	27,163	27,163
Total Other Assets	27,163	27,163
TOTAL ASSETS	31,741,989	23,714,517
Current Liabilities
Accounts Payable	3,317,052	2,087,855
Accrued Expenses	1,604,500	1,968,384
Current Portion of Deferred Revenue	145,154	145,154
Current Portion of Leasehold Improvement Loan	15,833	15,139
Total Current Liabilities	5,082,539	4,216,532
Notes Payable, Net of Debt Discount	18,050,306	14,247,212
End of Term Liability, Note Payable	1,790,000	1,432,000
Deferred Revenue	2,761,450	2,832,867
Deferred Rent Liability	113,396	128,676
Leasehold Improvement Loan	28,162	36,256
TOTAL LIABILITIES	27,825,853	22,893,543
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Common Stock $0.0001 par value 75,000,000 shares authorized, and 12,886,741 and 10,713,087 shares issued and outstanding as of June 30, 2016 and December 31, 2015, respectively	1,289	1,072
Additional Paid-In Capital	101,959,318	88,239,569
Accumulated Deficit	(98,044,471)	(87,419,667)
TOTAL STOCKHOLDERS' EQUITY	3,916,136	820,974
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 31,741,989	$ 23,714,517

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Stockholders Equity
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	75,000,000	75,000,000
Common stock, issued	12,886,741	10,713,087
Common stock, outstanding	12,886,741	10,713,087

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Condensed Consolidated Statements Of Operations
Product revenue	$ 2,236,035	$ 1,291,044	$ 4,324,213	$ 2,775,261
License and other revenue	35,709	18,889	71,417	37,778
Total Revenues	2,271,744	1,309,933	4,395,630	2,813,039
OPERATING EXPENSES
Cost of product revenue	1,344,241	786,315	2,610,662	1,695,944
Research and development	3,399,889	1,505,909	5,427,601	2,907,633
Plasma centers	1,294,301	1,096,878	2,574,720	2,144,972
General and administrative	1,724,163	1,437,436	3,432,033	2,783,432
TOTAL OPERATING EXPENSES	7,762,594	4,826,538	14,045,016	9,531,981
LOSS FROM OPERATIONS	(5,490,850)	(3,516,605)	(9,649,386)	(6,718,942)
OTHER INCOME (EXPENSE):
Interest income	12,017	9,795	25,525	14,776
Interest expense	(537,998)	(453,411)	(1,005,439)	(929,450)
Other income	4,496	0	4,496	0
Change in fair value of stock warrants	0	0	0	67,860
Loss on extinguishment of debt	0	(719,097)	0	(719,097)
OTHER EXPENSE, NET	(521,485)	(1,162,713)	(975,418)	(1,565,911)
NET LOSS	$ (6,012,335)	$ (4,679,318)	$ (10,624,804)	$ (8,284,853)
NET LOSS PER COMMON SHARE - Basic and Diluted	$ (0.50)	$ (0.44)	$ (0.93)	$ (0.81)
WEIGHTED AVERAGE SHARES OUTSTANDING, Basic and Diluted	12,121,500	10,705,573	11,407,918	10,283,239

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - 6 months ended Jun. 30, 2016 - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning Balance, Amount at Dec. 31, 2015	$ 1,072	$ 88,239,569	$ (87,419,667)	$ 820,974
Beginning Balance, Shares at Dec. 31, 2015	10,713,087
Stock-based compensation		733,125		733,125
Issuance of common stock, net, Amount	$ 217	12,900,324	0	$ 12,900,541
Issuance of common stock, net, Shares	2,176,154
Restricted stock, Shares	(2,500)			0
Warrants issued in connection with note payable		86,300		$ 86,300
Net loss			(10,624,804)	(10,624,804)
Ending Balance, Amount at Jun. 30, 2016	$ 1,289	$ 101,959,318	$ (98,044,471)	$ 3,916,136
Ending Balance, Shares at Jun. 30, 2016	12,886,741

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	$ (10,624,804)	$ (8,284,853)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	234,394	234,699
Stock-based compensation	733,125	773,730
Warrant liability	0	(67,860)
Amortization of debt discount	294,498	94,862
Amortization of deferred financing costs	0	39,717
Payment-in-kind interest	0	124,536
Amortization of license revenue	(71,417)	(37,778)
Loss on extinguishment of debt	0	719,097
Changes in operating assets and liabilities
Accounts receivable	97,753	(138,538)
Inventories	(763,553)	(744,133)
Prepaid expenses	(527,032)	(255,741)
Accounts payable	1,034,093	(305,506)
Accrued expenses	(363,884)	(774,452)
Accrued interest	0	(105,664)
Deferred rent liability	(15,280)	60,742
Net cash used in operating activities	(9,972,107)	(8,667,142)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of short-term investments	(4,902,786)	(11,277,678)
Purchase of property and equipment	(58,034)	(21,694)
Net cash (used in) investing activities	(4,960,820)	(11,299,372)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Oxford note payable	4,000,000	16,000,000
Proceeds from issuance of common stock, net	13,072,741	10,393,383
Repayment of Hercules note payable	0	(15,300,781)
Prepayment penalty of early extinguishment of note payable	0	(229,512)
Payment of debt issuance costs	(24,200)	(134,500)
Payment of Hercules end of term fee	0	(132,500)
Payments of leasehold improvement loan	(7,400)	(6,765)
Net cash provided by financing activities	17,041,141	10,589,325
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	2,108,214	(9,377,189)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	10,440,959	17,199,030
CASH AND CASH EQUIVALENTS - END OF PERIOD	12,549,173	7,821,841
Cash paid for interest	681,470	790,252
Supplemental Disclosure of Noncash Financing Activities:
Reclassification of equity issuance costs to additional paid-in capital	0	12,000
Accrued equity issuance costs	172,200	154,003
Accrued debt issuance costs	22,904	0
Elimination of warrant liability	0	408,900
Non-cash deferred financing fees	0	88,878
End of term liability in connection with note payable	358,000	1,432,000
Warrants issued in connection with note payable	$ 86,300	$ 367,700

1. ORGANIZATION AND BUSINESS

1. ORGANIZATION AND BUSINESS	6 Months Ended
	Jun. 30, 2016
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 through 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. Each facility holds certifications from the German Health Authority (“GHA”) and the Korean Ministry of Food and Drug Safety (“MFDS”). ADMA BioCenters supplies ADMA with a portion of its raw material plasma for the manufacture of RI-002, ADMA’s lead product candidate, which the Company is currently developing for the treatment of Primary Immune Deficiency Disease (“PIDD”). A Biologics License Application (“BLA”) for RI-002 was submitted to the FDA and accepted for review during the third quarter of 2015. In July 2016, the FDA issued a Complete Response Letter (“CRL”) to the Company’s BLA for RI-002. The CRL did not cite any concerns with the clinical safety and efficacy data for RI-002, nor has the FDA requested any additional clinical studies be conducted prior to FDA approval of RI-002 for PIDD. In its letter, among other things, the FDA focused on outstanding inspection issues and deficiencies at ADMA’s third-party vendors, including the Company’s contract drug substance and product manufacturer, its contract fill and finish provider and compliance issues with a third-party contract testing laboratory, and requested documentation of corrections for a number of those issues. The FDA indicated that it cannot grant final approval of the BLA until, among other things, these deficiencies are resolved. In October 2013, the Company completed an Initial Public Offering (“IPO”) that resulted in gross proceeds of approximately $29.1 million. In March 2015, ADMA completed an underwritten public offering of its common stock, raising gross proceeds of approximately $11.3 million. In June 2015, ADMA entered into a Loan and Security Agreement (the “LSA”) with Oxford Finance LLC (“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 approximately $15.7 million was used to repay a prior loan balance of approximately $15.0 million to Hercules Technology Growth Capital, Inc. (“Hercules”), along with approximately $0.4 million of interest and approximately $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, (see Note 3). In May 2016 the Company amended its LSA with Oxford (the “Amended LSA”). This amendment provided ADMA with an additional $4.0 million term loan, the availability of which was contingent on completing an equity financing of its common stock of at least $10.0 million in gross proceeds no later than May 31, 2016. In May 2016, the Company completed an underwritten public offering of its common stock, raising gross proceeds of approximately $14.1 million, and subsequently borrowed an additional $4.0 million from Oxford under the Amended LSA, which brought the total principal borrowed to $20.0 million. As of June 30, 2016, the Company had working capital of $24.4 million, consisting primarily of $12.5 million of cash and cash equivalents, $11.3 million of short-term investments, $4.2 million of inventories, $0.8 million of accounts receivable and $0.6 million of prepaid expenses, offset primarily by $3.3 million of accounts payable, $1.6 million of accrued expenses and $0.1 million of deferred revenue. Based upon the Company’s projected revenue and expenditures for 2016 and 2017, including regulatory and consulting fees for RI-002 associated with third-party manufacturers and ongoing discussions with the FDA, continuing 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 the date of this report are sufficient to fund ADMA’s operations, as currently conducted, into the second half of 2017. These estimates may change based upon whether or when the FDA approves RI-002 and the timing of any required commercial manufacturing scale up activities. The Company has the option to borrow an additional $5.0 million through its current LSA with Oxford, if RI-002 is approved by the FDA prior to January 31, 2017, which funding would also extend its interest only period for an additional six months pursuant to the May 2016 amendment to the LSA. Other than this additional $5.0 million, the Company does not have any existing commitments for future external funding. In addition to traditional debt financing, the Company may also sell additional equity or convertible debt securities, each of which 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, and delay or abandon potential commercialization efforts of the Company’s lead or other product candidates. 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 raised capital from the sales of its equity securities and debt financings to sustain operations. The Company has reported losses since inception in June 2004 through June 30, 2016 of $98.0 million. ADMA’s long-term liquidity will be dependent upon on its ability to obtain FDA approval for RI-002, generate sales of RI-002 and potentially raise additional capital, to fund its research and development and commercial programs and to meet its obligations on a timely basis, if at all. 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 and third-party manufacturers, 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	6 Months Ended
	Jun. 30, 2016
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 condensed consolidated financial position of the Company as of June 30, 2016 and its results of operations for the three and six months ended June 30, 2016 and 2015, change in stockholders’ equity for the six months ended June 30, 2016 and cash flows for the six months ended June 30, 2016 and 2015. 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, 2015 on Form 10-K, filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 23, 2016. The accompanying condensed consolidated balance sheet as of December 31, 2015, was derived from the 2015 audited consolidated financial statements. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) in accordance with the rules and regulations of the SEC 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 and future anticipated commercialization activities of which certain quantities are labeled as normal source and Respiratory Syncytial Virus, (“RSV”) high titer) are carried at the lower of cost or market value determined by 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 June 30, 2016 and December 31, 2015 consists of high titer RSV 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 six months ended June 30, 2016 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 Aktiengesellschaft (“Biotest AG”) to market and sell in Europe and selected countries in North Africa and the Middle East. Biotest AG and Biotest Pharmaceuticals Corporation (“Biotest”), a subsidiary of Biotest AG, have provided the Company with certain services and financial payments in accordance with the related Biotest AG 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 Biotest AG license agreement. Deferred revenue is recognized over the term of the Biotest AG license. Deferred revenue is amortized into income for a period of approximately 20 years, the term of the Biotest AG license agreement. 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 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 1.8 million and 1.5 million as of June 30, 2016 and 2015, 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 “2007 Plan”) and the 2014 Omnibus Incentive Compensation Plan (the “2014 Plan”) is recognized as compensation expense over the option-vesting period. During the three and six months ended June 30, 2016, the Company granted stock options to purchase 15,000 and 100,984 shares of common stock, respectively, to its directors and employees. During the three and six months ended June 30, 2015, the Company granted stock options to purchase 1,000 and 231,000 shares of common stock, respectively, to its directors and employees.

3. DEBT

3. DEBT	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
3. Debt	Loan and Security Agreement On June 19, 2015, the Company entered into the LSA with Oxford for up to $21.0 million of debt financing in two tranches, and refinanced its then existing loan with Hercules. The first tranche of $16.0 million from the Oxford loan was primarily used to repay the Company’s previous facility with Hercules and the remaining $5.0 million is available at ADMA’s option if RI-002’s BLA is approved by the FDA on or before January 31, 2017, which funding would also extend the interest only period for an additional six months pursuant to the May 2016 amendment to the LSA. 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 seven 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 and unamortized debt discount related to the warrants issued to Hercules, along with a prepayment penalty. In May 2016, the Company amended its LSA with Oxford, referred to as the Amended LSA, which provided ADMA with an additional $4.0 million term loan (the “Term B Loan”), the availability of which was conditioned on completing an equity financing of its common stock of at least $10.0 million in gross proceeds no later than May 31, 2016. On May 3, 2016, the Company completed an underwritten public offering of its common stock, raising gross proceeds of approximately $14.1 million and subsequently borrowed the additional $4.0 million from Oxford under the Amended LSA, which brings the total principal borrowed to $20.0 million. Under the Amended LSA, the Company may borrow an additional aggregate amount up to $5.0 million (the “Term C Loan”), at its option during the period commencing on the date the Company’s BLA for RI-002 is approved by the FDA and ending on the earlier of (i) January 31, 2017, (ii) thirty (30) days after the occurrence of such FDA approval and (iii) the occurrence of an event of default under the Amended LSA, in which case the additional loan amount would not be available while the event of default continues. Upon the Company accessing the additional $5.0 million, the interest only period will be extended from February 1, 2017 to August 1, 2017. The Amended LSA further modified the fees payable by the Company on mandatory or voluntary prepayment of a term loan prior to its maturity date as follows: (i) for a prepayment made on or after the funding date of the applicable term loan through and including the first anniversary of its funding date, an amount equal to 3.00% of the principal amount of the term loan prepaid; (ii) for a prepayment made after the first anniversary of the funding date of the applicable term loan through and including the second anniversary of such funding date, an amount equal to 2.00% of the principal amount of such term loan prepaid; and (iii) for a prepayment of a term loan made after the second anniversary of its funding date and prior to its maturity date, an amount equal to 1.00% of the principal amount of the term loan prepaid. Pursuant to the Amended LSA, (i) the Company paid a total facility fee of $125,000, consisting of $105,000 previously paid and an additional $20,000 paid on the date the Term B Loan was funded; (ii) certain adjustments were made to the time periods for any applicable prepayment fees; and (iii) certain defined terms were adjusted, including a new Amortization Date that is defined as (a) February 17, 2017, if the Term C Loan is not made and (b) August 1, 2017 if the Term C Loan is made. The Amended LSA further provides for customary representations, warranties and covenants for the Company. Except as otherwise amended, the Amended LSA does not alter the terms of the LSA. In addition, on May 13, 2016, pursuant to the terms and conditions of the LSA as modified by the Amended LSA, the Company agreed to issue the lenders warrants to purchase shares of its common stock, upon its draw of each tranche of the term loans. The aggregate number of shares of common stock issuable upon exercise of the warrants is equal to 3.95% of the amount drawn of such tranche, divided by the average reported closing price per share of common stock for the ten (10) consecutive trading days prior to the applicable draw. In connection with the Amended LSA, on May 13, 2016, the Company issued to Oxford a seven- year warrant, expiring on May 23, 2023, to purchase 24,800 shares of common stock at an exercise price of $6.37 per share, in accordance with the Company’s drawdown of the Term B Loan. The Company recorded $86,300 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 53.5% 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 1.51% and a term of seven years. A summary of the Oxford loan balance as of June 30, 2016 and December 31, 2015 is as follows: June 30, 2016 December 31, 2015 Gross proceeds $ 20,000,000 $ 16,000,000 Less: debt discount, net End of term fee (1,412,056 ) (1,250,194 ) Warrants (335,558 ) (310,196 ) Financing fees (202,080 ) (192,398 ) Note payable $ 18,050,306 $ 14,247,212

4. STOCKHOLDERS' EQUITY

4. STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
4. STOCKHOLDERS' EQUITY	On May 3, 2016, the Company completed an underwritten public offering of 2,176,154 shares of its common stock, for gross proceeds of approximately $14.1 million. Net proceeds from this offering were approximately $13.0 million, after payment 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. On March 18, 2015, the Company announced the closing of 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 thereof, 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 Debt Financing Warrant Issuance In May 2016, the Company entered into an Amended LSA with Oxford and accessed an additional $4.0 million Term B Loan under the amended credit facility. In connection therewith, the Company issued to Oxford warrants to purchase an aggregate of up to 24,800 shares of the Company’s common stock at an exercise price equal to $6.37 per share. The warrants became exercisable on or after May 13, 2016 for cash or by net exercise and will expire seven years after their issuance on May 13, 2023. Equity incentive plan 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 and a pro rata percentage of the Company’s common stock were used for calculating ADMA’s volatility for comparison and expectations as to the assumptions required for fair value computation using the Black-Scholes methodology. Six Months Ended Six Months Ended June 30, 2016 June 30, 2015 Expected term 5.8 - 6.3 years 5.8 - 6.3 years Volatility 51-52% 56-57% Dividend yield 0.0 0.0 Risk-free interest rate 1.54-1.79% 1.49-1.90% 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 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 its senior management and directors. The Company will continue to evaluate the effects of such future potential forfeitures, as they may arise, to evaluate its estimated forfeiture rate. The weighted average remaining contractual life of stock options outstanding and expected to vest at June 30, 2016 is 6.9 years. The weighted average remaining contractual life of stock options exercisable at June 30, 2016 is 6.0 years. A summary of the Company’s option activity under the 2007 Plan and 2014 Plan and related information is as follows: Six Months Ended June 30, 2016 Weighted Average Exercise Shares Price Outstanding at beginning of period 1,464,203 $ 8.02 Forfeited (21,334 ) $ 8.02 Expired (8,666 ) $ 7.88 Granted 100,984 $ 6.20 Outstanding at end of period and expected to vest 1,535,187 $ 7.90 Options exercisable 1,038,762 $ 7.45 Stock-based compensation expense for the three and six months ended June 30, 2016 and 2015 is as follows: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Research and development $ 132,277 $ 165,737 $ 288,833 $ 329,805 Plasma centers 11,745 12,323 24,755 23,356 General and administrative 166,923 208,601 419,537 420,569 Total stock-based compensation expense $ 310,945 $ 386,661 $ 733,125 $ 773,730 As of June 30, 2016, the total compensation expense related to unvested options not yet recognized totaled $2,133,286. The weighted average vesting period over which the total compensation expense will be recorded related to unvested options not yet recognized at June 30, 2016 was approximately 2.5 years.

5. RELATED PARTY TRANSACTIONS

5. RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
5. RELATED PARTY TRANSACTIONS	The Company leases an office building and equipment from an entity owned by related parties on a month-to-month basis of which terms were amended by the Company’s Board of Directors in June 2016 as a result of the Company accessing additional office space related to the expansion and hiring activities in preparation for a ptential commercial launch of RI-002. Rent expense amounted to $71,888 and $24,112 for the three months ended June 30, 2016 and 2015, respectively, and $96,000 and $48,224 for the six months ended June 30, 2016 and 2015, respectively. The Company also reimburses its landlord for office related expenses, equipment and certain other operational expenses, which have been insignificant to the condensed consolidated financial statements for the six months ended June 30, 2016 and 2015. The Company maintains deposits and other accounts at a bank which was less than 5%-owned by related parties through January 2016, and where a stockholder and Company director was a member of the bank’s board of directors through January 2016, and is now a member of its Corporate Advisory Council.

6. COMMITMENT AND CONTINGENCIES

6. COMMITMENT AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
6. COMMITMENT AND CONTINGENCIES	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.

7. SEGMENTS

7. SEGMENTS	6 Months Ended
	Jun. 30, 2016
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 two FDA-licensed source plasma collection facilities located in Georgia through ADMA BioCenters. 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 centers 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 tables: Plasma Three Months Ended Collection Research and June 30, 2016 Centers Development Corporate Consolidated Revenues $ 2,236,035 $ — $ 35,709 $ 2,271,744 Cost of product revenue 1,344,241 — — 1,344,241 Gross profit 891,794 — 35,709 927,503 Loss from operations (402,507 ) (3,399,889 ) (1,688,454 ) (5,490,850 ) Other expense — — (521,485 ) (521,485 ) Net loss (402,507 ) (3,399,889 ) (2,209,939 ) (6,012,335 ) Total assets 2,509,903 — 29,232,086 31,741,989 Depreciation and amortization expense 102,330 — 13,671 116,001 Plasma Three Months Ended Collection Research and June 30, 2015 Centers Development Corporate Consolidated Revenues $ 1,291,044 $ — $ 18,889 $ 1,309,933 Cost of product revenue 786,315 — — 786,315 Gross profit 504,729 — 18,889 523,618 Loss from operations (592,149 ) (1,505,909 ) (1,418,547 ) (3,516,605 ) Other expense — — (1,162,713 ) (1,162,713 ) Net loss (592,149 ) (1,505,909 ) (2,581,260 ) (4,679,318 ) Total assets 3,152,144 — 26,647,628 29,799,772 Depreciation and amortization expense 105,100 — 12,477 117,577 Plasma Six Months Ended Collection Research and June 30, 2016 Centers Development Corporate Consolidated Revenues $ 4,324,213 $ — $ 71,417 $ 4,395,630 Cost of product revenue 2,610,662 — — 2,610,662 Gross profit 1,713,551 — 71,417 1,784,968 Loss from operations (861,169 ) (5,427,601 ) (3,360,616 ) (9,649,386 ) Other expense — — (975,418 ) (975,418 ) Net loss (861,169 ) (5,427,601 ) (4,336,034 ) (10,624,804 ) Total assets 2,509,903 — 29,232,086 31,741,989 Depreciation and amortization expense 207,519 — 26,875 234,394 Plasma Six Months Ended Collection Research and June 30, 2015 Centers Development Corporate Consolidated Revenues $ 2,775,261 $ — $ 37,778 $ 2,813,039 Cost of product revenue 1,695,944 — — 1,695,944 Gross profit 1,079,317 — 37,778 1,117,095 Loss from operations (1,065,655 ) (2,907,633 ) (2,745,654 ) (6,718,942 ) Other expense — — (1,565,911 ) (1,565,911 ) Net loss (1,065,655 ) (2,907,633 ) (4,311,565 ) (8,284,853 ) Total assets 3,152,144 — 26,647,628 29,799,772 Depreciation and amortization expense 210,017 — 24,682 234,699 The “Corporate” column includes general and administrative overhead expenses. Total assets included in the “Corporate” column above includes assets related to corporate and support functions.

2. SUMMARY OF SIGNIFICANT ACC14

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2016
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 condensed consolidated financial position of the Company as of June 30, 2016 and its results of operations for the three and six months ended June 30, 2016 and 2015, change in stockholders’ equity for the six months ended June 30, 2016 and cash flows for the six months ended June 30, 2016 and 2015. 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, 2015 on Form 10-K, filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 23, 2016. The accompanying condensed consolidated balance sheet as of December 31, 2015, was derived from the 2015 audited consolidated financial statements. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) in accordance with the rules and regulations of the SEC 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 and future anticipated commercialization activities of which certain quantities are labeled as normal source and Respiratory Syncytial Virus, (“RSV”) high titer) are carried at the lower of cost or market value determined by 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 June 30, 2016 and December 31, 2015 consists of high titer RSV 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 six months ended June 30, 2016 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 Aktiengesellschaft (“Biotest AG”) to market and sell in Europe and selected countries in North Africa and the Middle East. Biotest AG and Biotest Pharmaceuticals Corporation (“Biotest”), a subsidiary of Biotest AG, have provided the Company with certain services and financial payments in accordance with the related Biotest AG 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 Biotest AG license agreement. Deferred revenue is recognized over the term of the Biotest AG license. Deferred revenue is amortized into income for a period of approximately 20 years, the term of the Biotest AG license agreement.
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 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 1.8 million and 1.5 million as of June 30, 2016 and 2015, 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 “2007 Plan”) and the 2014 Omnibus Incentive Compensation Plan (the “2014 Plan”) is recognized as compensation expense over the option-vesting period. During the three and six months ended June 30, 2016, the Company granted stock options to purchase 15,000 and 100,984 shares of common stock, respectively, to its directors and employees. During the three and six months ended June 30, 2015, the Company granted stock options to purchase 1,000 and 231,000 shares of common stock, respectively, to its directors and employees.

3. DEBT (Tables)

3. DEBT (Tables)	6 Months Ended
	Jun. 30, 2016
Oxford Loan
Summary of loans	June 30, 2016 December 31, 2015 Gross proceeds $ 20,000,000 $ 16,000,000 Less: debt discount, net End of term fee (1,412,056 ) (1,250,194 ) Warrants (335,558 ) (310,196 ) Financing fees (202,080 ) (192,398 ) Note payable $ 18,050,306 $ 14,247,212

4. STOCKHOLDERS' EQUITY (Tables

4. STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Schedule of assumptions used for equity compensation expense	Six Months Ended Six Months Ended June 30, 2016 June 30, 2015 Expected term 5.8 - 6.3 years 5.8 - 6.3 years Volatility 51-52% 56-57% Dividend yield 0.0 0.0 Risk-free interest rate 1.54-1.79% 1.49-1.90%
Schedule of stock options outstanding	Six Months Ended June 30, 2016 Weighted Average Exercise Shares Price Outstanding at beginning of period 1,464,203 $ 8.02 Forfeited (21,334 ) $ 8.02 Expired (8,666 ) $ 7.88 Granted 100,984 $ 6.20 Outstanding at end of period and expected to vest 1,535,187 $ 7.90 Options exercisable 1,038,762 $ 7.45
Stock-based compensation expense	Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Research and development $ 132,277 $ 165,737 $ 288,833 $ 329,805 Plasma centers 11,745 12,323 24,755 23,356 General and administrative 166,923 208,601 419,537 420,569 Total stock-based compensation expense $ 310,945 $ 386,661 $ 733,125 $ 773,730

7. SEGMENTS (Tables)

7. SEGMENTS (Tables)	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
SEGMENTS	Plasma Three Months Ended Collection Research and June 30, 2016 Centers Development Corporate Consolidated Revenues $ 2,236,035 $ — $ 35,709 $ 2,271,744 Cost of product revenue 1,344,241 — — 1,344,241 Gross profit 891,794 — 35,709 927,503 Loss from operations (402,507 ) (3,399,889 ) (1,688,454 ) (5,490,850 ) Other expense — — (521,485 ) (521,485 ) Net loss (402,507 ) (3,399,889 ) (2,209,939 ) (6,012,335 ) Total assets 2,509,903 — 29,232,086 31,741,989 Depreciation and amortization expense 102,330 — 13,671 116,001 Plasma Three Months Ended Collection Research and June 30, 2015 Centers Development Corporate Consolidated Revenues $ 1,291,044 $ — $ 18,889 $ 1,309,933 Cost of product revenue 786,315 — — 786,315 Gross profit 504,729 — 18,889 523,618 Loss from operations (592,149 ) (1,505,909 ) (1,418,547 ) (3,516,605 ) Other expense — — (1,162,713 ) (1,162,713 ) Net loss (592,149 ) (1,505,909 ) (2,581,260 ) (4,679,318 ) Total assets 3,152,144 — 26,647,628 29,799,772 Depreciation and amortization expense 105,100 — 12,477 117,577 Plasma Six Months Ended Collection Research and June 30, 2016 Centers Development Corporate Consolidated Revenues $ 4,324,213 $ — $ 71,417 $ 4,395,630 Cost of product revenue 2,610,662 — — 2,610,662 Gross profit 1,713,551 — 71,417 1,784,968 Loss from operations (861,169 ) (5,427,601 ) (3,360,616 ) (9,649,386 ) Other expense — — (975,418 ) (975,418 ) Net loss (861,169 ) (5,427,601 ) (4,336,034 ) (10,624,804 ) Total assets 2,509,903 — 29,232,086 31,741,989 Depreciation and amortization expense 207,519 — 26,875 234,394 Plasma Six Months Ended Collection Research and June 30, 2015 Centers Development Corporate Consolidated Revenues $ 2,775,261 $ — $ 37,778 $ 2,813,039 Cost of product revenue 1,695,944 — — 1,695,944 Gross profit 1,079,317 — 37,778 1,117,095 Loss from operations (1,065,655 ) (2,907,633 ) (2,745,654 ) (6,718,942 ) Other expense — — (1,565,911 ) (1,565,911 ) Net loss (1,065,655 ) (2,907,633 ) (4,311,565 ) (8,284,853 ) Total assets 3,152,144 — 26,647,628 29,799,772 Depreciation and amortization expense 210,017 — 24,682 234,699

1. ORGANIZATION AND BUSINESS (D

1. ORGANIZATION AND BUSINESS (Details Narrative) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Cash and cash equivalents	$ 12,549,173	$ 10,440,959
Short-term investments	11,270,963	6,368,177
Accounts Receivable	$ 826,715	$ 924,468

2. SUMMARY OF SIGNIFICANT ACC19

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Summary Of Significant Accounting Policies Details Narrative
Options issued to employees and directors	15,000	1,000	100,984	231,000

3. DEBT (Details)

3. DEBT (Details) - Oxford Loan - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Gross proceeds	$ 20,000,000	$ 16,000,000
Less: debt discount, net
End of term fee	(1,412,056)	(1,250,194)
Warrants	(335,558)	(310,196)
Financing fees	(202,080)	(192,398)
Note payable	$ 18,050,306	$ 14,247,212

4. STOCKHOLDERS' EQUITY (Detail

4. STOCKHOLDERS' EQUITY (Details)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Compensation expense associated with stock options and other forms of equity compensation assumptions
Expected Term, minimum	5 years 9 months 18 days	5 years 9 months 18 days
Expected Term, maximum	6 years 3 months 18 days	6 years 3 months 18 days
Volatility, minimum	51.00%	56.00%
Volatility, maximum	52.00%	57.00%
Dividend yield	0.00%	0.00%
Risk-free interest rate, minimum	1.54%	1.49%
Risk-free interest rate, maximum	1.79%	1.90%

4. STOCKHOLDERS' EQUITY (Deta22

4. STOCKHOLDERS' EQUITY (Details 1)	6 Months Ended
	Jun. 30, 2016$ / sharesshares
Shares
Outstanding at beginning of period | shares	1,464,203
Forfeited | shares	(21,334)
Expired | shares	(8,666)
Granted | shares	100,984
Outstanding at end of period and expected to vest | shares	1,535,187
Options exercisable | shares	1,038,762
Weighted Average Exercise Price
Outstanding at beginning of period | $ / shares	$ 8.02
Forfeited | $ / shares	8.02
Expired | $ / shares	7.88
Granted | $ / shares	6.20
Outstanding at end of period and expected to vest | $ / shares	7.90
Options exercisable | $ / shares	$ 7.45

4. STOCKHOLDERS' EQUITY (Deta23

4. STOCKHOLDERS' EQUITY (Details 2) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Stock-based compensation expense
Total stock-based compensation expense	$ 310,945	$ 386,661	$ 733,125	$ 773,730
Research and development
Stock-based compensation expense
Total stock-based compensation expense	132,277	165,737	288,833	329,805
Plasma centers
Stock-based compensation expense
Total stock-based compensation expense	11,745	12,323	24,755	23,356
General and administrative
Stock-based compensation expense
Total stock-based compensation expense	$ 166,923	$ 208,601	$ 419,537	$ 420,569

5. RELATED PARTY TRANSACTIONS (

5. RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Related Party Transactions [Abstract]
Rent expense	$ 71,888	$ 24,112	$ 96,000	$ 48,224

7. SEGMENTS (Details)

7. SEGMENTS (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Summarized financial information concerning reportable segments
Revenues	$ 2,271,744	$ 1,309,933	$ 4,395,630	$ 2,813,039
Cost of product revenue	1,344,241	786,315	2,610,662	1,695,944
Gross profit	927,503	523,618	1,784,968	1,117,095
Loss from operations	(5,490,850)	(3,516,605)	(9,649,386)	(6,718,942)
Other expense	(521,485)	(1,162,713)	(975,418)	(1,565,911)
Net loss	(6,012,335)	(4,679,318)	(10,624,804)	(8,284,853)
Total assets	31,741,989	29,799,772	31,741,989	29,799,772
Depreciation and amortization expense	116,001	117,577	234,394	234,699
Plasma Collection Center Member
Summarized financial information concerning reportable segments
Revenues	2,236,035	1,291,044	4,324,213	2,775,261
Cost of product revenue	1,344,241	786,315	2,610,662	1,695,944
Gross profit	891,794	504,729	1,713,551	1,079,317
Loss from operations	(402,507)	(592,149)	(861,169)	(1,065,655)
Other expense	0	0	0	0
Net loss	(402,507)	(592,149)	(861,169)	(1,065,655)
Total assets	2,509,903	3,152,144	2,509,903	3,152,144
Depreciation and amortization expense	102,330	105,100	207,519	210,017
Research And Development Member
Summarized financial information concerning reportable segments
Revenues	0	0	0	0
Cost of product revenue	0	0	0	0
Gross profit	0	0	0	0
Loss from operations	(3,399,889)	(1,505,909)	(5,247,601)	(2,907,633)
Other expense	0	0	0	0
Net loss	(3,399,889)	(1,505,909)	(5,427,601)	(2,907,633)
Total assets	0	0	0	0
Depreciation and amortization expense	0	0	0	0
Corporate Member
Summarized financial information concerning reportable segments
Revenues	35,709	18,889	71,417	37,778
Cost of product revenue	0	0	0	0
Gross profit	35,709	18,889	71,417	37,778
Loss from operations	(1,688,454)	(1,418,547)	(3,360,616)	(2,745,654)
Other expense	(521,485)	(1,162,713)	(975,418)	(1,565,911)
Net loss	(2,209,939)	(2,581,260)	(4,336,034)	(4,311,565)
Total assets	29,232,086	26,647,628	29,232,086	26,647,628
Depreciation and amortization expense	$ 13,671	$ 12,477	$ 26,875	$ 24,682