ADMA Biologics (ADMA) 10-Q 10 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 10, 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	Sep. 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	Q3
Document Fiscal Year Focus	2,016

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Current Assets
Cash and Cash Equivalents	$ 7,905,975	$ 10,440,959
Short-Term Investments	11,026,691	6,368,177
Accounts Receivable	1,327,531	924,468
Inventories	4,617,734	3,445,773
Prepaid Expenses	481,658	111,027
Total Current Assets	25,359,589	21,290,404
Property and Equipment at cost, Net	2,108,634	2,396,950
Other Assets
Deposits	27,163	27,163
Total Other Assets	27,163	27,163
TOTAL ASSETS	27,495,386	23,714,517
Current Liabilities
Accounts Payable	2,777,221	2,087,855
Accrued Expenses	1,824,798	1,968,384
Current Portion of Note Payable	4,444,440	0
Current Portion of Deferred Revenue	145,154	145,154
Current Portion of Leasehold Improvement Loan	16,192	15,139
Total Current Liabilities	9,207,805	4,216,532
Notes Payable, Net of Debt Discount	13,794,246	14,247,212
End of Term Liability, Note Payable	1,790,000	1,432,000
Deferred Revenue	2,725,742	2,832,867
Deferred Rent Liability	105,756	128,676
Leasehold Improvement Loan	23,977	36,256
TOTAL LIABILITIES	27,647,526	22,893,543
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' (DEFICIENCY) 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 September 30, 2016 and December 31, 2015, respectively	1,289	1,072
Additional Paid-In Capital	102,222,281	88,239,569
Accumulated Deficit	(102,375,710)	(87,419,667)
TOTAL STOCKHOLDERS' (DEFICIENCY) EQUITY	(152,140)	820,974
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIENCY) EQUITY	$ 27,495,386	$ 23,714,517

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Condensed Consolidated Statements Of Operations
Product revenue	$ 2,902,155	$ 1,821,229	$ 7,226,368	$ 4,596,490
License and other revenue	35,708	31,184	107,125	68,962
Total Revenues	2,937,863	1,852,413	7,333,493	4,665,452
OPERATING EXPENSES
Cost of product revenue	1,735,771	1,112,782	4,346,433	2,808,726
Research and development	1,677,263	2,111,505	7,104,864	5,019,138
Plasma centers	1,482,586	1,214,158	4,057,306	3,359,130
General and administrative	1,779,115	2,078,166	5,211,148	4,861,598
TOTAL OPERATING EXPENSES	6,674,735	6,516,611	20,719,751	16,048,592
LOSS FROM OPERATIONS	(3,736,872)	(4,664,198)	(13,386,258)	(11,383,140)
OTHER INCOME (EXPENSE):
Interest income	11,605	11,102	37,130	25,878
Interest expense	(605,972)	(449,328)	(1,611,411)	(1,378,778)
Other income	0	0	4,496	0
Change in fair value of stock warrants	0	0	0	67,860
Loss on extinguishment of debt	0	0	0	(719,097)
OTHER EXPENSE, NET	(594,367)	(438,226)	(1,569,785)	(2,004,137)
NET LOSS	$ (4,331,239)	$ (5,102,424)	$ (14,956,043)	$ (13,387,277)
NET LOSS PER COMMON SHARE - Basic and Diluted	$ (0.34)	$ (0.48)	$ (1.26)	$ (1.28)
WEIGHTED AVERAGE SHARES OUTSTANDING, Basic and Diluted	12,886,741	10,707,728	11,906,276	10,425,310

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - 9 months ended Sep. 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		996,088		996,088
Restricted shares	(2,500)
Issuance of common stock, net, Amount	$ 217	12,900,324		12,900,541
Issuance of common stock, net, Shares	2,176,154
Issuance of restricted stock, Shares	(2,500)
Elimination of warrant liability				0
Warrants issued in connection with note payable		86,300		86,300
Net loss			(14,956,043)	(14,956,043)
Ending Balance, Amount at Sep. 30, 2016	$ 1,289	$ 102,222,281	$ (102,375,710)	$ (152,140)
Ending Balance, Shares at Sep. 30, 2016	12,886,741

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	$ (14,956,043)	$ (13,387,277)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	351,702	352,629
Stock-based compensation	996,088	1,221,662
Warrant liability	0	(67,860)
Amortization of debt discount	482,878	222,409
Amortization of deferred financing costs	0	39,717
Payment-in-kind interest	0	124,536
Amortization of license revenue	(107,125)	(68,962)
Loss on extinguishment of debt	0	719,097
Changes in operating assets and liabilities
Accounts receivable	(403,063)	(816,654)
Inventories	(1,171,961)	(1,122,051)
Prepaid expenses	(370,631)	(123,198)
Accounts payable	689,366	311,899
Accrued expenses	(143,586)	(218,580)
Accrued interest	0	(105,664)
Deferred revenue	0	1,525,000
Deferred rent liability	(22,920)	53,102
Net cash used in operating activities	(14,655,295)	(11,340,195)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of short-term investments	(4,658,514)	(7,111,686)
Purchase of property and equipment	(63,386)	(30,569)
Net cash used in investing activities	(4,721,900)	(7,142,255)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Oxford note payable	4,000,000	16,000,000
Proceeds from issuance of common stock	14,145,000	10,257,380
Proceeds from stock options exercised	0	49,226
Repayment of Hercules note payable	0	(15,300,781)
Prepayment penalty of early extinguishment of note payable	0	(229,512)
Debt issuance costs	(47,104)	(172,363)
Payment of Hercules end of term fee	0	(132,500)
Equity issuance costs	(1,244,459)	0
Payments of leasehold improvement loan	(11,226)	(10,263)
Net cash provided by financing activities	16,842,211	10,461,187
NET DECREASE IN CASH AND CASH EQUIVALENTS	(2,534,984)	(8,021,263)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	10,440,959	17,199,030
CASH AND CASH EQUIVALENTS - END OF PERIOD	7,905,975	9,177,767
Cash paid for interest	1,104,417	1,007,581
Supplemental Disclosure of Noncash Financing Activities:
Elimination of warrant liability	0	408,900
Reclassification of equity issuance costs	0	12,000
Accrued equity issuance costs	0	37,888
Non-cash deferred financing fees	0	55,702
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	9 Months Ended
	Sep. 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 proposed treatment of immune deficiencies 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 for its 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 and 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. The Company continues to collaborate with its third-party vendors to identify solutions to the issues identified in the CRL and is preparing documentation for submission to the FDA to address the CRL. The Company and its vendors are awaiting certain feedback from the agency on submissions already made and the Company intends to provide a timeline for resubmission of the BLA for RI-002 as soon as practicable. 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 under its Loan and Security Agreement (“LSA”) with Oxford Finance LLC (“Oxford”), which brought the total principal borrowed to $20.0 million. See Footnote 3. As of September 30, 2016, the Company had working capital of $20.6 million, consisting primarily of $7.9 million of cash and cash equivalents, $11.0 million of short-term investments, $4.6 million of inventories, $1.3 million of accounts receivable and $0.5 million of prepaid expenses, offset primarily by $2.8 million of accounts payable, $1.8 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 and certain other assumptions, management currently believes that its cash, cash equivalents, short-term investments, projected revenue and accounts receivable 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, the timing of any required commercial manufacturing scale up activities or if any other assumptions of the Company change. The Company has the option to borrow an additional $5.0 million through its current LSA, 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 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 additional indebtedness would result in increased fixed obligations and if issued outside the LSA, could also result in additional 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 cumulative losses since inception in June 2004 through September 30, 2016 of $102.4 million. ADMA’s long-term liquidity will be dependent upon on its ability to obtain FDA approval for RI-002, to 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 and commercial programs will be successfully completed or that any product will be approved or, if approved, be 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	9 Months Ended
	Sep. 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 and its wholly-owned subsidiaries as of September 30, 2016 and their results of operations for the three and nine months ended September 30, 2016 and 2015, changes in stockholders’ (deficiency) equity for the nine months ended September 30, 2016 and cash flows for the nine months ended September 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 September 30, 2016 and December 31, 2015 consists of high titer RSV plasma and normal source plasma. Revenue recognition Depending on the agreement with the customer, product 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. Product revenues are recognized at the time of delivery if the Company retains the risk of loss during shipment. The Company’s product revenues are substantially attributable to two customers. One customer accounts for greater than eighty percent and another customer accounts for greater than ten percent of the Company’s product revenues for the nine months ended September 30, 2016. 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 nine months ended September 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 of 2015, the Company recorded deferred revenue of $1.5 million for a milestone payment provided to the Company after the BLA for RI-002 was filed 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 1.6 million as of September 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 Company’s 2014 Omnibus Incentive Compensation Plan (the “2014 Plan”) is recognized as compensation expense over the option-vesting period. During the three months ended September 30, 2016, the Company did not grant stock options and during the nine months ended September 30, 2016, the Company granted stock options to purchase 100,984 shares of common stock to its directors and employees. During the three and nine months ended September 30, 2015, the Company granted stock options to purchase 81,500 and 312,500 shares of common stock, respectively, to its directors and employees. Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718), In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), In November 2015, the FASB issued ASU No. 2015-17 , Income Taxes (Topic 740), Balance Sheet Classification of Deferred Taxes In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory In April 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers

3. DEBT

3. DEBT	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
3. Debt	Loan and Security Agreement On June 19, 2015, the Company entered into an LSA with Oxford for up to $21.0 million of debt financing in two term loan tranches. The first term loan tranche of $16.0 million from the LSA (the “Term A Loan”) was primarily used to repay the Company’s previous debt facility and the remaining $5.0 million term loan tranche 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 described below. The outstanding term loans bear interest at a rate per annum equal to the greater of (i) 7.80% and (ii) the sum of (a) the three month U.S. LIBOR rate (as reported in The Wall Street Journal In connection with the entry into 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 Company’sprior loan before 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 the Company’s prior lender, along with a prepayment penalty. In May 2016, the Company amended the LSA with Oxford (“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 amount 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) 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. In the event the Company prepays a term loan for any reason, the Company is obligated to pay a prepayment charge corresponding to a percentage of the principal amount of the applicable term loan prepaid. 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 to the lenders warrants to purchase shares of its common stock, upon its draw of each term loan tranche. 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 consecutive 10 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 September 30, 2016 and December 31, 2015 is as follows: September 30, 2016 December 31, 2015 Gross proceeds $ 20,000,000 $ 16,000,000 Less: debt discount, net End of term fee (1,285,702 ) (1,250,194 ) Warrants (296,846 ) (310,196 ) Financing fees (178,766 ) (192,398 ) Note payable $ 18,238,686 $ 14,247,212

4. STOCKHOLDERS' EQUITY

4. STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 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 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 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. Nine Months Ended Nine Months Ended September 30, 2016 September 30, 2015 Expected term 5.8-6.3 years 6.3 years Volatility 51-52% 51-57% Dividend yield 0.0 0.0 Risk-free interest rate 1.54-1.79% 1.49-2.14% 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 September 30, 2016 is 6.6 years. The weighted average remaining contractual life of stock options exercisable at September 30, 2016 is 5.8 years. A summary of the Company’s option activity under the 2007 Plan and 2014 Plan and related information is as follows: Nine Months Ended September 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 1,102,900 $ 7.54 Stock-based compensation expense for the three and nine months ended September 30, 2016 and 2015 is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Research and development $ 95,076 $ 184,302 $ 383,909 $ 514,107 Plasma centers 15,289 12,457 40,044 35,813 General and administrative 152,598 251,173 572,135 671,742 Total stock-based compensation expense $ 262,963 $ 447,932 $ 996,088 $ 1,221,662 As of September 30, 2016, the total compensation expense related to unvested options not yet recognized totaled $1,870,323. The weighted average vesting period over which the total compensation expense will be recorded related to unvested options not yet recognized at September 30, 2016 was approximately 2.3 years.

5. RELATED PARTY TRANSACTIONS

5. RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 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. Rent expense amounted to $48,000 and $24,112 for the three months ended September 30, 2016 and 2015, respectively, and $144,000 and $72,336 for the nine months ended September 30, 2016 and 2015, respectively. The Company also reimburses its landlord for office and building related (common area) expenses, equipment and certain other operational expenses, which have been insignificant to the condensed consolidated financial statements for the nine months ended September 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 previously 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	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 ADMA BioCenters, consisting of two FDA-licensed source plasma collection facilities located in 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 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 September 30, 2016 Centers Development Corporate Consolidated Revenues $ 2,902,155 $ - $ 35,708 $ 2,937,863 Cost of product revenue 1,735,771 - - 1,735,771 Gross profit 1,166,384 - 35,708 1,202,092 Loss from operations (316,202 ) (1,677,263 ) (1,743,407 ) (3,736,872 ) Other expense, net - - (594,367 ) (594,367 ) Net loss (316,202 ) (1,677,263 ) (2,337,774 ) (4,331,239 ) Total assets 2,707,636 - 24,787,750 27,495,386 Depreciation and amortization expense 103,493 - 13,815 117,308 Plasma Three Months Ended Collection Research and September 30, 2015 Centers Development Corporate Consolidated Revenues $ 1,821,229 $ - $ 31,184 $ 1,852,413 Cost of product revenue 1,112,782 - - 1,112,782 Gross profit 708,447 - 31,184 739,631 Loss from operations (505,711 ) (2,111,505 ) (2,046,982 ) (4,664,198 ) Other expense, net - - (438,226 ) (438,226 ) Net loss (505,711 ) (2,111,505 ) (2,485,208 ) (5,102,424 ) Total assets 3,074,076 - 24,749,954 27,824,030 Depreciation and amortization expense 105,192 - 12,738 117,930 Plasma Nine Months Ended Collection Research and September 30, 2016 Centers Development Corporate Consolidated Revenues $ 7,226,368 $ - $ 107,125 $ 7,333,493 Cost of product revenue 4,346,433 - - 4,346,433 Gross profit 2,879,935 - 107,125 2,987,060 Loss from operations (1,177,371 ) (7,104,864 ) (5,104,023 ) (13,386,258 ) Other expense, net - - (1,569,785 ) (1,569,785 ) Net loss (1,177,371 ) (7,104,864 ) (6,673,808 ) (14,956,043 ) Total assets 2,707,636 - 24,787,750 27,495,386 Depreciation and amortization expense 311,012 - 40,690 351,702 Plasma Nine Months Ended Collection Research and September 30, 2015 Centers Development Corporate Consolidated Revenues $ 4,596,490 $ - $ 68,962 $ 4,665,452 Cost of product revenue 2,808,726 - - 2,808,726 Gross profit 1,787,764 - 68,962 1,856,726 Loss from operations (1,571,366 ) (5,019,138 ) (4,792,636 ) (11,383,140 ) Other expense, net - - (2,004,137 ) (2,004,137 ) Net loss (1,571,366 ) (5,019,138 ) (6,796,773 ) (13,387,277 ) Total assets 3,074,076 - 24,749,954 27,824,030 Depreciation and amortization expense 315,209 - 37,420 352,629 The “Corporate” column above 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)	9 Months Ended
	Sep. 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 and its wholly-owned subsidiaries as of September 30, 2016 and their results of operations for the three and nine months ended September 30, 2016 and 2015, changes in stockholders’ (deficiency) equity for the nine months ended September 30, 2016 and cash flows for the nine months ended September 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 September 30, 2016 and December 31, 2015 consists of high titer RSV plasma and normal source plasma.
Revenue recognition	Depending on the agreement with the customer, product 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. Product revenues are recognized at the time of delivery if the Company retains the risk of loss during shipment. The Company’s product revenues are substantially attributable to two customers. One customer accounts for greater than eighty percent and another customer accounts for greater than ten percent of the Company’s product revenues for the nine months ended September 30, 2016. 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 nine months ended September 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 of 2015, the Company recorded deferred revenue of $1.5 million for a milestone payment provided to the Company after the BLA for RI-002 was filed 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 1.6 million as of September 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 Company’s 2014 Omnibus Incentive Compensation Plan (the “2014 Plan”) is recognized as compensation expense over the option-vesting period. During the three months ended September 30, 2016, the Company did not grant stock options and during the nine months ended September 30, 2016, the Company granted stock options to purchase 100,984 shares of common stock to its directors and employees. During the three and nine months ended September 30, 2015, the Company granted stock options to purchase 81,500 and 312,500 shares of common stock, respectively, to its directors and employees.
Recent Accounting Pronouncements	In March 2016, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718), In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), In November 2015, the FASB issued ASU No. 2015-17 , Income Taxes (Topic 740), Balance Sheet Classification of Deferred Taxes In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory In April 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers

3. DEBT (Tables)

3. DEBT (Tables)	9 Months Ended
	Sep. 30, 2016
Oxford Loan
Summary of loans	September 30, 2016 December 31, 2015 Gross proceeds $ 20,000,000 $ 16,000,000 Less: debt discount, net End of term fee (1,285,702 ) (1,250,194 ) Warrants (296,846 ) (310,196 ) Financing fees (178,766 ) (192,398 ) Note payable $ 18,238,686 $ 14,247,212

4. STOCKHOLDERS' EQUITY (Tables

4. STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Schedule of assumptions used for equity compensation expense	Nine Months Ended Nine Months Ended September 30, 2016 September 30, 2015 Expected term 5.8-6.3 years 6.3 years Volatility 51-52% 51-57% Dividend yield 0.0 0.0 Risk-free interest rate 1.54-1.79% 1.49-2.14%
Schedule of stock options outstanding	Nine Months Ended September 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 1,102,900 $ 7.54
Stock-based compensation expense	Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Research and development $ 95,076 $ 184,302 $ 383,909 $ 514,107 Plasma centers 15,289 12,457 40,044 35,813 General and administrative 152,598 251,173 572,135 671,742 Total stock-based compensation expense $ 262,963 $ 447,932 $ 996,088 $ 1,221,662

7. SEGMENTS (Tables)

7. SEGMENTS (Tables)	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
SEGMENTS	Plasma Three Months Ended Collection Research and September 30, 2016 Centers Development Corporate Consolidated Revenues $ 2,902,155 $ - $ 35,708 $ 2,937,863 Cost of product revenue 1,735,771 - - 1,735,771 Gross profit 1,166,384 - 35,708 1,202,092 Loss from operations (316,202 ) (1,677,263 ) (1,743,407 ) (3,736,872 ) Other expense, net - - (594,367 ) (594,367 ) Net loss (316,202 ) (1,677,263 ) (2,337,774 ) (4,331,239 ) Total assets 2,707,636 - 24,787,750 27,495,386 Depreciation and amortization expense 103,493 - 13,815 117,308 Plasma Three Months Ended Collection Research and September 30, 2015 Centers Development Corporate Consolidated Revenues $ 1,821,229 $ - $ 31,184 $ 1,852,413 Cost of product revenue 1,112,782 - - 1,112,782 Gross profit 708,447 - 31,184 739,631 Loss from operations (505,711 ) (2,111,505 ) (2,046,982 ) (4,664,198 ) Other expense, net - - (438,226 ) (438,226 ) Net loss (505,711 ) (2,111,505 ) (2,485,208 ) (5,102,424 ) Total assets 3,074,076 - 24,749,954 27,824,030 Depreciation and amortization expense 105,192 - 12,738 117,930 Plasma Nine Months Ended Collection Research and September 30, 2016 Centers Development Corporate Consolidated Revenues $ 7,226,368 $ - $ 107,125 $ 7,333,493 Cost of product revenue 4,346,433 - - 4,346,433 Gross profit 2,879,935 - 107,125 2,987,060 Loss from operations (1,177,371 ) (7,104,864 ) (5,104,023 ) (13,386,258 ) Other expense, net - - (1,569,785 ) (1,569,785 ) Net loss (1,177,371 ) (7,104,864 ) (6,673,808 ) (14,956,043 ) Total assets 2,707,636 - 24,787,750 27,495,386 Depreciation and amortization expense 311,012 - 40,690 351,702 Plasma Nine Months Ended Collection Research and September 30, 2015 Centers Development Corporate Consolidated Revenues $ 4,596,490 $ - $ 68,962 $ 4,665,452 Cost of product revenue 2,808,726 - - 2,808,726 Gross profit 1,787,764 - 68,962 1,856,726 Loss from operations (1,571,366 ) (5,019,138 ) (4,792,636 ) (11,383,140 ) Other expense, net - - (2,004,137 ) (2,004,137 ) Net loss (1,571,366 ) (5,019,138 ) (6,796,773 ) (13,387,277 ) Total assets 3,074,076 - 24,749,954 27,824,030 Depreciation and amortization expense 315,209 - 37,420 352,629

1. ORGANIZATION AND BUSINESS (D

1. ORGANIZATION AND BUSINESS (Details Narrative) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Cash and cash equivalents	$ 7,905,975	$ 10,440,959
Short-term investments	11,026,691	6,368,177
Accounts Receivable	$ 1,327,531	$ 924,468

2. SUMMARY OF SIGNIFICANT ACC19

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Summary Of Significant Accounting Policies Details Narrative
Options issued to employees and directors	0	81,500	100,984	312,500

3. DEBT (Details)

3. DEBT (Details) - Oxford Loan - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Gross proceeds	$ 20,000,000	$ 16,000,000
Less: debt discount, net
End of term fee	(1,285,702)	(1,250,194)
Warrants	(296,846)	(310,196)
Financing fees	(178,766)	(192,398)
Note payable	$ 18,238,686	$ 14,247,212

4. STOCKHOLDERS' EQUITY (Detail

4. STOCKHOLDERS' EQUITY (Details)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Compensation expense associated with stock options and other forms of equity compensation assumptions
Expected Term		6 years 3 months
Expected Term, minimum	5 years 9 months 5 days
Expected Term, maximum	6 years 3 months
Volatility, minimum	51.00%	51.00%
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%	2.14%

4. STOCKHOLDERS' EQUITY (Deta22

4. STOCKHOLDERS' EQUITY (Details 1)	9 Months Ended
	Sep. 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	1,102,900
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	$ 7.54

4. STOCKHOLDERS' EQUITY (Deta23

4. STOCKHOLDERS' EQUITY (Details 2) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Stock-based compensation expense
Total stock-based compensation expense	$ 262,963	$ 447,932	$ 996,088	$ 1,221,662
Research and development
Stock-based compensation expense
Total stock-based compensation expense	95,076	184,302	383,909	514,107
Plasma centers
Stock-based compensation expense
Total stock-based compensation expense	15,289	12,457	40,044	35,813
General and administrative
Stock-based compensation expense
Total stock-based compensation expense	$ 152,598	$ 251,173	$ 572,135	$ 671,742

5. RELATED PARTY TRANSACTIONS (

5. RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Related Party Transactions [Abstract]
Rent expense	$ 48,000	$ 24,112	$ 144,000	$ 72,336

7. SEGMENTS (Details)

7. SEGMENTS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Summarized financial information concerning reportable segments
Revenues	$ 2,937,863	$ 1,852,413	$ 7,333,493	$ 4,665,452
Cost of product revenue	1,735,771	1,112,782	4,346,433	2,808,726
Gross profit	1,202,092	739,631	2,987,060	1,856,726
Loss from operations	(3,736,872)	(4,664,198)	(13,386,258)	(11,383,140)
Other expense, net	(594,367)	(438,226)	(1,569,785)	(2,004,137)
Net loss	(4,331,239)	(5,102,424)	(14,956,043)	(13,387,277)
Total assets	27,495,386	27,824,030	27,495,386	27,824,030
Depreciation and amortization expense	117,308	117,930	351,702	352,629
Plasma Collection Center Member
Summarized financial information concerning reportable segments
Revenues	2,902,155	1,821,229	7,226,368	4,596,490
Cost of product revenue	1,735,771	1,112,782	4,346,433	2,808,726
Gross profit	1,166,384	708,447	2,879,935	1,787,764
Loss from operations	(316,202)	(505,711)	(1,177,371)	(1,571,366)
Other expense, net	0	0	0	0
Net loss	(316,202)	(505,711)	(1,177,371)	(1,571,366)
Total assets	2,707,636	3,074,076	2,707,636	3,074,076
Depreciation and amortization expense	103,493	105,192	311,012	315,209
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	(1,677,263)	(2,111,505)	(7,104,864)	(5,019,138)
Other expense, net	0	0	0	0
Net loss	(1,677,263)	(2,111,505)	(7,104,864)	(5,019,138)
Total assets	0	0	0	0
Depreciation and amortization expense	0	0	0	0
Corporate Member
Summarized financial information concerning reportable segments
Revenues	35,708	31,184	107,125	68,962
Cost of product revenue	0	0	0	0
Gross profit	35,708	31,184	107,125	68,962
Loss from operations	(1,743,407)	(2,046,982)	(5,104,023)	(4,792,636)
Other expense, net	(594,367)	(438,226)	(1,569,785)	(2,004,137)
Net loss	(2,337,774)	(2,485,208)	(6,673,808)	(6,796,773)
Total assets	24,787,750	24,749,954	24,787,750	24,749,954
Depreciation and amortization expense	$ 13,815	$ 12,738	$ 40,690	$ 37,420