ADMA Biologics (ADMA) 10-Q 12 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 12, 2017
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	Mar. 31, 2017
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	Q1
Document Fiscal Year Focus	2,017

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Current Assets
Cash and Cash Equivalents	$ 8,542,928	$ 9,914,867
Short-Term Investments	245,000	5,390,184
Accounts Receivable	839,938	1,018,027
Inventories	5,308,492	5,020,146
Prepaid Expenses	746,846	313,914
Total Current Assets	15,683,204	21,657,138
Property and Equipment at cost, Net	1,882,151	2,000,784
Other Assets
Deposits	29,563	27,163
Total Other Assets	29,563	27,163
TOTAL ASSETS	17,594,918	23,685,085
Current Liabilities
Accounts Payable	3,904,445	2,564,681
Accrued Expenses	2,224,719	2,385,356
Current Portion of Note Payable	6,666,667	6,111,111
Current Portion of Deferred Revenue	145,154	145,154
Current Portion of Leasehold Improvement Loan	16,935	16,559
Total Current Liabilities	12,957,920	11,222,861
Notes Payable, Net of Debt Discount	10,845,226	12,321,640
End of Term Liability, Note Payable	1,790,000	1,790,000
Deferred Revenue, Net of Current Portion	2,654,325	2,690,033
Deferred Rent Liability	90,476	98,116
Leasehold Improvement Loan, Net of Current Portion	15,319	19,697
TOTAL LIABILITIES	28,353,266	28,142,347
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' DEFICIENCY
Preferred Stock $0.0001 par value 10,000,000 shares authorized, and 0 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively	0	0
Common Stock $0.0001 par value 75,000,000 shares authorized, and 12,886,741 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively	1,289	1,289
Additional Paid-In Capital	102,712,144	102,476,267
Accumulated Deficit	(113,471,781)	(106,934,818)
TOTAL STOCKHOLDERS' DEFICIENCY	(10,758,348)	(4,457,262)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY	$ 17,594,918	$ 23,685,085

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Stockholders Equity
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	75,000,000	75,000,000
Common stock, issued	12,886,741	12,886,741
Common stock, outstanding	12,886,741	12,886,741

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
REVENUES:
Product revenue	$ 2,593,163	$ 2,088,178
License and other revenue	35,708	35,708
Total Revenues	2,628,871	2,123,886
OPERATING EXPENSES
Cost of product revenue	1,616,287	1,266,421
Research and development	1,192,727	2,027,712
Plasma centers	1,479,476	1,280,419
General and administrative	4,277,384	1,707,870
TOTAL OPERATING EXPENSES	8,565,874	6,282,422
LOSS FROM OPERATIONS	(5,937,003)	(4,158,536)
OTHER INCOME (EXPENSE):
Interest income	18,568	13,508
Interest expense	(618,528)	(467,441)
OTHER EXPENSE, NET	(599,960)	(453,933)
NET LOSS	$ (6,536,963)	$ (4,612,469)
NET LOSS PER COMMON SHARE - Basic and Diluted	$ (0.51)	$ (0.43)
WEIGHTED AVERAGE SHARES OUTSTANDING, Basic and Diluted	12,886,741	10,710,587

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - 3 months ended Mar. 31, 2017 - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning Balance, Amount at Dec. 31, 2016	$ 1,289	$ 102,476,267	$ (106,934,818)	$ (4,457,262)
Beginning Balance, Shares at Dec. 31, 2016	12,886,741
Stock-based compensation		235,877		235,877
Net loss			(6,536,963)	(6,536,963)
Ending Balance, Amount at Mar. 31, 2017	$ 1,289	$ 102,712,144	$ (113,471,781)	$ (10,758,348)
Ending Balance, Shares at Mar. 31, 2017	12,886,741

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (6,536,963)	$ (4,612,469)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	118,062	118,393
Loss on disposal of fixed assets	4,155	0
Stock-based compensation	235,877	422,180
Amortization of debt discount	190,253	133,547
Amortization of license revenue	(35,708)	(35,709)
Changes in operating assets and liabilities
Accounts receivable	178,089	(19,482)
Inventories	(288,346)	(603,466)
Prepaid expenses	(432,932)	(633,883)
Other assets	(2,400)	0
Accounts payable	1,339,764	377,061
Accrued expenses	(160,637)	(306,462)
Deferred rent liability	(7,640)	(7,640)
Net cash used in operating activities	(5,398,426)	(5,167,930)
CASH FLOWS FROM INVESTING ACTIVITIES:
Sales of short-term investments	5,145,184	3,673,199
Purchase of property and equipment	(3,584)	(17,437)
Net cash provided by investing activities	5,141,600	3,655,762
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on note payable	(1,111,111)	0
Payments of leasehold improvement loan	(4,002)	(3,659)
Net cash used in financing activities	(1,115,113)	(3,659)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(1,371,939)	(1,515,827)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	9,914,867	10,440,959
CASH AND CASH EQUIVALENTS - END OF PERIOD	8,542,928	8,925,132
SUPPLEMENTAL INFORMATION:
Cash paid for interest	424,470	328,223
Supplemental Disclosure of Noncash Financing Activities:
Accrued equity issuance costs	$ 0	$ 3,554

1. ORGANIZATION AND BUSINESS

1. ORGANIZATION AND BUSINESS	3 Months Ended
	Mar. 31, 2017
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. Our product candidates are intended to be used by physician specialists focused on caring for immune-compromised patients with or at risk for certain infectious diseases. ADMA also operates through its wholly-owned subsidiary, ADMA Bio Centers 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 did the FDA request any additional clinical studies be completed prior to FDA approval of RI-002. The FDA identified in the CRL, among other things, certain outstanding inspection issues and deficiencies at ADMA’s third-party contract manufacturers and vendors and requested documentation of corrections for a number of those issues. The FDA indicated in the CRL that it cannot grant final approval of the BLA until, among other things, these deficiencies are resolved. Since receiving the CRL, the Company has worked diligently with its contract fill and finisher as well as the contract testing laboratory. The Company has also continued to work with its third-party contract manufacturer, Biotest Pharmaceuticals Corporation (“BPC ” or “Seller”), and on January 21, 2017, the Company signed a definitive acquisition agreement to acquire certain manufacturing and therapy-related assets from Biotest in Boca Raton, Florida, a wholly-owned subsidiary of Biotest Aktiengesellschaft (“Biotest”), in efforts to address the CRL and remediate the outstanding warning letter at the manufacturing facility. The acquisition of certain manufacturing and therapy-related assets of Biotest (the “Proposed Acquisition”) is anticipated to close in June 2017. 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 March 31, 2017, the Company had working capital of $2.7 million, consisting primarily of $8.5 million of cash and cash equivalents, $0.3 million of short-term investments, $0.8 million of accounts receivable, $5.3 million of inventories, and $0.7 million of prepaid expenses, offset primarily by the current portion of note payable due to Oxford of $6.7 million, $3.9 million of accounts payable, $2.2 million of accrued expenses and $0.1 million of deferred revenue. Based upon the Company’s projected revenue and expenditures for 2017, including the fees associated with the Proposed Acquisition of certain BPC assets, 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 the timing of the closing of the Proposed Acquisition of certain BPC assets, 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. This timing may also change based upon the timing of the completion of the Proposed Acquisition, anticipated in June 2017. Upon the closing of the Proposed Acquisition, BPC will be providing funds to ADMA consisting of: $12.5 million in funding, $15.0 million in debt financing and an additional $12.5 million commitment towards a future equity financing is expected to be sufficient to fund operations into the first quarter of 2018. There is no assurance that we will be able to successfully close on the Proposed Acquisition. Other than the funding to be provided by BPC, the Company does not currently have arrangements to obtain additional financing. Furthermore, if the Company’s assumptions underlying its estimated expenses and revenues are incorrect, it may have to raise additional capital sooner than anticipated. Due to numerous risks and uncertainties associated with the research and development and potential future commercialization of its product candidate, the Company is unable to estimate with certainty the amounts of increased capital outlays and operating expenditures associated with its development activities. The Company’s current estimates may be subject to change as circumstances regarding its business requirements evolve. The Company may decide to raise capital through public or private equity offerings or debt financings, or obtain a bank credit facility or corporate collaboration and licensing arrangements. The Company does not have any existing commitments for future external funding. The sale of additional equity or debt securities, if convertible, could result in dilution to the Company’s stockholders. The incurrence of indebtedness would result in increased fixed obligations and could also result in covenants that would restrict the Company’s operations or other financing alternatives. Additional equity or debt financing, grants, or corporate collaboration and potential licensing arrangements may not be available on acceptable terms, if at all. If adequate funds are not available, the Company may be required to delay, reduce the scope of or eliminate the Company’s research and development programs, reduce the Company’s planned clinical trials and delay or abandon potential commercialization efforts of the Company’s lead or other product candidates. The Company has reported losses since inception in June 2004 through March 31, 2017 of $113.5 million. Management believes that the Company will continue to incur net losses and negative net cash flows from operating activities to fund its research and development, commercial programs and meet its obligations on a timely basis through the foreseeable future. As such, these factors raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts and the classification of liabilities that might be necessary from the outcome of this uncertainty. ADMA’s long-term liquidity will be dependent upon on its ability to raise additional capital, to fund its research and development and commercial programs and meet its obligations on a timely basis. If ADMA is unable to successfully raise sufficient additional capital, it will likely not have sufficient cash flow and liquidity to fund its business operations, forcing ADMA to curtail activities and potentially significantly reduce, or potentially cease, operations. Even if ADMA is able to raise additional capital, such financings may only be available on unattractive terms, resulting in significant dilution of stockholders’ interests and, in such event, the value and potential future market price of its common stock may decline. There can be no assurance that the Company’s research and development will be successfully completed or that any product will be approved or commercially viable. The Company is subject to risks common to companies in the biotechnology industry including, but not limited to, dependence on collaborative arrangements, development by the Company or its competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, and compliance with FDA and other governmental regulations and approval requirements.

2. SUMMARY OF SIGNIFICANT ACCOU

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and their results of operations for the three months ended March 31, 2017 and 2016, changes in stockholders’ deficiency for the three months ended March 31, 2017 and cash flows for the three months ended March 31, 2017 and 2016. 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, 2016 on Form 10-K, filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 24, 2017. The accompanying condensed consolidated balance sheet as of December 31, 2016, was derived from the 2016 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 March 31, 2017 and December 31, 2016 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 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. For the three months ended March 31, 2017, two of the Company’s customers, SK Plasma Co., Ltd. (“SK”) and BPC, represented 98% of the Compamy’s total revenues, with BPC representing approximately 81% of the Company’s total revenues and SK representing approximately 17% of the Company’s total revenues. 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 three months ended March 31, 2017 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 to market and sell in Europe and selected countries in North Africa and the Middle East. Biotest and BPC, a subsidiary of Biotest, have provided the Company with certain services and financial payments in accordance with the related Biotest license agreement and is obligated to pay the Company certain amounts in the future if certain milestones are achieved. Deferred revenue is recognized over the term of the Biotest license. Deferred revenue is amortized into income for a period of approximately 20 years, the term of the Biotest 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 1.9 million and 1.8 million as of March 31, 2017 and 2016, 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 March 31, 2017 and 2016, the Company granted stock options to purchase 182,000 and 85,984 shares of common stock, respectively, to its directors and employees. Recent Accounting Pronouncements In January 2017, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU No. 2017-01, Business Combinations – Clarifying the Definition of a Business, In March 2016, the FASB, issued 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 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	3 Months Ended
	Mar. 31, 2017
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 with Hercules Technology Growth Capital, Inc. dated December 2012. 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: (i) volatility of 57% on the Company’s common stock based upon a pro rata percentage of the Company’ common stock’s volatility and similar public companies’ volatilities for comparison; (ii) an expected dividend yield of 0.0%; (iii) a risk-free interest rate of 1.99%; and (iv) a term of seven years. 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. The effective interest rate for the loan tranche of $4.0 million, including backend fees is 13.04%. 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 February 1, 2017 amortization date. 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 connection with the Amended LSA, on May 13, 2016, the Company issued to Oxford a seven-year warrant, expiring on May 13, 2023, to purchase 24,800 shares of common stock at an exercise price of $6.37 per share, 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 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 is as follows: As of: As of: March 31, 2017 December 31, 2016 Gross proceeds $ 20,000,000 $ 20,000,000 Paydown of principal balance (1,111,111 ) — 18,888,889 20,000,000 Less: debt discount, net End of term fee (1,026,468 ) (1,155,157 ) Warrants (218,777 ) (257,201 ) Financing fees (131,751 ) (154,891 ) Note payable $ 17,511,893 $ 18,432,751

4. STOCKHOLDERS' EQUITY

4. STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2017
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. 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. Three Months Ended Three Months Ended March 31, 2017 March 31, 2016 Expected term 5.8 - 6.3 years 5.8 - 6.3 years Volatility 64% 52% Dividend yield 0.0 0.0 Risk-free interest rate 2.29% 1.75-1.79% The weighted average remaining contractual life of stock options outstanding and expected to vest at March 31, 2017 is 6.5 years. The weighted average remaining contractual life of stock options exercisable at March 31, 2017 is 5.6 years. A summary of the Company’s option activity under the 2007 Plan and 2014 Plan and related information is as follows: Three Months Ended March 31, 2017 Weighted Average Shares Exercise Price Outstanding at beginning of period 1,535,187 $ 7.90 Forfeited (19,814 ) $ 9.02 Expired (6,250 ) $ 9.00 Granted 182,000 $ 5.00 Outstanding at end of period and expected to vest 1,691,123 $ 7.57 Options exercisable 1,227,873 $ 7.66 Stock-based compensation expense for the three ended March 31, 2017 and 2016 is as follows: Three Months Ended March 31, 2017 2016 Research and development $ 52,983 $ 156,556 Plasma centers 12,751 13,010 General and administrative 170,143 252,614 Total stock-based compensation expense $ 235,877 $ 422,180 As of March 31, 2017, the total compensation expense related to unvested options not yet recognized totaled $1,832,351. The weighted average vesting period over which the total compensation expense will be recorded related to unvested options not yet recognized at March 31, 2017 was approximately 2.3 years.

5. RELATED PARTY TRANSACTIONS

5. RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
5. RELATED PARTY TRANSACTIONS	The Company leases an office building and equipment from Areth, LLC (“Areth”) pursuant to a shared services agreement 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 for the three months ended March 31, 2017 and $24,112 for the three months ended March 31, 2016. Areth is a company controlled by Dr. Jerrold B. Grossman, the Company’s Vice Chairman, and Adam S. Grossman, the Company’s President and Chief Executive Officer, and the Company pays Areth monthly fees for the use of such office space and for other information technology, general warehousing and administrative services. 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 three months ended March 31, 2017 and 2016. The Company maintains deposits and other accounts at Pascack Bankcorp, a bank of which Dr. Grossman served as a director through January 2016, and which was approximately 5%-owned by members of the Grossman family. Pascack Bankcorp was acquired by Lakeland Bancorp, Inc. in January 2016 and Dr. Grossman is currently a member of the Corporate Advisory Council of Lakeland Bancorp Inc.

6. COMMITMENT AND CONTINGENCIES

6. COMMITMENT AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2017
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	3 Months Ended
	Mar. 31, 2017
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: Three Months Ended Plasma Collection Research and March 31, 2017 Centers Development Corporate Consolidated Revenues $ 2,593,163 $ — $ 35,708 $ 2,628,871 Cost of product revenue 1,616,287 — — 1,616,287 Gross profit 976,876 — 35,708 1,012,584 Loss from operations (502,600 ) (1,192,727 ) (4,241,676 ) (5,937,003 ) Other expense — — (599,960 ) (599,960 ) Loss before income taxes (502,600 ) (1,192,727 ) (4,841,636 ) (6,536,963 ) Total assets 2,286,500 — 15,308,418 17,594,918 Depreciation and amortization expense 103,640 — 14,422 118,062 Three Months Ended Plasma Collection Research and March 31, 2016 Centers Development Corporate Consolidated Revenues $ 2,088,178 $ — $ 35,708 $ 2,123,886 Cost of product revenue 1,266,421 — — 1,266,421 Gross profit 821,757 — 35,708 857,465 Loss from operations (458,662 ) (2,027,712 ) (1,672,162 ) (4,158,536 ) Other expense — — (453,933 ) (453,933 ) Loss before income taxes (458,662 ) (2,027,712 ) (2,126,095 ) (4,612,469 ) Total assets 2,595,429 — 17,089,491 19,684,920 Depreciation and amortization expense 105,189 — 13,204 118,393 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.

8. PROPOSED ACQUISITION OF CERT

8. PROPOSED ACQUISITION OF CERTAIN ASSETS OF BPC	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
8. PROPOSED ACQUISITION OF CERTAIN ASSETS OF BPC	On January 21, 2017, the Company and its wholly-owned subsidiary, ADMA BioManufacturing, LLC, a Delaware limited liability company (“Buyer”), entered into a definitive Master Purchase and Sale Agreement (as amended, restated, supplemented, or otherwise modified from time to time (the “Purchase Agreement”) with Seller, and for certain limited purposes set forth in the Purchase Agreement, Biotest, and Biotest US Corporation, a Delaware corporation and subsidiary of Biotest (together with Biotest, the “Biotest Guarantors”), pursuant to which Buyer has agreed to acquire certain assets and assume certain liabilities constituting the therapy business of Seller (the “Business”). The Business includes (a) a FDA-licensed immune globulin manufacturing and plasma products production facility of two buildings in Boca Raton, Florida, and the associated real property, (b) all exclusive rights to FDA licensed biologics products Nabi-HB®, BIVIGAM® and the investigational product CIVACIR®, (c) in-process inventory with an agreed-upon value of at least $5.0 million, (d) certain other properties and assets used exclusively in the Business, and (e) certain additional assets which relate to both the Business and Seller’s plasma business the arrangement with respect to which will be documented in a transition services agreement to be mutually agreed by the parties between the signing of the Purchase Agreement and the closing of the Proposed Acquisition. Subject to the terms and conditions of the Purchase Agreement, (i) upon the closing, the Company has agreed to assume certain liabilities of Seller related to the Business, including, without limitation, related to (x) product liabilities, breach of warranty, product complaints, product returns, post-market commitments, recalls, adverse event reporting, product deviation reporting, lookbacks, market withdrawals and field corrections or similar claims for injury to person or property with respect to the Business or any product of the Business to the extent such liabilities relate to products manufactured and sold by Buyer after the closing (other than inventory transferred to the Company at the closing, which will be allocated 50% to Buyer and 50% to Seller if not traceable to acts or omissions of a particular party); and (y) other regulatory matters, whether related to the pre-closing or post-closing period and including any liabilities related to the products of the Business, the FDA warning letter (the warning letter issued by the FDA to Seller in connection with outstanding issues requiring remediation at the manufacturing facility in Boca Raton, Florida), noncompliance with applicable laws and legal proceedings related to the foregoing, but excluding such liabilities that arise out of any fraud, willful misconduct or intentional misrepresentation by Seller prior to the closing (the “Assumed Liabilities”); (ii) upon the closing, the Company has agreed to deliver to Seller an aggregate equity interest in the Company equal to 50%, less one share, of its issued and outstanding capital stock (calculated as of immediately following the closing and on a post-closing issuance basis) (the “Biotest Equity Interest”), consisting of (x) common stock representing 25% of the Company’s issued and outstanding common stock, equal to 4,295,580 shares of common stock and (y) non-voting common stock equal to 8,591,160 shares of the Company’s non-voting common stock representing the balance of the Biotest Equity Interest which is convertible into common stock of the Company upon the occurrence of certain specified events; (iii) upon the closing, the Company agreed to issue to Seller warrants, if any, necessary to acquire additional shares of the Company’s capital stock equal to the excess, if any, of (x) the number of shares represented by rights, options and warrants issued by the Company between September 12, 2016 until the closing, over (y) 184,000 shares; and (iv) on January 1, 2019, pursuant to the terms of a separate purchase agreement to be entered into by the parties at the closing, the Company has agreed to sell, transfer and convey to Seller for no additional consideration, all of its right, title and interest in and to the Company’s certain biocenter located in Norcross, Georgia and the Company’s certain biocenter located in Marietta, Georgia, which are subject to a repurchase right in favor of the Company if within five years after January 1, 2019, the Biotest stockholders and its related entities own less than 20% of the Company’s issued and outstanding capital stock. As part of the consideration, upon the closing, Seller will also be granted the right to designate one director and one observer to the Company’s board of directors, and under certain circumstances, Seller will be granted the right to designate an additional director. Additionally, on the closing date, Seller has agreed to (i) deliver to the Company a capital contribution of $12.5 million in respect of the Biotest Equity Interest, which capital contribution will be contributed by Seller to Buyer; and (ii) fund a $15.0 million unsecured subordinated loan to the Company, which (a) will bear interest at a rate of 6% per annum, payable semiannually in arrears, (b) has a term of five years and (c) will not be subject to any prepayment penalty or other breakage costs. Such loan will be subordinated to the Company’s existing indebtedness as of the signing of the Purchase Agreement and any additional indebtedness approved by the Company’s board of directors which is secured only by a mortgage on the owned real property acquired in connection with the transaction. Such loan will rank pari passu with all additional indebtedness approved by the Company’s board of directors that is not secured only by a mortgage on such owned real property and if such additional indebtedness is secured, the loan from Seller will be secured on a pari passu basis with such additional indebtedness. At any time after the closing, if the Company undertakes an underwritten equity financing or a Private Investment in Public Equity, or PIPE, offering involving at least one unrelated third party, Biotest and/or Seller have agreed to participate pro rata in accordance with the Biotest Equity Interest up to an aggregate amount equal to $12.5 million.

9. LEASE WITH HOME CENTER PROPE

9. LEASE WITH HOME CENTER PROPERTIES, LLC	3 Months Ended
	Mar. 31, 2017
Leases [Abstract]
9. LEASE WITH HOME CENTER PROPERTIES, LLC	On February 17, 2017, ADMA BioCenters entered into a lease (the “Lease”) with Home Center Properties, LLC, a Georgia limited liability company (“Landlord”), for approximately 12,167 square feet located at 166 Earnest W. Barrett Parkway, Marietta, Georgia 30066 (the “Premises”). As of March 31, 2017, ADMA BioCenters had not taken possession of the facility. The Lease term shall commence upon the substantial completion of the Landlord’s work. Pursuant to the Lease, ADMA BioCenters will utilize the Premises as a facility specializing in the collection of human plasma and blood, general office administration and any other related use. The Lease has an initial term of approximately eight years and nine months (the “Initial Term”), commencing upon substantial completion of “Landlord’s Work” (as defined in the Lease) (the “Lease Commencement Date”), with rent payments commencing 150 days after the Lease Commencement Date. ADMA BioCenters’ total monthly cost of the Premises (inclusive of Landlord’s “Operating Costs”, “Taxes” and “Insurance Charges” (as such terms are defined in the Lease)) will range from approximately $20,000 to $27,000 during the Initial Term; provided however that nd

2. SUMMARY OF SIGNIFICANT ACC16

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and their results of operations for the three months ended March 31, 2017 and 2016, changes in stockholders’ deficiency for the three months ended March 31, 2017 and cash flows for the three months ended March 31, 2017 and 2016. 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, 2016 on Form 10-K, filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 24, 2017. The accompanying condensed consolidated balance sheet as of December 31, 2016, was derived from the 2016 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 March 31, 2017 and December 31, 2016 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 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. For the three months ended March 31, 2017, two of the Company’s customers, SK Plasma Co., Ltd. (“SK”) and BPC, represented 98% of the Compamy’s total revenues, with BPC representing approximately 81% of the Company’s total revenues and SK representing approximately 17% of the Company’s total revenues. 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 three months ended March 31, 2017 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 to market and sell in Europe and selected countries in North Africa and the Middle East. Biotest and BPC, a subsidiary of Biotest, have provided the Company with certain services and financial payments in accordance with the related Biotest license agreement and is obligated to pay the Company certain amounts in the future if certain milestones are achieved. Deferred revenue is recognized over the term of the Biotest license. Deferred revenue is amortized into income for a period of approximately 20 years, the term of the Biotest 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 1.9 million and 1.8 million as of March 31, 2017 and 2016, 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 March 31, 2017 and 2016, the Company granted stock options to purchase 182,000 and 85,984 shares of common stock, respectively, to its directors and employees.
Recent Accounting Pronouncements	In January 2017, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU No. 2017-01, Business Combinations – Clarifying the Definition of a Business, In March 2016, the FASB, issued 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 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)	3 Months Ended
	Mar. 31, 2017
Oxford Loan
Summary of loans	As of: As of: March 31, 2017 December 31, 2016 Gross proceeds $ 20,000,000 $ 20,000,000 Paydown of principal balance (1,111,111 ) — 18,888,889 20,000,000 Less: debt discount, net End of term fee (1,026,468 ) (1,155,157 ) Warrants (218,777 ) (257,201 ) Financing fees (131,751 ) (154,891 ) Note payable $ 17,511,893 $ 18,432,751

4. STOCKHOLDERS' EQUITY (Tables

4. STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Schedule of assumptions used for equity compensation expense	Three Months Ended Three Months Ended March 31, 2017 March 31, 2016 Expected term 5.8 - 6.3 years 5.8 - 6.3 years Volatility 64% 52% Dividend yield 0.0 0.0 Risk-free interest rate 2.29% 1.75-1.79%
Schedule of stock options outstanding	Three Months Ended March 31, 2017 Weighted Average Shares Exercise Price Outstanding at beginning of period 1,535,187 $ 7.90 Forfeited (19,814 ) $ 9.02 Expired (6,250 ) $ 9.00 Granted 182,000 $ 5.00 Outstanding at end of period and expected to vest 1,691,123 $ 7.57 Options exercisable 1,227,873 $ 7.66
Stock-based compensation expense	Three Months Ended March 31, 2017 2016 Research and development $ 52,983 $ 156,556 Plasma centers 12,751 13,010 General and administrative 170,143 252,614 Total stock-based compensation expense $ 235,877 $ 422,180

7. SEGMENTS (Tables)

7. SEGMENTS (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
SEGMENTS	Three Months Ended Plasma Collection Research and March 31, 2017 Centers Development Corporate Consolidated Revenues $ 2,593,163 $ — $ 35,708 $ 2,628,871 Cost of product revenue 1,616,287 — — 1,616,287 Gross profit 976,876 — 35,708 1,012,584 Loss from operations (502,600 ) (1,192,727 ) (4,241,676 ) (5,937,003 ) Other expense — — (599,960 ) (599,960 ) Loss before income taxes (502,600 ) (1,192,727 ) (4,841,636 ) (6,536,963 ) Total assets 2,286,500 — 15,308,418 17,594,918 Depreciation and amortization expense 103,640 — 14,422 118,062 Three Months Ended Plasma Collection Research and March 31, 2016 Centers Development Corporate Consolidated Revenues $ 2,088,178 $ — $ 35,708 $ 2,123,886 Cost of product revenue 1,266,421 — — 1,266,421 Gross profit 821,757 — 35,708 857,465 Loss from operations (458,662 ) (2,027,712 ) (1,672,162 ) (4,158,536 ) Other expense — — (453,933 ) (453,933 ) Loss before income taxes (458,662 ) (2,027,712 ) (2,126,095 ) (4,612,469 ) Total assets 2,595,429 — 17,089,491 19,684,920 Depreciation and amortization expense 105,189 — 13,204 118,393

1. ORGANIZATION AND BUSINESS (D

1. ORGANIZATION AND BUSINESS (Details Narrative) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Cash and cash equivalents	$ 8,542,928	$ 9,914,867
Short-term investments	245,000	5,390,184
Accounts Receivable	$ 839,938	$ 1,018,027

2. SUMMARY OF SIGNIFICANT ACC21

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Summary Of Significant Accounting Policies Details Narrative
Options issued to employees and directors	182,000	85,984

3. DEBT (Details)

3. DEBT (Details) - Oxford Loan - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Gross proceeds	$ 20,000,000	$ 20,000,000
Plus: payment in kind interest	(1,111,111)	0
Net Proceeds	18,888,889	20,000,000
Less: debt discount, net
End of term fee	(1,026,468)	(1,155,157)
Warrants	(218,777)	(257,201)
Financing fees	(131,751)	(154,891)
Note payable	$ 17,511,893	$ 18,432,751

4. STOCKHOLDERS' EQUITY (Detail

4. STOCKHOLDERS' EQUITY (Details)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
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	64.00%	52.00%
Dividend yield	0.00%	0.00%
Risk-free interest rate	2.29%
Risk-free interest rate, minimum		1.75%
Risk-free interest rate, maximum		1.79%

4. STOCKHOLDERS' EQUITY (Deta24

4. STOCKHOLDERS' EQUITY (Details 1)	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Shares
Outstanding at beginning of period | shares	1,535,187
Forfeited | shares	(19,814)
Expired | shares	(6,250)
Granted | shares	182,000
Outstanding at end of period and expected to vest | shares	1,691,123
Options exercisable | shares	1,227,873
Weighted Average Exercise Price
Outstanding at beginning of period | $ / shares	$ 7.90
Forfeited | $ / shares	9.02
Expired | $ / shares	9
Granted | $ / shares	5
Outstanding at end of period and expected to vest | $ / shares	7.57
Options exercisable | $ / shares	$ 7.66

4. STOCKHOLDERS' EQUITY (Deta25

4. STOCKHOLDERS' EQUITY (Details 2) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Stock-based compensation expense
Total stock-based compensation expense	$ 235,877	$ 422,180
Research and development
Stock-based compensation expense
Total stock-based compensation expense	52,983	156,556
Plasma centers
Stock-based compensation expense
Total stock-based compensation expense	12,751	13,010
General and administrative
Stock-based compensation expense
Total stock-based compensation expense	$ 170,143	$ 252,614

5. RELATED PARTY TRANSACTIONS (

5. RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Related Party Transactions [Abstract]
Rent expense	$ 48,000	$ 24,112

7. SEGMENTS (Details)

7. SEGMENTS (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Summarized financial information concerning reportable segments
Revenues	$ 2,628,871	$ 2,123,886
Cost of product revenue	1,616,287	1,266,421
Gross profit	1,012,584	857,465
Loss from operations	(5,937,003)	(4,158,536)
Other expense	(599,960)	(453,933)
Loss before income taxes	(6,536,963)	(4,612,469)
Total assets	17,594,918	19,684,920
Depreciation and amortization expense	118,062	118,393
Plasma Collection Center Member
Summarized financial information concerning reportable segments
Revenues	2,593,163	2,088,178
Cost of product revenue	1,616,287	1,266,421
Gross profit	976,876	821,757
Loss from operations	(502,600)	(458,662)
Other expense	0	0
Loss before income taxes	(502,600)	(458,662)
Total assets	2,286,500	2,595,429
Depreciation and amortization expense	103,640	105,189
Research And Development Member
Summarized financial information concerning reportable segments
Revenues	0	0
Cost of product revenue	0	0
Gross profit	0	0
Loss from operations	(1,192,727)	(2,027,712)
Other expense	0	0
Loss before income taxes	(1,192,727)	(2,027,712)
Total assets	0	0
Depreciation and amortization expense	0	0
Corporate Member
Summarized financial information concerning reportable segments
Revenues	35,708	35,708
Cost of product revenue	0	0
Gross profit	35,708	35,708
Loss from operations	(4,241,676)	(1,672,162)
Other expense	(599,960)	(453,933)
Loss before income taxes	(4,841,636)	(2,126,095)
Total assets	15,308,418	17,089,491
Depreciation and amortization expense	$ 14,422	$ 13,204