ADMA Biologics (ADMA) 10-Q 11 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 11, 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	Jun. 30, 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		25,793,404
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,017

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Current Assets
Cash and Cash Equivalents	$ 25,574,009	$ 9,914,867
Short-Term Investments	0	5,390,184
Accounts Receivable	2,292,274	1,018,027
Inventories	13,150,733	5,020,146
Prepaid expenses and other current assets	2,408,459	313,914
Assets held for sale	845,389	0
Total Current Assets	44,270,864	21,657,138
Property and equipment, net	28,626,668	2,000,784
Intangible assets, net	6,011,003	0
Goodwill	3,529,509	0
Assets to be transferred under purchase agreement	1,698,755	0
Deposits	502,454	27,163
TOTAL ASSETS	84,639,253	23,685,085
Current Liabilities
Accounts Payable	4,672,316	2,564,681
Accrued Expenses	4,143,812	2,385,356
Current Portion of Note Payable	6,666,667	6,111,111
Current Portion of Deferred Revenue	145,154	145,154
Other current liabilities	17,062	16,559
Total Current Liabilities	15,645,011	11,222,861
Notes Payable, Net of Discount	9,360,708	12,321,640
End of Term Liability, Notes Payable	1,790,000	1,790,000
Deferred Revenue, Net of Current Portion	2,618,616	2,690,033
Note payable - related party, net of discount	14,827,148	0
Purchase price payable	12,621,844	0
Other non-current liabilities	93,937	117,813
TOTAL LIABILITIES	56,957,264	28,142,347
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY (DEFICIT)
Preferred Stock $0.0001 par value 10,000,000 shares authorized, no shares issued and outstanding	0	0
Common Stock $0.0001 par value 75,000,000 shares authorized, 17,182,321 and 12,886,741 shares issued and outstanding	1,719	1,289
Common Stock - non-voting, $0.0001 par value, 8,591,160 shares authorized, 8,591,160 and 0 shares issued and outstanding	859	0
Additional Paid-In Capital	150,187,687	102,476,267
Accumulated Deficit	(122,508,276)	(106,934,818)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)	27,681,989	(4,457,262)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$ 84,639,253	$ 23,685,085

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 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	17,182,321	12,886,741
Common stock, outstanding	17,182,321	12,886,741
Non-voting common stock, par value	$ .0001	$ 0.0001
Non-voting common stock, shares authorized	8,591,160	8,591,160
Non-voting common stock, issued	8,591,160	0
Non-voting common stock, outstanding	8,591,160	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
REVENUES:
Product revenue	$ 3,363,692	$ 2,236,035	$ 5,956,855	$ 4,324,213
License and other revenue	35,709	35,709	71,417	71,417
Total Revenues	3,399,401	2,271,744	6,028,272	4,395,630
OPERATING EXPENSES
Cost of product revenue (exclusive of amortization expense shown below)	4,334,019	1,344,241	5,950,306	2,610,662
Research and development	1,358,409	3,399,889	2,551,136	5,427,601
Plasma centers	1,600,170	1,294,301	3,079,646	2,574,720
Amortization of intangibles	73,021	0	73,021	0
Selling, general and administrative	4,435,650	1,724,163	8,713,034	3,432,033
TOTAL OPERATING EXPENSES	11,801,269	7,762,594	20,367,143	14,045,016
LOSS FROM OPERATIONS	(8,401,868)	(5,490,850)	(14,338,871)	(9,649,386)
OTHER INCOME (EXPENSE):
Interest income	7,858	12,017	26,426	25,525
Interest expense	(642,485)	(537,998)	(1,261,013)	(1,005,439)
Other income	0	4,496	0	4,496
OTHER EXPENSE, NET	(634,627)	(521,485)	(1,234,587)	(975,418)
NET LOSS	$ (9,036,495)	$ (6,012,335)	$ (15,573,458)	$ (10,624,804)
BASIC AND DILUTED LOSS PER COMMON SHARE	$ (0.55)	$ (0.50)	$ (1.06)	$ (0.93)
WEIGHTED AVERAGE SHARES OUTSTANDING, Basic and Diluted	16,427,054	12,121,500	14,666,677	11,407,918

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - 6 months ended Jun. 30, 2017 - USD ($)	Common Stock	Non-Voting Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning Balance, Amount at Dec. 31, 2016	$ 1,289	$ 0	$ 102,476,267	$ (106,934,818)	$ (4,457,262)
Beginning Balance, Shares at Dec. 31, 2016	12,886,741	0
Stock-based compensation			547,240		547,240
Shares issued in connection with acquisition, Amount	$ 430	$ 859	47,164,180		47,165,469
Shares issued in connection with acquisition, Shares	4,295,580	8,591,160
Net loss				(15,573,458)	(15,573,458)
Ending Balance, Amount at Jun. 30, 2017	$ 1,719	$ 859	$ 150,187,687	$ (122,508,276)	$ 27,681,989
Ending Balance, Shares at Jun. 30, 2017	17,182,321	8,591,160

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (9,036,495)	$ (6,012,335)	$ (15,573,458)	$ (10,624,804)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	277,132	116,001	395,194	234,394
Loss on disposal of fixed assets			4,155	0
Stock-based compensation	311,363	310,945	547,240	733,125
Amortization of debt discount			374,389	294,498
Amortization of license revenue			(71,417)	(71,417)
Changes in operating assets and liabilities, net of acquisition:
Accounts receivable			(1,274,246)	97,753
Inventories			66,766	(763,553)
Prepaid expenses			(1,298,991)	(527,032)
Other assets			(475,291)	0
Accounts payable			1,763,025	1,034,093
Accrued expenses			1,384,140	(363,884)
Other current liabilities			(15,280)	(15,280)
Net cash used in operating activities			(14,173,774)	(9,972,107)
CASH FLOWS FROM INVESTING ACTIVITIES:
Sales of short-term investments			5,390,184	0
Purchase of short-term investments			0	(4,902,786)
Purchase of property and equipment			(96,557)	(58,034)
Cash acquired in acquisition transaction			12,500,000	0
Net cash provided by (used in) investing activities			17,793,627	(4,960,820)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on note payable			(2,777,778)	0	$ 0
Proceeds from issuance of common stock, net of offering expenses			0	13,072,741
Proceeds from issuance of related party note payable			15,000,000	0	0
Proceeds from issuance of note payable			0	4,000,000
Payment of debt issuance costs			(174,839)	(24,200)
Payments of leasehold improvement loan			(8,094)	(7,400)
Net cash provided by financing activities			12,039,289	17,041,141
NET INCREASE IN CASH AND CASH EQUIVALENTS			15,659,142	2,108,214
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD			9,914,867	10,440,959	10,440,959
CASH AND CASH EQUIVALENTS - END OF PERIOD	$ 25,574,009	$ 12,549,173	$ 25,574,009	$ 12,549,173	$ 9,914,867

1. ORGANIZATION AND BUSINESS

1. ORGANIZATION AND BUSINESS	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
1. ORGANIZATION AND BUSINESS	ADMA Biologics, Inc. (“ADMA” or the “Company”) is a vertically integrated biopharmaceutical and specialty immunoglobulin company that develops, manufactures and markets specialty plasma-based biologics for the 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. The Company’s products and 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 operates through its wholly-owned subsidiaries ADMA Plasma Biologics, Inc., ADMA BioManufacturing, LLC (“ADMA BioManufacturing”) and ADMA Bio Centers Georgia, Inc. (“ADMA BioCenters”). ADMA BioManufacturing was formed in January 2017 to facilitate the acquisition of the Biotest Therapy Business Unit (“BTBU”) of Biotest Pharmaceuticals Corporation (“BPC” and, together with Biotest AG, “Biotest”) as more fully described below. ADMA BioCenters is the Company’s source plasma collection business, with facilities located in Norcross, GA and Marietta, GA. Each ADMA BioCenters facility has approved licenses with the U.S. Food and Drug Administration (the “FDA”) and certifications from the German Health Authority (the “GHA”) and the Korean Ministry of Food and Drug Safety. 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”). As discussed in Note 3, on June 6, 2017, ADMA completed the acquisition of certain assets (the “Biotest Assets”) of BTBU, which includes two FDA-licensed products, Nabi-HB ® ® In addition to Nabi-HB ® ® Nabi-HB ® ® ® FDA approval for Bivigam ® ® Prior to the closing of the acquisition, BTBU was the Company’s third-party manufacturer for RI-002. ADMA submitted a Biologics License Application for RI-002 (the “BLA”) to the FDA which was accepted for review during the third quarter of 2015. In July 2016, the FDA issued a Complete Response Letter (the “CRL”) to the Company for the BLA. The CRL reaffirmed the issues set forth in the November 2014 warning letter, and also identified 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. 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. ADMA’s highest priority is to remediate the outstanding compliance issues identified at the Boca Facility in the previously issued FDA warning letter. Since receiving the CRL, the Company has worked diligently with its contract fill and finisher and contract testing laboratory, and the Company continues to address the CRL and remediate the outstanding warning letter at the Boca Facility. With the completion of the acquisition of the Biotest Assets, ADMA now has control over the drug substance manufacturing process and the Company anticipates that it will be in a position to refile the BLA for RI-002 in the middle of 2018. Concurrent with the closing of the acquisition of the Biotest Assets, the Company received a $15.0 million loan from Biotest evidenced by a 6% subordinated note payable to BPC with a maturity of 5 years (see Note 4), and BPC committed to participate in any future equity offering or private placement undertaken by the Company in an amount equal to $12.5 million. As of June 30, 2017, the Company had working capital of $28.6 million, including $25.6 million of cash and cash equivalents. Based upon the Company’s current projected revenue and expenditures for 2017, including expected consulting fees for warning letter remediation, regulatory and consulting fees associated with RI-002 approval, continuing implementation of the Company’s commercialization and expansion activities, as well as certain other assumptions, management currently believes that its cash, cash equivalents, projected revenue and accounts receivable, along with the additional equity commitment from Biotest, are sufficient to fund ADMA’s operations, as currently conducted, into the first quarter of 2018. These estimates may change based upon results from the Company’s remediation efforts, the timing of any required commercial manufacturing scale up activities, the various financing options ADMA is exploring, including the potential refinancing of its current senior debt which, if achieved on favorable terms, would be expected to allow ADMA to extend its current cash runway from the first quarter of 2018 well into the second half of 2018 and perhaps further, depending on the timing and structuring of the loan facility, or if any other assumptions of the Company change. The Company does not currently have any other firm commitments 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 currently anticipated. Due to numerous risks and uncertainties associated with ongoing remediations, the research and development and potential future commercialization of its products and product candidates, 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 other than the additional equity commitment from Biotest. 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 June 30, 2017 of $122.5 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 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	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (the “FASB”). The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the annual audited consolidated financial statements and related notes thereto as of and for the year ended December 31, 2016 included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 24, 2017. These condensed consolidated interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X, and therefore omit or condense certain footnotes and other information normally included in consolidated interim financial statements prepared in accordance with U.S. GAAP. All material intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all normal and recurring adjustments (which consist primarily of accruals, estimates and assumptions that impact the financial statements) considered necessary to present fairly the Company’s financial position as of June 30, 2017 and its results of operations for the three and six months ended June 30, 2017 and 2016 and cash flows for the six months ended June 30, 2017 and 2016. Operating results for the six months ended June 30, 2017 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2017. 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 the fair value of assets acquired and liabilities assumed in a business combination, 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. Business Combinations The Company accounts for business combinations using the acquisition method of accounting in accordance with FASB ASC 805, Business Combinations Fair value of financial instruments The carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, short-term investments and accounts payable, are shown at cost which approximates fair value due to the short-term nature of these instruments. The debt outstanding under the loan and security agreement with Oxford Finance, LLC (see Note 4) approximates fair value due to variable interest rate. With respect to the related party note payable in the amount of $15.0 million as of June 30, 2017 (see Notes 3 and 4), which is held by a principal stockholder of the Company and was issued concurrent with an acquisition transaction with such stockholder, the Company has concluded that an estimation of fair value for this note is not practicable. Goodwill Goodwill represents the excess of purchase price over the fair value of net assets acquired by the Company. Goodwill at June 30, 2017 and December 31, 2016 was $3.5 million and $0, respectively. All of the Company’s goodwill is attributable to its ADMA BioManufacturing business segment. The following table presents the changes in the carrying amount of goodwill during the six months ended June 30, 2017: Balance as of January 1, 2017 $ — Goodwill recorded in connection with the acquistion of the Biotest Assets 3,529,509 Balance as of June 30, 2017 $ 3,529,509 Goodwill is not amortized, but assessed for impairment on an annual basis or more frequently if impairment indicators exist. The Company has the option to perform a qualitative assessment of goodwill to determine whether it is more likely than not that the fair value of its reporting units is less than its carrying amount, including goodwill and other intangible assets. If the Company concludes that this is the case, then it must perform a two-step goodwill impairment process. The first step compares a reporting unit’s fair value to its carrying amount to identify potential goodwill impairment. If the carrying amount of a reporting unit exceeds the reporting unit’s fair value, the second step of the impairment test must be completed to measure the amount of the reporting unit’s goodwill impairment loss, if any. Step two compares the carrying value of the reporting unit’s goodwill to its implied fair value, which is the fair value of the reporting unit less the fair value of the unit’s assets and liabilities, including identifiable intangible assets. If the implied fair value of goodwill is less than its carrying amount, a goodwill impairment loss is recognized. The Company performs its annual goodwill impairment test as of October 1 of each year. Impairment of long-lived assets The Company assesses the recoverability of its long-lived assets, which include property and equipment and definite-lived intangible assets, whenever significant events or changes in circumstances indicate impairment may have occurred. If indicators of impairment exist, projected future undiscounted cash flows associated with the asset are compared to its carrying amount to determine whether the asset’s value is recoverable. Any resulting impairment is recorded as a reduction in the carrying value of the related asset in excess of fair value and a charge to operating results. For the six months ended June 30, 2017 and 2016, the Company determined that there was no impairment of its long-lived assets. Revenue recognition Revenues for the six months ended June 30, 2017 are comprised of revenues from Nabi-HB®, 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 has 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. 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. 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. Revenue from sales of Nabi-HB® and Bivigam® is recognized when the product reaches the customer’s destination. For sales of intermediates, title typically transfers when the product is delivered to a third party warehouse. With all other contract manufacturing, the title transfers to the customer when they take possession of the product from the Boca Facility. As the Company maintains a significant risk of loss throughout the contract manufacturing process, contract manufacturing revenue is not recognized until the product is released and title transfers to the customer. Nabi-HB® revenue is net of estimated customer prompt pay discounts and contractual allowances in accordance with managed care agreements, including wholesaler chargebacks, rebates, customer returns and other wholesaler fees. For the six months ended June 30, 2017, two of the Company’s customers, SK Plasma Co., Ltd. (“SK”) and BPC, represented 90% of the Company’s total revenues, with BPC representing approximately 75% of the Company’s total revenues and SK representing approximately 15% of the Company’s total revenues. For the six months ended June 30, 2016, sales to BPC and SK represented 89% and 10%, respectively, of the Company’s consolidated revenues. Cost of product revenue Cost of product revenue includes expenses related to process development as well as scientific and technical operations when these operations are attributable to marketed products. When the activities of these operations are attributable to new products in development, the expenses are classified as research and development expenses. Additionally, expenses associated with remediating the issues noted in the FDA warning letter are expensed as incurred and are reflected in cost of product revenue in the accompanying consolidated statements of operations for the three and six months ended June 30, 2017. As the Boca Facility has not yet resumed production, all operating expenses associated with the facility have been expensed as incurred since acquisition. 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. For purposes of computing basic and diluted loss per share, the non-voting class of common stock is included in the common stock outstanding as the characteristics of the non-voting class are substantially the same. Diluted net loss per share is calculated by dividing net loss attributable to common stockholders as adjusted for the effect of dilutive securities, if any, by the weighted average number of shares of common stock, including the non-voting class of common stock, and dilutive common stock outstanding during the period. Potentially dilutive common stock includes the shares of common stock issuable upon the exercise of outstanding stock options and warrants (using the treasury stock method). Potentially dilutive 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 3.5 million and 1.8 million as of June 30, 2017 and 2016, respectively. Stock-based compensation The Company follows recognized accounting guidance which requires all equity-based payments, including grants of stock options, to be recognized in the statements of operations as compensation expense, based on their fair values at the date of grant. The Company uses the Black-Scholes option pricing model to determine the fair value of options granted. Compensation expense related to awards to employees and directors with service-based vesting conditions is recognized on a straight-line basis based on the grant date fair value over the associated service period of the award, which is generally the vesting term. During the three and six months ended June 30, 2017, the Company granted stock options to purchase 1,674,595 and 1,856,595 shares of common stock, respectively, to its directors and employees. During the three and six months ended June 30, 2016, the Company granted stock options to purchase 15,000 and 100,984 shares of common stock, respectively, to its directors and employees. Recent Accounting Pronouncements In May 2017, the FASB issued ASU No. 2017-09, Modification Accounting for Share-Based Payment Arrangements In January 2017, the FASB issued ASU No. 2017-01, Business Combinations – Clarifying the Definition of a Business In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350), 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 May 2014, the FASB issued new guidance related to revenue recognition, ASU 2014-09, Revenue from Contracts with Customers (“ASC 606”) In March 2016, April 2016 and December 2016, the FASB issued ASU No. 2016-08, Revenue From Contracts with Customers (ASC 606): Principal Versus Agent Considerations Revenue From Contracts with Customers (ASC 606): Identifying Performance Obligations and Licensing Technical Corrections and Improvements to Topic 606, Revenue From Contracts with Customers Revenue from Contracts with Customers As of June 30, 2017, the Company has not yet completed its final review of the impact of this new revenue recognition guidance, including the new disclosure requirements, as it is continuing to evaluate the impacts of adoption and the implementation approach to be used. The Company plans to adopt the new standard effective January 1, 2018. The Company continues to monitor additional changes, modifications, clarifications or interpretations being undertaken by the FASB, which may impact its current conclusions.

3. ACQUISITION

3. ACQUISITION	6 Months Ended
	Jun. 30, 2017
Acquisition
3. ACQUISITION	On June 6, 2017, ADMA completed the acquisition of the Biotest Assets from BPC. As a result of this transaction, the Company acquired Nabi-HB ® ® The purchase price was calculated as follows: Issuance of 12,886,740 shares of common stock (voting and non-voting) valued at $3.66 per share $ 47,165,468 Transfer of two plasma collection centers 12,621,844 Total purchase price $ 59,787,312 The following table summarizes the preliminary allocation of the purchase consideration to the assets acquired and liabilities assumed based on their estimated fair values: Cash $ 12,500,000 Inventory 8,197,354 Land and buildings 20,000,000 Property and equipment 8,209,800 Assets held for sale 845,389 Other current assets 795,553 Trademark and other intangible rights to Nabi-HB 4,100,046 Right to intermediates 907,421 Customer contract 1,076,557 Goodwill 3,529,509 Liabilities assumed (374,317 ) Total purchase price $ 59,787,312 The Company engaged various third party valuation specialists to determine the fair value of the land and buildings, property and equipment, right to intermediates, customer contract and Nabi-HB ® Assets held for sale reflects certain manufacturing equipment acquired in the transaction that will not be utilized in the manufacture or development of any of the Company’s current products or product candidates. The Company expects that the sale of these assets will be completed within one year from the date of the acquisition transaction. Goodwill is expected to be deductible for tax purposes. As a result of the foregoing transaction, BPC became a principal stockholder and Biotest became a related party of the Company. Therefore, all transactions with Biotest subsequent to June 6, 2017, including product and license revenues attributable to Biotest (see Note 2), are related party transactions. The results from BTBU’s operations are included in the Company’s consolidated financial statements from the date of acquisition. The Company incurred a total of approximately $5.7 million in transaction closing costs, which were expensed as incurred. For the three and six months ended June 30, 2017, transaction closing costs amounted to approximately $1.2 million and $3.8 million, respectively. The following unaudited pro forma summary presents consolidated information of the Company as if the business combination had occurred on January 1, 2016. The pro forma information is presented for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved had the acquisition been consummated as of that time or that may result in the future. Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Revenues: As reported $ 3,399,401 $ 2,271,744 $ 6,028,272 $ 4,395,630 Proforma $ 10,569,393 $ 22,704,653 $ 24,292,042 $ 44,336,311 Net loss As reported $ (9,036,495 ) $ (6,012,335 ) $ (15,573,458 ) $ (10,624,804 ) Proforma $ (12,751,262 ) $ (14,473,470 ) $ (24,826,749 ) $ (29,073,476 ) Basic and diluted net loss per share: As reported $ (0.55 ) $ (0.50 ) $ (1.06 ) $ (0.93 ) Proforma $ (0.49 ) $ (0.58 ) $ (0.96 ) $ (1.20 )

4. DEBT

4. DEBT	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
4. DEBT	A summary of outstanding senior notes payable is as follows: June 30, 2017 December 31, 2016 Oxford - Gross proceeds $ 20,000,000 $ 20,000,000 Paydown of principal balance (2,777,778 ) — 17,222,222 20,000,000 Less: Debt discount (1,194,847 ) (1,567,249 ) Current portion (6,666,667 ) (6,111,111 ) Senior notes payable $ 9,360,708 $ 12,321,640 Senior Notes Payable On June 19, 2015, the Company entered into a Loan and Security Agreement (the “LSA”) with Oxford Finance, LLC (“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. On May 13, 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”), which brings the total principal amount borrowed to $20.0 million. 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 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; (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. Related Party Note Payable A summary of the outstanding related party note payable is as follows: June 30, 2017 December 31, 2016 Biotest - Gross proceeds $ 15,000,000 $ — Less: Debt discount (172,852 ) — Note payable - related party $ 14,827,148 $ — In connection with the acquisition of the Biotest Assets (see Note 3), ADMA BioManufacturing issued a subordinated note payable to BPC and in connection therewith received cash proceeds of $15.0 million. The note bears interest at a rate of 6.0% per annum and matures on June 6, 2022. The Company is obligated to make semi-annual interest payments, with all principal and unpaid interest due at maturity. The note is subordinate to the senior note payable with Oxford. In the event of default, all principal and unpaid interest is due on demand. The subordinated note also contains several non-financial covenants with which the Company was in compliance as of June 30, 2017. The Company incurred $0.2 million of debt issuance costs in connection with the issuance of this note, which were recorded as a debt discount. The debt discount is being amortized as interest expense over the term of the note.

5. STOCKHOLDERS_ EQUITY (DEFICI

5. STOCKHOLDERS’ EQUITY (DEFICIT)	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
5. STOCKHOLDERS’ EQUITY (DEFICIT)	In connection with the acquisition of the Biotest Assets (see Note 3) the Company issued 4,295,580 shares of its voting common stock and 8,591,160 shares of its non-voting common stock, respectively. The rights and preferences of the non-voting common are substantially the same as the common stock. BPC is prohibited from selling such shares for six months following the acquisition of BTBU and is thereafter limited to selling shares of the Company in excess of 15% of the outstanding shares of the Company in a 12-month period. The volume sale restriction expires on the three year anniversary from the BTBU acquisition (“Standstill Period"). The non-voting common stock will automatically convert into common stock upon (i) expiration of the Standstill Period, (ii) a liquidation event, (iii) Company insolvency, (iv) a permitted sale and (v) certain dilutive issuances as defined in the Company’s amended and restated certificate of incorporation. 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 $13.1 million, after payment of underwriting discounts and offering expenses of approximately $1.0 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. Equity incentive plan The fair value of stock options granted under the Company’s 2007 Employee Stock Option Plan (the “2007 Plan”) and the ADMA Biologics, Inc. 2014 Omnibus Incentive Compensation Plan, as amended and restated (the “2014 Plan”), 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 stock options granted to employees and directors 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 limited data related to the Company's common 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. The following assumptions were used to determine the fair value of options granted during the six months ended June 30, 2017 and 2016: Six Months Ended Six Months Ended June 30, 2017 June 30, 2016 Expected term 5.8 - 6.3 years 5.8 - 6.3 years Volatility 51-64% 51-52% Dividend yield 0.0 0.0 Risk-free interest rate 1.77-2.29% 1.54-1.79% The weighted average remaining contractual life of stock options outstanding and expected to vest at June 30, 2017 is 8.0 years. The weighted average remaining contractual life of stock options exercisable at June 30, 2017 is 5.3 years. A summary of the Company’s option activity under the 2007 Plan and 2014 Plan and related information is as follows: Six Months Ended June 30, 2017 Shares Weighted Average Exercise Price Outstanding at beginning of period 1,535,187 $ 7.90 Forfeited (62,836 ) $ 9.12 Expired (7,686 ) $ 8.92 Granted 1,856,595 $ 3.79 Outstanding at end of period and expected to vest 3,321,260 $ 5.58 Options exercisable 1,277,674 $ 7.66 Stock-based compensation expense for the three and six months ended June 30, 2017 and 2016 is as follows: Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Research and development $ 68,434 $ 132,277 $ 121,417 $ 288,833 Plasma centers 13,196 11,745 25,947 24,755 General and administrative 223,973 166,923 394,116 419,537 Cost of goods sold 5,760 — 5,760 — Total stock-based compensation expense $ 311,363 $ 310,945 $ 547,240 $ 733,125 As of June 30, 2017, the total compensation expense related to unvested options not yet recognized totaled $4,934,857. The weighted average vesting period over which the total compensation expense will be recorded related to unvested options not yet recognized at June 30, 2017 was approximately 3.1 years.

6. INVENTORIES

6. INVENTORIES	6 Months Ended
	Jun. 30, 2017
Inventories Abstract
6. INVENTORIES	The following table provides the components of inventories: June, 30 2017 December 31 2016 Raw materials $ 9,376,705 $ 5,020,146 Finished goods 3,774,028 — Total inventories $ 13,150,733 $ 5,020,146 Inventories are stated at the lower of cost or market with cost being determined on the first-in, first-out method. Finished goods inventories as of June 30, 2017 is comprised of Nabi-HB ®

7. INTANGIBLE ASSETS

7. INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2017
Intangible Assets
7. INTANGIBLE ASSETS	Intangible assets at June 30, 2017 and December 31, 2016 consist of the following: June 30, 2017 December 31, 2016 Cost Accumulated Amortization Net Cost Accumulated Amortization Net Trademark and other intangible rights related to Nabi-HB® $ 4,100,046 $ 39,048 $ 4,060,998 $ — $ — $ — Right to intermediates 907,421 8,642 898,779 — — — Customer contract 1,076,557 25,331 1,051,226 — — — Total $ 6,084,024 $ 73,021 $ 6,011,003 $ — $ — $ — Under the previous contract manufacturing agreement between ADMA and BPC, intermediate by-products derived from the manufacture of RI-002 were property of Biotest. As a result of the transaction, ADMA now has the right to these intermediate products. The customer contract pertains to a contract manufacturing agreement with a third party that the Company assumed upon the completion of the acquisition of the Biotest Assets. Amortization expense related to these acquisition-related intangible assets for the three months and six months ended June 30, 2017 was $0.1 million. Estimated aggregate future aggregate amortization expense for the next five years is expected to be as follows: Remainder of 2017 $ 547,657 2018 1,095,314 2019 1,095,314 2020 816,675 2021 715,352

8. PROPERTY, PLANT AND EQUIPMEN

8. PROPERTY, PLANT AND EQUIPMENT	6 Months Ended
	Jun. 30, 2017
Property, Plant and Equipment [Abstract]
8. PROPERTY, PLANT AND EQUIPMENT	Property, plant and equipment and related accumulated depreciation are summarized as follows: June 30, 2017 December 31, 2016 Manufacturing and laboratory equipment $ 8,176,699 $ 306,411 Office equipment and computer software 256,856 188,277 Furniture and fixtures 473,638 1,030,257 Leasehold improvements 78,858 2,699,104 Land 11,700,000 — Buildings 8,300,000 — 28,986,051 4,224,049 Less: Accumulated depreciation and amortization (359,383 ) (2,223,265 ) $ 28,626,668 $ 2,000,784 Fixed assets are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the asset’s estimated useful life. Land is not depreciated. The buildings were assigned a useful life of 30 years. Property and equipment other than land and buildings have useful lives ranging from 3 to 10 years. Leasehold improvements are amortized over the lesser of the lease term or their estimated useful lives.

9. RELATED PARTY TRANSACTIONS

9. RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
9. 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 and $71,888 for the three months ended June 30, 2017 and 2016 respectively, and $96,000 for the six months ended June 30, 2017 and 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 Areth for office and building related (common area) expenses, equipment and certain other operational expenses, which have not been material to the condensed consolidated financial statements for the six months ended June 30, 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. As of June 30, 2017, the Company has a $15.0 million subordinated note payable to BPC (see Note 4), and recognized approximately $60,000 of interest expense on this note for the three and six months ended June 30, 2017. For the three and six months ended June 30, 2017 and 2016, the Company recognized revenues under its out-licensing agreement with Biotest of $35,708 and $71,417, respectively. Deferred revenue of $2,761,450 and $2,832,867 as of June 30, 2017 and December 31, 2016 is related to this agreement. Biotest is the Company’s largest customer for the sale of normal source plasma. Plasma sales to Biotest for the three and six months ended June 30, 2017 were approximately $2.4 million and $4.5 million, respectively. Plasma sales to Biotest for the three and six months ended June 30, 2016 were approximately $1.8 million and $3.8 million, respectively. Accounts receivable includes approximately $1.2 million and $1.0 million due from Biotest as of June 30, 2017 and December 31, 2016, respectively. Additionally, Biotest is a supplier of RSV plasma to ADMA, with the Company purchasing approximately $0.3 million and $0.9 million of RSV plasma in the six months ended June 30, 2017 and 2016, respectively. Included in accounts payable is approximately $48,000 and $82,000 due to Biotest as of June 30, 2017 and December 31, 2016, respectively. The following table summarizes the related party balances with Biotest: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Sale and purchase of plasma Product revenue $ 2,362,059 $ 1,781,428 $ 4,454,274 $ 3,840,190 Purchases 141,754 382,685 324,140 888,255 License revenue 35,708 35,708 71,417 71,417 Interest expense 60,000 — 60,000 — June 30, December 31, 2017 2016 Accounts receivable $ 1,209,733 $ 969,675 Accounts payable 48,466 82,427 Accrued expenses 797,070 — Note payable 15,000,000 — Accrued interest 60,000 — Deferred revenue 2,761,450 2,832,867 In connection with the acquisition of the Biotest Assets, the Company entered into a Transition Services Agreement with BPC pursuant to which each of the Company and BPC agreed to provide transition services to the other party, including services related to finance, human resources, information technologies, leasing of equipment and clinical and regulatory services for a period of up to 24 months after the June 6, 2017 closing date, as well as agreements to lease certain laboratory space within the Boca Facility to BPC for a period of up to 24 months after the closing date of the acquisition transaction. As of June 30, 2017, $797,010 was payable by the Company to BPC for services rendered and expenses incurred on behalf of the Company related to these agreements. This amount is reflected in accrued expenses in the accompanying consolidated balance sheet. Under the terms of the acquisition of the Biotest Assets, the Company will transfer two plasma collection centers to BPC on January 1, 2019. The purchase price payable of $12.6 million as of June 6, 2017 represents the fair value of this obligation.

10. COMMITMENT AND CONTINGENCIE

10. COMMITMENT AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
10. 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. Operating leases In connection with the acquisition of the Biotest Assets, the Company assumed two warehouse leases in Boca Raton, FL for additional storage space for raw materials, spare parts and other supplies related to its business. These leases expire on December 31, 2017 and July 31, 2018, respectively. The aggregate minimum lease payments for these two leases are approximately $9,000 per month. Additionally, in September 2016, BPC entered into a lease for 36 months for certain specialized equipment related to process development. This equipment is utilized by the Company and the Company reimburses BPC in the approximate amount of $3,500 per month. 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, GA (the “Premises”). 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. The Lease Commencement Date is July 1, 2017. 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 that the Lease is in full force and effect and that there has been no event of default (as defined in the Lease) beyond the expiration of any applicable notice and cure period, ADMA BioCenters has the option to extend the term of the Lease for two additional periods of five years each (each, an “Extension Term”), each Extension Term on the same terms, covenants and conditions as the Lease, with the rent for each Extension Term to equal the mutually agreed fair market value of the Premises on the commencement of such Extension Term. The Lease also contains customary default provisions, representations, warranties and covenants. Contract manufacturing agreement In connection with the acquisition of the Biotest Assets, the Company acquired all of the rights and assumed all of the obligations under an existing agreement with a third party related to the fractionation of plasma provided by the third party. The agreement terminates on December 31, 2020, with 2020 being a wind-down year. All other years have minimum production requirements as well as a payment due to the counterparty to the contract of $1.5 million per year if a minimum of 11 batches are not manufactured in that year. Contract filler agreement The Company has an agreement with a third party to fill and package its plasma for sale to customers. BTBU’s agreement with this same contract filler to package Nabi-HB ® ® ® ® Post-marketing commitments In connection with the approval of the BLA for Bivigam ® ® ® ®

11. SEGMENTS

11. SEGMENTS	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
11. SEGMENTS	The Company is engaged in the development, manufacturing and commercialization of human plasma and plasma-derived therapeutics. The Company’s ADMA BioManufacturing segment reflects the Company’s immune globulin manufacturing and development operations in Florida, acquired on June 6, 2017 (see Note 3). The Plasma Collection Centers segment consists of two FDA-licensed source plasma collection facilities located in Georgia, with a third collection center scheduled to open in late 2017 (see Note 10). 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. Summarized financial information concerning reportable segments is shown in the following tables: Three Months Ended June 30, 2017 ADMA BioManufacturing Plasma Collection Centers Corporate Consolidated Revenues $ 539,223 $ 2,824,470 $ 35,708 $ 3,399,401 Cost of product revenue 2,498,856 1,835,163 — 4,334,019 Gross (loss) profit (1,959,633 ) 989,307 35,708 (934,618 ) Loss from operations (3,118,300 ) (610,864 ) (4,672,704 ) (8,401,868 ) Other expense, net (61,987 ) — (572,640 ) (634,627 ) Net loss (3,180,287 ) (610,864 ) (5,245,344 ) (9,036,495 ) Total assets 65,913,839 2,101,977 16,623,437 84,639,253 Depreciation and amortization expense 158,398 103,703 15,031 277,132 Three Months Ended June 30, 2016 ADMA BioManufacturing Plasma Collection Centers Corporate Consolidated Revenues $ — $ 2,236,036 $ 35,708 $ 2,271,744 Cost of product revenue — 1,344,241 — 1,344,241 Gross profit — 891,795 35,708 927,503 Loss from operations — (402,507 ) (5,088,343 ) (5,490,850 ) Other expense, net — — (521,485 ) (521,485 ) Net loss — (402,507 ) (5,609,828 ) (6,012,335 ) — Total assets — 2,509,903 29,232,086 31,741,989 Depreciation and amortization expense — 102,330 13,671 116,001 Six Months Ended June 30, 2017 ADMA BioManufacturing Plasma Collection Centers Corporate Consolidated Revenues $ 539,223 $ 5,417,632 $ 71,417 $ 6,028,272 Cost of product revenue 2,498,856 3,451,450 — 5,950,306 Gross profit (1,959,633 ) 1,966,182 71,417 77,966 Loss from operations (3,118,300 ) (1,113,464 ) (10,107,107 ) (14,338,871 ) Other expense, net (61,987 ) — (1,172,600 ) (1,234,587 ) Net loss (3,180,287 ) (1,113,464 ) (11,279,707 ) (15,573,458 ) Capital expenditures — 81,294 15,263 96,557 Depreciation and amortization expense 158,398 207,343 29,453 395,194 Six Months Ended June 30, 2016 ADMA BioManufacturing Plasma Collection Centers Corporate Consolidated Revenues $ — $ 4,324,213 $ 71,417 $ 4,395,630 Cost of product revenue — 2,610,662 — 2,610,662 Gross profit — 1,713,551 71,417 1,784,968 Loss from operations — (861,169 ) (8,788,217 ) (9,649,386 ) Other expense, net — — (975,418 ) (975,418 ) Net loss — (861,169 ) (9,763,635 ) (10,624,804 ) — Capital expeditures — 32,733 25,301 58,034 Depreciation and amortization expense — 207,519 26,875 234,394 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.

12. SUPPLEMENTAL DISCLOSURE OF

12. SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION	6 Months Ended
	Jun. 30, 2017
Supplemental Disclosure Of Cash Flow Information
12. SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION	Supplemental cash flow information for the six months ended June 30, 2017 and 2016 is as follows: SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for interest $ 833,515 $ 681,470 Noncash Financing and Inesting Activities: Assets acquired through the issuance of common stock and liabilities assumed $ 60,161,629 $ — Equipment acquired through related party payable $ 344,610 $ — Accrued equity issuance costs $ — $ 172,200 Accrued debt issuance costs $ — $ 22,904 End of term liability for Oxford Note Payable $ — $ 358,000 Warrants issued in connection with note payable $ — $ 86,300

2. SUMMARY OF SIGNIFICANT ACC19

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Basis of presentation	The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (the “FASB”). The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the annual audited consolidated financial statements and related notes thereto as of and for the year ended December 31, 2016 included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 24, 2017. These condensed consolidated interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X, and therefore omit or condense certain footnotes and other information normally included in consolidated interim financial statements prepared in accordance with U.S. GAAP. All material intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all normal and recurring adjustments (which consist primarily of accruals, estimates and assumptions that impact the financial statements) considered necessary to present fairly the Company’s financial position as of June 30, 2017 and its results of operations for the three and six months ended June 30, 2017 and 2016 and cash flows for the six months ended June 30, 2017 and 2016. Operating results for the six months ended June 30, 2017 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2017.
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 the fair value of assets acquired and liabilities assumed in a business combination, 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.
Business Combinations	The Company accounts for business combinations using the acquisition method of accounting in accordance with FASB ASC 805, Business Combinations
Fair value of financial instruments	The carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, short-term investments and accounts payable, are shown at cost which approximates fair value due to the short-term nature of these instruments. The debt outstanding under the loan and security agreement with Oxford Finance, LLC (see Note 4) approximates fair value due to variable interest rate. With respect to the related party note payable in the amount of $15.0 million as of June 30, 2017 (see Notes 3 and 4), which is held by a principal stockholder of the Company and was issued concurrent with an acquisition transaction with such stockholder, the Company has concluded that an estimation of fair value for this note is not practicable.
Goodwill	Goodwill represents the excess of purchase price over the fair value of net assets acquired by the Company. Goodwill at June 30, 2017 and December 31, 2016 was $3.5 million and $0, respectively. All of the Company’s goodwill is attributable to its ADMA BioManufacturing business segment. The following table presents the changes in the carrying amount of goodwill during the six months ended June 30, 2017: Balance as of January 1, 2017 $ — Goodwill recorded in connection with the acquistion of the Biotest Assets 3,529,509 Balance as of June 30, 2017 $ 3,529,509 Goodwill is not amortized, but assessed for impairment on an annual basis or more frequently if impairment indicators exist. The Company has the option to perform a qualitative assessment of goodwill to determine whether it is more likely than not that the fair value of its reporting units is less than its carrying amount, including goodwill and other intangible assets. If the Company concludes that this is the case, then it must perform a two-step goodwill impairment process. The first step compares a reporting unit’s fair value to its carrying amount to identify potential goodwill impairment. If the carrying amount of a reporting unit exceeds the reporting unit’s fair value, the second step of the impairment test must be completed to measure the amount of the reporting unit’s goodwill impairment loss, if any. Step two compares the carrying value of the reporting unit’s goodwill to its implied fair value, which is the fair value of the reporting unit less the fair value of the unit’s assets and liabilities, including identifiable intangible assets. If the implied fair value of goodwill is less than its carrying amount, a goodwill impairment loss is recognized. The Company performs its annual goodwill impairment test as of October 1 of each year.
Impairment of long-lived assets	The Company assesses the recoverability of its long-lived assets, which include property and equipment and definite-lived intangible assets, whenever significant events or changes in circumstances indicate impairment may have occurred. If indicators of impairment exist, projected future undiscounted cash flows associated with the asset are compared to its carrying amount to determine whether the asset’s value is recoverable. Any resulting impairment is recorded as a reduction in the carrying value of the related asset in excess of fair value and a charge to operating results. For the six months ended June 30, 2017 and 2016, the Company determined that there was no impairment of its long-lived assets.
Revenue recognition	Revenues for the six months ended June 30, 2017 are comprised of revenues from Nabi-HB®, 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 has 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. 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. 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. Revenue from sales of Nabi-HB® and Bivigam® is recognized when the product reaches the customer’s destination. For sales of intermediates, title typically transfers when the product is delivered to a third party warehouse. With all other contract manufacturing, the title transfers to the customer when they take possession of the product from the Boca Facility. As the Company maintains a significant risk of loss throughout the contract manufacturing process, contract manufacturing revenue is not recognized until the product is released and title transfers to the customer. Nabi-HB® revenue is net of estimated customer prompt pay discounts and contractual allowances in accordance with managed care agreements, including wholesaler chargebacks, rebates, customer returns and other wholesaler fees. For the six months ended June 30, 2017, two of the Company’s customers, SK Plasma Co., Ltd. (“SK”) and BPC, represented 90% of the Company’s total revenues, with BPC representing approximately 75% of the Company’s total revenues and SK representing approximately 15% of the Company’s total revenues. For the six months ended June 30, 2016, sales to BPC and SK represented 89% and 10%, respectively, of the Company’s consolidated revenues.
Cost of product revenue	Cost of product revenue includes expenses related to process development as well as scientific and technical operations when these operations are attributable to marketed products. When the activities of these operations are attributable to new products in development, the expenses are classified as research and development expenses. Additionally, expenses associated with remediating the issues noted in the FDA warning letter are expensed as incurred and are reflected in cost of product revenue in the accompanying consolidated statements of operations for the three and six months ended June 30, 2017. As the Boca Facility has not yet resumed production, all operating expenses associated with the facility have been expensed as incurred since acquisition.
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. For purposes of computing basic and diluted loss per share, the non-voting class of common stock is included in the common stock outstanding as the characteristics of the non-voting class are substantially the same. Diluted net loss per share is calculated by dividing net loss attributable to common stockholders as adjusted for the effect of dilutive securities, if any, by the weighted average number of shares of common stock, including the non-voting class of common stock, and dilutive common stock outstanding during the period. Potentially dilutive common stock includes the shares of common stock issuable upon the exercise of outstanding stock options and warrants (using the treasury stock method). Potentially dilutive 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 3.5 million and 1.8 million as of June 30, 2017 and 2016, respectively.
Stock-based compensation	The Company follows recognized accounting guidance which requires all equity-based payments, including grants of stock options, to be recognized in the statements of operations as compensation expense, based on their fair values at the date of grant. The Company uses the Black-Scholes option pricing model to determine the fair value of options granted. Compensation expense related to awards to employees and directors with service-based vesting conditions is recognized on a straight-line basis based on the grant date fair value over the associated service period of the award, which is generally the vesting term. During the three and six months ended June 30, 2017, the Company granted stock options to purchase 1,674,595 and 1,856,595 shares of common stock, respectively, to its directors and employees. During the three and six months ended June 30, 2016, the Company granted stock options to purchase 15,000 and 100,984 shares of common stock, respectively, to its directors and employees.
Recent Accounting Pronouncements	In May 2017, the FASB issued ASU No. 2017-09, Modification Accounting for Share-Based Payment Arrangements In January 2017, the FASB issued ASU No. 2017-01, Business Combinations – Clarifying the Definition of a Business In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350), 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 May 2014, the FASB issued new guidance related to revenue recognition, ASU 2014-09, Revenue from Contracts with Customers (“ASC 606”) In March 2016, April 2016 and December 2016, the FASB issued ASU No. 2016-08, Revenue From Contracts with Customers (ASC 606): Principal Versus Agent Considerations Revenue From Contracts with Customers (ASC 606): Identifying Performance Obligations and Licensing Technical Corrections and Improvements to Topic 606, Revenue From Contracts with Customers Revenue from Contracts with Customers As of June 30, 2017, the Company has not yet completed its final review of the impact of this new revenue recognition guidance, including the new disclosure requirements, as it is continuing to evaluate the impacts of adoption and the implementation approach to be used. The Company plans to adopt the new standard effective January 1, 2018. The Company continues to monitor additional changes, modifications, clarifications or interpretations being undertaken by the FASB, which may impact its current conclusions.

2. SUMMARY OF SIGNIFICANT ACC20

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2017
Summary Of Significant Accounting Policies Tables
Schedule of goodwill	Balance as of January 1, 2017 $ — Goodwill recorded in connection with the acquistion of the Biotest Assets 3,529,509 Balance as of June 30, 2017 $ 3,529,509

3. ACQUISITION (Tables)

3. ACQUISITION (Tables)	6 Months Ended
	Jun. 30, 2017
Acquisition Tables
Purchase price allocation	Issuance of 12,886,740 shares of common stock (voting and non-voting) valued at $3.66 per share $ 47,165,468 Transfer of two plasma collection centers 12,621,844 Total purchase price $ 59,787,312
Schedule of assets and liabilities assumed	Cash $ 12,500,000 Inventory 8,197,354 Land and buildings 20,000,000 Property and equipment 8,209,800 Assets held for sale 845,389 Other current assets 795,553 Trademark and other intangible rights to Nabi-HB 4,100,046 Right to intermediates 907,421 Customer contract 1,076,557 Goodwill 3,529,509 Liabilities assumed (374,317 ) Total purchase price $ 59,787,312
Pro forma information	Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Revenues: As reported $ 3,399,401 $ 2,271,744 $ 6,028,272 $ 4,395,630 Proforma $ 10,569,393 $ 22,704,653 $ 24,292,042 $ 44,336,311 Net loss As reported $ (9,036,495 ) $ (6,012,335 ) $ (15,573,458 ) $ (10,624,804 ) Proforma $ (12,751,262 ) $ (14,473,470 ) $ (24,826,749 ) $ (29,073,476 ) Basic and diluted net loss per share: As reported $ (0.55 ) $ (0.50 ) $ (1.06 ) $ (0.93 ) Proforma $ (0.49 ) $ (0.58 ) $ (0.96 ) $ (1.20 )

4. DEBT (Tables)

4. DEBT (Tables) - Oxford Loan	6 Months Ended
	Jun. 30, 2017
Summary of notes payable	June 30, 2017 December 31, 2016 Oxford - Gross proceeds $ 20,000,000 $ 20,000,000 Paydown of principal balance (2,777,778 ) — 17,222,222 20,000,000 Less: Debt discount (1,194,847 ) (1,567,249 ) Current portion (6,666,667 ) (6,111,111 ) Senior notes payable $ 9,360,708 $ 12,321,640
Summary of related party notes payable	June 30, 2017 December 31, 2016 Biotest - Gross proceeds $ 15,000,000 $ — Less: Debt discount (172,852 ) — Note payable - related party $ 14,827,148 $ —

5. STOCKHOLDERS_ EQUITY (DEFI23

5. STOCKHOLDERS’ EQUITY (DEFICIT) (Tables)	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Schedule of assumptions	Six Months Ended Six Months Ended June 30, 2017 June 30, 2016 Expected term 5.8 - 6.3 years 5.8 - 6.3 years Volatility 51-64% 51-52% Dividend yield 0.0 0.0 Risk-free interest rate 1.77-2.29% 1.54-1.79%
Schedule of stock option activity	Six Months Ended June 30, 2017 Shares Weighted Average Exercise Price Outstanding at beginning of period 1,535,187 $ 7.90 Forfeited (62,836 ) $ 9.12 Expired (7,686 ) $ 8.92 Granted 1,856,595 $ 3.79 Outstanding at end of period and expected to vest 3,321,260 $ 5.58 Options exercisable 1,277,674 $ 7.66
Stock-based compensation expense	Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Research and development $ 68,434 $ 132,277 $ 121,417 $ 288,833 Plasma centers 13,196 11,745 25,947 24,755 General and administrative 223,973 166,923 394,116 419,537 Cost of goods sold 5,760 — 5,760 — Total stock-based compensation expense $ 311,363 $ 310,945 $ 547,240 $ 733,125

6. INVENTORIES (Tables)

6. INVENTORIES (Tables)	6 Months Ended
	Jun. 30, 2017
Inventories Tables
Schedule of inventory	June, 30 2017 December 31 2016 Raw materials $ 9,376,705 $ 5,020,146 Finished goods 3,774,028 — Total inventories $ 13,150,733 $ 5,020,146

7. INTANGIBLE ASSETS (Tables)

7. INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2017
Intangible Assets Tables
Schedule of intangible assets	June 30, 2017 December 31, 2016 Cost Accumulated Amortization Net Cost Accumulated Amortization Net Trademark and other intangible rights related to Nabi-HB® $ 4,100,046 $ 39,048 $ 4,060,998 $ — $ — $ — Right to intermediates 907,421 8,642 898,779 — — — Customer contract 1,076,557 25,331 1,051,226 — — — Total $ 6,084,024 $ 73,021 $ 6,011,003 $ — $ — $ —
Intangible asset future aggregate amortization expense	Remainder of 2017 $ 547,657 2018 1,095,314 2019 1,095,314 2020 816,675 2021 715,352

8. PROPERTY, PLANT AND EQUIPM26

8. PROPERTY, PLANT AND EQUIPMENT (Tables)	6 Months Ended
	Jun. 30, 2017
Property Plant And Equipment Tables
Schedule of property, plant and equipment	June 30, 2017 December 31, 2016 Manufacturing and laboratory equipment $ 8,176,699 $ 306,411 Office equipment and computer software 256,856 188,277 Furniture and fixtures 473,638 1,030,257 Leasehold improvements 78,858 2,699,104 Land 11,700,000 — Buildings 8,300,000 — 28,986,051 4,224,049 Less: Accumulated depreciation and amortization (359,383 ) (2,223,265 ) $ 28,626,668 $ 2,000,784

9. RELATED PARTY TRANSACTIONS (

9. RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2017
Related Party Transactions Tables
Schedule of related party transactions	Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Sale and purchase of plasma Product revenue $ 2,362,059 $ 1,781,428 $ 4,454,274 $ 3,840,190 Purchases 141,754 382,685 324,140 888,255 License revenue 35,708 35,708 71,417 71,417 Interest expense 60,000 — 60,000 — June 30, December 31, 2017 2016 Accounts receivable $ 1,209,733 $ 969,675 Accounts payable 48,466 82,427 Accrued expenses 797,070 — Note payable 15,000,000 — Accrued interest 60,000 — Deferred revenue 2,761,450 2,832,867

11. SEGMENTS (Tables)

11. SEGMENTS (Tables)	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Summarized segment financial information	Three Months Ended June 30, 2017 ADMA BioManufacturing Plasma Collection Centers Corporate Consolidated Revenues $ 539,223 $ 2,824,470 $ 35,708 $ 3,399,401 Cost of product revenue 2,498,856 1,835,163 — 4,334,019 Gross (loss) profit (1,959,633 ) 989,307 35,708 (934,618 ) Loss from operations (3,118,300 ) (610,864 ) (4,672,704 ) (8,401,868 ) Other expense, net (61,987 ) — (572,640 ) (634,627 ) Net loss (3,180,287 ) (610,864 ) (5,245,344 ) (9,036,495 ) Total assets 65,913,839 2,101,977 16,623,437 84,639,253 Depreciation and amortization expense 158,398 103,703 15,031 277,132 Three Months Ended June 30, 2016 ADMA BioManufacturing Plasma Collection Centers Corporate Consolidated Revenues $ — $ 2,236,036 $ 35,708 $ 2,271,744 Cost of product revenue — 1,344,241 — 1,344,241 Gross profit — 891,795 35,708 927,503 Loss from operations — (402,507 ) (5,088,343 ) (5,490,850 ) Other expense, net — — (521,485 ) (521,485 ) Net loss — (402,507 ) (5,609,828 ) (6,012,335 ) — Total assets — 2,509,903 29,232,086 31,741,989 Depreciation and amortization expense — 102,330 13,671 116,001 Six Months Ended June 30, 2017 ADMA BioManufacturing Plasma Collection Centers Corporate Consolidated Revenues $ 539,223 $ 5,417,632 $ 71,417 $ 6,028,272 Cost of product revenue 2,498,856 3,451,450 — 5,950,306 Gross profit (1,959,633 ) 1,966,182 71,417 77,966 Loss from operations (3,118,300 ) (1,113,464 ) (10,107,107 ) (14,338,871 ) Other expense, net (61,987 ) — (1,172,600 ) (1,234,587 ) Net loss (3,180,287 ) (1,113,464 ) (11,279,707 ) (15,573,458 ) Capital expenditures — 81,294 15,263 96,557 Depreciation and amortization expense 158,398 207,343 29,453 395,194 Six Months Ended June 30, 2016 ADMA BioManufacturing Plasma Collection Centers Corporate Consolidated Revenues $ — $ 4,324,213 $ 71,417 $ 4,395,630 Cost of product revenue — 2,610,662 — 2,610,662 Gross profit — 1,713,551 71,417 1,784,968 Loss from operations — (861,169 ) (8,788,217 ) (9,649,386 ) Other expense, net — — (975,418 ) (975,418 ) Net loss — (861,169 ) (9,763,635 ) (10,624,804 ) — Capital expeditures — 32,733 25,301 58,034 Depreciation and amortization expense — 207,519 26,875 234,394

12. SUPPLEMENTAL DISCLOSURE O29

12. SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2017
Supplemental Disclosure Of Cash Flow Information Tables
Schedule of supplemental cash flow information	SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for interest $ 833,515 $ 681,470 Noncash Financing and Inesting Activities: Assets acquired through the issuance of common stock and liabilities assumed $ 60,161,629 $ — Equipment acquired through related party payable $ 344,610 $ — Accrued equity issuance costs $ — $ 172,200 Accrued debt issuance costs $ — $ 22,904 End of term liability for Oxford Note Payable $ — $ 358,000 Warrants issued in connection with note payable $ — $ 86,300

1. ORGANIZATION AND BUSINESS (D

1. ORGANIZATION AND BUSINESS (Details Narrative) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Cash and cash equivalents	$ 25,574,009	$ 9,914,867
Accumulated deficit	$ (122,508,276)	$ (106,934,818)

2. SUMMARY OF SIGNIFICANT ACC31

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	6 Months Ended
	Jun. 30, 2017USD ($)
Summary Of Significant Accounting Policies Details
Goodwill, beginning balance	$ 0
Goodwill recorded in connection with the acquisition of the Biotest Assets	3,529,509
Goodwill, ending balance	$ 3,529,509

2. SUMMARY OF SIGNIFICANT ACC32

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Summary Of Significant Accounting Policies Details Narrative
Potentially dilutive securities			3,500,000	1,800,000
Options issued to employees and directors	1,674,595	15,000	1,856,595	100,984

3. ACQUISITION (Details)

3. ACQUISITION (Details)	6 Months Ended
	Jun. 30, 2017USD ($)
Acquisition Details
Issuance of 12,886,740 shares of common stock (voting and non-voting) valued at $3.66 per share	$ 47,165,468
Transfer of two plasma collection centers	12,621,844
Total purchase price	$ 59,787,312

3. ACQUISITION (Details 1)

3. ACQUISITION (Details 1) - USD ($)	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Acquisition Details 1
Cash	$ 12,500,000
Inventory	8,197,354
Land and buildings	20,000,000
Property and equipment	8,209,800
Assets held for sale	845,389
Other current assets	795,553
Trademark and other intangible rights to Nabi-HB	4,100,046
Right to intermediates	907,421
Customer contract	1,076,557
Goodwill	3,529,509	$ 0
Liabilities assumed	(374,317)
Total purchase price	$ 59,787,312

3. ACQUISITION (Details 2)

3. ACQUISITION (Details 2) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
As reported	$ 3,399,401	$ 2,271,744	$ 6,028,272	$ 4,395,630
Proforma	10,569,393	22,704,653	24,292,042	44,336,311
Net loss
As reported	(9,036,495)	(6,012,335)	(15,573,458)	(10,624,804)
Proforma	$ (12,751,262)	$ (14,473,470)	$ (24,826,749)	$ (29,073,476)
Basic and diluted net loss per share:
As reported	$ (0.55)	$ (0.50)	$ (1.06)	$ (0.93)
Proforma	$ (0.49)	$ (0.58)	$ (0.96)	$ (1.20)

3. ACQUISITION (Details Narrati

3. ACQUISITION (Details Narrative) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017
Acquisition Details Narrative
Transaction closing costs	$ 1,200,000	$ 3,800,000

4. DEBT (Details)

4. DEBT (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Debt Details
Oxford - Gross proceeds	$ 20,000,000		$ 20,000,000
Paydown of principal balance	(2,777,778)	$ 0	0
Net Proceeds	17,222,222		20,000,000
Less:
Debt discount	(1,194,847)		(1,567,249)
Current portion	(6,666,667)		(6,111,111)
Notes Payable	$ 9,360,708		$ 12,321,640

4. DEBT (Details 1)

4. DEBT (Details 1) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Debt Details 1
Biotest - Gross proceeds	$ 15,000,000	$ 0	$ 0
Less:
Debt discount	(172,852)		0
Note payable - related party	$ 14,827,148		$ 0

5. STOCKHOLDERS_ EQUITY (DEFI39

5. STOCKHOLDERS’ EQUITY (DEFICIT) (Details)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
STOCKHOLDERS' EQUITY (DEFICIT)
Expected Term, minimum	5 years 9 months 18 days	5 years 9 months 18 days
Expected Term, maximum	6 years 3 months 18 days	6 years 3 months 18 days
Volatility, minimum	51.00%	51.00%
Volatility, maximum	64.00%	52.00%
Dividend yield	0.00%	0.00%
Risk-free interest rate, minimum	1.77%	1.54%
Risk-free interest rate, maximum	2.29%	1.79%

5. STOCKHOLDERS' EQUITY (DEFICI

5. STOCKHOLDERS' EQUITY (DEFICIT) (Details 1)	6 Months Ended
	Jun. 30, 2017$ / sharesshares
Shares
Outstanding at beginning of period | shares	1,535,187
Forfeited | shares	(62,836)
Expired | shares	(7,686)
Granted | shares	1,856,595
Outstanding at end of period and expected to vest | shares	3,321,260
Options exercisable | shares	1,277,674
Weighted Average Exercise Price
Outstanding at beginning of period | $ / shares	$ 7.90
Forfeited | $ / shares	9.12
Expired | $ / shares	8.92
Granted | $ / shares	3.79
Outstanding at end of period and expected to vest | $ / shares	5.58
Options exercisable | $ / shares	$ 7.66

5. STOCKHOLDERS' EQUITY (DEFI41

5. STOCKHOLDERS' EQUITY (DEFICIT) (Details 2) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Total stock-based compensation expense	$ 311,363	$ 310,945	$ 547,240	$ 733,125
Research and development
Total stock-based compensation expense	68,434	132,277	121,417	288,833
Plasma centers
Total stock-based compensation expense	13,196	11,745	25,947	24,755
General and administrative
Total stock-based compensation expense	223,973	166,923	394,116	419,537
Cost of goods sold
Total stock-based compensation expense	$ 5,760	$ 0	$ 5,760	$ 0

6. INVENTORIES (Details)

6. INVENTORIES (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Inventories Details
Raw materials	$ 9,376,705	$ 5,020,146
Finished goods	3,774,028	0
Total inventories	$ 13,150,733	$ 5,020,146

7. INTANGIBLE ASSETS (Details)

7. INTANGIBLE ASSETS (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Cost	$ 6,084,024	$ 0
Accumulated Amortization	73,021	0
Net	6,011,003	0
Trademark and other intangible rights related to Nabi-HB®
Cost	4,100,046	0
Accumulated Amortization	39,048	0
Net	4,060,998	0
Right to intermediates
Cost	907,421	0
Accumulated Amortization	8,642	0
Net	898,779	0
Customer contract
Cost	1,076,557	0
Accumulated Amortization	25,331	0
Net	$ 1,051,226	$ 0

7. INTANGIBLE ASSETS (Details 1

7. INTANGIBLE ASSETS (Details 1)	Jun. 30, 2017USD ($)
Intangible Assets Details 1
Remainder of 2017	$ 547,657
2,018	1,095,314
2,019	1,095,314
2,020	816,675
2,021	$ 715,352

8. PROPERTY, PLANT AND EQUIPM45

8. PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Property, plant and equipments, gross	$ 28,986,051	$ 4,224,049
Less: Accumulated depreciation and amortization	(359,383)	(2,223,265)
Property, plant and equipments, net	28,626,668	2,000,784
Manufacturing and laboratory equipment
Property, plant and equipments, gross	8,176,699	306,411
Office equipment and computer software
Property, plant and equipments, gross	256,856	188,277
Furniture and fixtures
Property, plant and equipments, gross	473,638	1,030,257
Leasehold improvements
Property, plant and equipments, gross	78,858	2,699,104
Land
Property, plant and equipments, gross	11,700,000	0
Buildings
Property, plant and equipments, gross	$ 8,300,000	$ 0

9. RELATED PARTY TRANSACTIONS46

9. RELATED PARTY TRANSACTIONS (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Sale and purchase of plasma
Product revenue	$ 2,362,059	$ 1,781,428	$ 4,454,274	$ 3,840,190
Purchases	141,754	382,685	324,140	888,255
License revenue	35,708	35,708	71,417	71,417
Interest expense	60,000	$ 0	60,000	$ 0
Accounts receivable	1,209,733		1,209,733		$ 969,675
Accounts payable	48,466		48,466		82,427
Accrued expenses	797,070		797,070		797,070
Note payable	15,000,000		15,000,000		0
Accrued interest	60,000		60,000		60,000
Deferred revenue	$ 2,761,450		$ 2,761,450		$ 2,832,867

11. SEGMENTS (Details)

11. SEGMENTS (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues	$ 3,399,401	$ 2,271,744	$ 6,028,272	$ 4,395,630
Cost of product revenue	4,334,019	1,344,241	5,950,306	2,610,662
Gross (loss) profit	(934,618)	927,503	77,966	1,784,968
Loss from operations	(8,401,868)	(5,490,850)	(14,338,871)	(9,649,386)
Other expense, net	(634,627)	(521,485)	(1,234,587)	(975,418)
Net loss	(9,036,495)	(6,012,335)	(15,573,458)	(10,624,804)
Total assets	84,639,253	31,741,989
Capital expenditures			96,557	58,034
Depreciation and amortization expense	277,132	116,001	395,194	234,394
ADMA BioManufacturing
Revenues	539,223	0	539,223	0
Cost of product revenue	2,498,856	0	2,498,856	0
Gross (loss) profit	(1,959,633)	0	(1,959,633)	0
Loss from operations	(3,118,300)	0	(3,118,300)	0
Other expense, net	(61,987)	0	(61,987)	0
Net loss	(3,180,287)	0	(3,180,287)	0
Total assets	65,913,839	0
Capital expenditures			0	0
Depreciation and amortization expense	158,398	0	158,398	0
Plasma Collection Center Member
Revenues	2,824,470	2,236,036	5,417,632	4,324,213
Cost of product revenue	1,835,163	1,344,241	3,451,450	2,610,662
Gross (loss) profit	989,307	891,795	1,966,182	1,713,551
Loss from operations	(610,864)	(402,507)	(1,113,464)	(861,169)
Other expense, net	0	0	0	0
Net loss	(610,864)	(402,507)	(1,113,464)	(861,169)
Total assets	2,101,977	2,509,903
Capital expenditures			81,294	32,733
Depreciation and amortization expense	103,703	102,330	207,343	207,519
Corporate Member
Revenues	35,708	35,708	71,417	71,417
Cost of product revenue	0	0	0	0
Gross (loss) profit	35,708	35,708	71,417	71,417
Loss from operations	(4,672,704)	(5,088,343)	(10,107,107)	(8,788,217)
Other expense, net	(572,640)	(521,485)	(1,172,600)	(975,418)
Net loss	(5,245,344)	(5,609,828)	(11,279,707)	(9,763,635)
Total assets	16,623,437	29,232,086
Capital expenditures			15,263	25,301
Depreciation and amortization expense	$ 15,031	$ 13,671	$ 29,453	$ 26,875

12. SUPPLEMENTAL DISCLOSURE O48

12. SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION (Details) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
SUPPLEMENTAL INFORMATION:
Cash paid for interest	$ 833,515	$ 681,470
Noncash Financing and Inesting Activities:
Assets acquired through the issuance of common stock and liabilities assumed	60,161,629	0
Equipment acquired through related party payable	344,610	0
Accrued equity issuance costs	0	172,200
Accrued debt issuance costs	0	22,904
End of term liability for Oxford Note Payable	0	358,000
Warrants issued in connection with note payable	$ 0	$ 86,300