ADMA Biologics (ADMA) 10-Q 3 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 01, 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	Sep. 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	Q3
Document Fiscal Year Focus	2,017

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Current Assets
Cash and Cash Equivalents	$ 13,601,391	$ 9,914,867
Short-Term Investments	0	5,390,184
Accounts Receivable	1,499,809	1,018,027
Inventories	13,418,971	5,020,146
Prepaid expenses and other current assets	2,078,509	313,914
Assets held for sale	845,389	0
Total Current Assets	31,444,069	21,657,138
Property and equipment, net	29,755,541	2,000,784
Intangible assets, net	5,737,175	0
Goodwill	3,529,509	0
Assets to be transferred under purchase agreement	1,596,493	0
Deposits	750,693	27,163
TOTAL ASSETS	72,813,480	23,685,085
Current Liabilities
Accounts Payable	9,156,341	2,564,681
Accrued Expenses	3,860,121	2,385,356
Current Portion of Note Payable	0	6,111,111
Current Portion of Deferred Revenue	145,154	145,154
Other current liabilities	177,250	16,559
Total Current Liabilities	13,338,866	11,222,861
Notes Payable, Net of Discount	14,534,340	12,321,640
End of Term Liability, Notes Payable	1,790,000	1,790,000
Deferred Revenue, Net of Current Portion	2,582,908	2,690,033
Note payable - related party, net of discount	14,834,696	0
Obligation to transfer assets under purchase agreement	12,621,844	0
Other non-current liabilities	118,318	117,813
TOTAL LIABILITIES	59,820,972	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, 17,202,244 and 12,886,741 shares issued and outstanding	1,722	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	150,700,918	102,476,267
Accumulated Deficit	(137,710,991)	(106,934,818)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)	12,992,508	(4,457,262)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$ 72,813,480	$ 23,685,085

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 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	17,202,244	12,886,741
Common stock, outstanding	17,202,244	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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
REVENUES:
Product revenue	$ 4,693,703	$ 2,902,155	$ 10,650,558	$ 7,226,368
License and other revenue	35,708	35,708	107,125	107,125
Total Revenues	4,729,411	2,937,863	10,757,683	7,333,493
OPERATING EXPENSES
Cost of product revenue (exclusive of amortization expense shown below)	11,291,116	1,735,771	17,241,422	4,346,433
Research and development	1,814,069	1,677,263	4,365,205	7,104,864
Plasma centers	1,582,694	1,482,586	4,662,340	4,057,306
Amortization of intangibles	273,828	0	346,849	0
Selling, general and administrative	4,195,464	1,779,115	12,908,498	5,211,148
TOTAL OPERATING EXPENSES	19,157,171	6,674,735	39,524,314	20,719,751
LOSS FROM OPERATIONS	(14,427,760)	(3,736,872)	(28,766,631)	(13,386,258)
OTHER INCOME (EXPENSE):
Interest income	8,014	11,605	34,440	37,130
Interest expense	(782,969)	(605,972)	(2,043,982)	(1,611,411)
Other income	0	0	0	4,496
OTHER EXPENSE, NET	(774,955)	(594,367)	(2,009,542)	(1,569,785)
NET LOSS	$ (15,202,715)	$ (4,331,239)	$ (30,776,173)	$ (14,956,043)
BASIC AND DILUTED LOSS PER COMMON SHARE	$ (0.59)	$ (0.34)	$ (1.67)	$ (1.26)
WEIGHTED AVERAGE SHARES OUTSTANDING, Basic and Diluted	25,790,805	12,886,741	18,415,468	11,906,276

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - 9 months ended Sep. 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			1,052,970		1,052,970
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
Stock options exercised, Amount	$ 3		7,501		7,504
Stock options exercised, Shares	19,923
Net loss				(30,776,173)	(30,776,173)
Ending Balance, Amount at Sep. 30, 2017	$ 1,722	$ 859	$ 150,700,918	$ (137,710,991)	$ 12,992,508
Ending Balance, Shares at Sep. 30, 2017	17,202,244	8,591,160

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (15,202,715)	$ (4,331,239)	$ (30,776,173)	$ (14,956,043)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	836,071	117,308	1,231,265	351,702
Loss on disposal of fixed assets			4,155	0
Stock-based compensation	505,730	262,963	1,052,970	996,088
Amortization of debt discount			555,568	482,878
Amortization of license revenue			(107,125)	(107,125)
Changes in operating assets and liabilities, net of acquisition:
Accounts receivable			(481,782)	(403,063)
Inventories			(201,472)	(1,171,961)
Prepaid expenses			(969,042)	(370,631)
Other assets			(723,530)	0
Accounts payable			5,228,096	689,366
Accrued expenses			1,277,700	(143,586)
Other current liabilities			(3,775)	(22,920)
Net cash used in operating activities			(23,913,145)	(14,655,295)
CASH FLOWS FROM INVESTING ACTIVITIES:
Sales of short-term investments			5,390,184	0
Purchase of short-term investments			0	(4,658,514)
Purchase of property and equipment			(666,457)	(63,386)
Cash acquired in acquisition transaction			12,500,000	0
Net cash provided by (used in) investing activities			17,223,727	(4,721,900)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on note payable			(4,444,444)	0	$ 0
Proceeds from issuance of common stock, net of offering expenses			0	12,900,541
Proceeds from the exercise of stock options			7,504	0
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)	(47,104)
Payments of leasehold improvement loan			(12,279)	(11,226)
Net cash provided by financing activities			10,375,942	16,842,211
Net increase (decrease) in cash and cash equivalents			3,686,524	(2,534,984)
Cash and cash equivalents - beginning of period			9,914,867	10,440,959	10,440,959
Cash and cash equivalents - end of period	$ 13,601,391	$ 7,905,975	$ 13,601,391	$ 7,905,975	$ 9,914,867

1. ORGANIZATION AND BUSINESS

1. ORGANIZATION AND BUSINESS	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
1. ORGANIZATION AND BUSINESS	ADMA Biologics, Inc. (“ADMA” or the “Company”) is a vertically integrated commercial biopharmaceutical and specialty immunoglobulin company that manufactures, markets and develops specialty plasma-derived 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 disorder or who may be immune-suppressed for medical reasons. ADMA operates through its wholly-owned subsidiaries 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. These facilities have 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 pipeline 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 (Hepatitis B Immune Globulin, Human) and Bivigam (Immune Globulin Intravenous, Human), and a plasma fractionation facility located in Boca Raton, FL (the “Boca Facility”) (the “Biotest Transaction”). In addition to Nabi-HB and Bivigam, BTBU also provides contract manufacturing services for certain clients, including the sale of intermediate by-products. The Boca Facility is FDA-licensed and certified by the GHA. Immediately following the closing of the Biotest Transaction, the Biotest Assets were contributed into ADMA BioManufacturing. Nabi-HB is a hyperimmune globulin that is rich in antibodies to the hepatitis B virus. Nabi-HB is indicated for the treatment of acute exposure to blood containing hepatitis B surface antigen (“HBsAg”), prenatal exposure to infants born to HBsAg-positive mothers, sexual exposure to HBsAg-positive persons and household exposure to persons with acute hepatitis B virus infection. Bivigam is indicated for the treatment of primary humoral immunodeficiency. FDA approval for Bivigam was received on December 19, 2012, and sales commenced in the first quarter of 2013. In December 2016, Biotest temporarily suspended the commercial production of Bivigam in order to focus on the completion of planned improvements to the manufacturing process. Concurrent with the closing of the Biotest Transaction, the Company received an equity infusion from Biotest in the amount of $12.5 million and 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). In addition, BPC committed to participate in any future equity offering or private placement undertaken by the Company in an amount equal to $12.5 million. Prior to the closing of the Biotest Transaction, BTBU was the Company’s third-party manufacturer for RI-002. In the third quarter of 2015, the FDA accepted for review the Company’s Biologics License Application for RI-002 (the “BLA”) for the treatment of PIDD. In July 2016, the FDA issued a Complete Response Letter (the “CRL”) to the Company for the BLA. While the CRL did not cite any concerns with the clinical safety or efficacy data for RI-002 submitted in the BLA, nor did the FDA request any additional clinical studies be completed prior to FDA approval of RI-002, the CRL reaffirmed the issues set forth in the November 2014 warning letter (the “Warning Letter”) that had been issued by the FDA to Biotest related to certain issues identified at the Boca Facility, and also identified certain outstanding inspection issues and deficiencies at the Boca Facility and certain of the Company’s third-party vendors, and requested documentation of corrections for a number of these issues. The FDA indicated in the CRL that it cannot grant final approval of the BLA until, among other things, these deficiencies are resolved. Following the completion of the Biotest Transaction, ADMA now has control over the regulatory, quality, general operations and drug substance manufacturing process at the Boca Facility, and the Company’s highest priority is to remediate the outstanding compliance issues that were identified at the Boca Facility in the Warning Letter. The Company is currently working with a consulting firm consisting of quality management systems and biologics production subject matter experts in preparation for a re-inspection by the FDA in order to improve the FDA inspection classification relative to the Warning Letter compliance issues as indicated in the CRL, and the Company expects to be inspection-ready for the FDA by the end of 2017. Once the Warning Letter status is improved following the FDA inspection, the Company anticipates that it will be in a position to refile its BLA for RI-002 during the middle of 2018. As of September 30, 2017, the Company had working capital of $18.1 million, including $13.6 million of cash and cash equivalents. Based upon the Company’s current projected revenue and expenditures for 2017, including regulatory and consulting fees for the remediation of the Warning Letter and ongoing discussions with the FDA, continuing implementation of the Company’s commercialization and expansion activities and certain other assumptions, the Company’s 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, through the end of the first quarter of 2018. In order to have sufficient cash to fund our operations thereafter and to continue as a going concern, we will need to raise additional equity prior to the end of the first quarter of 2018. These estimates may change based upon how quickly the Company is able to execute on its quality management systems’ remediation plans for the ADMA BioManufacturing operations, commercial manufacturing ramp-up activities and the various financing options being explored. The Company currently has no firm commitments for additional financing other than the equity commitment from Biotest, and there can be no assurances that the Company will be able to secure additional financing on terms that are acceptable to the Company, or at all. 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 remediation efforts, 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 and, in such event, the value and potential future market price of its common stock may decline. 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. Failure to secure any necessary financing in a timely manner and on commercially reasonable terms could have a material adverse effect on the Company’s business plan and financial performance and it could be forced to delay or discontinue its product development, clinical trial or commercialization activities, delay or discontinue the approval efforts for any of the Company’s potential products or potentially cease operations. The Company has reported losses since inception in June 2004 through September 30, 2017 of $137.7 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 related to the recoverability and classification of asset carrying amounts and the classification of liabilities that might be necessary from the outcome of this uncertainty. 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	9 Months Ended
	Sep. 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 September 30, 2017 and its results of operations for the three and nine months ended September 30, 2017 and 2016 and cash flows for the nine months ended September 30, 2017 and 2016. During the three and nine months ended September 30, 2017 and 2016, comprehensive loss was equal to the net loss amounts presented for the respective periods in the accompanying condensed consolidated interim statements of operations. In addition, certain prior year balances have been reclassified to conform to the current presentation. Specifically, the non-current portion of the Company’s deferred rent liability and leasehold improvement loan have been reclassified to other non-current liabilities and the current portion of the Company’s leasehold improvement loan has been reclassified to other current liabilities in the accompanying balance sheet as of December 31, 2016. Operating results for the nine months ended September 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 the variable interest rate on this debt. With respect to the related party note payable in the amount of $15.0 million as of September 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. Accounts receivable Accounts receivable are reported at realizable value, net of allowances for contractual credits and doubtful accounts, which are recognized in the period the related revenue is recorded. At September 30, 2017 and December 31, 2016, a single customer accounted for 58% and 95%, respectively, of the Company’s total accounts receivable. Goodwill Goodwill represents the excess of purchase price over the fair value of net assets acquired by the Company. Goodwill at September 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 nine months ended September 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 September 30, 2017 $ 3,529,509 Goodwill is not amortized, but is 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 unit 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 nine months ended September 30, 2017 and 2016, the Company determined that there was no impairment of its long-lived assets. Revenue recognition Revenues for the nine months ended September 30, 2017 are comprised of (i) revenues from Nabi-HB, (ii) product revenues from the sale of normal source human plasma collected from the Company’s plasma collection centers segment and (iii) license and other revenues 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. Revenue from the sale of Nabi-HB 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. 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 generally 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. For the nine months ended September 30, 2017, two of the Company’s customers, SK Plasma Co., Ltd. (“SK”) and BPC, represented 76% of the Company’s total revenues, with BPC representing approximately 68% of the Company’s total revenues and SK representing approximately 8% of the Company’s total revenues. For the nine months ended September 30, 2016, sales to BPC and SK represented 83% and 12%, 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 Warning Letter for the three and nine months ended September 30, 2017 in the amount of $2.0 million and $2.5 million, respectively, are expensed as incurred and are reflected in cost of product revenue in the accompanying consolidated statements of operations. As the Boca Facility did not resume production until late in the third quarter of 2017, all operating expenses associated with the facility, other than the Nabi-HB production that was capitalized into inventory, 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 (see Note 3) is included in the common stock outstanding as the characteristics of the non-voting class are substantially the same as the voting class of common stock. 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. For the nine months ended September 30, 2017 and 2016, the following securities were excluded from the calculation of diluted loss per common share because of their anti-dilutive effects: For the nine months ended September 30, 2017 2016 Stock options 3,282,792 1,535,187 Warrants 188,859 300,446 3,471,651 1,835,633 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 (see Note 5). During the three and nine ended September 30, 2017, the Company granted stock options to purchase 86,000 and 1,942,595 shares of common stock, respectively, to its directors and employees. During the three and nine months ended September 30, 2016, the Company granted stock options to purchase 0 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 November 2016, the FASB issued ASU No. 2016-18, Restricted Cash 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 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 ADMA will adopt the new standard and related updates effective January 1, 2018, and intends to use the modified retrospective method of adoption. The Company has undertaken an initial impact analysis, which includes reviewing the terms and conditions of ADMA’s existing customer contracts and applying the five discrete criteria required for recognizing revenue as set forth in ASU 2014-09. Based upon its preliminary analysis undertaken through September 30, 2017, the Company currently does not expect the new revenue recognition guidance to have a material impact on its consolidated financial statements, and expects to conclude such analysis by December 31, 2017. The Company continues to monitor additional changes, modifications, clarifications or interpretations being undertaken by the FASB, which may, in conjunction with the completion of the Company’s overall assessment of the new guidance, impact the Company’s current conclusions.

3. ACQUISITION

3. ACQUISITION	9 Months Ended
	Sep. 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, Bivigam, the Boca Facility and certain other assets of BTBU. The acquisition of the Biotest Assets expands the Company’s product offering with two FDA-approved products and provides direct control over the manufacturing and regulatory processes impacting the Company’s RI-002 product candidate, including remediation of the Warning Letter as well as certain other remediation items affecting the Boca Facility. Pursuant to the acquisition, the Company issued to Biotest 4,295,580 voting shares of its common stock and 8,591,160 non-voting shares of common stock. The Company will also transfer ownership of two of its plasma centers to Biotest on January 1, 2019 as additional consideration. 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 intangible assets, as well as the assets held for sale. Some of the valuations and underlying analyses that were performed are preliminary and are subject to change upon finalization of more detailed analyses of the facts and circumstances that existed at the date of the transaction. Any such changes would change the allocation of the purchase price. Therefore, the foregoing purchase price allocation is preliminary and subject to change within the measurement period. 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 $5.8 million in transaction closing costs, which were expensed as incurred as selling, general and administrative expenses in the consolidated statement of operations. For the three and nine months ended September 30, 2017, transaction closing costs amounted to approximately $0.1 million and $3.9 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 Nine Months Ended 2017 2016 2017 2016 Revenues: As reported $ 4,729,411 $ 2,937,863 $ 10,757,683 $ 7,333,493 Proforma $ 4,729,411 $ 19,608,202 $ 29,021,453 $ 63,484,513 Net loss As reported $ (15,202,715 ) $ (4,331,239 ) $ (30,776,173 ) $ (14,956,043 ) Proforma $ (15,202,715 ) $ (21,484,499 ) $ (40,029,464 ) $ (51,967,975 ) Basic and diluted net loss per share: As reported $ (0.59 ) $ (0.34 ) $ (1.67 ) $ (1.26 ) Proforma $ (0.59 ) $ (0.83 ) $ (1.55 ) $ (2.10 )

4. DEBT

4. DEBT	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
4. DEBT	A summary of outstanding senior notes payable is as follows: September 30, 2017 December 31, 2016 Oxford - Gross proceeds $ 20,000,000 $ 20,000,000 Paydown of principal balance (4,444,444 ) — 15,555,556 20,000,000 Less: Debt discount (1,021,216 ) (1,567,249 ) Current portion — (6,111,111 ) Senior notes payable $ 14,534,340 $ 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 provided for customary representations, warranties and covenants for the Company. Except as otherwise amended, the Amended LSA did not alter the terms of the LSA. On October 10, 2017, the Company entered into a Credit Agreement (the “Credit Agreement”) with Marathon Healthcare Finance Fund, L.P. (“Marathon” or the “Lender”) where by the Company received a $30.0 million senior secured term loan from Marathon. A portion of the net proceeds was used to retire all outstanding amounts due under the Amended LSA (see Note 13). Related Party Note Payable A summary of the outstanding related party note payable is as follows: September 30, 2017 December 31, 2016 Biotest - Gross proceeds $ 15,000,000 $ — Less: Debt discount (165,304 ) — Note payable - related party $ 14,834,696 $ — 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 September 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)	9 Months Ended
	Sep. 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. The rights and preferences of the non-voting common stock are substantially similar to those of the common stock. BPC is prohibited, without the prior written consent of the Company’s Board of Directors, from selling or otherwise “Transferring” (as defined in that certain Stockholders Agreement, dated as of June 6, 2017, by and between the Company and BPC (the “Stockholders Agreement”)) such shares of voting common stock and non-voting common stock for six months following the acquisition of BTBU (the “Lock-Up Period”) and is thereafter, for a period of three years from and after the expiration of the Lock-Up Period (the “Standstill Period”), prohibited from selling, or otherwise Transferring, shares of the Company in excess of 15% of the issued and outstanding shares of voting common stock in a 12-month period (calculated on an as-converted basis), subject to certain exceptions set forth in the Stockholders Agreement. The non-voting common stock will (A) automatically convert into voting common stock upon the earliest to occur of the following: (i) the expiration or earlier termination of the Standstill Period, (ii) immediately prior to the consummation of any a Liquidation Event (as defined in the Stockholders Agreement), (iii) immediately prior to a Company Insolvency Matter (as defined in the Company’s Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”)); (B) automatically convert upon the consummation of a Permitted Sale (as defined in the Certificate of Incorporation); and (C) be convertible, at the option of BPC, upon (i) a Market Sale (as defined in the Certificate of Incorporation), and (ii) upon certain Dilutive Issuances (as defined in the 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 $12.9 million, after payment of underwriting discounts and offering expenses of approximately $1.2 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 certain 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 volatility were used for calculating ADMA’s volatility for use in the fair value computation of stock option grants under the Black-Scholes methodology. The following assumptions were used to determine the fair value of options granted during the nine months ended September 30, 2017 and 2016: Nine Months Ended Nine Months Ended September 30, 2017 September 30, 2016 Expected term 5.8 - 6.3 years 5.8 - 6.3 years Volatility 58-64% 51-52% Dividend yield 0.0 0.0 Risk-free interest rate 1.60-2.29% 1.54-1.79% The weighted average remaining contractual life of stock options outstanding and expected to vest at September 30, 2017 is 8.0 years. The weighted average remaining contractual life of stock options exercisable at September 30, 2017 is 5.7 years. A summary of the Company’s option activity under the 2007 Plan and 2014 Plan and related information is as follows: Nine Months Ended September 30, 2017 Shares Weighted Average Exercise Price Outstanding at beginning of period 1,535,187 $ 7.90 Forfeited (87,324 ) $ 8.03 Expired (13,727 ) $ 8.60 Granted 1,942,595 $ 3.76 Exercised (93,939 ) $ 2.68 Outstanding at end of period and expected to vest 3,282,792 $ 5.59 Options exercisable 1,275,001 $ 7.88 During the nine months ended September 30, 2017, an aggregate of 91,139 option shares were exercised in cashless exercise transactions resulting in the issuance of an aggregate of 17,123 shares of common stock, and an aggregate of 2,800 option shares were exercised for cash. Stock-based compensation expense for the three and nine months ended September 30, 2017 and 2016 is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Research and development $ 141,405 $ 95,076 $ 262,822 $ 383,909 Plasma centers 10,341 15,289 36,288 40,044 Selling, general and administrative 331,946 152,598 726,062 572,135 Cost of goods sold 22,038 — 27,798 — Total stock-based compensation expense $ 505,730 $ 262,963 $ 1,052,970 $ 996,088 As of September 30, 2017, the Company had $4.5 million of unrecognized compensation expense related to options granted under the Company’s equity incentive plans, which is expected to be recognized over a weighted-average period of 2.9 years.

6. INVENTORIES

6. INVENTORIES	9 Months Ended
	Sep. 30, 2017
Inventories Abstract
6. INVENTORIES	The following table provides the components of inventories: September 30, December 31, Raw materials $ 10,350,535 $ 5,020,146 Work-in-progress 801,074 — Finished goods 2,267,362 — Total inventories $ 13,418,971 $ 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 September 30, 2017 is comprised of Nabi-HB, recorded at fair value as part of the purchase price allocation of the Biotest Assets acquired. Raw materials includes materials expected to be used in the production of RI-002, as there are alternative uses for these materials. All other activities and materials associated with the production of inventories used in research and development activities are expensed as incurred.

7. INTANGIBLE ASSETS

7. INTANGIBLE ASSETS	9 Months Ended
	Sep. 30, 2017
Intangible Assets
7. INTANGIBLE ASSETS	Intangible assets at September 30, 2017 and December 31, 2016 consist of the following: September 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 $ 185,478 $ 3,914,568 $ — $ — $ — Right to intermediates 907,421 41,050 866,371 — — — Customer contract 1,076,557 120,321 956,236 — — — Total $ 6,084,024 $ 346,849 $ 5,737,175 $ — $ — $ — 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 and nine months ended September 30, 2017 was $0.3 million. Estimated aggregate future aggregate amortization expense for the next five years is expected to be as follows: Remainder of 2017 $ 273,828 2018 1,095,314 2019 1,095,314 2020 816,675 2021 715,352

8. PROPERTY, PLANT AND EQUIPMEN

8. PROPERTY, PLANT AND EQUIPMENT	9 Months Ended
	Sep. 30, 2017
Property, Plant and Equipment [Abstract]
8. PROPERTY, PLANT AND EQUIPMENT	Property, plant and equipment and related accumulated depreciation are summarized as follows: September 30, 2017 December 31, 2016 Manufacturing and laboratory equipment $ 7,901,218 $ 306,411 Office equipment and computer software 726,354 188,277 Furniture and fixtures 473,638 1,030,257 Leasehold improvements 1,473,693 2,699,104 Land 4,339,441 — Buildings 15,660,559 — 30,574,903 4,224,049 Less: Accumulated depreciation and amortization (819,362 ) (2,223,265 ) $ 29,755,541 $ 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	9 Months Ended
	Sep. 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 for the three months ended September 30, 2017 and 2016, and $144,000 for the nine months ended September 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. Effective October 1, 2017, monthly rent on this facility was reduced to $10,000. 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 nine months ended September 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 September 30, 2017, the Company has a $15.0 million subordinated note payable to BPC (see Note 4), and recognized interest expense on this note for the three and nine months ended September 30, 2017 in the amount of $0.2 million and $0.3 million, respectively. For the three and nine months ended September 30, 2017 and 2016, the Company recognized revenues under its out-licensing agreement with Biotest of approximately $36,000 and $0.1 million, respectively. Deferred revenue of $2.7 million and $2.8 million as of September 30, 2017 and December 31, 2016, respectively, 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 nine months ended September 30, 2017 were $2.8 million and $7.3 million, respectively. Plasma sales to Biotest for the three and nine months ended September 30, 2016 were $2.3 million and $6.1 million, respectively. Accounts receivable includes $0.9 million and $1.0 million due from Biotest as of September 30, 2017 and December 31, 2016, respectively. Additionally, Biotest is a supplier of plasma to ADMA, with the Company purchasing approximately $1.7 million and $1.2 million of plasma in the nine months ended September 30, 2017 and 2016, respectively. Included in accounts payable is $1.4 million and approximately $82,000 due to Biotest as of September 30, 2017 and December 31, 2016, respectively. The following table summarizes the related party balances with Biotest: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Sale and purchase of plasma Product revenue $ 2,808,640 $ 2,267,051 $ 7,262,915 $ 6,107,240 Purchases 1,411,500 326,820 1,735,640 1,215,075 License revenue 35,708 35,708 107,125 107,125 Interest expense 230,000 — 290,000 — September 30, December 31, 2017 2016 Accounts receivable $ 876,551 $ 969,675 Prepaid expenses and other current assets 91,222 — Accounts payable 1,393,667 82,427 Accrued expenses 222,671 — Note payable, net of discount 14,834,696 — Accrued interest 290,000 — Deferred revenue 2,725,741 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 September 30, 2017, $0.2 million 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 September 30, 2017 represents the fair value of this obligation.

10. COMMITMENT AND CONTINGENCIE

10. COMMITMENT AND CONTINGENCIES	9 Months Ended
	Sep. 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 July 1, 2017 (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 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 filler agreement The Company has an agreement with a third party to fill and package RI-002. This contract filler is also the only provider approved by the FDA to fill and package Nabi-HB and Bivigam. The Company has been working this contract filler to fill Nabi-HB and Bivigam on an as-needed basis in accordance with the Company’s commercial and production requirements, and expects to continue to be able to do so. The Company has entered into a statement of work which covers the commercial filling of Nabi-HB for the foreseeable future. There can be no assurances, however, that this contract filler will be able to continue to fill and package Nabi-HB and Bivigam on terms that are acceptable to the Company. 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 contemplate 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 and no other breach or default has occurred. Post-marketing commitments In connection with the approval of the BLA for Bivigam, on December 19, 2012 Biotest committed to perform two additional post-marketing studies, a pediatric study to evaluate the efficacy and safety of Bivigam in children and adolescents, and a post-authorization safety study to further assess the potential risk of hypotension and hepatic and renal impairment in Bivigam-treated patients with Primary Humoral Immunodeficiency. These studies are still pending completion, ADMA has assumed the remaining obligations, and the costs of the studies will be expensed as incurred as research and development expenses. The Company currently expects both studies to be completed by the end of 2021. However, the timing of the completion of these studies is dependent upon the availability of Bivigam and the completion of the planned manufacturing process improvements.

11. SEGMENTS

11. SEGMENTS	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
11. SEGMENTS	The Company is engaged in the manufacture, marketing and development of specialty plasma-derived biologics. The Company’s operating segments reflect the consummation of the Biotest Transaction on June 6, 2017 (see Notes 1 and 3), and the nature of its operations subsequent to the close of the transaction. 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 Corporate segment includes general and administrative overhead expenses. 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. Three Months Ended September 30, 2017 ADMA BioManufacturing Plasma Collection Centers Corporate Consolidated Revenues $ 1,879,921 $ 2,813,782 $ 35,708 $ 4,729,411 Cost of product revenue 9,552,128 1,738,988 — 11,291,116 Gross (loss) profit (7,672,207 ) 1,074,794 35,708 (6,561,705 ) Loss from operations (10,532,500 ) (507,900 ) (3,387,360 ) (14,427,760 ) Other expense, net (237,548 ) — (537,407 ) (774,955 ) Net loss (10,770,048 ) (507,900 ) (3,924,767 ) (15,202,715 ) Total assets 55,452,496 3,517,274 13,843,710 72,813,480 Depreciation and amortization expense 723,098 102,263 10,710 836,071 Three Months Ended September 30, 2016 ADMA BioManufacturing Plasma Collection Centers Corporate Consolidated Revenues $ — $ 2,902,155 $ 35,708 $ 2,937,863 Cost of product revenue — 1,735,771 — 1,735,771 Gross profit — 1,166,384 35,708 1,202,092 Loss from operations — (316,202 ) (3,420,670 ) (3,736,872 ) Other expense, net — — (594,367 ) (594,367 ) Net loss — (316,202 ) (4,015,037 ) (4,331,239 ) Total assets — 2,707,636 24,787,750 27,495,386 Depreciation and amortization expense — 103,493 13,815 117,308 Nine Months Ended September 30, 2017 ADMA BioManufacturing Plasma Collection Centers Corporate Consolidated Revenues $ 2,419,144 $ 8,231,414 $ 107,125 $ 10,757,683 Cost of product revenue 12,050,984 5,190,438 — 17,241,422 Gross (loss) profit (9,631,840 ) 3,040,976 107,125 (6,483,739 ) Loss from operations (13,650,801 ) (1,621,364 ) (13,494,466 ) (28,766,631 ) Other expense, net (299,535 ) — (1,710,007 ) (2,009,542 ) Net loss (13,950,336 ) (1,621,364 ) (15,204,473 ) (30,776,173 ) Capital expenditures 360,000 291,194 15,263 666,457 Depreciation and amortization expense 881,496 309,606 40,163 1,231,265 Nine Months Ended September 30, 2016 ADMA BioManufacturing Plasma Collection Centers Corporate Consolidated Revenues $ — $ 7,226,368 $ 107,125 $ 7,333,493 Cost of product revenue — 4,346,433 — 4,346,433 Gross profit — 2,879,935 107,125 2,987,060 Loss from operations — (1,177,371 ) (12,208,887 ) (13,386,258 ) Other expense, net — — (1,569,785 ) (1,569,785 ) Net loss — (1,177,371 ) (13,778,672 ) (14,956,043 ) Capital expenditures — 46,304 17,082 63,386 Depreciation and amortization expense — 311,012 40,690 351,702

12. SUPPLEMENTAL DISCLOSURE OF

12. SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION	9 Months Ended
	Sep. 30, 2017
Supplemental Disclosure Of Cash Flow Information
12. SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION	Supplemental cash flow information for the nine months ended September 30, 2017 and 2016 is as follows: 2017 2016 SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for interest $ 1,217,524 $ 1,104,417 Noncash Financing and Investing Activities: Assets acquired through the issuance of common stock and liabilities assumed $ 60,161,629 $ — Equipment acquired reflected in accounts payable and accrued liabilities $ 1,363,563 $ — End of term liability for Oxford Note Payable $ — $ 358,000 Warrants issued in connection with note payable $ — $ 86,300

13. SUBSEQUENT EVENTS

13. SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
13. SUBSEQUENT EVENTS	On October 10, 2017 (the “Marathon Closing Date”), the Company entered into the Credit Agreement with Marathon and Wilmington Trust, National Association, as the administrative agent for the Lender (the “Administrative Agent”) (see Note 4). The Credit Agreement provides for a senior secured term loan facility in an aggregate amount of up to $40.0 million (collectively, the “Credit Facility”), comprised of (i) a term loan made on the Marathon Closing Date in the principal amount of $30.0 million (the “Tranche One Loan”), and (ii) an additional term loan to be made in the maximum principal amount not to exceed $10.0 million (the “Tranche Two Loan” and, together with the Tranche One Loan, the “Loans”), which Tranche Two Loan availability is subject to the satisfaction of certain conditions, including, but not limited to, those described below. The Loans each have a maturity date of April 10, 2022 (the “Maturity Date”), subject to acceleration pursuant to the Credit Agreement, including upon an Event of Default (as defined in the Credit Agreement). On the Marathon Closing Date, the Company used approximately $17.0 million of the Tranche One Loan to retire and pay in full the Company’s existing credit facility with Oxford and all of the obligations thereunder in accordance with the terms of the LSA, as amended by the Amended LSA, including the end-of-term liability of $1.8 million and prepayment penalties of $0.2 million. The Company also (i) used $5.5 million of the Tranche One Loan to pre-fund a debt service reserve account in accordance with the terms of the Credit Agreement, and (ii) paid diligence fees, legal and other expenses associated with the Credit Facility in the amount of approximately $1.5 million, which fees exclude a deferred facility fee to Marathon equal to 9.20% of the Tranche One Loan payable at maturity. The Company intends to use the remaining approximately $6.0 million of proceeds for the continued remediation of the issues identified in the CRL and the Warning Letter and for general corporate purposes. The obligation of Marathon to make the Tranche Two Loan is subject to the satisfaction of certain conditions related to FDA approval for specified products and the Company’s financial condition, including, without limitation, the following: (a) (i) the FDA must validate the improved manufacturing process of Bivigam and (ii) not less than $500,000 in net revenue must be generated in calendar year 2018 from the sale in the U.S. of Bivigam; or (b) (i) the FDA must approve the commercialization of RI-002 and (ii) not less than $500,000 in net revenue must be generated in calendar year 2019 from the sale in the U.S. of RI-002. On the Marathon Closing Date, the Company issued a promissory note in favor of the Administrative Agent in the principal amount of $30.0 million (the “Tranche One Note”), evidencing the Company’s indebtedness resulting from the Tranche One Loan. Borrowings under the Credit Agreement bear interest at a rate per annum equal to LIBOR plus 9.50% with a 1% LIBOR floor; provided, however, that in the event that the Company achieves sales of not less than $61.7 million for the 2018 calendar year and the Tranche Two Loan has been funded, then the interest rate on the borrowings under the Credit Agreement will decrease to LIBOR plus 7.75% with a 1% LIBOR floor. During an Event of Default under the Credit Agreement, the outstanding amount of indebtedness under the Credit Agreement will bear interest at a rate per annum equal to the interest rate then applicable to the borrowings under the Credit Agreement plus 5% per annum. Quarterly cash interest payments are due the first business day of each March, June, September and December, beginning on December 1, 2017. The Company will pay Marathon a facility fee in an amount equal to 9.20% of the amount funded, payment of which is deferred until the Maturity Date pursuant to the terms of the Credit Agreement. Commencing on October 10, 2020, and on the first business day of each month, the Company is required to make principal payments on the Tranche One Loan (and Tranche Two Loan in the event it shall have been funded) in equal monthly installments over 18 months, subject to certain conditions in the Credit Agreement. The outstanding principal amount of the Loans, together with all accrued interest thereon, is due on the Maturity Date. As consideration for the Credit Agreement, the Company issued warrants to purchase an aggregate of 339,301 shares of the Company’s common stock to the Lender and certain of its affiliates (the “Tranche One Warrants”). The Tranche One Warrants, which the Company valued at $0.6 million, have (i) an exercise price equal to $3.0946, which was the trailing 10-day VWAP of the Company’s common stock prior to the Marathon Closing Date, and (ii) an expiration date of October 10, 2024. The Company issued the Tranche One Warrants in reliance upon an exemption from registration contained in Section 4(2) under the Securities Act of 1933, as amended (the “Securities Act”). The Tranche One Warrants and the shares of common stock issuable thereunder may not be offered, sold, pledged or otherwise transferred in the U.S. absent registration or an applicable exemption from the registration requirements under the Securities Act. Based on the fair value of the Tranche One Warrants, the facility fee and the fees and expenses associated with obtaining the Credit Facility, the effective interest rate on the Tranche One Note is approximately 16.5%. The Company’s obligations under the Credit Agreement are secured by a first-priority lien and security interest in substantially all of the Company’s assets, including a mortgage on the Boca Facility, and those of the Company’s subsidiaries as well as all of the equity interests in each subsidiary. The Credit Agreement contains market representations and warranties, affirmative covenants, negative covenants, financial covenants, and conditions that are customarily required for similar financings. The affirmative covenants, among other things, require the Company to undertake various reporting requirements. The negative covenants restrict or limit the ability of the Company and its subsidiaries to, among other things, incur new indebtedness; create liens on assets; engage in certain fundamental corporate changes or changes to the Company’s business activities; sell or otherwise dispose of assets; repurchase stock, pay dividends; repay certain other indebtedness; engage in certain affiliate transactions; or enter into any other agreements that restrict the Company’s ability to make loan repayments. In addition, the Company may not permit its liquidity, defined in the Credit Agreement as cash held in the debt service reserve account and any other deposit account subject to a control agreement with the Administrative Agent, to be less than $5.5 million at any time. The Credit Agreement also required the establishment of the debt service reserve account. The Company is currently required to maintain a minimum balance in this account of $5.5 million. Upon the satisfaction of certain conditions related to some of the Company’s leased properties, the minimum required balance in the debt service reserve account will be reduced to $4.0 million. The Credit Agreement also contains customary Events of Default which include, among others, non-payment of principal, interest or fees, violation of covenants, inaccuracy of representations and warranties, bankruptcy and insolvency events, material judgments, cross-defaults to material contracts and events constituting a change of control. The occurrence of an Event of Default could result in, among other things, the termination of commitments under the Credit Facility and the declaration that all outstanding Loans are immediately due and payable in whole or in part.

2. SUMMARY OF SIGNIFICANT ACC20

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 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 September 30, 2017 and its results of operations for the three and nine months ended September 30, 2017 and 2016 and cash flows for the nine months ended September 30, 2017 and 2016. During the three and nine months ended September 30, 2017 and 2016, comprehensive loss was equal to the net loss amounts presented for the respective periods in the accompanying condensed consolidated interim statements of operations. In addition, certain prior year balances have been reclassified to conform to the current presentation. Specifically, the non-current portion of the Company’s deferred rent liability and leasehold improvement loan have been reclassified to other non-current liabilities and the current portion of the Company’s leasehold improvement loan has been reclassified to other current liabilities in the accompanying balance sheet as of December 31, 2016. Operating results for the nine months ended September 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 the variable interest rate on this debt. With respect to the related party note payable in the amount of $15.0 million as of September 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.
Accounts receivable	Accounts receivable are reported at realizable value, net of allowances for contractual credits and doubtful accounts, which are recognized in the period the related revenue is recorded. At September 30, 2017 and December 31, 2016, a single customer accounted for 58% and 95%, respectively, of the Company’s total accounts receivable.
Goodwill	Goodwill represents the excess of purchase price over the fair value of net assets acquired by the Company. Goodwill at September 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 nine months ended September 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 September 30, 2017 $ 3,529,509 Goodwill is not amortized, but is 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 unit 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 nine months ended September 30, 2017 and 2016, the Company determined that there was no impairment of its long-lived assets.
Revenue recognition	Revenues for the nine months ended September 30, 2017 are comprised of (i) revenues from Nabi-HB, (ii) product revenues from the sale of normal source human plasma collected from the Company’s plasma collection centers segment and (iii) license and other revenues 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. Revenue from the sale of Nabi-HB 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. 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 generally 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. For the nine months ended September 30, 2017, two of the Company’s customers, SK Plasma Co., Ltd. (“SK”) and BPC, represented 76% of the Company’s total revenues, with BPC representing approximately 68% of the Company’s total revenues and SK representing approximately 8% of the Company’s total revenues. For the nine months ended September 30, 2016, sales to BPC and SK represented 83% and 12%, 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 Warning Letter for the three and nine months ended September 30, 2017 in the amount of $2.0 million and $2.5 million, respectively, are expensed as incurred and are reflected in cost of product revenue in the accompanying consolidated statements of operations. As the Boca Facility did not resume production until late in the third quarter of 2017, all operating expenses associated with the facility, other than the Nabi-HB production that was capitalized into inventory, 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 (see Note 3) is included in the common stock outstanding as the characteristics of the non-voting class are substantially the same as the voting class of common stock. 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. For the nine months ended September 30, 2017 and 2016, the following securities were excluded from the calculation of diluted loss per common share because of their anti-dilutive effects: For the nine months ended September 30, 2017 2016 Stock options 3,282,792 1,535,187 Warrants 188,859 300,446 3,471,651 1,835,633
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 (see Note 5). During the three and nine ended September 30, 2017, the Company granted stock options to purchase 86,000 and 1,942,595 shares of common stock, respectively, to its directors and employees. During the three and nine months ended September 30, 2016, the Company granted stock options to purchase 0 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 November 2016, the FASB issued ASU No. 2016-18, Restricted Cash 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 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 ADMA will adopt the new standard and related updates effective January 1, 2018, and intends to use the modified retrospective method of adoption. The Company has undertaken an initial impact analysis, which includes reviewing the terms and conditions of ADMA’s existing customer contracts and applying the five discrete criteria required for recognizing revenue as set forth in ASU 2014-09. Based upon its preliminary analysis undertaken through September 30, 2017, the Company currently does not expect the new revenue recognition guidance to have a material impact on its consolidated financial statements, and expects to conclude such analysis by December 31, 2017. The Company continues to monitor additional changes, modifications, clarifications or interpretations being undertaken by the FASB, which may, in conjunction with the completion of the Company’s overall assessment of the new guidance, impact the Company’s current conclusions.

2. SUMMARY OF SIGNIFICANT ACC21

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 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 September 30, 2017 $ 3,529,509
Schedule of dilutive securities	For the nine months ended September 30, 2017 2016 Stock options 3,282,792 1,535,187 Warrants 188,859 300,446 3,471,651 1,835,633

3. ACQUISITION (Tables)

3. ACQUISITION (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended 2017 2016 2017 2016 Revenues: As reported $ 4,729,411 $ 2,937,863 $ 10,757,683 $ 7,333,493 Proforma $ 4,729,411 $ 19,608,202 $ 29,021,453 $ 63,484,513 Net loss As reported $ (15,202,715 ) $ (4,331,239 ) $ (30,776,173 ) $ (14,956,043 ) Proforma $ (15,202,715 ) $ (21,484,499 ) $ (40,029,464 ) $ (51,967,975 ) Basic and diluted net loss per share: As reported $ (0.59 ) $ (0.34 ) $ (1.67 ) $ (1.26 ) Proforma $ (0.59 ) $ (0.83 ) $ (1.55 ) $ (2.10 )

4. DEBT (Tables)

4. DEBT (Tables) - Oxford Loan	9 Months Ended
	Sep. 30, 2017
Summary of notes payable	September 30, 2017 December 31, 2016 Oxford - Gross proceeds $ 20,000,000 $ 20,000,000 Paydown of principal balance (4,444,444 ) — 15,555,556 20,000,000 Less: Debt discount (1,021,216 ) (1,567,249 ) Current portion — (6,111,111 ) Senior notes payable $ 14,534,340 $ 12,321,640
Summary of related party notes payable	September 30, 2017 December 31, 2016 Biotest - Gross proceeds $ 15,000,000 $ — Less: Debt discount (165,304 ) — Note payable - related party $ 14,834,696 $ —

5. STOCKHOLDERS_ EQUITY (DEFI24

5. STOCKHOLDERS’ EQUITY (DEFICIT) (Tables)	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Schedule of assumptions	Nine Months Ended Nine Months Ended September 30, 2017 September 30, 2016 Expected term 5.8 - 6.3 years 5.8 - 6.3 years Volatility 58-64% 51-52% Dividend yield 0.0 0.0 Risk-free interest rate 1.60-2.29% 1.54-1.79%
Schedule of stock option activity	Nine Months Ended September 30, 2017 Shares Weighted Average Exercise Price Outstanding at beginning of period 1,535,187 $ 7.90 Forfeited (87,324 ) $ 8.03 Expired (13,727 ) $ 8.60 Granted 1,942,595 $ 3.76 Exercised (93,939 ) $ 2.68 Outstanding at end of period and expected to vest 3,282,792 $ 5.59 Options exercisable 1,275,001 $ 7.88
Stock-based compensation expense	Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Research and development $ 141,405 $ 95,076 $ 262,822 $ 383,909 Plasma centers 10,341 15,289 36,288 40,044 Selling, general and administrative 331,946 152,598 726,062 572,135 Cost of goods sold 22,038 — 27,798 — Total stock-based compensation expense $ 505,730 $ 262,963 $ 1,052,970 $ 996,088

6. INVENTORIES (Tables)

6. INVENTORIES (Tables)	9 Months Ended
	Sep. 30, 2017
Inventories Tables
Schedule of inventory	September 30, December 31, Raw materials $ 10,350,535 $ 5,020,146 Work-in-progress 801,074 — Finished goods 2,267,362 — Total inventories $ 13,418,971 $ 5,020,146

7. INTANGIBLE ASSETS (Tables)

7. INTANGIBLE ASSETS (Tables)	9 Months Ended
	Sep. 30, 2017
Intangible Assets Tables
Schedule of intangible assets	September 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 $ 185,478 $ 3,914,568 $ — $ — $ — Right to intermediates 907,421 41,050 866,371 — — — Customer contract 1,076,557 120,321 956,236 — — — Total $ 6,084,024 $ 346,849 $ 5,737,175 $ — $ — $ —
Intangible asset future aggregate amortization expense	Remainder of 2017 $ 273,828 2018 1,095,314 2019 1,095,314 2020 816,675 2021 715,352

8. PROPERTY, PLANT AND EQUIPM27

8. PROPERTY, PLANT AND EQUIPMENT (Tables)	9 Months Ended
	Sep. 30, 2017
Property Plant And Equipment Tables
Schedule of property, plant and equipment	September 30, 2017 December 31, 2016 Manufacturing and laboratory equipment $ 7,901,218 $ 306,411 Office equipment and computer software 726,354 188,277 Furniture and fixtures 473,638 1,030,257 Leasehold improvements 1,473,693 2,699,104 Land 4,339,441 — Buildings 15,660,559 — 30,574,903 4,224,049 Less: Accumulated depreciation and amortization (819,362 ) (2,223,265 ) $ 29,755,541 $ 2,000,784

9. RELATED PARTY TRANSACTIONS (

9. RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2017
Related Party Transactions Tables
Schedule of related party transactions	Three Months Ended Nine Months Ended 2017 2016 2017 2016 Sale and purchase of plasma Product revenue $ 2,808,640 $ 2,267,051 $ 7,262,915 $ 6,107,240 Purchases 1,411,500 326,820 1,735,640 1,215,075 License revenue 35,708 35,708 107,125 107,125 Interest expense 230,000 — 290,000 — September 30, December 31, 2017 2016 Accounts receivable $ 876,551 $ 969,675 Prepaid expenses and other current assets 91,222 — Accounts payable 1,393,667 82,427 Accrued expenses 222,671 — Note payable, net of discount 14,834,696 — Accrued interest 290,000 — Deferred revenue 2,725,741 2,832,867

11. SEGMENTS (Tables)

11. SEGMENTS (Tables)	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Summarized segment financial information	Three Months Ended September 30, 2017 ADMA BioManufacturing Plasma Collection Centers Corporate Consolidated Revenues $ 1,879,921 $ 2,813,782 $ 35,708 $ 4,729,411 Cost of product revenue 9,552,128 1,738,988 — 11,291,116 Gross (loss) profit (7,672,207 ) 1,074,794 35,708 (6,561,705 ) Loss from operations (10,532,500 ) (507,900 ) (3,387,360 ) (14,427,760 ) Other expense, net (237,548 ) — (537,407 ) (774,955 ) Net loss (10,770,048 ) (507,900 ) (3,924,767 ) (15,202,715 ) Total assets 55,452,496 3,517,274 13,843,710 72,813,480 Depreciation and amortization expense 723,098 102,263 10,710 836,071 Three Months Ended September 30, 2016 ADMA BioManufacturing Plasma Collection Centers Corporate Consolidated Revenues $ — $ 2,902,155 $ 35,708 $ 2,937,863 Cost of product revenue — 1,735,771 — 1,735,771 Gross profit — 1,166,384 35,708 1,202,092 Loss from operations — (316,202 ) (3,420,670 ) (3,736,872 ) Other expense, net — — (594,367 ) (594,367 ) Net loss — (316,202 ) (4,015,037 ) (4,331,239 ) Total assets — 2,707,636 24,787,750 27,495,386 Depreciation and amortization expense — 103,493 13,815 117,308 Nine Months Ended September 30, 2017 ADMA BioManufacturing Plasma Collection Centers Corporate Consolidated Revenues $ 2,419,144 $ 8,231,414 $ 107,125 $ 10,757,683 Cost of product revenue 12,050,984 5,190,438 — 17,241,422 Gross (loss) profit (9,631,840 ) 3,040,976 107,125 (6,483,739 ) Loss from operations (13,650,801 ) (1,621,364 ) (13,494,466 ) (28,766,631 ) Other expense, net (299,535 ) — (1,710,007 ) (2,009,542 ) Net loss (13,950,336 ) (1,621,364 ) (15,204,473 ) (30,776,173 ) Capital expenditures 360,000 291,194 15,263 666,457 Depreciation and amortization expense 881,496 309,606 40,163 1,231,265 Nine Months Ended September 30, 2016 ADMA BioManufacturing Plasma Collection Centers Corporate Consolidated Revenues $ — $ 7,226,368 $ 107,125 $ 7,333,493 Cost of product revenue — 4,346,433 — 4,346,433 Gross profit — 2,879,935 107,125 2,987,060 Loss from operations — (1,177,371 ) (12,208,887 ) (13,386,258 ) Other expense, net — — (1,569,785 ) (1,569,785 ) Net loss — (1,177,371 ) (13,778,672 ) (14,956,043 ) Capital expenditures — 46,304 17,082 63,386 Depreciation and amortization expense — 311,012 40,690 351,702

12. SUPPLEMENTAL DISCLOSURE O30

12. SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2017
Supplemental Disclosure Of Cash Flow Information Tables
Schedule of supplemental cash flow information	2017 2016 SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for interest $ 1,217,524 $ 1,104,417 Noncash Financing and Investing Activities: Assets acquired through the issuance of common stock and liabilities assumed $ 60,161,629 $ — Equipment acquired reflected in accounts payable and accrued liabilities $ 1,363,563 $ — 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 ($)	Sep. 30, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Cash and cash equivalents	$ 13,601,391	$ 9,914,867
Accumulated deficit	$ (137,710,991)	$ (106,934,818)

2. SUMMARY OF SIGNIFICANT ACC32

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	9 Months Ended
	Sep. 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 ACC33

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - shares	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Potentially dilutive securities	3,471,651	1,835,633
Stock Options
Potentially dilutive securities	3,282,792	1,535,187
Warrants
Potentially dilutive securities	188,859	300,446

2. SUMMARY OF SIGNIFICANT ACC34

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Summary Of Significant Accounting Policies Details Narrative
Options issued to employees and directors	86,000	0	1,942,595	100,984

3. ACQUISITION (Details)

3. ACQUISITION (Details)	9 Months Ended
	Sep. 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 ($)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues:
As reported	$ 4,729,411	$ 2,937,863	$ 10,757,683	$ 7,333,493
Proforma	4,729,411	19,608,202	29,021,453	63,484,513
Net loss
As reported	(15,202,715)	(4,331,239)	(30,776,173)	(14,956,043)
Proforma	$ (15,202,715)	$ (21,484,499)	$ (40,029,464)	$ (51,967,975)
Basic and diluted net loss per share:
As reported	$ (0.59)	$ (0.34)	$ (1.67)	$ (1.26)
Proforma	$ (.59)	$ (.83)	$ (1.55)	$ (2.10)

3. ACQUISITION (Details Narrati

3. ACQUISITION (Details Narrative) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017
Acquisition Details Narrative
Transaction closing costs	$ 100,000	$ 3,900,000

4. DEBT (Details)

4. DEBT (Details) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Debt Details
Oxford - Gross proceeds	$ 20,000,000		$ 20,000,000
Paydown of principal balance	(4,444,444)	$ 0	0
Net Proceeds	15,555,556		20,000,000
Less:
Debt discount	(1,021,216)		(1,567,249)
Current portion	0		(6,111,111)
Notes Payable	$ 14,534,340		$ 12,321,640

4. DEBT (Details 1)

4. DEBT (Details 1) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Debt Details 1
Biotest - Gross proceeds	$ 15,000,000	$ 0	$ 0
Less:
Debt discount	(165,304)		0
Note payable - related party	$ 14,834,696		$ 0

5. STOCKHOLDERS_ EQUITY (DEFI41

5. STOCKHOLDERS’ EQUITY (DEFICIT) (Details)	9 Months Ended
	Sep. 30, 2017	Sep. 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	58.00%	51.00%
Volatility, maximum	64.00%	52.00%
Dividend yield	0.00%	0.00%
Risk-free interest rate, minimum	1.60%	1.54%
Risk-free interest rate, maximum	2.29%	1.79%

5. STOCKHOLDERS' EQUITY (DEFICI

5. STOCKHOLDERS' EQUITY (DEFICIT) (Details 1)	9 Months Ended
	Sep. 30, 2017$ / sharesshares
Shares
Outstanding at beginning of period | shares	1,535,187
Forfeited | shares	(87,324)
Expired | shares	(13,727)
Granted | shares	1,942,595
Exercised | shares	(93,939)
Outstanding at end of period and expected to vest | shares	3,282,792
Options exercisable | shares	1,275,001
Weighted Average Exercise Price
Outstanding at beginning of period | $ / shares	$ 7.90
Forfeited | $ / shares	8.03
Expired | $ / shares	8.60
Granted | $ / shares	3.76
Exercised | $ / shares	2.68
Outstanding at end of period and expected to vest | $ / shares	5.59
Options exercisable | $ / shares	$ 7.88

5. STOCKHOLDERS' EQUITY (DEFI43

5. STOCKHOLDERS' EQUITY (DEFICIT) (Details 2) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Total stock-based compensation expense	$ 505,730	$ 262,963	$ 1,052,970	$ 996,088
Research and development
Total stock-based compensation expense	141,405	95,076	262,822	383,909
Plasma centers
Total stock-based compensation expense	10,341	15,289	36,288	40,044
Selling, general and administrative
Total stock-based compensation expense	331,946	152,598	726,062	572,135
Cost of goods sold
Total stock-based compensation expense	$ 22,038	$ 0	$ 27,798	$ 0

6. INVENTORIES (Details)

6. INVENTORIES (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Inventories Details
Raw materials	$ 10,350,535	$ 5,020,146
Work-in-progress	801,074	0
Finished goods	2,267,362	0
Total inventories	$ 13,418,971	$ 5,020,146

7. INTANGIBLE ASSETS (Details)

7. INTANGIBLE ASSETS (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Cost	$ 6,084,024	$ 0
Accumulated Amortization	346,849	0
Net	5,737,175	0
Trademark and other intangible rights related to Nabi-HB®
Cost	4,100,046	0
Accumulated Amortization	185,478	0
Net	3,914,568	0
Right to intermediates
Cost	907,421	0
Accumulated Amortization	41,050	0
Net	866,371	0
Customer contract
Cost	1,076,557	0
Accumulated Amortization	120,321	0
Net	$ 956,236	$ 0

7. INTANGIBLE ASSETS (Details 1

7. INTANGIBLE ASSETS (Details 1)	Sep. 30, 2017USD ($)
Intangible Assets Details 1
Remainder of 2017	$ 273,828
2,018	1,095,314
2,019	1,095,314
2,020	816,675
2,021	$ 715,352

8. PROPERTY, PLANT AND EQUIPM47

8. PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Property, plant and equipments, gross	$ 30,574,903	$ 4,224,049
Less: Accumulated depreciation and amortization	(819,362)	(2,223,265)
Property, plant and equipments, net	29,755,541	2,000,784
Manufacturing and laboratory equipment
Property, plant and equipments, gross	7,901,218	306,411
Office equipment and computer software
Property, plant and equipments, gross	726,354	188,277
Furniture and fixtures
Property, plant and equipments, gross	473,638	1,030,257
Leasehold improvements
Property, plant and equipments, gross	1,473,693	2,699,104
Land
Property, plant and equipments, gross	4,339,441	0
Buildings
Property, plant and equipments, gross	$ 15,660,559	$ 0

9. RELATED PARTY TRANSACTIONS48

9. RELATED PARTY TRANSACTIONS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Sale and purchase of plasma
Product revenue	$ 2,808,640	$ 2,267,051	$ 7,262,915	$ 6,107,240
Purchases	1,411,500	326,820	1,735,640	1,215,075
License revenue	35,708	35,708	107,125	107,125
Interest expense	230,000	$ 0	290,000	$ 0
Accounts receivable	876,551		876,551		$ 969,675
Prepaid expenses and other current assets	91,222		91,222		0
Accounts payable	1,393,667		1,393,667		82,427
Accrued expenses	222,671		222,671		0
Note payable, net of discount	14,834,696		14,834,696		0
Accrued interest	290,000		290,000		0
Deferred revenue	$ 2,725,741		$ 2,725,741		$ 2,832,867

11. SEGMENTS (Details)

11. SEGMENTS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues	$ 4,729,411	$ 2,937,863	$ 10,757,683	$ 7,333,493
Cost of product revenue	11,291,116	1,735,771	17,241,422	4,346,433
Gross (loss) profit	(6,561,705)	1,202,092	(6,483,739)	2,987,060
Loss from operations	(14,427,760)	(3,736,872)	(28,766,631)	(13,386,258)
Other expense, net	(774,955)	(594,367)	(2,009,542)	(1,569,785)
Net loss	(15,202,715)	(4,331,239)	(30,776,173)	(14,956,043)
Total assets	72,813,480	27,495,386
Capital expenditures			666,457	63,386
Depreciation and amortization expense	836,071	117,308	1,231,265	351,702
ADMA BioManufacturing
Revenues	1,879,921	0	2,419,144	0
Cost of product revenue	9,552,128	0	12,050,984	0
Gross (loss) profit	(7,672,207)	0	(9,631,840)	0
Loss from operations	(10,532,500)	0	(13,650,801)	0
Other expense, net	(237,548)	0	(299,535)	0
Net loss	(10,770,048)	0	(13,950,336)	0
Total assets	55,452,496	0
Capital expenditures			360,000	0
Depreciation and amortization expense	723,098	0	881,496	0
Plasma Collection Center Member
Revenues	2,813,782	2,902,155	8,231,414	7,226,368
Cost of product revenue	1,738,988	1,735,771	5,190,438	4,346,433
Gross (loss) profit	1,074,794	1,166,384	3,040,976	2,879,935
Loss from operations	(507,900)	(316,202)	(1,621,364)	(1,177,371)
Other expense, net	0	0	0	0
Net loss	(507,900)	(316,202)	(1,621,364)	(1,177,371)
Total assets	3,517,274	2,707,636
Capital expenditures			291,194	46,304
Depreciation and amortization expense	102,263	103,493	309,606	311,012
Corporate Member
Revenues	35,708	35,708	107,125	107,125
Cost of product revenue	0	0	0	0
Gross (loss) profit	35,708	35,708	107,125	107,125
Loss from operations	(3,387,360)	(3,420,670)	(13,494,466)	(12,208,887)
Other expense, net	(537,407)	(594,367)	(1,710,007)	(1,569,785)
Net loss	(3,924,767)	(4,015,037)	(15,204,473)	(13,778,672)
Total assets	13,843,710	24,787,750
Capital expenditures			15,263	17,082
Depreciation and amortization expense	$ 10,710	$ 13,815	$ 40,163	$ 40,690

12. SUPPLEMENTAL DISCLOSURE O50

12. SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION (Details) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
SUPPLEMENTAL INFORMATION:
Cash paid for interest	$ 1,217,524	$ 1,104,417
Noncash Financing and Inesting Activities:
Assets acquired through the issuance of common stock and liabilities assumed	60,161,629	0
Equipment acquired reflected in accounts payable and accrued liabilities	1,363,563	0
End of term liability for Oxford Note Payable	0	358,000
Warrants issued in connection with note payable	$ 0	$ 86,300