ADMA Biologics (ADMA) 10-Q 9 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 05, 2018
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, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding		46,351,243
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,018

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 42,367,489	$ 43,107,574
Accounts receivable, net	4,126,794	3,880,154
Inventories	13,877,434	12,628,181
Prepaid expenses and other current assets	2,131,035	2,050,740
Restricted cash	0	1,500,000
Total current assets	62,502,752	63,166,649
Property and equipment, net	30,362,629	30,466,858
Intangible assets, net	4,215,646	4,849,350
Goodwill	3,529,509	3,529,509
Assets to be transferred under purchase agreement	1,204,391	1,496,410
Restricted cash	4,000,000	4,000,000
Deposits and other assets	530,173	510,057
TOTAL ASSETS	106,345,100	108,018,833
Current liabilities
Accounts payable	5,267,683	5,920,873
Accrued expenses and other current liabilities	4,453,027	3,376,476
Current portion of deferred revenue	142,834	142,834
Current portion of capital lease obligation	29,443	0
Total current liabilities	9,892,987	9,440,183
Notes payable, net of discount	26,153,543	25,368,458
End of term liability, notes payable	2,760,000	2,760,000
Deferred revenue, net of current portion	2,440,074	2,547,199
Note payable - related party, net of discount	14,865,981	14,842,396
Obligation to transfer assets under purchase agreement	12,621,844	12,621,844
Capital lease obligation	126,765	0
Other non-current liabilities	277,692	105,996
TOTAL LIABILITIES	69,138,886	67,686,076
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred Stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding	0	0
Common Stock - voting, $0.0001 par value, 75,000,000 shares authorized, 46,351,243 and 36,725,499 shares issued and outstanding	4,635	3,673
Common Stock - non-voting, $0.0001 par value, 8,591,160 shares authorized, 0 and 8,591,160 shares issued and outstanding	0	859
Additional Paid-In Capital	235,600,830	191,022,018
Accumulated Deficit	(198,399,251)	(150,693,793)
TOTAL STOCKHOLDERS' EQUITY	37,206,214	40,332,757
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 106,345,100	$ 108,018,833

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2018	Dec. 31, 2017
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	46,351,243	36,725,499
Common stock, outstanding	46,351,243	36,725,499
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	0	8,591,160
Non-voting common stock, outstanding	0	8,591,160

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
REVENUES:
Product revenue	$ 4,194,602	$ 4,693,703	$ 12,821,741	$ 10,650,558
License and other revenue	35,708	35,708	107,125	107,125
Total Revenues	4,230,310	4,729,411	12,928,866	10,757,683
OPERATING EXPENSES
Cost of product revenue (exclusive of amortization expense shown below)	9,164,109	11,291,116	31,052,519	17,241,422
Research and development	1,317,234	1,814,069	4,071,040	4,365,205
Plasma centers	1,973,338	1,582,694	5,545,240	4,662,340
Amortization of intangibles	211,235	273,828	633,704	346,849
Selling, general and administrative	5,355,794	4,195,464	15,367,647	12,908,498
TOTAL OPERATING EXPENSES	18,021,710	19,157,171	56,670,150	39,524,314
LOSS FROM OPERATIONS	(13,791,400)	(14,427,760)	(43,741,284)	(28,766,631)
OTHER INCOME (EXPENSE):
Interest income	75,581	8,014	135,197	34,440
Interest expense	(1,402,475)	(782,969)	(4,084,815)	(2,043,982)
Other (expense) income	(17,191)	0	(14,556)	0
OTHER EXPENSE, NET	(1,344,085)	(774,955)	(3,964,174)	(2,009,542)
NET LOSS	$ (15,135,485)	$ (15,202,715)	$ (47,705,458)	$ (30,776,173)
BASIC AND DILUTED LOSS PER COMMON SHARE	$ (0.33)	$ (0.59)	$ (1.06)	$ (1.67)
WEIGHTED AVERAGE SHARES OUTSTANDING, Basic and Diluted	46,350,392	25,790,805	44,796,986	18,415,468

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - 9 months ended Sep. 30, 2018 - USD ($)	Common Stock	Non-Voting Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning Balance, Amount at Dec. 31, 2017	$ 3,673	$ 859	$ 191,022,018	$ (150,693,793)	$ 40,332,757
Beginning Balance, Shares at Dec. 31, 2017	36,725,499	8,591,160
Stock-based compensation			1,627,756		1,627,756
Issuance of common stock, net of offering expenses, Amount	$ 962		42,943,869		42,944,831
Issuance of common stock, net of offering expenses, Shares	9,623,430
Retirement of Non-voting common stock, Amount		$ (859)	859
Retirement of Non-voting common stock, Shares		(8,591,160)
Stock options exercised, Amount			6,328		6,328
Stock options exercised, Shares	2,314
Net loss				(47,705,458)	(47,705,458)
Ending Balance, Amount at Sep. 30, 2018	$ 4,635	$ 0	$ 235,600,830	$ (198,399,251)	$ 37,206,214
Ending Balance, Shares at Sep. 30, 2018	46,351,243	0

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (15,135,485)	$ (15,202,715)	$ (47,705,458)	$ (30,776,173)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	847,057	836,071	2,522,496	1,231,265
Loss on disposal of fixed assets			13,200	4,155
Stock-based compensation	577,581	505,730	1,627,756	1,052,970
Amortization of debt discount			808,671	555,568
Amortization of license revenue			(107,125)	(107,125)
Changes in operating assets and liabilities, net of acquisition:
Accounts receivable			(246,640)	(481,782)
Inventories			(1,249,253)	(201,472)
Prepaid expenses and other current assets			(80,295)	(969,042)
Other assets			(20,116)	(723,530)
Accounts payable			(653,190)	5,228,096
Accrued expenses			1,013,003	1,277,700
Other current and non-current liabilities			191,393	(3,775)
Net cash used in operating activities			(43,885,558)	(23,913,145)
CASH FLOWS FROM INVESTING ACTIVITIES:
Sales of short-term investments			0	5,390,184
Purchase of property and equipment			(1,276,594)	(666,457)
Cash acquired in acquisition transaction			0	12,500,000
Net cash provided by (used in) investing activities			(1,276,594)	17,223,727
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on note payable			0	(4,444,444)
Proceeds from issuance of common stock, net of offering expenses			42,944,831	0
Proceeds from the exercise of stock options			6,328	7,504
Proceeds from issuance of related party note payable			0	15,000,000	$ 15,000,000
Payment of debt issuance costs			0	(174,839)
Payments on capital lease obligations			(9,395)	0
Payments of leasehold improvement loan			(19,697)	(12,279)
Net cash provided by financing activities			42,922,067	10,375,942
Net increase in cash and cash equivalents			(2,240,085)	3,686,524
Cash and cash equivalents, including restricted cash - beginning of period			48,607,574	9,914,867	9,914,867
Cash and cash equivalents, including restricted cash - end of period	$ 46,367,489	$ 13,601,391	$ 46,367,489	$ 13,601,391	$ 48,607,574

1. ORGANIZATION AND BUSINESS

1. ORGANIZATION AND BUSINESS	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
1. ORGANIZATION AND BUSINESS	ADMA Biologics, Inc. (“ADMA” or the “Company”) is a vertically integrated commercial biopharmaceutical company that manufactures, markets and develops specialty plasma-derived biologics for the treatment of Primary Immune Deficiency Disease (“PIDD”) and the prevention and treatment 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 Bio Centers”). 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 Bio Centers is the Company’s source plasma collection business, with facilities located in Norcross, GA, Marietta, GA and Kennesaw, GA. All three of the Company’s plasma collection facilities have approved licenses with the U.S. Food and Drug Administration (the “FDA”) and the Norcross, GA and Marietta, GA facilities have certifications from the German Health Authority (the “GHA”) and the Korean Ministry of Food and Drug Safety. As discussed in Note 3, on June 6, 2017, ADMA completed the acquisition of certain assets (the “Biotest Assets”) of BTBU, which include 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. FDA approval for Nabi-HB was received on March 24, 1999. Under ADMA’s leadership, the production of Nabi-HB resumed during the third quarter of 2017, resulting in subsequent commercial sales. 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. ADMA resumed production of BIVIGAM during the fourth quarter of 2017. The Company submitted a Prior Approval Supplement (the “PAS”) for BIVIGAM to amend the FDA-approved Biologics License Application (“BLA”) for BIVIGAM and once approved, ADMA intends to relaunch BIVIGAM in the United States. The Prescription Drug User Fee Act (“PDUFA”) target action date for the PAS is December 18, 2018. The BIVIGAM inventory of three conformance batches produced in the fourth quarter of 2017 and the first quarter of 2018 was used in connection with, and as the basis for, the prepared and submitted PAS, which was accepted for review by the FDA in July 2018. Upon approval of the PAS by the FDA, the Company intends to relaunch BIVIGAM. This relaunch is expected to take place during the first half of 2019, at which time the Company believes the conformance lots currently in inventory can be labeled and will be available for commercial sale. The anticipated relaunch of BIVIGAM is dependent upon the timing of certain FDA decisions, production slots available with the Company’s contract fill/finish provider as well as other commercial requirements and regulatory factors. 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 BLA for RI-002 (the “RI-002 BLA”) for the treatment of PIDD. In July 2016, the FDA issued a Complete Response Letter (the “CRL”) to the Company for the RI-002 BLA. Although the CRL did not cite any concerns with the clinical safety or efficacy data for RI-002 submitted in the RI-002 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 compliance 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. Upon the completion of the Biotest Transaction, ADMA gained control over the regulatory, quality, general operations and drug substance manufacturing process at the Boca Facility, and the Company’s highest priority has been the remediation of the outstanding compliance issues that were identified at the Boca Facility in the Warning Letter. The Company has been working with a consulting firm consisting of quality management systems and biologics production subject matter experts in order to improve the FDA inspection classification relative to the Warning Letter compliance issues as indicated in the CRL. Based on communication received from the FDA in July 2018 following the April 2018 FDA inspection, the Company has determined that the April 2018 compliance inspection of the Boca Facility has been successfully closed out. The Company responded to the CRL and resubmitted the RI-002 BLA on September 28, 2018. As part of the RI-002 BLA resubmission, ADMA produced three conformance batches of inventory during the first quarter of 2018, which was used in connection with such BLA submission. The Company believes that this RI-002 inventory can be used for commercial sale once the RI-002 BLA is approved by the FDA. In October 2018, the FDA acknowledged receipt of the Company’s RI-002 BLA resubmission and set a target action date under PDUFA of April 2, 2019. Upon approval of the RI-002 BLA by the FDA, the Company intends to commercialize RI-002 during the first half of 2019, with a full commercial launch anticipated for the second half of 2019. As of September 30, 2018, the Company had working capital of $52.6 million, including $42.4 million of cash and cash equivalents. Based upon the Company’s current projected revenue and expenditures, including capital expenditures and regulatory and consulting fees for the remediation of the Warning Letter and ongoing discussions with the FDA, as well as 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 $10.0 million it is able to access under its senior credit facility, will be sufficient to fund ADMA’s operations, as currently conducted, into the second quarter of 2019. In order to have sufficient cash to fund its operations thereafter and to continue as a going concern, the Company will need to raise capital prior to the end of the second quarter of 2019. 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, timing of receipt of communications, determinations and feedback from the FDA regarding inspectional outcomes and remediation activities undertaken to date, commercial manufacturing ramp-up activities and the various financing options available to the Company. The Company currently has no firm commitments for additional financing, 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, regulatory review processes and 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 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 additional 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, 2018 of $198.4 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 and commercial programs and to 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 if the Company is unable to continue as a going concern. In June 2018, the Company completed an underwritten public offering of its common stock and received net proceeds of $42.9 million (see Note 5). 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, 2018
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 notes thereto as of and for the year ended December 31, 2017 included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 29, 2018. 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 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, 2018 and its results of operations for the three and nine months ended September 30, 2018 and 2017 and cash flows for the nine months ended September 30, 2018 and 2017. During the three and nine months ended September 30, 2018 and 2017, comprehensive loss was equal to the net loss amounts presented for the respective periods in the accompanying condensed consolidated statements of operations. In addition, certain prior year balances have been reclassified to conform to the current presentation. Specifically, Other current liabilities at December 31, 2017 of approximately $58,000 have been reclassified into Accrued expenses and other current liabilities in the accompanying consolidated balance sheets. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full fiscal year. 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, the valuation of inventory and assumptions used in the fair value determination of stock-based compensation 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 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 Company’s senior secured term loan (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, 2018 which is held by a principal stockholder of the Company and was issued concurrent with an acquisition transaction with an affiliate of such stockholder (see Note 4), 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, 2018, four customers accounted for an aggregate of 93% of the Company’s total accounts receivable, and at December 31, 2017, two customers accounted for approximately 79% of the Company’s total accounts receivable. Inventories Inventories, including plasma intended for resale and plasma intended for internal use in the Company's research and development and future anticipated commercialization activities, are carried at the lower of cost or net realizable value determined by the first-in, first-out method. Research and development plasma used in engineering lots or clinical trials is processed to a finished product and subsequently expensed to research and development. Although the Company expects that the BIVIGAM and RI-002 inventory produced during 2017 and 2018 will ultimately be available for commercial sale, due to uncertainties at the time of production surrounding the timing and outcome of any FDA determinations concerning the Warning Letter and the PAS that must be approved by the FDA prior to this inventory being available for commercial sale, all costs related to the production of BIVIGAM during the nine months ended September 30, 2018 in the amount of $1.1 million have been charged to cost of product revenue in the accompanying consolidated statement of operations. In addition, the costs related to the manufacture of conformance lots of RI-002 during the nine months ended September 30, 2018 in the amount of $2.9 million were also charged to cost of product revenue. Goodwill Goodwill represents the excess of purchase price over the fair value of net assets acquired by the Company. Goodwill at September 30, 2018 and December 31, 2017 was $3.5 million. All of the Company’s goodwill is attributable to its ADMA BioManufacturing business segment. 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 goodwill impairment test by comparing the fair value of the reporting unit to its carrying value. An impairment charge is recorded to the extent the reporting unit’s carrying value exceeds its fair value, not to exceed the total amount of goodwill allocated to that reporting unit. 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 three and nine months ended September 30, 2018 and 2017, the Company determined that there was no impairment of its long-lived assets. Revenue recognition Revenue from the sale of Nabi-HB is recognized when the product reaches the customer’s destination. Nabi-HB revenue is recorded net of estimated customer prompt pay discounts and contractual allowances in accordance with managed care agreements, including wholesaler chargebacks, rebates, customer returns and other wholesaler fees. For 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. 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 delivery. License and other revenues are primarily attributable to the out-licensing of RI-002 to Biotest to market and sell this product 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. For the nine months ended September 30, 2018, three customers represented an aggregate of 90% of the Company’s consolidated revenues, with BPC representing 54% of the Company’s consolidated revenues and the other two customers representing an aggregate of 35% of the Company’s consolidated revenues. For the nine months ended September 30, 2017, sales to BPC represented 68% of the Company’s consolidated revenues, and another customer represented 8% 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. Expenses associated with remediating the issues identified in the Warning Letter for the three and nine months ended September 30, 2018 were approximately $0.1 million and $1.3 million, respectively, and are reflected in cost of product revenue in the accompanying consolidated statements of operations. For the three and nine months ended September 30, 2017, these expenses totaled $2.0 million and $2.5 million. I Loss per common share Basic loss per common 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 common share, the non-voting class of common stock (see Notes 3 and 5) 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 loss per common 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 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 is excluded from the diluted loss per common share computation to the extent that it would be anti-dilutive. As a result, no potentially dilutive securities are included in the computation of any of the accompanying diluted loss per share amounts as the Company reported a net loss for all periods presented. For the nine months ended September 30, 2018 and 2017, the following securities were excluded from the calculation of diluted loss per common share because of their anti-dilutive effects: For the Three and Nine Months Ended September 30, 2018 2017 Stock options 4,278,324 3,282,792 Warrants 528,160 188,859 4,806,484 3,471,651 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 months ended September 30, 2018, the Company granted options to purchase an aggregate of 61,800 and 1,044,700 shares of common stock, respectively, to its directors and employees, and during the nine months ended September 30, 2018, the Company granted options to purchase 20,000 shares of common stock to a third party service provider. During the three and nine months ended September 30, 2017, the Company granted options to purchase an aggregate of 86,000 and 1,942,595 shares of common stock, respectively, to its directors and employees. Income Taxes The accounting and reporting requirements with respect to accounting for income taxes require an asset and liability approach. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred income tax assets to the amount expected to be realized. In accordance with U.S. GAAP, the Company is required to determine whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Derecognition of a tax benefit previously recognized could result in the Company recording a tax liability that would reduce net assets. Based on its analysis, the Company has determined that it has not incurred any liability for unrecognized tax benefits as of September 30, 2018 and December 31, 2017. The Company is subject to income tax examinations by major taxing authorities for all tax years since 2013 and its tax returns may be subject to review and adjustment at a later date based on factors including, but not limited to, on-going analyses of and changes to tax laws, regulations and interpretations thereof. No interest expense or penalties have been recognized as of September 30, 2018 and December 31, 2017. During the three and nine months ended September 30, 2018 and 2017, the Company recognized no adjustments for uncertain tax positions. On December 22, 2017, the Tax Cuts and Jobs Act (the “TCJA”) was enacted, which included a reduction of the corporate income tax rate from 35% to 21%. This portion of the TCJA resulted in a reduction to the Company’s net deferred tax assets before valuation allowance of $17.2 million for the year ended December 31, 2017, with a corresponding $17.2 million reduction in the Company’s valuation allowance, resulting in no net impact to the Company’s tax provision. The Company expects to complete its analysis related to the TCJA and its impact on the Company’s consolidated financial statements, including the re-measurement of deferred tax assets and liabilities for the change in the corporate income tax rate, during the fourth quarter of 2018. However, the Company does not expect that the completion of this analysis will have a material impact on its consolidated financial statements. Recent Accounting Pronouncements In May 2017, the FASB issued ASU No. 2017-09, Modification Accounting for Share-Based Payment Arrangements Compensation – Stock Compensation In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , 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 adopted the new revenue recognition standard and related updates effective January 1, 2018, using the modified retrospective method of adoption. Adoption of the new revenue recognition guidance did not have a material impact on the Company’s consolidated financial statements.

3. ACQUISITION

3. ACQUISITION	9 Months Ended
	Sep. 30, 2018
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 expanded the Company’s product offering with two FDA-approved products while providing 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 matters 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 shares of non-voting common stock (the “NV Biotest Shares”). The Company will also transfer ownership of two of its plasma centers to Biotest on January 1, 2019 as additional consideration, which are reflected as non-current assets in the accompanying consolidated balance sheets at September 30, 2018 and December 31, 2017 in the amount of $1.2 million and $1.5 million, respectively. As a result of the foregoing transaction, BPC became a principal stockholder and Biotest became a related party of the Company (see Note 9). 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 following unaudited pro forma summary presents consolidated information of the Company as if the business combination had occurred on January 1, 2017. 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 September 30, 2017 Nine Months Ended September 30, 2017 Revenues: As reported $ 4,729,411 $ 10,757,683 Pro forma $ 4,729,411 $ 29,021,453 Net loss As reported $ (15,202,715) $ (30,776,173) Pro forma $ (15,202,715) $ (40,029,464) Basic and diluted net loss per share: As reported $ (0.59) $ (1.67) Pro forma $ (0.59) $ (1.55) On May 14, 2018, the Company, ADMA BioManufacturing and ADMA Bio Centers entered into a Share Transfer, Amendment and Release Agreement with BPC, Biotest AG, Biotest US Corporation and The Biotest Divestiture Trust (the “Biotest Trust”) (the “Biotest Transfer Agreement”) whereby BPC transferred to the Company, for no cash consideration, the NV Biotest Shares. Immediately upon transfer of the NV Biotest Shares to the Company, the shares were retired and are no longer available for issuance. The retired NV Biotest Shares comprised approximately 19% of the total outstanding common stock of the Company as of May 14, 2018. In exchange for the transfer and retirement of the NV Biotest Shares, the Company (i) granted Biotest and its successors and assigns a release from all potential past, present and future indemnity claims arising under the Master Purchase and Sale Agreement, dated as of January 21, 2017, and (ii) relinquished its rights to, under certain circumstances, repurchase the two FDA-approved plasma collection centers required to be transferred to BPC on January 1, 2019. In addition, pursuant to the Biotest Transfer Agreement, BPC waived and terminated its rights to name a director and an observer to the Company’s Board of Directors (the “Board”). As BPC has made public statements regarding the U.S. Government required divestiture of all of BPC’s U.S. assets in connection with the sale of Biotest AG to CREAT Group Corporation, pursuant to the Biotest Transfer Agreement BPC transferred its remaining 10,109,534 shares of the Company’s common stock to the Biotest Trust on July 24, 2018, and the Biotest Trust is bound by all obligations of and has all of the remaining rights of BPC under that certain (i) Stockholders Agreement dated as of June 6, 2017, by and between the Company and BPC, as amended by the Biotest Transfer Agreement, and (ii) Registration Rights Agreement, dated as of June 6, 2017, by and between the Company and BPC, as amended by the Biotest Transfer Agreement. Furthermore, subject to the terms contained in the Biotest Transfer Agreement, for a 90-day period following BPC’s transfer of the remaining shares of ADMA common stock to the Biotest Trust, the Biotest Trust granted the Company a right of first negotiation for the purchase of the remaining shares of common stock held by the Biotest Trust, which right expired on October 22, 2018.

4. DEBT

4. DEBT	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
4. DEBT	Senior Notes Payable A summary of outstanding senior notes payable is as follows: September 30, 2018 December 31, 2017 Notes payable: $ 30,000,000 $ 30,000,000 Less: Debt discount (3,846,457) (4,631,542) Senior notes payable $ 26,153,543 $ 25,368,458 On October 10, 2017 (the “Marathon Closing Date”), the Company entered into a Credit Agreement (the “Credit Agreement”) with Marathon Healthcare Finance Fund, L.P. (“Marathon” or the “Lender”) and Wilmington Trust, National Association, as the administrative agent for the Lender (the “Administrative Agent”). 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 evidenced by a secured promissory note (the “Tranche One Note”), and (ii) an additional term loan evidenced by a secured promissory note to be made in the maximum principal amount not to exceed $10.0 million (the “Tranche Two Note” and, together with the Tranche One Note, the “Notes”), which Tranche Two Note availability is subject to the satisfaction of certain conditions, including, but not limited to, those described below. The Notes 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). 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. During the nine months ended September 30, 2018, the interest rate on the Tranche One Note ranged from 10.99% to 11.82%. The Company will pay Marathon a facility fee in an amount equal to 9.20% of the amount of the Tranche One Note, 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 Note (and Tranche Two Note 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 Notes, together with all accrued interest thereon, is due on the Maturity Date. 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. The Credit Agreement also required the establishment of a debt service reserve account, and the Company is required to maintain a certain minimum level of liquidity at all times. Liquidity is 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, and the required liquidity amount is reflected as restricted cash in the accompanying consolidated balance sheets as of September 30, 2018 and December 31, 2017. The minimum liquidity requirement was $4.0 million and $5.5 million as of September 30, 2018 and December 31, 2017, respectively. On May 31, 2018, the Credit Agreement was amended to reduce the minimum liquidity requirement to $5.25 million, and $250,000 was released from the debt service reserve account to the Company on June 25, 2018. On June 26, 2018, the Lender and the Administrative Agent acknowledged that the Company had met the requirements regarding its leased properties as set forth in Credit Agreement, and an additional $1.25 million was released from the debt service reserve account to the Company. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the accompanying consolidated balance sheets and statements of cash flows: September 30, 2018 December 31, 2017 Cash and cash equivalents $ 42,367,489 $ 43,107,574 Restricted cash included in current assets - 1,500,000 Restricted cash included in long-term assets 4,000,000 4,000,000 Total cash, cash equivalents and restricted cash as shown in the consolidated statements of cash flows $ 46,367,489 $ 48,607,574 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. At September 30, 2018 and December 31, 2017, the Company was in compliance with all of the covenants contained in its senior lending agreements. Related Party Note Payable A summary of the outstanding related party note payable is as follows: September 30, 2018 December 31, 2017 Biotest - Gross proceeds $ 15,000,000 $ 15,000,000 Less: Debt discount (134,019) (157,604) Note payable - related party $ 14,865,981 $ 14,842,396 In connection with the acquisition of the Biotest Assets (see Note 3), ADMA BioManufacturing issued a subordinated note payable to Biotest 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 all amounts outstanding under the Credit Agreement. 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, 2018. On July 20, 2018, in connection with the U.S. Government required divestiture of all of BPC’s U.S. assets in connection with the sale of Biotest AG to CREAT Group Corporation,

5. STOCKHOLDERS_ EQUITY

5. STOCKHOLDERS’ EQUITY	9 Months Ended
	Sep. 30, 2018
Equity [Abstract]
5. STOCKHOLDERS’ EQUITY	Preferred Stock The Company is currently authorized to issue up to 10 million shares of preferred stock, $0.0001, par value per share. There were no shares of preferred stock outstanding at September 30, 2018 and December 31, 2017. Common Stock As of September 30, 2018 and December 31, 2017, the Company was authorized to issue 75,000,000 shares of its common stock, and 46,351,243 and 36,725,499 shares of common stock, respectively, were outstanding. After giving effect to shares reserved for the issuance of warrants and stock options, as of September 30, 2018, 23,842,273 shares of common stock were available for issuance. On May 14, 2018, pursuant to the Biotest Transfer Agreement, all 8,591,160 shares of the Company’s non-voting common stock (see Note 3) were transferred from Biotest to the Company and the shares were immediately retired and are no longer available for issuance. In June 2018, the Company completed an underwritten public offering of 9,623,430 shares of common stock for gross proceeds of $46.0 million. The Company received net proceeds from this offering, after underwriters’ commissions and other offering expenses, of $42.9 million. The net proceeds have been and will continue to be used, among other things, (i) for continued remediation and ongoing improvements and enhancements at the Boca Facility, (ii) to submit the PAS for, and relaunch of, BIVIGAM, (iii) to resubmit the RI-002 BLA, (iv) for expenses associated with obtaining with FDA approval of ADMA’s third plasma collection facility, and (v) for general corporate purposes and other capital expenditures. 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. The following assumptions were used to determine the fair value of options granted during the nine months ended September 30, 2018 and 2017: Nine Months Ended September 30, 2018 2017 Expected term 5.8 - 6.3 years 5.8 - 6.3 years Volatility 54-57% 58-64% Dividend yield 0.0 0.0 Risk-free interest rate 2.40-2.97% 1.60-2.29% The weighted average remaining contractual life of stock options outstanding and expected to vest at September 30, 2018 is 7.7 years. The weighted average remaining contractual life of stock options exercisable at September 30, 2018 is 6.2 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, 2018 Shares Weighted Average Exercise Price Outstanding at beginning of period 3,276,043 $ 5.52 Forfeited (46,285) $ 4.05 Expired (12,446) $ 8.03 Granted 1,064,700 $ 3.99 Exercised (3,688) $ 3.14 Outstanding at end of period and expected to vest 4,278,324 $ 5.15 Options exercisable 2,026,707 $ 6.51 During the nine months ended September 30, 2018, an aggregate of 1,959 option shares were exercised in cashless exercise transactions resulting in the issuance of an aggregate of 585 shares of common stock, and 1,729 option shares were exercised for cash. Stock-based compensation expense for the three and nine months ended September 30, 2018 and 2017 is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Research and development $ 84,588 $ 141,405 $ 246,231 $ 262,822 Plasma centers 7,836 10,341 22,682 36,288 Selling, general and administrative 444,651 331,946 1,245,702 726,062 Cost of product revenue 40,506 22,038 113,141 27,798 Total stock-based compensation expense $ 577,581 $ 505,730 $ 1,627,756 $ 1,052,970 As of September 30, 2018, the Company had $4.7 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 2.7 years.

6. INVENTORIES

6. INVENTORIES	9 Months Ended
	Sep. 30, 2018
Inventories Abstract
6. INVENTORIES	The following table provides the components of inventories: September 30, December 31, Raw materials $ 10,247,437 $ 10,143,149 Work-in-progress 1,440,168 1,265,339 Finished goods 2,189,829 1,219,693 Total inventories $ 13,877,434 $ 12,628,181 Inventories are stated at the lower of cost or net realizable value with cost being determined on the first-in, first-out method. Finished goods inventories as of September 30, 2018 is comprised of Nabi-HB, a portion of which is recorded at fair value as part of the purchase price allocation of the Biotest Assets acquired, and plasma collected at ADMA Bio Centers which is expected to be sold. Raw materials includes materials expected to be used in the production of Nabi-HB, BIVIGAM and RI-002. 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, 2018
Intangible Assets
7. INTANGIBLE ASSETS	Intangible assets at September 30, 2018 and December 31, 2017 consist of the following: September 30, 2018 December 31, 2017 Accumulated Accumulated Cost Amortization Net Cost Amortization Net Trademark and other intangible rights related to Nabi-HB $ 4,100,046 $ 780,961 $ 3,319,085 $ 4,100,046 $ 341,670 $ 3,758,376 Rights to intermediates 907,421 172,842 734,579 907,421 75,618 831,803 Customer contract 1,076,557 914,575 161,982 1,076,557 817,386 259,171 $ 6,084,024 $ 1,868,378 $ 4,215,646 $ 6,084,024 $ 1,234,674 $ 4,849,350 All of the Company’s intangible assets were acquired in the Biotest Transaction. Amortization expense related to these intangible assets for the three and nine months ended September 30, 2018 was $0.2 million and $0.6 million, respectively. Amortization expense 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 2018 $ 211,435 2019 844,938 2020 715,352 2021 715,352 2022 715,352

8. PROPERTY AND EQUIPMENT

8. PROPERTY AND EQUIPMENT	9 Months Ended
	Sep. 30, 2018
Property And Equipment
8. PROPERTY AND EQUIPMENT	Property, plant and equipment and related accumulated depreciation are summarized as follows: September 30, 2018 December 31, 2017 Manufacturing and laboratory equipment $ 7,386,573 $ 7,148,405 Office equipment and computer software 1,598,565 1,086,756 Furniture and fixtures 1,136,623 1,136,623 Construction in process 1,460,984 738,093 Leasehold improvements 1,650,029 1,642,903 Land 4,339,441 4,339,441 Buildings and building improvements 15,670,559 15,660,559 33,242,774 31,752,780 Less: Accumulated depreciation (2,880,145) (1,285,922) Total property, plant and equipment, net $ 30,362,629 $ 30,466,858 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. The Company recorded depreciation expense on property and equipment for the three and nine months ended September 30, 2018 of $0.6 million and $1.9 million, respectively, which includes $0.1 million and $0.3 million, respectively, of depreciation expense on the plasma assets to be transferred (see Note 3). Depreciation expense for the three and nine months ended September 30, 2017 was $0.6 million and $0.9 million, respectively.

9. RELATED PARTY TRANSACTIONS

9. RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
9. RELATED PARTY TRANSACTIONS	The Company leases an office building and equipment from Areth, LLC (“Areth”) on a month-to-month basis pursuant to a shared services agreement, effective as of January 1, 2016, as amended effective September 25, 2017 and September 27, 2018 (the “Areth Agreement”). Monthly rent on this facility is $10,000. Rent expense under the Areth Agreement for the three and nine months ended September 30, 2018 was $30,000 and $90,000, respectively. Rent expense for the three and nine months ended September 30, 2017 was $48,000 and $144,000, respectively. Areth is a company controlled by Dr. Jerrold B. Grossman, the Company’s Vice Chairman of the Board, and Adam Grossman, the Company’s President and Chief Executive Officer. As part of the Biotest Transaction, the Company issued a $15.0 million subordinated note payable to Biotest (see Note 4), and recognized interest expense on this note for the three and nine months ended September 30, 2018 in the amount of $0.2 and $0.7 million, respectively. Interest expense on this note for the three and nine months ended September 30, 2017 was $0.2 million and $0.3 million, respectively. For the three and nine months ended September 30, 2018 and 2017, the Company recognized revenues under its out-licensing agreements with Biotest of approximately $36,000 and $107,000, respectively. Deferred revenue of $2.6 million and $2.7 million as of September 30, 2018 and December 31, 2017, respectively, is related to these agreements. 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, 2018 were $2.2 million and $7.0 million, respectively. For the three and nine months ended September 30, 2017, plasma sales to Biotest were $2.8 million and $7.3 million, respectively. Accounts receivable includes $1.0 million and $1.2 million due from Biotest as of September 30, 2018 and December 31, 2017, respectively. Additionally, Biotest is a supplier of plasma to ADMA. For the three and nine months ended September 30, 2018, the Company purchased $1.7 million and $2.5 million, respectively, of plasma from Biotest. Plasma purchases from Biotest for the three and nine months ended September 30, 2017 were $1.4 million and $1.7 million, respectively. Included in accounts payable is $1.8 million and $0.1 million due to Biotest as of September 30, 2018 and December 31, 2017, respectively. The following table summarizes the related party balances with Biotest: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Sale and purchase of plasma Product revenue $ 2,207,312 $ 2,808,640 $ 7,009,380 $ 7,262,915 Purchases 1,694,999 1,411,500 2,529,788 1,735,640 License revenue 35,708 35,708 107,125 107,125 Interest expense 230,000 230,000 682,500 290,000 September 30, December 31, 2018 2017 Accounts receivable $ 1,005,971 $ 1,245,677 Accounts payable 1,791,354 139,939 Accrued expenses 19,661 314,820 Note payable, net of discount 14,865,981 14,842,396 Accrued interest 292,500 65,000 Deferred revenue 2,582,908 2,690,033 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, 2018 and December 31, 2017, approximately $20,000 and $0.3 million, respectively, 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 sheets. The services component of amounts billed to the Company by BPC for the three months and nine months ended September 30, 2018 was not material to the Company’s consolidated financial statements. Under the terms of the acquisition of the Biotest Assets, the Company will transfer ownership of two plasma collection centers to BPC on January 1, 2019. The Company has estimated the fair value of these assets to be $12.6 million, and the obligation to transfer these assets to Biotest is reflected in non-current liabilities in the accompanying consolidated balance sheet as of September 30, 2018 and December 31, 2017.

10. COMMITMENT AND CONTINGENCIE

10. COMMITMENT AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
10. COMMITMENT AND CONTINGENCIES	General Legal Matters From time to time the Company is or may become subject to certain legal proceedings and claims arising in connection with the normal course of its business. Management does not expect that the outcome of any such claims or actions will have a material effect on the Company’s liquidity, results of operations or financial condition. 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. This contract, as amended from time to time, maintains minimum production requirements as well as a payment due to the counterparty to the contract of $1.5 million per year if the minimum volume is not manufactured in that year and no other breach or default under the contract 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. Other commitments In the normal course of business, the Company enters into contracts that contain a variety of indemnifications with its employees, licensors, suppliers and service providers. Further, the Company indemnifies its directors and officers who are, or were, serving at the Company’s request in such capacities. The Company’s maximum exposure under these arrangements is unknown as of September 30, 2018. The Company does not anticipate recognizing any significant losses relating to these arrangements.

11. SEGMENTS

11. SEGMENTS	9 Months Ended
	Sep. 30, 2018
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 Boca Raton, FL, acquired on June 6, 2017 (see Note 3). The Plasma Collection Centers segment consists of three FDA-licensed source plasma collection facilities located in Georgia. 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, 2018 ADMA BioManufacturing Plasma Collection Centers Corporate Consolidated Revenues $ 1,985,630 $ 2,208,972 $ 35,708 $ 4,230,310 Cost of product revenue 7,671,279 1,492,830 - 9,164,109 Loss from operations (10,214,933) (1,257,196) (2,319,271) (13,791,400) Interest and other expense, net (255,410) 849 (1,089,524) (1,344,085) Net loss (10,470,343) (1,256,347) (3,408,795) (15,135,485) Total assets 56,123,178 5,524,105 44,697,817 106,345,100 Depreciation and amortization expense 651,317 191,547 4,193 847,057 Nine Months Ended September 30, 2018 ADMA BioManufacturing Plasma Collection Centers Corporate Consolidated Revenues $ 5,796,597 $ 7,025,144 $ 107,125 $ 12,928,866 Cost of product revenue 26,334,602 4,717,917 - 31,052,519 Loss from operations (32,656,560) (3,238,013) (7,846,711) (43,741,284) Interest and other expense, net (732,623) (22) (3,231,529) (3,964,174) Net loss (33,389,183) (3,238,035) (11,078,240) (47,705,458) Capital expenditures 772,339 504,255 - 1,276,594 Depreciation and amortization expense 1,922,448 581,059 18,989 2,522,496 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 Loss from operations (10,532,500) (507,900) (3,387,360) (14,427,760) Interest and 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 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 Loss from operations (13,650,801) (1,621,364) (13,494,466) (28,766,631) Interest and 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) Depreciation and amortization expense 881,496 309,606 40,163 1,231,265 Capital expenditures 360,000 291,194 15,263 666,457

12. SUPPLEMENTAL DISCLOSURE OF

12. SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION	9 Months Ended
	Sep. 30, 2018
Supplemental Disclosure Of Cash Flow Information
12. SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION	Supplemental cash flow information for the nine months ended September 30, 2018 and 2017 is as follows: SUPPLEMENTAL CASH FLOW INFORMATION: 2018 2017 Cash paid for interest $ 3,063,219 $ 1,217,524 Noncash Financing and Investing Activities: Equipment acquired reflected in accounts payable and accrued liabilities $ 533,921 $ 1,363,563 Equipment acquired through capital lease $ 165,644 $ - Assets acquired through the issuance of common stock and liabilities assumed $ - $ 60,161,629

2. SUMMARY OF SIGNIFICANT ACC_2

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2018
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 notes thereto as of and for the year ended December 31, 2017 included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 29, 2018. 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 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, 2018 and its results of operations for the three and nine months ended September 30, 2018 and 2017 and cash flows for the nine months ended September 30, 2018 and 2017. During the three and nine months ended September 30, 2018 and 2017, comprehensive loss was equal to the net loss amounts presented for the respective periods in the accompanying condensed consolidated statements of operations. In addition, certain prior year balances have been reclassified to conform to the current presentation. Specifically, Other current liabilities at December 31, 2017 of approximately $58,000 have been reclassified into Accrued expenses and other current liabilities in the accompanying consolidated balance sheets. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full fiscal year.
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, the valuation of inventory and assumptions used in the fair value determination of stock-based compensation 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 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 Company’s senior secured term loan (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, 2018 which is held by a principal stockholder of the Company and was issued concurrent with an acquisition transaction with an affiliate of such stockholder (see Note 4), 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, 2018, four customers accounted for an aggregate of 93% of the Company’s total accounts receivable, and at December 31, 2017, two customers accounted for approximately 79% of the Company’s total accounts receivable.
Inventories	Inventories, including plasma intended for resale and plasma intended for internal use in the Company's research and development and future anticipated commercialization activities, are carried at the lower of cost or net realizable value determined by the first-in, first-out method. Research and development plasma used in engineering lots or clinical trials is processed to a finished product and subsequently expensed to research and development. Although the Company expects that the BIVIGAM and RI-002 inventory produced during 2017 and 2018 will ultimately be available for commercial sale, due to uncertainties at the time of production surrounding the timing and outcome of any FDA determinations concerning the Warning Letter and the PAS that must be approved by the FDA prior to this inventory being available for commercial sale, all costs related to the production of BIVIGAM during the nine months ended September 30, 2018 in the amount of $1.1 million have been charged to cost of product revenue in the accompanying consolidated statement of operations. In addition, the costs related to the manufacture of conformance lots of RI-002 during the nine months ended September 30, 2018 in the amount of $2.9 million were also charged to cost of product revenue.
Goodwill	Goodwill represents the excess of purchase price over the fair value of net assets acquired by the Company. Goodwill at September 30, 2018 and December 31, 2017 was $3.5 million. All of the Company’s goodwill is attributable to its ADMA BioManufacturing business segment. 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 goodwill impairment test by comparing the fair value of the reporting unit to its carrying value. An impairment charge is recorded to the extent the reporting unit’s carrying value exceeds its fair value, not to exceed the total amount of goodwill allocated to that reporting unit. 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 three and nine months ended September 30, 2018 and 2017, the Company determined that there was no impairment of its long-lived assets.
Revenue recognition	Revenue from the sale of Nabi-HB is recognized when the product reaches the customer’s destination. Nabi-HB revenue is recorded net of estimated customer prompt pay discounts and contractual allowances in accordance with managed care agreements, including wholesaler chargebacks, rebates, customer returns and other wholesaler fees. For 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. 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 delivery. License and other revenues are primarily attributable to the out-licensing of RI-002 to Biotest to market and sell this product 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. For the nine months ended September 30, 2018, three customers represented an aggregate of 90% of the Company’s consolidated revenues, with BPC representing 54% of the Company’s consolidated revenues and the other two customers representing an aggregate of 35% of the Company’s consolidated revenues. For the nine months ended September 30, 2017, sales to BPC represented 68% of the Company’s consolidated revenues, and another customer represented 8% 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. Expenses associated with remediating the issues identified in the Warning Letter for the three and nine months ended September 30, 2018 were approximately $0.1 million and $1.3 million, respectively, and are reflected in cost of product revenue in the accompanying consolidated statements of operations. For the three and nine months ended September 30, 2017, these expenses totaled $2.0 million and $2.5 million. I
Loss per common share	Basic loss per common 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 common share, the non-voting class of common stock (see Notes 3 and 5) 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 loss per common 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 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 is excluded from the diluted loss per common share computation to the extent that it would be anti-dilutive. As a result, no potentially dilutive securities are included in the computation of any of the accompanying diluted loss per share amounts as the Company reported a net loss for all periods presented. For the nine months ended September 30, 2018 and 2017, the following securities were excluded from the calculation of diluted loss per common share because of their anti-dilutive effects: For the Three and Nine Months Ended September 30, 2018 2017 Stock options 4,278,324 3,282,792 Warrants 528,160 188,859 4,806,484 3,471,651
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 months ended September 30, 2018, the Company granted options to purchase an aggregate of 61,800 and 1,044,700 shares of common stock, respectively, to its directors and employees, and during the nine months ended September 30, 2018, the Company granted options to purchase 20,000 shares of common stock to a third party service provider. During the three and nine months ended September 30, 2017, the Company granted options to purchase an aggregate of 86,000 and 1,942,595 shares of common stock, respectively, to its directors and employees.
Income Taxes	The accounting and reporting requirements with respect to accounting for income taxes require an asset and liability approach. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred income tax assets to the amount expected to be realized. In accordance with U.S. GAAP, the Company is required to determine whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Derecognition of a tax benefit previously recognized could result in the Company recording a tax liability that would reduce net assets. Based on its analysis, the Company has determined that it has not incurred any liability for unrecognized tax benefits as of September 30, 2018 and December 31, 2017. The Company is subject to income tax examinations by major taxing authorities for all tax years since 2013 and its tax returns may be subject to review and adjustment at a later date based on factors including, but not limited to, on-going analyses of and changes to tax laws, regulations and interpretations thereof. No interest expense or penalties have been recognized as of September 30, 2018 and December 31, 2017. During the three and nine months ended September 30, 2018 and 2017, the Company recognized no adjustments for uncertain tax positions. On December 22, 2017, the Tax Cuts and Jobs Act (the “TCJA”) was enacted, which included a reduction of the corporate income tax rate from 35% to 21%. This portion of the TCJA resulted in a reduction to the Company’s net deferred tax assets before valuation allowance of $17.2 million for the year ended December 31, 2017, with a corresponding $17.2 million reduction in the Company’s valuation allowance, resulting in no net impact to the Company’s tax provision. The Company expects to complete its analysis related to the TCJA and its impact on the Company’s consolidated financial statements, including the re-measurement of deferred tax assets and liabilities for the change in the corporate income tax rate, during the fourth quarter of 2018. However, the Company does not expect that the completion of this analysis will have a material impact on its consolidated financial statements.
Recent Accounting Pronouncements	In May 2017, the FASB issued ASU No. 2017-09, Modification Accounting for Share-Based Payment Arrangements Compensation – Stock Compensation In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , 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 adopted the new revenue recognition standard and related updates effective January 1, 2018, using the modified retrospective method of adoption. Adoption of the new revenue recognition guidance did not have a material impact on the Company’s consolidated financial statements.

2. SUMMARY OF SIGNIFICANT ACC_3

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2018
Summary Of Significant Accounting Policies
Schedule of dilutive securities	For the Three and Nine Months Ended September 30, 2018 2017 Stock options 4,278,324 3,282,792 Warrants 528,160 188,859 4,806,484 3,471,651

3. ACQUISITION (Tables)

3. ACQUISITION (Tables)	9 Months Ended
	Sep. 30, 2018
Acquisition Tables Abstract
Pro forma information	Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 Revenues: As reported $ 4,729,411 $ 10,757,683 Pro forma $ 4,729,411 $ 29,021,453 Net loss As reported $ (15,202,715) $ (30,776,173) Pro forma $ (15,202,715) $ (40,029,464) Basic and diluted net loss per share: As reported $ (0.59) $ (1.67) Pro forma $ (0.59) $ (1.55)

4. DEBT (Tables)

4. DEBT (Tables) - Oxford Loan	9 Months Ended
	Sep. 30, 2018
Summary of notes payable	September 30, 2018 December 31, 2017 Notes payable: $ 30,000,000 $ 30,000,000 Less: Debt discount (3,846,457) (4,631,542) Senior notes payable $ 26,153,543 $ 25,368,458
Summary of cash and cash equivalents	September 30, 2018 December 31, 2017 Cash and cash equivalents $ 42,367,489 $ 43,107,574 Restricted cash included in current assets - 1,500,000 Restricted cash included in long-term assets 4,000,000 4,000,000 Total cash, cash equivalents and restricted cash as shown in the consolidated statements of cash flows $ 46,367,489 $ 48,607,574
Summary of related party notes payable	September 30, 2018 December 31, 2017 Biotest - Gross proceeds $ 15,000,000 $ 15,000,000 Less: Debt discount (134,019) (157,604) Note payable - related party $ 14,865,981 $ 14,842,396

5. STOCKHOLDERS_ EQUITY (Tables

5. STOCKHOLDERS’ EQUITY (Tables)	9 Months Ended
	Sep. 30, 2018
Equity [Abstract]
Schedule of assumptions	Nine Months Ended September 30, 2018 2017 Expected term 5.8 - 6.3 years 5.8 - 6.3 years Volatility 54-57% 58-64% Dividend yield 0.0 0.0 Risk-free interest rate 2.40-2.97% 1.60-2.29%
Schedule of stock option activity	Nine Months Ended September 30, 2018 Shares Weighted Average Exercise Price Outstanding at beginning of period 3,276,043 $ 5.52 Forfeited (46,285) $ 4.05 Expired (12,446) $ 8.03 Granted 1,064,700 $ 3.99 Exercised (3,688) $ 3.14 Outstanding at end of period and expected to vest 4,278,324 $ 5.15 Options exercisable 2,026,707 $ 6.51
Stock-based compensation expense	Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Research and development $ 84,588 $ 141,405 $ 246,231 $ 262,822 Plasma centers 7,836 10,341 22,682 36,288 Selling, general and administrative 444,651 331,946 1,245,702 726,062 Cost of product revenue 40,506 22,038 113,141 27,798 Total stock-based compensation expense $ 577,581 $ 505,730 $ 1,627,756 $ 1,052,970

6. INVENTORIES (Tables)

6. INVENTORIES (Tables)	9 Months Ended
	Sep. 30, 2018
Inventories Tables Abstract
Schedule of inventory	September 30, December 31, Raw materials $ 10,247,437 $ 10,143,149 Work-in-progress 1,440,168 1,265,339 Finished goods 2,189,829 1,219,693 Total inventories $ 13,877,434 $ 12,628,181

7. INTANGIBLE ASSETS (Tables)

7. INTANGIBLE ASSETS (Tables)	9 Months Ended
	Sep. 30, 2018
Intangible Assets Tables Abstract
Schedule of intangible assets	September 30, 2018 December 31, 2017 Accumulated Accumulated Cost Amortization Net Cost Amortization Net Trademark and other intangible rights related to Nabi-HB $ 4,100,046 $ 780,961 $ 3,319,085 $ 4,100,046 $ 341,670 $ 3,758,376 Rights to intermediates 907,421 172,842 734,579 907,421 75,618 831,803 Customer contract 1,076,557 914,575 161,982 1,076,557 817,386 259,171 $ 6,084,024 $ 1,868,378 $ 4,215,646 $ 6,084,024 $ 1,234,674 $ 4,849,350
Intangible asset future aggregate amortization expense	Remainder of 2018 $ 211,435 2019 844,938 2020 715,352 2021 715,352 2022 715,352

8. PROPERTY AND EQUIPMENT (Tabl

8. PROPERTY AND EQUIPMENT (Tables)	9 Months Ended
	Sep. 30, 2018
Property And Equipment Tables Abstract
Schedule of property and equipment	September 30, 2018 December 31, 2017 Manufacturing and laboratory equipment $ 7,386,573 $ 7,148,405 Office equipment and computer software 1,598,565 1,086,756 Furniture and fixtures 1,136,623 1,136,623 Construction in process 1,460,984 738,093 Leasehold improvements 1,650,029 1,642,903 Land 4,339,441 4,339,441 Buildings and building improvements 15,670,559 15,660,559 33,242,774 31,752,780 Less: Accumulated depreciation (2,880,145) (1,285,922) Total property, plant and equipment, net $ 30,362,629 $ 30,466,858

9. RELATED PARTY TRANSACTIONS (

9. RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2018
Related Party Transactions
Schedule of related party transactions	Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Sale and purchase of plasma Product revenue $ 2,207,312 $ 2,808,640 $ 7,009,380 $ 7,262,915 Purchases 1,694,999 1,411,500 2,529,788 1,735,640 License revenue 35,708 35,708 107,125 107,125 Interest expense 230,000 230,000 682,500 290,000 September 30, December 31, 2018 2017 Accounts receivable $ 1,005,971 $ 1,245,677 Accounts payable 1,791,354 139,939 Accrued expenses 19,661 314,820 Note payable, net of discount 14,865,981 14,842,396 Accrued interest 292,500 65,000 Deferred revenue 2,582,908 2,690,033

11. SEGMENTS (Tables)

11. SEGMENTS (Tables)	9 Months Ended
	Sep. 30, 2018
Segment Reporting [Abstract]
Summarized segment financial information	Three Months Ended September 30, 2018 ADMA BioManufacturing Plasma Collection Centers Corporate Consolidated Revenues $ 1,985,630 $ 2,208,972 $ 35,708 $ 4,230,310 Cost of product revenue 7,671,279 1,492,830 - 9,164,109 Loss from operations (10,214,933) (1,257,196) (2,319,271) (13,791,400) Interest and other expense, net (255,410) 849 (1,089,524) (1,344,085) Net loss (10,470,343) (1,256,347) (3,408,795) (15,135,485) Total assets 56,123,178 5,524,105 44,697,817 106,345,100 Depreciation and amortization expense 651,317 191,547 4,193 847,057 Nine Months Ended September 30, 2018 ADMA BioManufacturing Plasma Collection Centers Corporate Consolidated Revenues $ 5,796,597 $ 7,025,144 $ 107,125 $ 12,928,866 Cost of product revenue 26,334,602 4,717,917 - 31,052,519 Loss from operations (32,656,560) (3,238,013) (7,846,711) (43,741,284) Interest and other expense, net (732,623) (22) (3,231,529) (3,964,174) Net loss (33,389,183) (3,238,035) (11,078,240) (47,705,458) Capital expenditures 772,339 504,255 - 1,276,594 Depreciation and amortization expense 1,922,448 581,059 18,989 2,522,496 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 Loss from operations (10,532,500) (507,900) (3,387,360) (14,427,760) Interest and 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 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 Loss from operations (13,650,801) (1,621,364) (13,494,466) (28,766,631) Interest and 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) Depreciation and amortization expense 881,496 309,606 40,163 1,231,265 Capital expenditures 360,000 291,194 15,263 666,457

12. SUPPLEMENTAL DISCLOSURE O_2

12. SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2018
Supplemental Disclosure Of Cash Flow Information Tables Abstract
Schedule of supplemental cash flow information	SUPPLEMENTAL CASH FLOW INFORMATION: 2018 2017 Cash paid for interest $ 3,063,219 $ 1,217,524 Noncash Financing and Investing Activities: Equipment acquired reflected in accounts payable and accrued liabilities $ 533,921 $ 1,363,563 Equipment acquired through capital lease $ 165,644 $ - Assets acquired through the issuance of common stock and liabilities assumed $ - $ 60,161,629

1. ORGANIZATION AND BUSINESS (D

1. ORGANIZATION AND BUSINESS (Details Narrative) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Cash and cash equivalents	$ 42,367,489	$ 43,107,574
Accumulated deficit	$ (198,399,251)	$ (150,693,793)

2. SUMMARY OF SIGNIFICANT ACC_4

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - shares	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Potentially dilutive securities	4,806,484	3,471,651
Stock Options
Potentially dilutive securities	4,278,324	3,282,792
Warrants
Potentially dilutive securities	528,160	188,859

2. SUMMARY OF SIGNIFICANT ACC_5

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Summary Of Significant Accounting Policies Details Narrative Abstract
Options issued to employees and directors	61,800	86,000	1,044,700	1,942,595

3. ACQUISITION (Details)

3. ACQUISITION (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues:
As reported	$ 4,230,310	$ 4,729,411	$ 12,928,866	$ 10,757,683
Proforma		4,729,411		29,021,453
Net loss
As reported	$ (15,135,485)	(15,202,715)	$ (47,705,458)	(30,776,173)
Proforma		$ (15,202,715)		$ (40,029,464)
Basic and diluted net loss per share:
As reported	$ (0.33)	$ (0.59)	$ (1.06)	$ (1.67)
Proforma		$ (0.59)		$ (1.55)

4. DEBT (Details)

4. DEBT (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Debt
Net Proceeds	$ 30,000,000	$ 30,000,000
Less:
Debt discount	(3,846,457)	(4,631,542)
Notes Payable	$ 26,153,543	$ 25,368,458

4. DEBT (Details 1)

4. DEBT (Details 1) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Debt Details 1Abstract
Cash and cash equivalents	$ 42,367,489	$ 43,107,574
Restricted cash included in current assets	0	1,500,000
Restricted cash included in long-term assets	4,000,000	4,000,000
Total cash, cash equivalents and restricted cash as shown in the consolidated statements of cash flows	$ 46,367,489	$ 48,607,574

4. DEBT (Details 2)

4. DEBT (Details 2) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Debt Details 1Abstract
Biotest - Gross proceeds	$ 0	$ 15,000,000	$ 15,000,000
Less:
Debt discount	(134,019)		(157,604)
Note payable - related party	$ 14,865,981		$ 14,842,396

5. STOCKHOLDERS_ EQUITY (DEFICI

5. STOCKHOLDERS’ EQUITY (DEFICIT) (Details)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
STOCKHOLDERS' EQUITY
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	54.00%	58.00%
Volatility, maximum	57.00%	64.00%
Dividend yield	0.00%	0.00%
Risk-free interest rate, minimum	2.40%	1.60%
Risk-free interest rate, maximum	2.97%	2.29%

5. STOCKHOLDERS' EQUITY (DEFICI

5. STOCKHOLDERS' EQUITY (DEFICIT) (Details 1)	9 Months Ended
	Sep. 30, 2018$ / sharesshares
Shares
Outstanding at beginning of period | shares	3,276,043
Forfeited | shares	(46,285)
Expired | shares	(12,446)
Granted | shares	1,064,700
Exercised | shares	(3,688)
Outstanding at end of period and expected to vest | shares	4,278,324
Options exercisable | shares	2,026,707
Weighted Average Exercise Price
Outstanding at beginning of period | $ / shares	$ 5.52
Forfeited | $ / shares	4.05
Expired | $ / shares	8.03
Granted | $ / shares	3.99
Exercised | $ / shares	3.14
Outstanding at end of period and expected to vest | $ / shares	5.15
Options exercisable | $ / shares	$ 6.51

5. STOCKHOLDERS' EQUITY (DEFI_2

5. STOCKHOLDERS' EQUITY (DEFICIT) (Details 2) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Total stock-based compensation expense	$ 577,581	$ 505,730	$ 1,627,756	$ 1,052,970
Research and development
Total stock-based compensation expense	84,588	141,405	246,231	262,822
Plasma centers
Total stock-based compensation expense	7,836	10,341	22,682	36,288
Selling, general and administrative
Total stock-based compensation expense	444,651	331,946	1,245,702	726,062
Cost of goods sold
Total stock-based compensation expense	$ 40,506	$ 22,038	$ 113,141	$ 27,798

6. INVENTORIES (Details)

6. INVENTORIES (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Inventories Details Abstract
Raw materials	$ 10,247,437	$ 10,395,433
Work-in-progress	1,440,168	1,265,339
Finished goods	2,189,829	967,409
Total inventories	$ 13,877,434	$ 12,628,181

7. INTANGIBLE ASSETS (Details)

7. INTANGIBLE ASSETS (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Cost	$ 6,084,024	$ 6,084,024
Accumulated Amortization	1,868,378	1,234,674
Net	4,215,646	4,849,350
Trademark and other intangible rights related to Nabi-HB
Cost	4,100,046	4,100,046
Accumulated Amortization	780,961	341,670
Net	3,319,085	3,758,376
Right to intermediates
Cost	907,421	907,421
Accumulated Amortization	172,842	75,618
Net	734,579	831,803
Customer contract
Cost	1,076,557	1,076,557
Accumulated Amortization	914,575	817,386
Net	$ 161,892	$ 259,171

7. INTANGIBLE ASSETS (Details 1

7. INTANGIBLE ASSETS (Details 1)	Sep. 30, 2018USD ($)
Intangible Assets Details 1Abstract
Remainder of 2018	$ 211,435
2,019	844,938
2,020	715,352
2,021	715,352
2,022	$ 715,352

8. PROPERTY AND EQUIPMENT (Deta

8. PROPERTY AND EQUIPMENT (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Property, plant and equipments, gross	$ 33,242,774	$ 31,752,780
Less: Accumulated depreciation and amortization	(2,880,145)	(1,285,922)
Property, plant and equipments, net	30,362,629	30,466,858
Manufacturing and laboratory equipment
Property, plant and equipments, gross	7,386,573	7,148,405
Office equipment and computer software
Property, plant and equipments, gross	1,598,565	1,086,756
Furniture and fixtures
Property, plant and equipments, gross	1,136,623	1,136,623
Construction in process
Property, plant and equipments, gross	1,460,984	738,093
Leasehold improvements
Property, plant and equipments, gross	1,650,029	1,642,903
Land
Property, plant and equipments, gross	4,339,441	4,339,441
Buildings
Property, plant and equipments, gross	$ 15,670,559	$ 15,660,559

9. RELATED PARTY TRANSACTIONS_2

9. RELATED PARTY TRANSACTIONS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Sale and purchase of plasma
Product revenue	$ 4,194,602	$ 4,693,703	$ 12,821,741	$ 10,650,558
Purchases	9,164,109	11,291,116	31,052,519	17,241,422
License revenue	35,708	$ 35,708	107,125	$ 107,125
Accounts receivable	1,005,971		1,005,971		$ 1,245,677
Accounts payable	1,791,354		1,791,354		139,939
Accrued expenses	19,661		19,661		314,820
Note payable, net of discount	14,865,981		14,865,981		14,842,396
Accrued interest	292,500		292,500		65,000
Deferred revenue	$ 2,582,908		$ 2,582,908		$ 2,690,033

11. SEGMENTS (Details)

11. SEGMENTS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues	$ 4,230,310	$ 4,729,411	$ 12,928,866	$ 10,757,683
Cost of product revenue	9,164,109	11,291,116	31,052,519	17,241,422
Loss from operations	(13,791,400)	(14,427,760)	(43,741,284)	(28,766,631)
Interest and other expense, net	(1,344,085)	(774,955)	(3,964,174)	(2,009,542)
Net loss	(15,135,485)	(15,202,715)	(47,705,458)	(30,776,173)
Total assets	106,345,100	72,813,480	1,276,594
Depreciation and amortization expense	847,057	836,071	2,522,496	1,231,265
Capital expenditures				666,457
ADMA BioManufacturing
Revenues	1,985,630	1,879,921	5,796,597	2,419,144
Cost of product revenue	7,671,279	9,552,128	26,334,602	12,050,984
Loss from operations	(10,214,933)	(10,532,500)	(32,656,560)	(13,650,801)
Interest and other expense, net	(255,410)	(237,548)	(732,623)	(299,535)
Net loss	(10,470,343)	(10,770,048)	(33,389,183)	(13,950,336)
Total assets	56,123,178	55,452,496	772,339
Depreciation and amortization expense	651,317	723,098	1,922,448	881,496
Capital expenditures				360,000
Plasma Collection Center Member
Revenues	2,208,972	2,813,782	7,025,144	8,231,414
Cost of product revenue	1,492,830	1,738,988	4,717,917	5,190,438
Loss from operations	(1,257,196)	(507,900)	(3,238,013)	(1,621,364)
Interest and other expense, net	849	0	(22)	0
Net loss	(1,256,347)	(507,900)	(3,238,035)	(1,621,364)
Total assets	5,524,105	3,517,274	504,255
Depreciation and amortization expense	191,547	102,263	581,059	309,606
Capital expenditures				291,194
Corporate Member
Revenues	35,708	35,708	107,125	107,125
Cost of product revenue	0	0	0	0
Loss from operations	(2,319,271)	(3,387,360)	(7,846,711)	(13,494,466)
Interest and other expense, net	(1,089,524)	(537,407)	(3,231,529)	(1,710,007)
Net loss	(3,408,795)	(3,924,767)	(11,078,240)	(15,204,473)
Total assets	44,697,817	13,843,710	0
Depreciation and amortization expense	$ 4,193	$ 10,710	$ 18,989	40,163
Capital expenditures				$ 15,263

12. SUPPLEMENTAL DISCLOSURE O_3

12. SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION (Details) - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
SUPPLEMENTAL INFORMATION:
Cash paid for interest	$ 3,063,219	$ 1,217,524
Noncash Financing and Inesting Activities:
Equipment acquired reflected in accounts payable and accrued liabilities	533,921	1,363,563
Equipment acquired through capital lease	165,644	0
Assets acquired through the issuance of common stock and liabilities assumed	$ 0	$ 60,161,629