ADMA Biologics (ADMA) 10-Q 8 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 06, 2019
Document And Entity Information
Entity Registrant Name	ADMA BIOLOGICS, INC.
Entity Central Index Key	0001368514
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		59,317,806
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2019

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 73,615,909	$ 22,754,852
Accounts receivable, net	5,086,663	1,392,441
Inventories	23,589,750	18,616,169
Prepaid expenses and other current assets	1,596,671	1,766,163
Total current assets	103,888,993	44,529,625
Property and equipment, net	29,444,489	30,115,730
Intangible assets, net	3,581,943	4,004,412
Goodwill	3,529,509	3,529,509
Assets to be transferred under purchase agreement	0	1,153,508
Restricted cash	0	4,000,000
Deposits and other assets	2,829,186	1,543,737
TOTAL ASSETS	143,274,120	88,876,521
Current liabilities
Accounts payable	6,788,144	5,900,394
Accrued expenses and other current liabilities	2,974,476	3,551,835
Current portion of deferred revenue	142,834	142,834
Current portion of lease obligations	223,114	29,983
Total current liabilities	10,128,568	9,625,046
Notes payable, net of discount	67,468,637	26,440,830
End of term liability, notes payable	0	2,760,000
Deferred revenue, net of current portion	2,332,949	2,404,365
Subordinated note payable, net of discount	14,890,711	14,874,184
Obligation to transfer assets under purchase agreement	0	12,621,844
Lease obligations, net of current portion	1,414,976	119,080
Other non-current liabilities	132,418	260,734
TOTAL LIABILITIES	96,368,259	69,106,083
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, 59,317,806 and 46,353,068 shares issued and outstanding	5,932	4,635
Additional Paid-In Capital	289,616,994	236,203,041
Accumulated Deficit	(242,717,065)	(216,437,238)
TOTAL STOCKHOLDERS' EQUITY	46,905,861	19,770,438
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 143,274,120	$ 88,876,521

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
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	59,317,806	46,353,068
Common stock, outstanding	59,317,806	46,353,068

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
REVENUES:
Product revenue	$ 6,525,233	$ 4,620,841	$ 10,018,114	$ 8,627,139
License and other revenue	35,709	35,709	71,417	71,417
Total Revenues	6,560,942	4,656,550	10,089,531	8,698,556
OPERATING EXPENSES
Cost of product revenue (exclusive of amortization expense shown below)	10,491,236	9,645,662	19,896,415	21,888,410
Research and development	516,986	1,040,427	1,387,621	2,005,998
Plasma center operating expenses	594,113	1,738,128	1,248,599	3,571,902
Amortization of intangibles	211,234	211,234	422,469	422,469
Selling, general and administrative	6,086,047	5,438,480	11,681,517	10,759,661
TOTAL OPERATING EXPENSES	17,899,616	18,073,931	34,636,621	38,648,440
LOSS FROM OPERATIONS	(11,338,674)	(13,417,381)	(24,547,090)	(29,949,884)
OTHER INCOME (EXPENSE):
Interest and other income	209,808	33,070	337,207	59,616
Interest expense	(2,072,578)	(1,359,188)	(3,613,085)	(2,682,340)
Loss on extinguishment of debt	0	0	(9,962,495)	0
Gain on transfer of plasma center assets	0	0	11,527,421	0
Other (expense) income	(10,428)	(4,332)	(21,785)	2,635
Other expense, net	(1,873,198)	(1,330,450)	(1,732,737)	(2,620,089)
NET LOSS	$ (13,211,872)	$ (14,747,831)	$ (26,279,827)	$ (32,569,973)
BASIC AND DILUTED LOSS PER COMMON SHARE	$ (0.25)	$ (0.35)	$ (0.53)	$ (0.74)
WEIGHTED AVERAGE SHARES OUTSTANDING, Basic and Diluted	52,206,204	42,712,168	49,295,805	44,007,409

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($)	Common Stock	Non-Voting Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning balance, shares at Dec. 31, 2017	36,725,499	8,591,160
Beginning balance, amount at Dec. 31, 2017	$ 3,673	$ 859	$ 191,022,018	$ (150,693,793)	$ 40,332,757
Stock-based compensation			514,784		514,784
Stock options exercised, Shares	585
Stock options exercised, Amount					0
Net loss				(17,822,142)	(17,822,142)
Ending balance, shares at Mar. 31, 2018	36,725,499	8,591,160
Ending balance, amount at Mar. 31, 2018	$ 3,673	$ 859	191,536,802	(168,515,935)	23,025,399
Beginning balance, shares at Dec. 31, 2017	36,725,499	8,591,160
Beginning balance, amount at Dec. 31, 2017	$ 3,673	$ 859	191,022,018	(150,693,793)	40,332,757
Warrants issued in connection with note payable					0
Net loss					(32,569,973)
Ending balance, shares at Jun. 30, 2018	46,349,514	0
Ending balance, amount at Jun. 30, 2018	$ 4,635	$ 0	235,018,201	(183,263,766)	51,759,070
Beginning balance, shares at Mar. 31, 2018	36,725,499	8,591,160
Beginning balance, amount at Mar. 31, 2018	$ 3,673	$ 859	191,536,802	(168,515,935)	23,025,399
Stock-based compensation			535,391		535,391
Issuance of common stock, net of offering expenses, Shares	9,623,430
Issuance of common stock, net of offering expenses, Amount	$ 962		42,945,149		42,946,111
Retirement of Non-voting common stock, Shares		(8,591,160)
Retirement of Non-voting common stock, Amount		$ (859)	859		0
Net loss				(14,747,831)	(14,747,831)
Ending balance, shares at Jun. 30, 2018	46,349,514	0
Ending balance, amount at Jun. 30, 2018	$ 4,635	$ 0	235,018,201	(183,263,766)	51,759,070
Beginning balance, shares at Dec. 31, 2018	46,353,068	0
Beginning balance, amount at Dec. 31, 2018	$ 4,635	$ 0	236,203,041	(216,437,238)	19,770,438
Stock-based compensation			637,263		637,263
Warrants issued in connection with note payable			2,699,208		2,699,208
Net loss				(13,067,955)	(13,067,955)
Ending balance, shares at Mar. 31, 2019	46,353,068	0
Ending balance, amount at Mar. 31, 2019	$ 4,635	$ 0	239,539,512	(229,505,193)	10,038,954
Beginning balance, shares at Dec. 31, 2018	46,353,068	0
Beginning balance, amount at Dec. 31, 2018	$ 4,635	$ 0	236,203,041	(216,437,238)	19,770,438
Warrants issued in connection with note payable					3,579,115
Net loss					(26,279,827)
Ending balance, shares at Jun. 30, 2019	59,317,806	0
Ending balance, amount at Jun. 30, 2019	$ 5,932	$ 0	289,616,994	(242,717,065)	46,905,861
Beginning balance, shares at Mar. 31, 2019	46,353,068	0
Beginning balance, amount at Mar. 31, 2019	$ 4,635	$ 0	239,539,512	(229,505,193)	10,038,954
Stock-based compensation			726,736		726,736
Issuance of common stock, net of offering expenses, Shares	12,937,500
Issuance of common stock, net of offering expenses, Amount	$ 1,294		48,395,794		48,397,088
Stock options exercised, Shares	27,238
Stock options exercised, Amount	$ 3		75,045		75,048
Warrants issued in connection with note payable			879,907		879,907
Net loss				(13,211,872)	(13,211,872)
Ending balance, shares at Jun. 30, 2019	59,317,806	0
Ending balance, amount at Jun. 30, 2019	$ 5,932	$ 0	$ 289,616,994	$ (242,717,065)	$ 46,905,861

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (26,279,827)	$ (32,569,973)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,611,422	1,675,439
Loss on disposal of property and equipment	8,788	2,459
Stock-based compensation	1,363,999	1,050,175
Gain on transfer of plasma assets	(11,527,421)	0
Amortization of debt discount	340,481	525,135
Loss on extinguishment of debt	9,962,495	0
Amortization of license revenue	(71,417)	(71,417)
Changes in operating assets and liabilities:
Accounts receivable	(3,694,222)	82,960
Inventories	(5,175,148)	381,213
Prepaid expenses and other current assets	163,747	(380,626)
Deposits and other assets	118,832	(23,365)
Accounts payable	887,753	(2,819,792)
Accrued expenses	(529,589)	554,885
Other current and non-current liabilities	(91,029)	250,754
Net cash used in operating activities	(32,911,136)	(31,342,153)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(245,675)	(1,046,375)
Net cash provided by (used in) investing activities	(245,675)	(1,046,375)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on note payable	(30,000,000)	0
Payment of end of term fee	(2,760,000)	0
Payment of debt refinancing fees	(6,499,867)	0
Proceeds from issuance of common stock, net of offering expenses	48,397,088	42,946,111
Proceeds from the exercise of stock options	75,048	0
Proceeds from issuance of note payable	72,500,000	0
Payment of debt issuance costs	(1,679,661)	0
Payments on finance lease obligations	(14,740)	(2,329)
Payments of leasehold improvement loan	0	(8,853)
Net cash provided by financing activities	80,017,868	42,934,929
Net (decrease) increase in cash and cash equivalents	46,861,057	10,546,401
Cash and cash equivalents, including restricted cash - beginning of period	26,754,852	48,607,574
Cash and cash equivalents, including restricted cash - end of period	$ 73,615,909	$ 59,153,975

1. ORGANIZATION AND BUSINESS

1. ORGANIZATION AND BUSINESS	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
1. ORGANIZATION AND BUSINESS	ADMA Biologics, Inc. (“ADMA” or the “Company”) is a vertically integrated commercial biopharmaceutical and specialty immunoglobulin company that manufactures, markets and develops specialty plasma-derived biologics for the treatment of immune deficiencies and 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”) from Biotest Pharmaceuticals Corporation (“BPC”) as more fully described below. BTBU had been the Company’s third-party manufacturer for its then-lead pipeline product candidate, ASCENIV, previously referred to as “RI-002.” ADMA Bio Centers is the Company’s source plasma collection business with a plasma collection facility located in Kennesaw, GA, which holds an approved license with the U.S. Food and Drug Administration (the “FDA”). Effective January 1, 2019, in connection with the Biotest Transaction defined below, the Company transferred its FDA-approved Norcross, GA and Marietta, GA plasma collection facilities to BPC (see Note 11). On June 6, 2017, ADMA completed the acquisition of certain assets (the “Biotest Assets”) of BTBU, which included two FDA-licensed products, Nabi-HB (Hepatitis B Immune Globulin, Human) and BIVIGAM (Immune Globulin Intravenous, Human), and an FDA-licensed plasma fractionation manufacturing facility located in Boca Raton, FL (the “Boca Facility”) (the “Biotest Transaction”). In addition to Nabi-HB and BIVIGAM, the Company provides contract manufacturing services for certain clients and expects to generate revenues from the sale of intermediate by-products which result from the immunoglobulin production process. Immediately following the closing of the Biotest Transaction, the Biotest Assets were contributed into ADMA BioManufacturing. On April 1, 2019, the FDA approved the Company’s Biologics License Application (“BLA”) for ASCENIV (Immune Globulin Intravenous, Human – slra 10% Liquid), formerly referred to as RI-002. ASCENIV is an Intravenous Immune Globulin (“IVIG”) drug product for the treatment of Primary Humoral Immunodeficiency Disease (“PIDD” or “PI”) in adults and adolescents (12 to 17 years of age). The Company anticipates having the product available for commercial launch during the second half of 2019. 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 ownership, production of Nabi-HB resumed during the third quarter of 2017, resulting in ongoing commercial revenues. BIVIGAM is an intravenous immune globulin indicated for the treatment of PI. BPC had originally received FDA approval for BIVIGAM on December 19, 2012, prior to the acquisition of BTBU, and product sales commenced in the first quarter of 2013. BIVIGAM had been under FDA review for the Prior Approval Supplement (the “PAS”) that the Company submitted to the FDA in June 2018 to amend BIVIGAM’s FDA-approved BLA. On May 9, 2019, the FDA approved the PAS, and the Company expects to relaunch and commercialize this product in the U.S. during the second half of 2019. The anticipated launch of ASCENIV and relaunch of BIVIGAM are dependent upon several factors beyond the Company’s control, including but not limited to, the timing of certain FDA decisions, production slots available with the Company’s contract fill/finish provider, approvals that may need to be obtained for product labeling as well as other commercial requirements and regulatory factors. As of June 30, 2019, the Company had working capital of $93.8 million, including $73.6 million of cash and cash equivalents. Based upon the Company’s current projected revenue and expenditures, including capital expenditures and continued implementation of the Company’s commercialization and expansion activities, as well as certain other assumptions, the Company’s management currently believes that its cash, cash equivalents, projected revenue and accounts receivable, along with the additional $12.5 million it is able to access under its senior credit facility, will be sufficient to fund ADMA’s operations, as currently conducted, into the fourth quarter of 2020. In order to have sufficient cash to fund its operations thereafter and to continue as a going concern, the Company will need to raise additional capital during the fourth quarter of 2020. These estimates may change based upon the success of our commercial manufacturing ramp-up activities, the acceptability of BIVIGAM and ASCENIV by physicians, patients or payers and the various financing options that may be available to the Company. Other than the $12.5 million commitment currently available under its senior credit facility (see Note 6) 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 FDA approvals related to the Company’s products, ongoing remediation, compliance requirements and capacity expansion efforts at the Company’s Boca Facility and potential future commercialization of the Company’s products and product candidates, the Company is unable to estimate with certainty the amounts of increased capital outlays and operating expenditures required to fund its development activities. The Company’s current estimates may be subject to change as circumstances regarding its business requirements evolve. 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 cumulative losses since inception in June 2004 through June 30, 2019 of $242.7 million. Management believes that the Company will continue to incur net losses and negative net cash flows from operating activities to fund its operations and meet its obligations on a timely basis through the foreseeable future. As such, these factors raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments related to the recoverability and classification of asset carrying amounts and the classification of liabilities that might be necessary from the outcome of this uncertainty. The Company may decide to raise capital through public or private equity offerings or debt financings, or obtain a bank credit facility or enter into 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. In addition, the Company is exploring additional contract manufacturing arrangements and other business development opportunities, which may provide additional liquidity to the Company. In February 2019, the Company refinanced its senior debt (see Note 6) whereby the Company received net proceeds of approximately $4.2 million, and an additional $4.0 million, which was reflected as restricted cash in the accompanying consolidated balance sheet at December 31, 2018, was released by the Company’s then-senior creditor to the Company. On May 3, 2019, the Company received the additional $27.5 million that was available to the Company under its senior credit facility and amended the facility to increase the total amount available under the facility by an additional $12.5 million (see Note 6). On May 21, 2019, the Company closed on an underwritten public offering of its common stock and received net proceeds of $48.4 million (see Note 7). There can be no assurance that the Company’s approved products will be commercially viable, or that research and development will be successfully completed or that any product will be approved. The Company is subject to risks common to companies in the biotechnology industry including, but not limited to, dependence on collaborative arrangements, development by the Company or its competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, and compliance with FDA and other governmental regulations and approval requirements.

2. SUMMARY OF SIGNIFICANT ACCOU

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2019
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, 2018 included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 13, 2019. The accompanying consolidated balance sheet as of December 31, 2018 was derived from the audited financial statements for the year ended December 31, 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 June 30, 2019, its results of operations for the three months and six months ended June 30, 2019 and 2018, its changes in equity and cash flows for the six months ended June 30, 2019 and 2018. During the three and six months ended June 30, 2019 and 2018, 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, for the three and six months ended June 30, 2018, approximately $0.4 million and $0.7 million was reclassified from research and development expenses to selling, general and administrative expenses in the accompanying consolidated statements of operations. 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 realizable value of accounts receivable, valuation of inventory, assumptions used in the fair value of awa 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 6) approximates fair value due to the variable interest rate on this debt. With respect to the subordinated note payable in the amount of $15.0 million as of June 30, 2019 and December 31, 2018, which is held by Biotest AG (“Biotest”), a principal stockholder of the Company at the time the note was issued, and was issued concurrent with an acquisition transaction with an affiliate of such stockholder (see Note 6), the Company has concluded that an estimation of fair value for this note is not practicable. Accounts receivable Accounts receivable is 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 June 30, 2019, two customers accounted for an aggregate of 83% of the Company’s total accounts receivable, and at December 31, 2018, three customers accounted for approximately 95% of the Company’s total accounts receivable. Inventories Inventories, including plasma intended for resale and plasma intended for internal use in the Company’s manufacturing, future anticipated commercialization activities and research and development are carried at the lower of cost or net realizable value determined by the first-in, first-out method. Although the Company expects that BIVIGAM and ASCENIV inventory manufactured prior to their respective BLA approvals on May 9, 2019 and April 1, 2019, respectively, will ultimately be available for commercial sale, due to prior uncertainties surrounding the timing of these FDA approvals, all costs related to the production of BIVIGAM and ASCENIV that were incurred prior to their respective approval dates have been charged to cost of product revenue in the accompanying consolidated statements of operations. These costs amounted to $0 and $0.3 million for the three months ended June 30, 2019 and 2018, respectively, and $0.6 million and $4.0 million for the six months ended June 30, 2019 and 2018, respectively. Goodwill Goodwill represents the excess of purchase price over the fair value of net assets acquired by the Company. Goodwill at June 30, 2019 and December 31, 2018 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, and the Company did not record any impairment charges related to goodwill for the six months ended June 30, 2019 and 2018. 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 carrying value is recoverable. Any resulting impairment is recorded as a reduction in the carrying value of the related asset in excess of fair value and a charge to operating results. For the six months ended June 30, 2019 and 2018, the Company determined that there was no impairment of its long-lived assets. Revenue recognition Revenues for the six months ended June 30, 2019 and 2018 are comprised of (i) revenues from the sale of Nabi-HB, (ii) product revenues from the sale of human plasma collected from the Company’s Plasma Collection Centers business segment, (iii) contract manufacturing revenue; and (iv) license and other revenues primarily attributable to the out-licensing of ASCENIV 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 22 years, the term of the Biotest license agreement. Deferred revenue of approximately $2.5 million as of June 30, 2019 and December 31, 2018 is related to this agreement. Product revenue is recognized when the customer is deemed to have control over the product. Control is determined based on when the product is shipped or delivered and title passes to the customer. Revenue is recorded in an amount that reflects the consideration the Company expects to receive in exchange. Revenue from the sale of Nabi-HB is recognized when the product reaches the customer’s destination, and is recorded net of estimated rebates, price protection arrangements and customer incentives, including prompt pay discounts, wholesaler chargebacks and other wholesaler fees. These estimates are based on historical experience, and the Company believes that such estimates are reasonable. For revenues associated with contract manufacturing, control transfers to the customer and the performance obligation is satisfied when the customer takes possession of the product from the Boca Facility. Product revenues from the sale of human plasma collected at the Company’s plasma collection centers are recognized at the time control of the product has been transferred to the customer, which generally occurs at the time of shipment. Product revenues are recognized at the time of delivery to the customer if the Company retains control of the product during shipment. For the six months ended June 30, 2019, three customers represented an aggregate of 84% of the Company’s consolidated revenues. For the six months ended June 30, 2018, three customers represented an aggregate of 90% of the Company’s consolidated revenues, with BPC representing 55% of the Company’s consolidated revenues and the other two customers representing an aggregate of 35% 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 certain compliance issues at the Boca Facility for the six months ended June 30, 2019 and 2018 were approximately $0.2 million and $1.3 million, respectively, and are reflected in cost of product revenue in the accompanying consolidated statements of operations. 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. 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 six months ended June 30, 2019 and 2018, the following securities were excluded from the calculation of diluted loss per common share because of their anti-dilutive effects: For the Six Months Ended June 30, 2019 2018 Stock options 5,624,603 4,251,465 Warrants 2,138,160 528,160 7,762,763 4,779,625 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 vesting period of the award, which is generally four years (see Note 7). Stock options granted under the Company’s equity incentive plans generally have a term of 10 years. Income Taxes The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or its tax returns. Under this method, deferred tax assets and liabilities are recognized for the temporary differences between the tax bases of assets and liabilities and their respective financial reporting amounts at enacted tax rates in effect for the years in which the temporary differences are expected to reverse. The Company records a valuation allowance on its deferred tax assets if it is more likely than not that the Company will not generate sufficient taxable income to utilize its deferred tax assets. The Company is subject to income tax examinations by major taxing authorities for all tax years since 2015 and for previous periods as it relates to the Company’s net operating loss carryforwards. 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 June 30, 2019 and December 31, 2018, and during the six months ended June 30, 2019 and 2018, the Company recognized no adjustments for uncertain tax positions. Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In July 2017, the FASB issued ASU No. 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), Derivatives and Hedging (Topic 815)

3. INVENTORIES

3. INVENTORIES	6 Months Ended
	Jun. 30, 2019
Inventory Disclosure [Abstract]
3. INVENTORIES	The following table provides the components of inventories: June 30, December 31, Raw materials $ 15,904,618 $ 14,019,668 Work-in-process 4,668,266 — Finished goods 3,016,866 4,596,501 Total inventories $ 23,589,750 $ 18,616,169 Raw materials includes plasma and other materials expected to be used in the production of ASCENIV and BIVIGAM, as there are alternative uses for these materials that provide a probable future benefit or will be consumed in the production of goods expected to be available for sale. All other activities and materials associated with the production of inventories used in research and development activities are expensed as incurred. Work-in-process inventory at June 30, 2019 consists of $2.1 million of ASCENIV, $1.0 million of BIVIGAM and $1.5 million of Nabi-HB. Finished goods inventory at June 30, 2019 is comprised of $1.5 million of Nabi-HB, $0.9 million of product manufactured under a contract manufacturing agreement, $0.4 million of plasma collected at the Company’s plasma collection center and $0.2 million of intermediates. Finished goods inventory at December 31, 2018 is comprised of $2.3 million of Nabi-HB, $1.2 million of product manufactured under a contract manufacturing agreement and $1.1 million of plasma collected at the Company’s plasma collection centers.

4. INTANGIBLE ASSETS

4. INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
4. INTANGIBLE ASSETS	Intangible assets at June 30, 2019 and December 31, 2018 consist of the following: June 30, 2019 December 31, 2018 Accumulated Accumulated Cost Amortization Net Cost Amortization Net Trademark and other intangible rights related to Nabi-HB $ 4,100,046 $ 1,220,251 $ 2,879,795 $ 4,100,046 $ 927,391 $ 3,172,655 Rights to intermediates 907,421 270,066 637,355 907,421 205,250 702,171 Customer contract 1,076,557 1,011,764 64,793 1,076,557 946,971 129,586 $ 6,084,024 $ 2,502,081 $ 3,581,943 $ 6,084,024 $ 2,079,612 $ 4,004,412 All of the Company’s intangible assets were acquired in the Biotest Transaction. Amortization expense related to these intangible assets for the six months ended June 30, 2019 and 2018 was $0.4 million. Estimated aggregate future aggregate amortization expense for the next five years is expected to be as follows: Remainder of 2019 $ 422,469 2020 715,352 2021 715,352 2022 715,352 2023 715,352

5. PROPERTY AND EQUIPMENT

5. PROPERTY AND EQUIPMENT	6 Months Ended
	Jun. 30, 2019
Property, Plant and Equipment [Abstract]
5. PROPERTY AND EQUIPMENT	Property and equipment and related accumulated depreciation are summarized as follows: June 30, 2019 December 31, 2018 Manufacturing and laboratory equipment $ 8,367,061 $ 8,233,203 Office equipment and computer software 1,606,177 1,608,994 Furniture and fixtures 849,088 1,163,552 Construction in process 1,217,849 845,538 Leasehold improvements 1,673,084 1,660,709 Land 4,339,441 4,339,441 Buildings and building improvements 16,063,049 15,685,325 34,115,749 33,536,762 Less: Accumulated depreciation (4,671,260 ) (3,421,032 ) Total property and equipment, net $ 29,444,489 $ 30,115,730 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 three 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 six months ended June 30, 2019 of $0.6 million and $1.2 million, respectively. Depreciation expense for the three and six months ended June 30, 2018 was $0.6 million and $1.3 million, respectively, which includes $0.1 million and $0.2 million, respectively, of depreciation on the plasma assets that were transferred to Biotest on January 1, 2019 (see Notes 1 and 11).

6. DEBT

6. DEBT	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
6. DEBT	Senior Notes Payable A summary of outstanding senior notes payable is as follows: June 30, 2019 December 31, 2018 Notes payable: $ 72,500,000 $ 30,000,000 Less: Debt discount (5,031,363 ) (3,559,170 ) Senior notes payable $ 67,468,637 $ 26,440,830 On February 11, 2019 (the “Perceptive Closing Date”), the Company and all of its subsidiaries entered into a Credit Agreement and Guaranty (the “Perceptive Credit Agreement”) with Perceptive Credit Holdings II, LP, as the lender and administrative agent (“Perceptive”). The Perceptive Credit Agreement, as amended, provides for a senior secured term loan facility in a principal amount of up to $85.0 million (the “Perceptive Credit Facility”), comprised of (i) a term loan made on the Perceptive Closing Date in the principal amount of $45.0 million, as evidenced by the Company’s issuance of a promissory note (the “Perceptive Tranche I Note”) in favor of Perceptive on the Perceptive Closing Date (the “Perceptive Tranche I Loan”), (ii) a term loan in the principal amount of up to $27.5 million (the “Perceptive Tranche II Loan”) evidenced by the Company’s issuance of a promissory note (the “Perceptive Tranche II Note”) in favor of Perceptive on May 3, 2019; and (iii) a term loan in the principal amount of up to $12.5 million (the “Perceptive Tranche III Loan”, and together with the Perceptive Tranche I Loan and the Perceptive Tranche II Loan, the “Perceptive Loans”) to be drawn-down at the Company’s sole option. The Perceptive Tranche III Loan is the result of an amendment to the Perceptive Credit Agreement (the “Perceptive Amendment”) that the Company and Perceptive entered into on May 3, 2019, and the Perceptive Tranche III Loan became available to the Company upon the approval of the PAS on May 9, 2019. The Perceptive Credit Facility has a maturity date of March 1, 2022 (the “Maturity Date”), subject to acceleration pursuant to the Perceptive Credit Agreement, including upon an Event of Default (as defined in the Perceptive Credit Agreement). On the Perceptive Closing Date, the Company used $30.0 million of the Perceptive Tranche I Loan to terminate and pay in full all of the outstanding obligations under its previously existing credit agreement with Marathon Healthcare Finance Fund, L.P. (“Marathon”) (the “Marathon Credit Facility”). The Company also used proceeds from the Perceptive Tranche I Loan to: (i) pay a deferred facility fee to Marathon in the amount of $2.8 million, (ii) pay a prepayment penalty to Marathon in the amount of $6.5 million, (iii) pay outstanding accrued interest to Marathon in the amount of $0.7 million, and (iv) pay certain fees and expenses incurred in connection with the Perceptive Credit Facility of approximately $1.5 million. In addition, Marathon released $4.0 million of cash to the Company that was held in a debt service reserve account per the terms of the Marathon Credit Facility, which was reflected as restricted cash in the accompanying consolidated balance sheet as of December 31, 2018. In connection with the Perceptive Amendment, the Company paid an additional facility fee to Perceptive in the amount of $0.1 million on May 3, 2019. As a result of the Company’s entering into the Perceptive Credit Agreement and terminating the Marathon Credit Facility, the Company recognized a loss on the extinguishment of debt in the amount of approximately $10.0 million, comprised of the $6.5 million prepayment penalty and the write-off of unamortized debt discount related to the Marathon Credit Facility in the amount of $3.5 million. Borrowings under the Perceptive Credit Agreement bear interest at a rate per annum equal to 7.5% plus the greater of (i) one-month LIBOR and (ii) 3.5%; provided, however, that upon, and during the continuance of, an Event of Default, the interest rate will automatically increase by an additional 400 basis points. Accrued interest is payable to Perceptive on the last day of each month during the term of the Perceptive Credit Facility. The rate of interest in effect as of the Perceptive Closing Date and at June 30, 2019 was 11.0%. On the Maturity Date, the Company will pay Perceptive the entire outstanding principal amount underlying the Perceptive Loans and any accrued and unpaid interest thereon. Prior to the Maturity Date, there will be no scheduled principal payments on the Perceptive Loans. The Company may prepay outstanding principal on the Perceptive Loans at any time and from time to time upon three business days’ prior written notice, subject to the payment to Perceptive of, (A) any accrued but unpaid interest on the prepaid principal amount plus (B) a redemption premium amount equal to (i) 5.0% of the prepaid principal amount, if prepaid on or prior to the first anniversary of the Perceptive Closing Date, (ii) 4.0% of the prepaid principal amount, if prepaid after the first anniversary of the Perceptive Closing Date and on or prior to the second anniversary of the Perceptive Closing Date, or (iii) 3.0% of the prepaid principal amount, if prepaid after the second anniversary of the Perceptive Closing Date and on or prior to the third anniversary of the Perceptive Closing Date. All of the Company’s obligations under the Perceptive Credit Agreement are secured by a first-priority lien and security interest in substantially all of the Company’s tangible and intangible assets, including intellectual property and all of the equity interests in the Company’s subsidiaries. The Perceptive Credit Agreement contains certain representations and warranties, affirmative covenants, negative covenants and conditions that are customarily required for similar financings. The negative covenants restrict or limit the ability of the Company and its subsidiaries to, among other things and subject to certain exceptions contained in the Perceptive Credit Agreement, incur new indebtedness; create liens on assets; engage in certain fundamental corporate changes, such as mergers or acquisitions, or changes to the Company’s or subsidiaries’ business activities; make certain Investments or Restricted Payments (each as defined in the Perceptive Credit Agreement); change its fiscal year; pay dividends; repay other certain indebtedness; engage in certain affiliate transactions; or enter into, amend or terminate any other agreements that have the impact of restricting the Company’s ability to make loan repayments under the Perceptive Credit Agreement. In addition, the Company must (i) at all times prior to the Maturity Date maintain a minimum cash balance of $3.0 million; and (ii) as of the last day of each fiscal quarter commencing with the fiscal quarter ending June 30, 2019, receive revenue for the trailing 12-month period in amounts set forth in the Perceptive Credit Agreement, which range from $7.0 million for the fiscal quarter ending June 30, 2019 to $55.0 million for the fiscal quarter ending December 31, 2021. At June 30, 2019, the Company was in compliance with all of the covenants contained in the Perceptive Credit Agreement. As consideration for the Perceptive Credit Agreement, the Company issued to Perceptive a warrant to purchase 1,360,000 shares of the Company’s common stock (the “Perceptive Warrant”) on the Perceptive Closing Date. The Perceptive Warrant has an exercise price equal to $3.28 per share, which is equal to the trailing 10-day volume weighted average price (“VWAP”) of the Company’s common stock on the business day immediately prior to the Perceptive Closing Date multiplied by 1.15. The Perceptive Warrant was valued by the Company at $2.7 million as of the Perceptive Closing Date and has an expiration date of February 11, 2029. In connection with the Perceptive Amendment, the Company issued an additional warrant (the “Perceptive Tranche III Warrant” and, together with the Perceptive Warrant, the “Perceptive Warrants”) to purchase 250,000 shares of the Company’s common stock to Perceptive with an exercise price equal to $4.64 per share, which represents the trailing 10-day VWAP of the Company’s common stock as of May 2, 2019. The Perceptive Tranche III Warrant was valued by the Company at $0.9 million and has an expiration date of May 3, 2029. Perceptive has represented to the Company, among other things, that it was an “accredited investor” (as such term is defined in Rule 501(a) of Regulation D under the Securities Act) and the Company issued the Perceptive Warrants in reliance upon an exemption from registration contained in Section 4(2) under the Securities Act. The Perceptive Warrants and the shares of common stock issuable thereunder may not be offered, sold, pledged or otherwise transferred in the U.S. absent registration or an applicable exemption from the registration requirements under the Securities Act. As a result of the fees paid to Perceptive and the value of the Perceptive Warrants, the Company recognized an aggregate discount on the Perceptive Tranche I Note and Perceptive Tranche II Note in the amount of $5.3 million. The Company records debt discount as a reduction to the face amount of the debt, and the debt discount is amortized as interest expense over the life of the debt using the interest method. Based on the fair value of the Perceptive Warrants and the aggregate amount of fees and expenses associated with obtaining the Perceptive Credit Facility, the effective interest rate on the Perceptive Loans as of May 3, 2019 was approximately 13.9%. Subordinated Note Payable A summary of the outstanding subordinated note payable is as follows: June 30, 2019 December 31, 2018 Subordinated note payable to Biotest $ 15,000,000 $ 15,000,000 Less: Debt discount (109,289 ) (125,816 ) Subordinated note payable $ 14,890,711 $ 14,874,184 In connection with the acquisition of the Biotest Assets (see Note 1), ADMA BioManufacturing issued a subordinated note payable to BPC and in connection therewith received cash proceeds of $15.0 million. This note has since been assigned from BPC to Biotest. 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 Perceptive 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 June 30, 2019.

7. STOCKHOLDERS' EQUITY

7. STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2019
STOCKHOLDERS' EQUITY
7. 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 June 30, 2019 and December 31, 2018. Common Stock As of June 30, 2019 and December 31, 2018, the Company was authorized to issue 75,000,000 shares of its common stock, $0.0001 par value per share, and 59,317,806 and 46,353,068 shares of common stock were outstanding as of June 30, 2019 and December 31, 2018, respectively. After giving effect to shares reserved for the issuance of warrants and stock options, as of June 30, 2019, there were 7,919,431 shares of common stock available for issuance. On May 21, 2019, the Company issued 12,937,500 shares of its common stock in an underwritten public offering for gross proceeds of approximately $51.8 million. After deducting underwriters’ commissions and other expenses associated with the offering, the Company received net proceeds of $48.4 million. Warrants On the Perceptive Closing Date, the Company issued the Perceptive Warrant, whereby Perceptive may purchase an aggregate of 1,360,000 shares of common stock at an exercise price of $3.28 per share. The Perceptive Warrant became exercisable on the Perceptive Closing Date, and was valued at $2.7 million. The Perceptive Warrant was valued using the Black-Scholes option-pricing model assuming an expected term of 10 years, a volatility of 61.2%, a dividend yield of 0% and a risk-free interest rate of 2.65%. On May 3, 2019, the Company issued the Perceptive Tranche III Warrant, whereby Perceptive may purchase an aggregate of 250,000 shares of common stock at an exercise price of $4.64 per share. The Perceptive Tranche III was exercisable on the date of issuance and was valued at $0.9 million. The Perceptive Tranche III Warrant was valued using the Black-Scholes option-pricing model assuming an expected term of 10 years, a volatility of 62.3%, a dividend yield of 0% and a risk-free interest rate of 2.54%. At June 30, 2019, the Company had outstanding warrants to purchase an aggregate of 2,138,160 shares of common stock, with a weighted average exercise price of $3.81 per share and expiration dates ranging between June 2022 and May 2029. Equity Incentive Plans 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 six months ended June 30, 2019 and 2018: Six Months Ended June 30, 2019 2018 Expected term 5.8 - 6.3 years 5.8-6.3 years Volatility 54.2-62.3% 54-57% Dividend yield 0.0 0.0 Risk-free interest rate 1.80-2.92% 2.40-2.59% During the six months ended June 30, 2019 and 2018, the Company granted options to purchase an aggregate of 1,429,100 and 1,002,900 shares of common stock, respectively, to its directors, employees and certain third party service providers. The weighted average remaining contractual life of stock options outstanding and expected to vest at June 30, 2019 is 7.6 years. The weighted average remaining contractual life of stock options exercisable at June 30, 2019 is 6.3 years. A summary of the Company’s option activity under the 2007 Plan and 2014 Plan and related information is as follows: Shares Weighted Average Exercise Price Balance at December 31, 2018 4,342,231 $ 5.16 Forfeited (113,667 ) $ 4.04 Expired (5,823 ) $ 5.54 Granted 1,429,100 $ 3.47 Exercised (27,238 ) $ 2.76 Balance at June 30, 2019 5,624,603 $ 4.76 Options exercisable 2,824,929 $ 5.78 During the six months ended June 30, 2019, 27,238 options were exercised, and the Company received cash proceeds of $0.1 million. Stock-based compensation expense for the three and six months ended June 30, 2019 and 2018 is as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Research and development $ 89,543 $ 83,339 $ 176,066 $ 161,644 Plasma centers 13,213 7,760 24,753 14,846 Selling, general and administrative 569,349 406,193 1,067,820 801,050 Cost of product revenue 54,631 38,099 95,360 72,635 Total stock-based compensation expense $ 726,736 $ 535,391 $ 1,363,999 $ 1,050,175 As of June 30, 2019, the Company had $5.6 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.

8. RELATED PARTY TRANSACTIONS

8. RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
8. RELATED PARTY TRANSACTIONS	The Company leases an office building and equipment from Areth, LLC (“Areth”) pursuant to an agreement for services effective as of January 1, 2016, as amended from time to time. Effective October 1, 2017, monthly rent on this facility was reduced to $10,000. On September 27, 2018, the agreement was amended to extend the term of the agreement through September 30, 2019. Rent expense for the three months ended June 30, 2019 and 2018 amounted to $30,000, and rent expense for the six months June 30, 2019 and 2018 amounted to $60,000, and includes fees for the use of such office space and for other information technology, general warehousing and administrative services. Areth is a company controlled by Dr. Jerrold B. Grossman, the Company’s Vice Chairman, and Adam S. Grossman, the Company’s President and Chief Executive Officer. The Company also reimburses Areth for office and building related (common area) expenses, equipment and certain other operational expenses, which were not material to the consolidated financial statements for the three and six months ended June 30, 2019 and 2018. See Note 6 for a discussion of the Company’s credit facility and related transactions with Perceptive, a holder of greater than 10% of the Company’s common stock.

9. COMMITMENT AND CONTINGENCIES

9. COMMITMENT AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
9. 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. Vendor and Licensor Commitments Pursuant to the terms of a plasma purchase agreement with BPC dated as of November 17, 2011 (the “2011 Plasma Purchase Agreement”), the Company agreed to purchase from BPC an annual minimum volume of source plasma containing antibodies to RSV to be used in the manufacture of ASCENIV. The Company must purchase a to-be-determined and agreed upon annual minimum volume from BPC, but may also collect high-titer RSV plasma from up to five wholly-owned ADMA plasma collection facilities. During 2015, the Company and BPC amended the 2011 Plasma Purchase Agreement to allow the Company the ability to collect its raw material RSV high-titer plasma from other third-party collection organizations, thus allowing the Company to expand its reach for raw material supply as it approaches commercialization for ASCENIV. Unless terminated earlier, the 2011 Plasma Purchase Agreement expires in June 2027, after which it may be renewed for two additional five-year periods if agreed to by the parties. As part of the closing of the Biotest Transaction, the parties amended the 2011 Plasma Purchase Agreement to extend the initial term through the ten year anniversary of the closing date of the Biotest Transaction. On December 10, 2018, BPC assigned its rights and obligations under the 2011 Plasma Purchase Agreement to Grifols Worldwide Operations Limited (“Grifols”) as its successor-in-interest, effective January 1, 2019. On January 1, 2019, Grifols and the Company entered into an additional amendment to the 2011 Plasma Purchase Agreement for the purchase of source plasma containing antibodies to RSV from Grifols. Pursuant to this amendment, until January 1, 2022, the Company may purchase RSV plasma from Grifols from the two plasma collection centers that were transferred to BPC on January 1, 2019 at a price equal to cost plus five percent (5%) (without any additional increase due to inflation). On June 6, 2017, the Company and BPC entered into a Plasma Supply Agreement pursuant to which BPC supplies, on an exclusive basis subject to certain exceptions, to ADMA BioManufacturing an annual minimum volume of hyperimmune plasma that contain antibodies to the hepatitis B virus for the manufacture of Nabi-HB. The Plasma Supply Agreement has a 10-year term. On July 19, 2018, the Company and BPC entered into an amendment to the Plasma Supply Agreement to provide, among other things, that in the event BPC elects not to supply in excess of ADMA BioManufacturing’s specified amount of Hepatitis B plasma and ADMA BioManufacturing is unable to secure Hepatitis B plasma from a third party at a price that is within a low double digit percentage of the price that ADMA BioManufacturing pays to BPC, then BPC shall reimburse ADMA BioManufacturing for the difference in price ADMA BioManufacturing incurs. On December 10, 2018, BPC assigned its rights and obligations under the Plasma Supply Agreement to Grifols, effective January 1, 2019. On June 6, 2017, the Company and BPC entered into a Plasma Purchase Agreement (the “2017 Plasma The Company purchases substantially all of its raw material plasma from Grifols. For the six months ended June 30, 2019, plasma purchases from Grifols totaled approximately $5.0 million, representing approximately 67% of our total inventory purchases. For the six months ended June 30, 2018, plasma purchases from BPC totaled $0.8 million, or approximately 49% of our total inventory purchases. 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 June 30, 2019. The Company does not anticipate recognizing any significant losses relating to these arrangements.

10. SEGMENTS

10. SEGMENTS	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
10. SEGMENTS	The Company is engaged in the manufacture, marketing and development of specialty plasma-derived biologics. 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 1). The Plasma Collection Centers segment consists of one and three FDA-licensed source plasma collection facilities located in Georgia for the six months ended June 30, 2019 and 2018, respectively. 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. Summarized financial information concerning reportable segments is shown in the following tables: Three Months Ended June 30, 2019 ADMA BioManufacturing Plasma Collection Centers Corporate Consolidated Revenues $ 4,002,445 $ 2,522,788 $ 35,709 $ 6,560,942 Cost of product revenue 8,170,381 2,320,855 — 10,491,236 Loss from operations (8,671,783 ) (392,181 ) (2,274,710 ) (11,338,674 ) Interest and other expense, net (246,603 ) (59 ) (1,626,536 ) (1,873,198 ) Net loss (8,918,386 ) (392,240 ) (3,901,246 ) (13,211,872 ) Depreciation and amortization 688,848 113,958 3,287 806,093 Total assets 67,236,416 3,835,999 72,201,705 143,274,120 Three Months Ended June 30, 2018 ADMA BioManufacturing Plasma Collection Centers Corporate Consolidated Revenues $ 2,144,724 $ 2,476,117 $ 35,709 $ 4,656,550 Cost of product revenue 7,965,681 1,679,981 — 9,645,662 Loss from operations (9,918,243 ) (941,993 ) (2,557,145 ) (13,417,381 ) Interest and other expense, net (237,161 ) (436 ) (1,092,853 ) (1,330,450 ) Net loss (10,155,404 ) (942,429 ) (3,649,998 ) (14,747,831 ) Depreciation and amortization 639,300 200,598 6,001 845,899 Total assets 54,297,915 5,438,645 58,015,432 117,751,992 Six Months Ended June 30, 2019 ADMA BioManufacturing Plasma Collection Centers Corporate Consolidated Revenues $ 5,346,428 $ 4,671,686 $ 71,417 $ 10,089,531 Cost of product revenue 16,110,727 3,785,688 — 19,896,415 Loss from operations (19,292,591 ) (362,601 ) (4,891,898 ) (24,547,090 ) Interest and other (expense) income, net (416,216 ) 13,560 (2,895,007 ) (3,297,663 ) Gain on transfer of plasma center assets — 11,527,421 — 11,527,421 Loss on extinguishment of debt — — (9,962,495 ) (9,962,495 ) Net (loss) income (19,708,807 ) 11,178,380 (17,749,400 ) (26,279,827 ) Depreciation and amortization 1,376,240 228,199 6,983 1,611,422 Capital expenditures 224,440 21,235 — 245,675 Six Months Ended June 30, 2018 ADMA BioManufacturing Plasma Collection Centers Corporate Consolidated Revenues $ 3,810,967 $ 4,816,172 $ 71,417 $ 8,698,556 Cost of product revenue 18,663,323 3,225,087 — 21,888,410 Loss from operations (22,642,709 ) (1,980,817 ) (5,326,358 ) (29,949,884 ) Interest and other expense, net (477,214 ) (871 ) (2,142,004 ) (2,620,089 ) Net loss (23,119,923 ) (1,981,688 ) (7,468,362 ) (32,569,973 ) Depreciation and amortization 1,271,131 389,512 14,796 1,675,439 Capital expenditures 591,665 454,710 — 1,046,375

11. TRANSFER OF PLASMA CENTER A

11. TRANSFER OF PLASMA CENTER ASSETS	6 Months Ended
	Jun. 30, 2019
Transfer Of Plasma Center Assets
11. TRANSFER OF PLASMA CENTER ASSETS	As part of the purchase price for the Biotest Transaction (see Note 1), the Company transferred its Marietta, GA and Norcross, GA plasma collection centers to BPC effective January 1, 2019. The Company had estimated the combined fair value of the two facilities to be $12.6 million, and the Company recorded an obligation for this amount as of the date of the Biotest Transaction, which is reflected in non-current liabilities in the accompanying consolidated balance sheet as of December 31, 2018. On January 1, 2019, upon the transfer of the two plasma collection facilities to BPC, the Company recorded a gain in the amount of $11.5 million, which reflects the derecognition of the obligation to transfer ownership of the two facilities net of the carrying value of the assets associated with these facilities, primarily property and equipment and inventory, in the amount of $1.1 million.

12. LEASE OBLIGATIONS

12. LEASE OBLIGATIONS	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
12. LEASE OBLIGATIONS	The Company leases certain properties and equipment for its ADMA Bio Centers subsidiary and certain equipment for its ADMA BioManufacturing subsidiary, which leases provide the right to use the underlying assets and require lease payments through the respective lease terms which expire at various dates through 2026. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company determines if an arrangement is an operating lease at inception. Leases with an initial term of 12 months or less are not recorded on the balance sheet. All other leases are recorded on the balance sheet with assets representing the right to use the underlying asset for the lease term and lease liabilities representing the obligation to make lease payments arising from the lease. Right-to-use assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term and include options to extend or terminate the lease when they are reasonably certain to be exercised. The present value of the lease payments is determined using the Company’s incremental borrowing rate as of the date of application of ASU 2016-02, or the lease commencement date. For the lease liabilities recognized upon the application of ASU 2016-02, the Company used a discount rate of 13% to determine the present value of its lease obligations. The Company’s operating lease expense is recognized on a straight-line basis over the lease term and is reflected in Plasma center operating expenses and Selling, general and administrative expenses. Aggregate rent expense and cash paid for the Company’s operating leases for the three and six months ended June 30, 2019 was $0.1 million and $0.2 million, respectively. In connection with the adoption of ASU 2016-02 on January 1, 2019 (see Note 2), the Company recognized right to use assets of $1.4 million and lease liabilities of approximately $1.6 million. The right-to-use assets are reflected in Deposits and other assets in the accompanying consolidated balance sheet as of June 30, 2019. Including a finance lease the Company entered into in June 2018, the Company has aggregate lease liabilities of $1.6 million as of June 30, 2019, which are comprised primarily of the lease for the Company’s plasma collection center in Kennesaw, GA and an administrative office lease in Roswell, GA related to the Company’s ADMA Bio Centers subsidiary. The Company’s operating leases have a weighted average remaining term of 6.4 years. Scheduled payments under the Company’s lease obligations are as follows: Remainder of 2019 $ 206,290 Year ended December 31, 2020 407,792 2021 385,887 2022 382,287 2023 360,197 Thereafter 606,912 Total payments 2,349,365 Less: imputed interest (711,275 ) Balance at June 30, 2019 $ 1,638,090

13. SUPPLEMENTAL DISCLOSURE OF

13. SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION	6 Months Ended
	Jun. 30, 2019
Supplemental Cash Flow Information [Abstract]
13. SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION	Supplemental cash flow information for the six months ended June 30, 2019 and 2018 is as follows: 2019 2018 SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for interest $ 3,574,304 $ 2,145,005 Noncash Financing and Investing Activities: Equipment acquired reflected in accounts payable and accrued liabilities $ 290,389 $ 183,233 Equipment acquired through finance lease $ — $ 165,644 Warrants issued in connection with notes payable $ 3,579,115 $ —

2. SUMMARY OF SIGNIFICANT ACC_2

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2019
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, 2018 included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 13, 2019. The accompanying consolidated balance sheet as of December 31, 2018 was derived from the audited financial statements for the year ended December 31, 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 June 30, 2019, its results of operations for the three months and six months ended June 30, 2019 and 2018, its changes in equity and cash flows for the six months ended June 30, 2019 and 2018. During the three and six months ended June 30, 2019 and 2018, 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, for the three and six months ended June 30, 2018, approximately $0.4 million and $0.7 million was reclassified from research and development expenses to selling, general and administrative expenses in the accompanying consolidated statements of operations. 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 realizable value of accounts receivable, valuation of inventory, assumptions used in the fair value of awards granted under the Company’s equity incentive plans and warrants issued in connection with the issuance of notes payable and the valuation allowance for the Company’s deferred tax assets.
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 6) approximates fair value due to the variable interest rate on this debt. With respect to the subordinated note payable in the amount of $15.0 million as of June 30, 2019 and December 31, 2018, which is held by Biotest AG (“Biotest”), a principal stockholder of the Company at the time the note was issued, and was issued concurrent with an acquisition transaction with an affiliate of such stockholder (see Note 6), the Company has concluded that an estimation of fair value for this note is not practicable.
Accounts receivable	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 6) approximates fair value due to the variable interest rate on this debt. With respect to the subordinated note payable in the amount of $15.0 million as of June 30, 2019 and December 31, 2018, which is held by Biotest AG (“Biotest”), a principal stockholder of the Company at the time the note was issued, and was issued concurrent with an acquisition transaction with an affiliate of such stockholder (see Note 6), the Company has concluded that an estimation of fair value for this note is not practicable.
Inventories	Inventories, including plasma intended for resale and plasma intended for internal use in the Company’s manufacturing, future anticipated commercialization activities and research and development are carried at the lower of cost or net realizable value determined by the first-in, first-out method. Although the Company expects that BIVIGAM and ASCENIV inventory manufactured prior to their respective BLA approvals on May 9, 2019 and April 1, 2019, respectively, will ultimately be available for commercial sale, due to prior uncertainties surrounding the timing of these FDA approvals, all costs related to the production of BIVIGAM and ASCENIV that were incurred prior to their respective approval dates have been charged to cost of product revenue in the accompanying consolidated statements of operations. These costs amounted to $0 and $0.3 million for the three months ended June 30, 2019 and 2018, respectively, and $0.6 million and $4.0 million for the six months ended June 30, 2019 and 2018, respectively.
Goodwill	Goodwill represents the excess of purchase price over the fair value of net assets acquired by the Company. Goodwill at June 30, 2019 and December 31, 2018 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, and the Company did not record any impairment charges related to goodwill for the six months ended June 30, 2019 and 2018.
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 carrying value is recoverable. Any resulting impairment is recorded as a reduction in the carrying value of the related asset in excess of fair value and a charge to operating results. For the six months ended June 30, 2019 and 2018, the Company determined that there was no impairment of its long-lived assets.
Revenue recognition	Revenues for the six months ended June 30, 2019 and 2018 are comprised of (i) revenues from the sale of Nabi-HB, (ii) product revenues from the sale of human plasma collected from the Company’s Plasma Collection Centers business segment, (iii) contract manufacturing revenue; and (iv) license and other revenues primarily attributable to the out-licensing of ASCENIV 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 22 years, the term of the Biotest license agreement. Deferred revenue of approximately $2.5 million as of June 30, 2019 and December 31, 2018 is related to this agreement. Product revenue is recognized when the customer is deemed to have control over the product. Control is determined based on when the product is shipped or delivered and title passes to the customer. Revenue is recorded in an amount that reflects the consideration the Company expects to receive in exchange. Revenue from the sale of Nabi-HB is recognized when the product reaches the customer’s destination, and is recorded net of estimated rebates, price protection arrangements and customer incentives, including prompt pay discounts, wholesaler chargebacks and other wholesaler fees. These estimates are based on historical experience, and the Company believes that such estimates are reasonable. For revenues associated with contract manufacturing, control transfers to the customer and the performance obligation is satisfied when the customer takes possession of the product from the Boca Facility. Product revenues from the sale of human plasma collected at the Company’s plasma collection centers are recognized at the time control of the product has been transferred to the customer, which generally occurs at the time of shipment. Product revenues are recognized at the time of delivery to the customer if the Company retains control of the product during shipment. For the six months ended June 30, 2019, three customers represented an aggregate of 84% of the Company’s consolidated revenues. For the six months ended June 30, 2018, three customers represented an aggregate of 90% of the Company’s consolidated revenues, with BPC representing 55% of the Company’s consolidated revenues and the other two customers representing an aggregate of 35% 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 certain compliance issues at the Boca Facility for the six months ended June 30, 2019 and 2018 were approximately $0.2 million and $1.3 million, respectively, and are reflected in cost of product revenue in the accompanying consolidated statements of operations.
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. 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 six months ended June 30, 2019 and 2018, the following securities were excluded from the calculation of diluted loss per common share because of their anti-dilutive effects: For the Six Months Ended June 30, 2019 2018 Stock options 5,624,603 4,251,465 Warrants 2,138,160 528,160 7,762,763 4,779,625
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 vesting period of the award, which is generally four years (see Note 7). Stock options granted under the Company’s equity incentive plans generally have a term of 10 years.
Income Taxes	The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or its tax returns. Under this method, deferred tax assets and liabilities are recognized for the temporary differences between the tax bases of assets and liabilities and their respective financial reporting amounts at enacted tax rates in effect for the years in which the temporary differences are expected to reverse. The Company records a valuation allowance on its deferred tax assets if it is more likely than not that the Company will not generate sufficient taxable income to utilize its deferred tax assets. The Company is subject to income tax examinations by major taxing authorities for all tax years since 2015 and for previous periods as it relates to the Company’s net operating loss carryforwards. 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 June 30, 2019 and December 31, 2018, and during the six months ended June 30, 2019 and 2018, the Company recognized no adjustments for uncertain tax positions.
Recent Accounting Pronouncements	In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In July 2017, the FASB issued ASU No. 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), Derivatives and Hedging (Topic 815)

2. SUMMARY OF SIGNIFICANT ACC_3

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Schedule of dilutive securities	For the Six Months Ended June 30, 2019 2018 Stock options 5,624,603 4,251,465 Warrants 2,138,160 528,160 7,762,763 4,779,625

3. INVENTORIES (Tables)

3. INVENTORIES (Tables)	6 Months Ended
	Jun. 30, 2019
Inventory Disclosure [Abstract]
Schedule of inventory	June 30, December 31, Raw materials $ 15,904,618 $ 14,019,668 Work-in-process 4,668,266 — Finished goods 3,016,866 4,596,501 Total inventories $ 23,589,750 $ 18,616,169

4. INTANGIBLE ASSETS (Tables)

4. INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets	June 30, 2019 December 31, 2018 Accumulated Accumulated Cost Amortization Net Cost Amortization Net Trademark and other intangible rights related to Nabi-HB $ 4,100,046 $ 1,220,251 $ 2,879,795 $ 4,100,046 $ 927,391 $ 3,172,655 Rights to intermediates 907,421 270,066 637,355 907,421 205,250 702,171 Customer contract 1,076,557 1,011,764 64,793 1,076,557 946,971 129,586 $ 6,084,024 $ 2,502,081 $ 3,581,943 $ 6,084,024 $ 2,079,612 $ 4,004,412
Intangible asset future aggregate amortization expense	Remainder of 2019 $ 422,469 2020 715,352 2021 715,352 2022 715,352 2023 715,352

5. PROPERTY AND EQUIPMENT (Tabl

5. PROPERTY AND EQUIPMENT (Tables)	6 Months Ended
	Jun. 30, 2019
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	June 30, 2019 December 31, 2018 Manufacturing and laboratory equipment $ 8,367,061 $ 8,233,203 Office equipment and computer software 1,606,177 1,608,994 Furniture and fixtures 849,088 1,163,552 Construction in process 1,217,849 845,538 Leasehold improvements 1,673,084 1,660,709 Land 4,339,441 4,339,441 Buildings and building improvements 16,063,049 15,685,325 34,115,749 33,536,762 Less: Accumulated depreciation (4,671,260 ) (3,421,032 ) Total property and equipment, net $ 29,444,489 $ 30,115,730

6. DEBT (Tables)

6. DEBT (Tables) - Oxford Loan	6 Months Ended
	Jun. 30, 2019
Summary of notes payable	June 30, 2019 December 31, 2018 Notes payable: $ 72,500,000 $ 30,000,000 Less: Debt discount (5,031,363 ) (3,559,170 ) Senior notes payable $ 67,468,637 $ 26,440,830
Summary of related party notes payable	June 30, 2019 December 31, 2018 Subordinated note payable to Biotest $ 15,000,000 $ 15,000,000 Less: Debt discount (109,289 ) (125,816 ) Subordinated note payable $ 14,890,711 $ 14,874,184

7. STOCKHOLDERS' EQUITY (Tables

7. STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2019
STOCKHOLDERS' EQUITY
Schedule of assumptions	Six Months Ended June 30, 2019 2018 Expected term 5.8 - 6.3 years 5.8-6.3 years Volatility 54.2-62.3% 54-57% Dividend yield 0.0 0.0 Risk-free interest rate 1.80-2.92% 2.40-2.59%
Schedule of stock option activity	Shares Weighted Average Exercise Price Balance at December 31, 2018 4,342,231 $ 5.16 Forfeited (113,667 ) $ 4.04 Expired (5,823 ) $ 5.54 Granted 1,429,100 $ 3.47 Exercised (27,238 ) $ 2.76 Balance at June 30, 2019 5,624,603 $ 4.76 Options exercisable 2,824,929 $ 5.78
Stock-based compensation expense	Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Research and development $ 89,543 $ 83,339 $ 176,066 $ 161,644 Plasma centers 13,213 7,760 24,753 14,846 Selling, general and administrative 569,349 406,193 1,067,820 801,050 Cost of product revenue 54,631 38,099 95,360 72,635 Total stock-based compensation expense $ 726,736 $ 535,391 $ 1,363,999 $ 1,050,175

10. SEGMENTS (Tables)

10. SEGMENTS (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Summarized segment financial information	Three Months Ended June 30, 2019 ADMA BioManufacturing Plasma Collection Centers Corporate Consolidated Revenues $ 4,002,445 $ 2,522,788 $ 35,709 $ 6,560,942 Cost of product revenue 8,170,381 2,320,855 — 10,491,236 Loss from operations (8,671,783 ) (392,181 ) (2,274,710 ) (11,338,674 ) Interest and other expense, net (246,603 ) (59 ) (1,626,536 ) (1,873,198 ) Net loss (8,918,386 ) (392,240 ) (3,901,246 ) (13,211,872 ) Depreciation and amortization 688,848 113,958 3,287 806,093 Total assets 67,236,416 3,835,999 72,201,705 143,274,120 Three Months Ended June 30, 2018 ADMA BioManufacturing Plasma Collection Centers Corporate Consolidated Revenues $ 2,144,724 $ 2,476,117 $ 35,709 $ 4,656,550 Cost of product revenue 7,965,681 1,679,981 — 9,645,662 Loss from operations (9,918,243 ) (941,993 ) (2,557,145 ) (13,417,381 ) Interest and other expense, net (237,161 ) (436 ) (1,092,853 ) (1,330,450 ) Net loss (10,155,404 ) (942,429 ) (3,649,998 ) (14,747,831 ) Depreciation and amortization 639,300 200,598 6,001 845,899 Total assets 54,297,915 5,438,645 58,015,432 117,751,992 Six Months Ended June 30, 2019 ADMA BioManufacturing Plasma Collection Centers Corporate Consolidated Revenues $ 5,346,428 $ 4,671,686 $ 71,417 $ 10,089,531 Cost of product revenue 16,110,727 3,785,688 — 19,896,415 Loss from operations (19,292,591 ) (362,601 ) (4,891,898 ) (24,547,090 ) Interest and other (expense) income, net (416,216 ) 13,560 (2,895,007 ) (3,297,663 ) Gain on transfer of plasma center assets — 11,527,421 — 11,527,421 Loss on extinguishment of debt — — (9,962,495 ) (9,962,495 ) Net (loss) income (19,708,807 ) 11,178,380 (17,749,400 ) (26,279,827 ) Depreciation and amortization 1,376,240 228,199 6,983 1,611,422 Capital expenditures 224,440 21,235 — 245,675 Six Months Ended June 30, 2018 ADMA BioManufacturing Plasma Collection Centers Corporate Consolidated Revenues $ 3,810,967 $ 4,816,172 $ 71,417 $ 8,698,556 Cost of product revenue 18,663,323 3,225,087 — 21,888,410 Loss from operations (22,642,709 ) (1,980,817 ) (5,326,358 ) (29,949,884 ) Interest and other expense, net (477,214 ) (871 ) (2,142,004 ) (2,620,089 ) Net loss (23,119,923 ) (1,981,688 ) (7,468,362 ) (32,569,973 ) Depreciation and amortization 1,271,131 389,512 14,796 1,675,439 Capital expenditures 591,665 454,710 — 1,046,375

12. LEASE OBLIGATIONS (Tables)

12. LEASE OBLIGATIONS (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Schedule of future minimum lease payments	Remainder of 2019 $ 206,290 Year ended December 31, 2020 407,792 2021 385,887 2022 382,287 2023 360,197 Thereafter 606,912 Total payments 2,349,365 Less: imputed interest (711,275 ) Balance at June 30, 2019 $ 1,638,090

13. SUPPLEMENTAL DISCLOSURE O_2

13. SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2019
Supplemental Cash Flow Information [Abstract]
Schedule of supplemental cash flow information	2019 2018 SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for interest $ 3,574,304 $ 2,145,005 Noncash Financing and Investing Activities: Equipment acquired reflected in accounts payable and accrued liabilities $ 290,389 $ 183,233 Equipment acquired through finance lease $ — $ 165,644 Warrants issued in connection with notes payable $ 3,579,115 $ —

1. ORGANIZATION AND BUSINESS (D

1. ORGANIZATION AND BUSINESS (Details Narrative) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 73,615,909	$ 22,754,852
Accumulated deficit	$ (242,717,065)	$ (216,437,238)

2. SUMMARY OF SIGNIFICANT ACC_4

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - shares	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Potentially dilutive securities	7,762,763	4,779,625
Stock Options
Potentially dilutive securities	5,624,603	4,251,465
Warrants
Potentially dilutive securities	2,138,160	528,160

2. SUMMARY OF SIGNIFICANT ACC_5

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Goodwill	$ 3,529,509	$ 3,529,509

3. INVENTORIES (Details)

3. INVENTORIES (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Raw materials	$ 15,904,618	$ 14,019,668
Work-in-process	4,668,266	0
Finished goods	3,016,866	4,596,501
Total inventories	$ 23,589,750	$ 18,616,169

4. INTANGIBLE ASSETS (Details)

4. INTANGIBLE ASSETS (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Cost	$ 6,084,024	$ 6,084,024
Accumulated amortization	2,502,081	2,079,612
Net	3,581,943	4,004,412
Trademark and other intangible rights related to Nabi-HB
Cost	4,100,046	4,100,046
Accumulated amortization	1,220,251	927,391
Net	2,879,795	3,172,655
Right to intermediates
Cost	907,421	907,421
Accumulated amortization	270,066	205,250
Net	637,355	702,171
Customer contract
Cost	1,076,557	1,076,557
Accumulated amortization	1,011,764	946,971
Net	$ 64,793	$ 129,586

4. INTANGIBLE ASSETS (Details 1

4. INTANGIBLE ASSETS (Details 1)	Jun. 30, 2019USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2019	$ 422,469
2020	715,352
2021	715,352
2022	715,352
2023	$ 715,352

5. PROPERTY AND EQUIPMENT (Deta

5. PROPERTY AND EQUIPMENT (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Property, plant and equipment, gross	$ 34,115,749	$ 33,536,762
Less: accumulated depreciation and amortization	(4,671,260)	(3,421,032)
Property, plant and equipment, net	29,444,489	30,115,730
Manufacturing and laboratory equipment
Property, plant and equipment, gross	8,367,061	8,233,203
Office equipment and computer software
Property, plant and equipment, gross	1,606,177	1,608,994
Furniture and fixtures
Property, plant and equipment, gross	849,088	1,163,552
Construction in process
Property, plant and equipment, gross	1,217,849	845,538
Leasehold improvements
Property, plant and equipment, gross	1,673,084	1,660,709
Land
Property, plant and equipment, gross	4,339,441	4,339,441
Buildings
Property, plant and equipment, gross	$ 16,063,049	$ 15,685,325

5. PROPERTY AND EQUIPMENT (De_2

5. PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 600,000	$ 600,000	$ 1,200,000	$ 1,300,000

6. DEBT (Details)

6. DEBT (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Notes payable	$ 72,500,000	$ 30,000,000
Less:
Debt discount	(5,031,363)	(3,559,170)
Senior notes payable	$ 67,468,637	$ 26,440,830

6. DEBT (Details 1)

6. DEBT (Details 1) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Related party note payable to Biotest	$ 15,000,000	$ 15,000,000
Less:
Debt discount	(109,289)	(125,816)
Note payable - related party	$ 14,890,711	$ 14,874,184

7. STOCKHOLDERS' EQUITY (Detail

7. STOCKHOLDERS' EQUITY (Details)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
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	54.20%	54.00%
Volatility, maximum	62.30%	57.00%
Dividend yield	0.00%	0.00%
Risk-free interest rate, minimum	1.80%	2.40%
Risk-free interest rate, maximum	2.92%	2.59%

7. STOCKHOLDERS' EQUITY (Deta_2

7. STOCKHOLDERS' EQUITY (Details 1)	6 Months Ended
	Jun. 30, 2019$ / sharesshares
Shares
Outstanding at beginning of period | shares	4,342,231
Forfeited | shares	113,667
Expired | shares	5,823
Granted | shares	1,429,100
Exercised | shares	27,238
Outstanding at end of period | shares	5,624,603
Options exercisable | shares	2,824,929
Weighted Average Exercise Price
Outstanding at beginning of period | $ / shares	$ 5.16
Forfeited | $ / shares	4.04
Expired | $ / shares	5.54
Granted | $ / shares	3.47
Exercised | $ / shares	2.76
Outstanding at end of period | $ / shares	4.76
Options exercisable | $ / shares	$ 5.78

7. STOCKHOLDERS' EQUITY (Deta_3

7. STOCKHOLDERS' EQUITY (Details 2) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Total stock-based compensation expense	$ 726,736	$ 535,391	$ 1,363,999	$ 1,050,175
Research and development
Total stock-based compensation expense	89,543	83,339	176,066	161,644
Plasma centers
Total stock-based compensation expense	13,213	7,760	24,753	14,846
Selling, general and administrative
Total stock-based compensation expense	569,349	406,193	1,067,820	801,050
Cost of product revenue
Total stock-based compensation expense	$ 54,631	$ 38,099	$ 95,360	$ 72,635

7. STOCKHOLDERS' EQUITY (Deta_4

7. STOCKHOLDERS' EQUITY (Details Narrative) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
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	59,317,806	46,353,068
Common stock, outstanding	59,317,806	46,353,068

10. SEGMENTS (Details)

10. SEGMENTS (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Revenues	$ 6,560,942		$ 4,656,550		$ 10,089,531	$ 8,698,556
Cost of product revenue	10,491,236		9,645,662		19,896,415	21,888,410
Loss from operations	(11,338,674)		(13,417,381)		(24,547,090)	(29,949,884)
Interest and other (expense) income, net	(1,873,198)		(1,330,450)		(3,297,663)	(2,620,089)
Gain on transfer of plasma center assets	0		0		11,527,421	0
Loss on extinguishment of debt	0		0		(9,962,495)	0
Net (loss) income	(13,211,872)	$ (13,067,955)	(14,747,831)	$ (17,822,142)	(26,279,827)	(32,569,973)
Purchase of property and equipment					245,675	1,046,375
Depreciation and amortization	806,093		845,899		1,611,422	1,675,439
Total assets	143,274,120		117,751,992		143,274,120	117,751,992	$ 88,876,521
ADMA BioManufacturing
Revenues	4,002,445		2,144,724		5,346,428	3,810,967
Cost of product revenue	8,170,381		7,965,681		16,110,727	18,663,323
Loss from operations	(8,671,783)		(9,918,243)		(19,292,591)	(22,642,709)
Interest and other (expense) income, net	(246,603)		(237,161)		(416,216)	(477,214)
Gain on transfer of plasma center assets					0
Loss on extinguishment of debt					0
Net (loss) income	(8,918,386)		(10,155,404)		(19,708,807)	(23,119,923)
Purchase of property and equipment					224,440	591,665
Depreciation and amortization	688,848		639,300		1,376,240	1,271,131
Total assets	67,236,416		54,297,915		67,236,416	54,297,915
Plasma Collection Centers
Revenues	2,522,788		2,476,117		4,671,686	4,816,172
Cost of product revenue	2,320,855		1,679,981		3,785,688	3,225,087
Loss from operations	(392,181)		(941,993)		(362,601)	(1,980,817)
Interest and other (expense) income, net	(59)		(436)		13,560	(871)
Gain on transfer of plasma center assets					11,527,421
Loss on extinguishment of debt					0
Net (loss) income	(392,240)		(942,429)		11,178,380	(1,981,688)
Purchase of property and equipment					21,235	454,710
Depreciation and amortization	113,958		200,598		228,199	389,512
Total assets	3,835,999		5,438,645		3,835,999	5,438,645
Corporate
Revenues	35,709		35,709		71,417	71,417
Cost of product revenue	0		0		0	0
Loss from operations	(2,274,710)		(2,557,145)		(4,891,898)	(5,326,358)
Interest and other (expense) income, net	(1,626,536)		(1,092,853)		(2,895,007)	(2,142,004)
Gain on transfer of plasma center assets					0
Loss on extinguishment of debt					(9,962,495)
Net (loss) income	(3,901,246)		(3,649,998)		(17,749,400)	(7,468,362)
Purchase of property and equipment					0	0
Depreciation and amortization	3,287		6,001		6,983	14,796
Total assets	$ 72,201,705		$ 58,015,432		$ 72,201,705	$ 58,015,432

12. LEASE OBLIGATIONS (Details)

12. LEASE OBLIGATIONS (Details)	Jun. 30, 2019USD ($)
Leases [Abstract]
Remainder of 2019	$ 206,290
2020	407,792
2021	385,887
2022	382,287
2023	360,197
Thereafter	606,912
Total payments	2,349,365
Less: imputed interest	(711,275)
Total	$ 1,638,090

13. SUPPLEMENTAL DISCLOSURE O_3

13. SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2019	Jun. 30, 2018
SUPPLEMENTAL INFORMATION:
Cash paid for interest			$ 3,574,304	$ 2,145,005
Noncash Financing and Inesting Activities:
Equipment acquired reflected in accounts payable and accrued liabilities			290,389	183,233
Equipment acquired through finance lease			0	165,644
Warrants issued in connection with note payable	$ 879,907	$ 2,699,208	$ 3,579,115	$ 0