0001140361-23-023920 | 10-Q | XBRL Viewer

SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2023

Summarized Financial Information Concerning Reportable Segments

Summarized financial information concerning reportable segments is shown in the following tables:

Three Months Ended March 31, 2023
	ADMA			Plasma Collection
	BioManufacturing			Centers			Corporate			Consolidated

Revenues	$	49,576,935		$	7,300,891		$	35,708		$	56,913,534

Cost of product revenue		33,933,782			6,466,762			-			40,400,544

Income (loss) from operations		5,476,441			(946,334	)		(5,343,425	)		(813,318	)

Interest and other expense, net		(23,779	)		(227	)		(5,951,491	)		(5,975,497	)

Net income (loss)		5,452,662			(946,561	)		(11,294,916	)		(6,788,815	)

Capital expenditures		452,032			1,492,564			-			1,944,596
Depreciation and amortization expense		1,292,608			740,357			-			2,032,965
Total assets		234,894,891			38,853,662			67,038,989			340,787,542

Three Months Ended March 31, 2022
	ADMA			Plasma Collection
	BioManufacturing			Centers			Corporate			Consolidated

Revenues	$	25,728,625		$	3,338,760		$	35,708		$	29,103,093

Cost of product revenue		22,213,781			3,227,265			-			25,441,046

Loss from operations		(4,442,684	)		(3,863,094	)		(6,509,288	)		(14,815,066	)

Interest and other expense, net		(49,267	)		(729	)		(3,472,854	)		(3,522,850	)

Loss on extinguishment of debt		-			-			(6,669,941	)		(6,669,941	)

Net loss		(4,491,951	)		(3,863,823	)		(16,652,083	)		(25,007,857	)

Capital expenditures		1,310,379			1,531,706			-			2,842,085
Depreciation and amortization expense		1,111,951			477,503			763			1,590,217
Total assets		214,150,322			32,568,911			61,313,259			308,032,492

Net Revenues According to Geographic Area

Net revenues according to geographic area, based on the location of where the product is shipped, is as follows:

	Three Months Ended March 31,
	2023		2022
United States	$	52,694,723	$	27,316,151
International		4,218,811		1,786,942
Total revenues	$	56,913,534	$	29,103,093

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2021	$ 19,581	$ 553,265,706	$ (412,112,721)	$ 141,172,566
Balance (in shares) at Dec. 31, 2021	195,813,817
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Warrants issued in connection with note payable	$ 0	9,569,604	0	9,569,604
Stock-based compensation	0	1,641,388	0	1,641,388
Vesting of Restricted Stock Units, net of shares withheld for taxes and retired	$ 54	(442,690)	0	(442,636)
Vesting of Restricted Stock Units, net of shares withheld for taxes and retired (in shares)	533,712
Net loss	$ 0	0	(25,007,857)	(25,007,857)
Balance at Mar. 31, 2022	$ 19,635	564,034,008	(437,120,578)	126,933,065
Balance (in shares) at Mar. 31, 2022	196,347,529
Balance at Dec. 31, 2022	$ 22,182	629,968,704	(478,016,671)	151,974,215
Balance (in shares) at Dec. 31, 2022	221,816,930
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 0	1,110,166	0	1,110,166
Vesting of Restricted Stock Units, net of shares withheld for taxes and retired	$ 44	(640,990)	0	(640,946)
Vesting of Restricted Stock Units, net of shares withheld for taxes and retired (in shares)	443,215
Exercise of stock options	$ 0	0	0	0
Exercise of stock options (in shares)	2,443
Net loss	$ 0	0	(6,788,815)	(6,788,815)
Balance at Mar. 31, 2023	$ 22,226	$ 630,437,880	$ (484,805,486)	$ 145,654,620
Balance (in shares) at Mar. 31, 2023	222,262,588

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Accrued Expenses and Other Current Liabilities [Abstract]
Accrued rebates	$ 13,129,902	$ 11,436,484
Accrued distribution fees	4,406,033	3,166,896
Accrued incentives	1,179,600	4,193,919
Accrued testing	169,825	309,867
Accrued payroll and other compensation	1,745,245	4,086,379
Other	2,041,859	1,795,804
Total accrued expenses and other current liabilities	$ 22,672,464	$ 24,989,349

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Calculation of Diluted Loss Per Common Share

For the three months ended March 31, 2023 and 2022, the following securities were excluded from the calculation of diluted loss per common share because of their anti-dilutive effects:

	For the Three Months Ended March 31,
	2023		2022
Stock options		9,945,703		8,686,068
Restricted Stock Units		4,875,464		4,729,758
Warrants		13,525,148		13,631,207
		28,346,315		27,047,033

INVENTORIES (Tables)

3 Months Ended

Mar. 31, 2023

INVENTORIES [Abstract]

Components of Inventory

The following table provides the components of inventories:

	March 31, 2023		December 31, 2022
Raw materials	$	55,747,754	$	48,644,527
Work-in-process		62,087,760		56,170,853
Finished goods		46,149,359		58,464,667
Total inventories	$	163,984,873	$	163,280,047

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION (Tables)

3 Months Ended

Mar. 31, 2023

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION [Abstract]

Supplemental Cash Flow Information

Supplemental cash flow information for the three months ended March 31, 2023 and 2022 is as follows:

	2023		2022
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	$	4,639,283	$	2,525,987
Noncash Financing and Investing Activities:
Equipment acquired reflected in accounts payable and accrued liabilities	$	530,434	$	1,940,425
Warrants issued in connection with notes payable	$	-	$	9,569,604

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Impairment of Long-lived Assets (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Impairment of Long-lived Assets [Abstract]
Impairment of long-lived assets	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Goodwill (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Goodwill [Abstract]
Goodwill	$ 3,529,509		$ 3,529,509
Impairment charges related to goodwill	$ 0	$ 0

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2023

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities at March 31, 2023 and December 31, 2022 are as follows:

	March 31, 2023		December 31, 2022
Accrued rebates	$	13,129,902	$	11,436,484
Accrued distribution fees		4,406,033		3,166,896
Accrued incentives		1,179,600		4,193,919
Accrued testing		169,825		309,867
Accrued payroll and other compensation		1,745,245		4,086,379
Other		2,041,859		1,795,804
Total accrued expenses and other current liabilities	$	22,672,464	$	24,989,349

STOCKHOLDERS' EQUITY, Preferred Stock (Details) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Preferred Stock [Abstract]
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, outstanding (in shares)	0	0

LEASE OBLIGATIONS (Tables)

3 Months Ended

Mar. 31, 2023

LEASE OBLIGATIONS [Abstract]

Payments Under Lease Obligations

Scheduled payments under the Company’s lease obligations are as follows:

Remainder of 2023	$	1,805,644
Year ended December 31, 2024		2,343,314
2025		2,366,432
2026		2,116,036
2027		2,040,690
2028		2,087,825
Thereafter		6,150,746
Total payments		18,910,687
Less: imputed interest		(7,486,533	)
Current portion		(956,045	)
Balance at March 31, 2023	$	10,468,109

INTANGIBLE ASSETS, Future Aggregate Amortization Expense (Details)	Mar. 31, 2023 USD ($)
Estimated Aggregate Amortization Expense [Abstract]
Remainder of 2023	$ 536,514
2024	$ 298,063

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Stock-based Compensation (Details)	3 Months Ended
	Mar. 31, 2023
Stock-based Compensation [Abstract]
Equity incentive plans, vesting period	4 years
Equity incentive plans, term	10 years

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

3 Months Ended

Mar. 31, 2023

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION [Abstract]

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

13.	SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

Supplemental cash flow information for the three months ended March 31, 2023 and 2022 is as follows:

	2023		2022
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	$	4,639,283	$	2,525,987
Noncash Financing and Investing Activities:
Equipment acquired reflected in accounts payable and accrued liabilities	$	530,434	$	1,940,425
Warrants issued in connection with notes payable	$	-	$	9,569,604

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 69,204,163	$ 86,521,542
Accounts receivable, net	26,518,495	15,505,048
Inventories	163,984,873	163,280,047
Prepaid expenses and other current assets	4,378,681	5,095,146
Total current assets	264,086,212	270,401,783
Property and equipment, net	57,370,783	58,261,481
Intangible assets, net	834,577	1,013,415
Goodwill	3,529,509	3,529,509
Right-to-use assets	10,247,700	10,485,447
Deposits and other assets	4,718,761	4,770,246
TOTAL ASSETS	340,787,542	348,461,881
Current liabilities:
Accounts payable	12,956,486	13,229,390
Accrued expenses and other current liabilities	22,672,464	24,989,349
Current portion of deferred revenue	142,834	142,834
Current portion of lease obligations	956,045	905,369
Total current liabilities	36,727,829	39,266,942
Senior notes payable, net of discount	144,300,930	142,833,063
Deferred revenue, net of current portion	1,797,323	1,833,031
End of term fee	1,500,000	1,500,000
Lease obligations, net of current portion	10,468,109	10,704,176
Other non-current liabilities	338,731	350,454
TOTAL LIABILITIES	195,132,922	196,487,666
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, 300,000,000 shares authorized, 222,262,588 and 221,816,930 shares issued and outstanding	22,226	22,182
Additional paid-in capital	630,437,880	629,968,704
Accumulated deficit	(484,805,486)	(478,016,671)
TOTAL STOCKHOLDERS' EQUITY	145,654,620	151,974,215
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 340,787,542	$ 348,461,881

STOCKHOLDERS' EQUITY (Tables)

3 Months Ended

Mar. 31, 2023

STOCKHOLDERS' EQUITY [Abstract]

Schedule of Assumptions

The following assumptions were used to determine the fair value of options granted during the three months ended March 31, 2023 and 2022:

	Three Months Ended March 31,
	2023			2022
Expected term	5.5 - 6.3 years			5.5 - 6.3 years
Volatility		68	%		68	%
Dividend yield		0.0			0.0
Risk-free interest rate		4.20-4.24	%		1.72-1.73	%

Schedule of Option Activity

A summary of the Company’s option activity under the Company’s equity incentive plans and related information is as follows:

				Weighted
				Average
	Shares			Exercise Price
Options outstanding, vested and expected to vest at December 31, 2022		8,256,211		$	3.37
Forfeited		(15,555	)	$	2.29
Expired		(17,047	)	$	7.06
Granted		1,727,510		$	3.35
Exercised		(5,416	)	$	2.08
Options outstanding, vested and expected to vest at March 31, 2023		9,945,703		$	3.36

Options exercisable		6,660,313		$	3.67

Schedule of Unvested RSU Activity

A summary of the Company’s unvested RSU activity and related information is as follows:

				Weighted
				Average Grant
	Shares			Date Fair Value
Balance at December 31, 2022		2,866,987		$	1.59
Granted		2,666,260		$	3.35
Vested		(628,283	)	$	1.76
Forfeited		(29,500	)	$	1.25
Balance at March 31, 2023		4,875,464		$	2.53

Schedule of Stock-Based Compensation Expense

Total stock-based compensation expense for all awards granted under the Company’s equity incentive plans for the three months ended March 31, 2023 and 2022 is as follows:

	Three Months Ended March 31,
	2023		2022
Research and development	$	5,385	$	4,671
Plasma center operating expenses		23,055		21,052
Selling, general and administrative		978,124		1,517,602
Cost of product revenue		103,602		98,063
Total stock-based compensation expense	$	1,110,166	$	1,641,388

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (6,788,815)	$ (25,007,857)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,032,965	1,590,217
Loss on disposal of fixed assets	18,096	2,000
Interest paid in kind	979,978	0
Stock-based compensation	1,110,166	1,641,388
Amortization of debt discount	487,889	584,842
Loss on extinguishment of debt	0	6,669,941
Amortization of license revenue	(35,708)	(35,708)
Changes in operating assets and liabilities:
Accounts receivable	(11,013,446)	2,947,233
Inventories	(704,826)	(14,422,219)
Prepaid expenses and other current assets	716,465	(1,180,056)
Deposits and other assets	289,232	1,397,672
Accounts payable	(272,904)	1,685,724
Accrued expenses	(1,353,815)	(1,775,526)
Other current and non-current liabilities	(187,551)	(111,064)
Net cash used in operating activities	(14,722,274)	(26,013,413)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(1,944,596)	(2,842,085)
Net cash used in investing activities	(1,944,596)	(2,842,085)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on notes payable	0	(100,000,000)
Payment of debt refinancing fees	0	(2,000,000)
Proceeds from issuance of note payable	0	151,750,000
Taxes paid on vested Restricted Stock Units	(640,946)	(91,367)
Payments on finance lease obligations	(9,563)	(8,941)
Payment of deferred financing fees	0	(2,378,366)
Net cash (used in) provided by financing activities	(650,509)	47,271,326
Net (decrease) increase in cash and cash equivalents	(17,317,379)	18,415,828
Cash and cash equivalents - beginning of year	86,521,542	51,089,118
Cash and cash equivalents - end of year	$ 69,204,163	$ 69,504,946

INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2023

INTANGIBLE ASSETS [Abstract]

INTANGIBLE ASSETS

4.	INTANGIBLE ASSETS

Intangible assets at March 31, 2023 and December 31, 2022 consist of the following:

	March 31, 2023						December 31, 2022
			Accumulated						Accumulated
	Cost		Amortization		Net		Cost		Amortization		Net
Trademark and other intangible rights related to Nabi-HB	$	4,100,046	$	3,416,706	$	683,340	$	4,100,046	$	3,270,276	$	829,770
Rights to intermediates		907,421		756,184		151,237		907,421		723,776		183,645
	$	5,007,467	$	4,172,890	$	834,577	$	5,007,467	$	3,994,052	$	1,013,415

All of the Company’s intangible assets were acquired in the Biotest Transaction. Amortization expense related to these intangible assets was $0.2 million for the three months ended March 31, 2023 and 2022. Estimated future aggregate amortization expense is expected to be as follows:

Remainder of 2023		$	536,514
2024			298,063

SUBSEQUENT EVENT (Details) - USD ($) $ / shares in Units, $ in Millions	May 01, 2023	Apr. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Subsequent Event [Abstract]
Warrant exercise price per share (in dollars per share)			$ 1.99	$ 1.99
Subsequent Event [Member] \| Hayfin Second Amendment [Member]
Subsequent Event [Abstract]
Percentage of reduction to forego early prepayment fees	50.00%
Warrant to purchase shares of common stock (in shares)	2,391,244
Warrant exercise price per share (in dollars per share)	$ 3.2619
Fair value of warrants	$ 5.6
Subsequent Event [Member] \| Hayfin Second Amendment [Member] \| Prepaid on or Prior to First Anniversary [Member]
Subsequent Event [Abstract]
Percentage of prepaid principal amount	7.00%
Subsequent Event [Member] \| Hayfin Second Amendment [Member] \| Prepaid after the First Anniversary [Member]
Subsequent Event [Abstract]
Percentage of prepaid principal amount	3.00%
Subsequent Event [Member] \| Hayfin Second Amendment [Member] \| Prepaid after the Second Anniversary [Member]
Subsequent Event [Abstract]
Percentage of prepaid principal amount	1.00%
Subsequent Event [Member] \| Hayfin Second Amendment [Member] \| Secured Overnight Financing Rate [Member]
Subsequent Event [Abstract]
Applicable margin	8.50%	9.50%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Income Taxes (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Income Taxes [Abstract]
Unrecognized tax benefits	$ 0		$ 0
Uncertain tax positions	$ 0	$ 0

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	May 05, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Document Transition Report	false
Entity File Number	001-36728
Entity Registrant Name	ADMA BIOLOGICS, INC.
Entity Central Index Key	0001368514
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	56-2590442
Entity Address, Address Line One	465 State Route 17
Entity Address, City or Town	Ramsey
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07446
City Area Code	201
Local Phone Number	478-5552
Title of 12(b) Security	Common Stock
Trading Symbol	ADMA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		222,272,962

STOCKHOLDERS' EQUITY, Warrants (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Mar. 23, 2022	Mar. 31, 2023	Dec. 31, 2022
Warrants [Abstract]
Warrants outstanding (in shares)		48,356,592
Warrant exercise price per share (in dollars per share)		$ 1.99	$ 1.99
Hayfin Credit Agreement [Member]
Warrants [Abstract]
Warrant to purchase shares of common stock (in shares)	9,103,047
Fair value of warrants	$ 9.6
Expected term		7 years
Volatility	68.10%
Dividend yield	0.00%
Risk-free interest rate	2.36%
Warrant exercise price per share (in dollars per share)	$ 1.6478
Common Stock [Member]
Warrants [Abstract]
Warrants outstanding (in shares)		13,525,148	13,525,148

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2023

COMMITMENTS AND CONTINGENCIES [Abstract]

COMMITMENTS AND CONTINGENCIES

10.	COMMITMENTS 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.

COVID-19 Pandemic

The Company continues to monitor the ongoing developments related to the COVID-19 pandemic, including the emergence of the Delta, Omicron and BA.2 variants and other resistant strains of the coronavirus, and its impacts to the Company’s commercial and manufacturing operations and plasma collection facilities, including collections of source plasma, procurement of raw materials and packaging materials, a portion of which are sourced internationally, and the testing of finished drug product that is required prior to its availability for commercial sale. A substantial portion of such testing has historically been performed by contract laboratories outside the United States.

Due to a combination of previously mandated state and local “shelter-in-place” orders, as well as government stimulus packages, persisting social distancing measures and varying roll-outs of vaccinations by state, the Company at times experienced lower than normal donor collections at its FDA approved plasma collection centers during 2021 and part of 2022. From time to time during 2021 and 2022, the Company was also subject to delays in shipments of source plasma from its contracted third-party suppliers, as well as delays in deliveries for personal protective equipment, reagents and other non-plasma raw materials and supplies used in the manufacture and distribution of its products. In addition, the Company has been subject to supply chain delays as a result of certain of its suppliers diverting significant resources towards the rapid development and distribution of COVID-19 vaccines and, as a result, the Company has elected to carry more raw materials inventory than it has in the past. The COVID-19 pandemic previously impacted, to a certain degree, the Company’s customer engagement initiatives, whereby ADMA’s sales and medical affairs field personnel faced difficulties communicating directly with physicians and other healthcare professionals, as well as the cancellation or postponement of a number of key scientific and medical meetings, further limiting the Company’s ability to communicate with potential customers.

The pandemic could also impact the Company’s ability to interact with the FDA or other regulatory authorities and could result in delays in the conduct of inspections or review of pending applications or submissions. Although the Company has received FDA approvals for five of its plasma collection centers since January 1, 2022 and received several other FDA approvals while two FDA inspections of the Boca Facility were completed during the year ended December 31, 2021, no assurances can be provided as to the timing for completion of any future regulatory submissions or applications that may be impacted by restrictions related to COVID-19.

During the three months ended March 31, 2023 and 2022, revenue attributable to international customers was approximately 7% and 6%, respectively, of the Company’s total revenues. As the Company seeks to grow this aspect of its business, it may also be subject to the impacts of the COVID-19 pandemic in locations outside the United States.

Notwithstanding the foregoing, the COVID-19 pandemic to date has not had a material impact on the Company’s financial condition or results of operations, and the Company does not believe that its production operations at the Boca Facility, the Company’s contract fill/finishers or its plasma collection facilities have been significantly impacted by the COVID-19 pandemic. As a result, the Company does not anticipate and has not experienced any material impairments with respect to any of its long-lived assets, including the Company’s property and equipment, goodwill or intangible assets.

Although the COVID-19 pandemic has not, to date, materially adversely impacted the Company’s capital and financial resources, because the Company is unable to determine the ultimate severity or duration of the COVID-19 pandemic or other pandemics or their long-term effects on, among other things, the global, national or local economies, the capital and credit markets or the Company’s workforce, customers or our suppliers, at this time the Company is unable to predict whether COVID-19 or other pandemics will have a material adverse impact on the Company’s business, financial condition, liquidity or results of operations.

Vendor 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 executes its commercialization plans for ASCENIV. 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. 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. 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 could 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). Effective January 1, 2022, RSV plasma purchased from these two plasma collection centers are subject to the pricing terms in effect for RSV plasma purchased from other plasma collection centers owned by Grifols.

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 Purchase Agreement”), pursuant to which ADMA BioManufacturing purchases normal source plasma (“NSP”) from BPC at agreed upon annual quantities and prices. On July 19, 2018, the Company and BPC entered into an amendment to the 2017 Plasma Purchase Agreement to, among other things, provide agreed upon amounts of normal source plasma to be supplied by BPC to ADMA BioManufacturing in calendar year 2019 at a specified price per liter, provided that ADMA BioManufacturing delivers a valid purchase order to BPC. Additionally, pursuant to the amendment to the 2017 Plasma Purchase Agreement, BPC agreed that, for calendar years 2020 and 2021, it shall supply no less than a high double-digit percentage of ADMA BioManufacturing’s requested NSP amounts, provided that such requested NSP amounts are within an agreed range, at a price per liter to be mutually determined. Furthermore, pursuant to the amendment to the 2017 Plasma Purchase Agreement, in the event BPC fails to supply ADMA BioManufacturing with at least a high double-digit percentage of ADMA BioManufacturing’s requested NSP amounts, BPC shall promptly reimburse ADMA BioManufacturing the difference in price ADMA BioManufacturing incurs due to BPC’s election not to supply NSP to ADMA BioManufacturing in such amounts as requested. On December 10, 2018, BPC assigned its rights and obligations under the Plasma Purchase Agreement to Grifols, effective January 1, 2019.

Effective as of May 12, 2021, the Company and Grifols amended the foregoing 2017 Plasma Purchase Agreement whereby, among other things, the term of the agreement was extended through December 31, 2022, however Grifols’ commitment to supply the Company with NSP under this agreement was not satisfied until March of 2023. In order to maintain a reliable supply of raw material plasma thereafter, the Company has executed additional agreements with multiple third-party suppliers of NSP to supplement the 2017 Plasma Purchase Agreement. The Company has also increased its number of planned plasma collection center buildouts such that the Company expects to have ten FDA-approved plasma collection centers in operation by the end of 2023, while also continuing to increase its plasma collection capabilities at its ADMA BioCenters plasma collection centers business segment.

Through December 31, 2022, the Company purchased substantially all of its raw material plasma from Grifols. For the three months ended March 31, 2023, plasma purchases from Grifols totaled $11.6 million, or approximately 40% of the Company’s total inventory purchases. For the three months ended March 31, 2022, plasma purchases from Grifols totaled approximately $15.5 million, representing approximately 75% of the Company’s 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. The pediatric study for BIVIGAM has been completed, and the safety study has been completed pending a clinical study report to the FDA. ADMA has assumed the remaining obligations, and the costs of the studies will be expensed as incurred as research and development expenses. For the three months ended March 31, 2023 and 2022, the Company incurred expenses related to these studies of $0.4 million. The Company currently expects to incur expenses of approximately $1.5 million to $2.0 million to complete the safety study, which is required to be completed by June of 2023.

In connection with the FDA’s approval of ASCENIV on April 1, 2019, the Company is required to perform a pediatric study to evaluate the safety and efficacy of ASCENIV in children and adolescents. For the three months ended March 31, 2023 and 2022, the Company incurred expenses related to these studies in the amount of $0.2 million and $0.1 million, respectively. The Company expects to incur expenses of approximately $1.5 million to complete this study, which is currently required to be completed by June of 2023. The Company has submitted an extension request to the FDA.

Employment Contracts

The Company has entered into employment agreements with Mr. Grossman and with Brian Lenz, its Executive Vice President, Chief Financial Officer and General Manager, ADMA BioCenters.

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 March 31, 2023. The Company does not anticipate recognizing any significant losses relating to these arrangements.

SEGMENTS

3 Months Ended

Mar. 31, 2023

SEGMENTS [Abstract]

SEGMENTS

11.

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 immunoglobulin manufacturing, commercial and development operations in Boca Raton, FL. The Plasma Collection Centers segment consists of ten operational plasma collection facilities located throughout the U.S., eight of which currently hold FDA licenses. 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 March 31, 2023
	ADMA			Plasma Collection
	BioManufacturing			Centers			Corporate			Consolidated

Revenues	$	49,576,935		$	7,300,891		$	35,708		$	56,913,534

Cost of product revenue		33,933,782			6,466,762			-			40,400,544

Income (loss) from operations		5,476,441			(946,334	)		(5,343,425	)		(813,318	)

Interest and other expense, net		(23,779	)		(227	)		(5,951,491	)		(5,975,497	)

Net income (loss)		5,452,662			(946,561	)		(11,294,916	)		(6,788,815	)

Capital expenditures		452,032			1,492,564			-			1,944,596
Depreciation and amortization expense		1,292,608			740,357			-			2,032,965
Total assets		234,894,891			38,853,662			67,038,989			340,787,542

Three Months Ended March 31, 2022
	ADMA			Plasma Collection
	BioManufacturing			Centers			Corporate			Consolidated

Revenues	$	25,728,625		$	3,338,760		$	35,708		$	29,103,093

Cost of product revenue		22,213,781			3,227,265			-			25,441,046

Loss from operations		(4,442,684	)		(3,863,094	)		(6,509,288	)		(14,815,066	)

Interest and other expense, net		(49,267	)		(729	)		(3,472,854	)		(3,522,850	)

Loss on extinguishment of debt		-			-			(6,669,941	)		(6,669,941	)

Net loss		(4,491,951	)		(3,863,823	)		(16,652,083	)		(25,007,857	)

Capital expenditures		1,310,379			1,531,706			-			2,842,085
Depreciation and amortization expense		1,111,951			477,503			763			1,590,217
Total assets		214,150,322			32,568,911			61,313,259			308,032,492

Net revenues according to geographic area, based on the location of where the product is shipped, is as follows:

	Three Months Ended March 31,
	2023		2022
United States	$	52,694,723	$	27,316,151
International		4,218,811		1,786,942
Total revenues	$	56,913,534	$	29,103,093

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 21
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=2134510

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
STOCKHOLDERS' EQUITY
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	222,262,588	221,816,930
Common stock, shares outstanding (in shares)	222,262,588	221,816,930

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

3 Months Ended

Mar. 31, 2023

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

6.	ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities at March 31, 2023 and December 31, 2022 are as follows:

	March 31, 2023		December 31, 2022
Accrued rebates	$	13,129,902	$	11,436,484
Accrued distribution fees		4,406,033		3,166,896
Accrued incentives		1,179,600		4,193,919
Accrued testing		169,825		309,867
Accrued payroll and other compensation		1,745,245		4,086,379
Other		2,041,859		1,795,804
Total accrued expenses and other current liabilities	$	22,672,464	$	24,989,349

RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2023

RELATED PARTY TRANSACTIONS

9.	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, and pays monthly rent on this facility in the amount of $10,000 through December 31, 2026. Rent expense for the three months ended March 31, 2023 and 2022 amounted to $30,000 (see Note 12). Areth is a company controlled by Dr. Jerrold B. Grossman, the Vice Chairman of the Company’s Board of Directors, 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 condensed consolidated financial statements for the three months ended March 31, 2023 and 2022.

During the three months ended March 31, 2023 and 2022, the Company purchased certain specialized medical equipment and services primarily related to the Company’s plasma collection centers, as well as personal protective equipment, from GenesisBPS and its affiliates (“Genesis”), aggregating to $0.1 million and $43,000, respectively. Genesis is owned by Dr. Grossman and Adam Grossman.

See Note 7 for a discussion of the Company’s former credit facility and related transactions with Perceptive, a holder of more than 5% of the Company’s common stock during the three months ended March 31, 2022. There were no transactions with Perceptive during the three months ended March 31, 2023.

DEBT (Details)		3 Months Ended
DEBT (Details)	Mar. 23, 2022 USD ($) d $ / shares shares	Dec. 31, 2026 USD ($)	Mar. 31, 2023 USD ($) $ / shares	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) $ / shares
Senior Notes Payable [Abstract]
Notes payable			$ 155,727,724			$ 154,747,746
Less: Debt discount	$ (13,900,000)		(11,426,794)			(11,914,683)
Senior notes payable			144,300,930			$ 142,833,063
Payment for outstanding obligations			0		$ 100,000,000
Loss on extinguishment of debt			0		(6,669,941)
Interest paid-in-kind			979,978		0
Revenues			$ 56,913,534		$ 29,103,093
Warrant exercise price per share (in dollars per share) \| $ / shares			$ 1.99			$ 1.99
Hayfin Credit Agreement [Member]
Senior Notes Payable [Abstract]
Maturity date			Mar. 23, 2029
Upfront fee paid in kind	1,800,000
Loss on extinguishment of debt	$ (6,700,000)
Applicable margin	9.50%
Effective interest rate			16.60%			16.10%
Percentage of interest amount to pay in kind	2.50%
Interest paid-in-kind			$ 1,000,000
Percentage of exit fee on outstanding principal amount being paid			1.00%
Scheduled principal payments	$ 0
Increase applicable margin	3.00%
Number of business days prior written notice for prepay outstanding principal \| d	5
Shares issued upon exercise of warrants (in shares) \| shares	9,103,047
Warrant exercise price per share (in dollars per share) \| $ / shares	$ 1.6478
Trailing period for VWAP			30 days
Fair value of warrants	$ 9,600,000
Hayfin Credit Agreement [Member] \| Minimum [Member]
Senior Notes Payable [Abstract]
Cash balance	$ 6,000,000
Revenues				$ 75,000,000
Hayfin Credit Agreement [Member] \| Maximum [Member] \| Forecast [Member]
Senior Notes Payable [Abstract]
Revenues		$ 250,000,000
Hayfin Credit Agreement [Member] \| Prepaid on or Prior to First Anniversary [Member]
Senior Notes Payable [Abstract]
Percentage of prepaid principal amount	7.00%
Hayfin Credit Agreement [Member] \| Prepaid after the First Anniversary [Member]
Senior Notes Payable [Abstract]
Percentage of prepaid principal amount	3.00%
Hayfin Credit Agreement [Member] \| Prepaid after the Second Anniversary [Member]
Senior Notes Payable [Abstract]
Percentage of prepaid principal amount	1.00%
Hayfin Credit Agreement [Member] \| Federal Funds Rate [Member]
Senior Notes Payable [Abstract]
Credit agreement, interest rate provided	0.50%
Hayfin Credit Agreement [Member] \| Secured Overnight Financing Rate [Member]
Senior Notes Payable [Abstract]
Credit agreement, interest rate provided	1.00%
Term of variable rate			1 month
Applicable margin	8.50%
Hayfin Credit Agreement [Member] \| Secured Overnight Financing Rate [Member] \| Minimum [Member]
Senior Notes Payable [Abstract]
Term of variable rate			1 month
Hayfin Credit Agreement [Member] \| Secured Overnight Financing Rate [Member] \| Maximum [Member]
Senior Notes Payable [Abstract]
Term of variable rate			3 months
Hayfin Credit Agreement [Member] \| Base Rate [Member]
Senior Notes Payable [Abstract]
Percentage of floor interest rate	1.25%
Hayfin Credit Facility [Member] \| Hayfin Credit Agreement [Member]
Senior Notes Payable [Abstract]
Maturity date			Mar. 23, 2027
Hayfin Credit Facility [Member] \| Hayfin Credit Agreement [Member] \| Maximum [Member]
Senior Notes Payable [Abstract]
Notes payable	$ 175,000,000
Hayfin Closing Date Loan [Member]
Senior Notes Payable [Abstract]
Payment for outstanding obligations	100,000,000
Hayfin Closing Date Loan [Member] \| Hayfin Credit Agreement [Member]
Senior Notes Payable [Abstract]
Notes payable	150,000,000
Redemption premium	2,000,000
Payment for certain fees and expenses	1,000,000
Effective interest rate			14.40%			13.90%
Hayfin Delayed Draw Loan [Member] \| Hayfin Credit Agreement [Member]
Senior Notes Payable [Abstract]
Notes payable	$ 25,000,000
Maturity date			Mar. 22, 2023

COMMITMENTS AND CONTINGENCIES (Details)			3 Months Ended		12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	Apr. 01, 2019 USD ($)	Dec. 19, 2012 USD ($)	Mar. 31, 2023 USD ($) Facility Term Center	Mar. 31, 2022 USD ($)	Dec. 31, 2021 Facility
Vendor and Licensor Commitments [Abstract]
Number of FDA-licensed plasma collection facilities approved \| Facility			5
Number of FDA Inspections \| Facility					2
Plasma supply agreement term			10 years
Plasma purchased from Grifols			$ 11,600,000	$ 15,500,000
Percentage of inventory purchases			40.00%	75.00%
Post-Marketing Commitments [Abstract]
Research and Development Expense	$ 1,500,000		$ 855,351	$ 624,111
BIVIGAM [Member]
Post-Marketing Commitments [Abstract]
Research and Development Expense			400,000	400,000
ASCENIV [Member]
Post-Marketing Commitments [Abstract]
Research and Development Expense			$ 200,000	$ 100,000
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| International Customers [Member]
Vendor and Licensor Commitments [Abstract]
Concentration risk, percentage			7.00%	6.00%
Minimum [Member]
Post-Marketing Commitments [Abstract]
Research and Development Expense		$ 1,500,000
Maximum [Member]
Post-Marketing Commitments [Abstract]
Research and Development Expense		$ 2,000,000
2011 Plasma Purchase Agreement [Member]
Vendor and Licensor Commitments [Abstract]
Plasma purchase agreement term			10 years
Number of renewal terms \| Term			2
Plasma purchase agreement renewal period			5 years
Number of plasma collection centers that collects RSV Plasma which were transferred to BPC \| Center			2
Percentage of plasma purchase price equal to cost			5.00%
2011 Plasma Purchase Agreement [Member] \| Maximum [Member]
Vendor and Licensor Commitments [Abstract]
Number of plasma collection facilities \| Facility			5
2017 Plasma Purchase Agreement [Member]
Vendor and Licensor Commitments [Abstract]
Number of plasma collection facilities \| Facility			10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Loss per Common Share (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Loss Per Common Share [Abstract]
Potentially dilutive securities (in shares)	28,346,315	27,047,033
Stock Options [Member]
Loss Per Common Share [Abstract]
Potentially dilutive securities (in shares)	9,945,703	8,686,068
Restricted Stock Units [Member]
Loss Per Common Share [Abstract]
Potentially dilutive securities (in shares)	4,875,464	4,729,758
Warrants [Member]
Loss Per Common Share [Abstract]
Potentially dilutive securities (in shares)	13,525,148	13,631,207

ORGANIZATION AND BUSINESS

3 Months Ended

Mar. 31, 2023

ORGANIZATION AND BUSINESS [Abstract]

ORGANIZATION AND BUSINESS

1.	ORGANIZATION AND BUSINESS

ADMA Biologics, Inc. (“ADMA” or the “Company”) is an end-to-end commercial biopharmaceutical company dedicated to manufacturing, marketing and developing specialty plasma-derived biologics for the treatment of immunodeficient patients at risk for infection and others at risk for 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 BioCenters Georgia Inc. (“ADMA BioCenters”). ADMA BioManufacturing was formed in January 2017 to facilitate the acquisition of the Biotest Therapy Business Unit (“BTBU”) from BPC Plasma, Inc. (formerly Biotest Pharmaceuticals Corporation) (“BPC” and, together with Biotest AG, “Biotest”) on June 6, 2017. The acquisition included certain assets of BTBU, including the U.S. Food and Drug Administration (“FDA”)-licensed BIVIGAM and Nabi-HB immunoglobulin products, and an FDA-licensed plasma fractionation manufacturing facility located in Boca Raton, FL (the “Boca Facility”) (the “Biotest Transaction”). BTBU had previously been the Company’s third-party contract manufacturer. ADMA BioCenters is the Company’s source plasma collection business with ten plasma collection facilities located throughout the U.S., eight of which hold an approved license with the FDA.

The Company has three FDA-approved products, all of which are currently marketed and commercially available: (i) BIVIGAM (Immune Globulin Intravenous, Human), an Intravenous Immune Globulin (“IVIG”) product indicated for the treatment of Primary Humoral Immunodeficiency (“PI”), also known as Primary Immunodeficiency Disease (“PIDD”) or Inborn Errors of Immunity, and for which the Company received FDA approval on May 9, 2019 and commenced commercial sales in August 2019; (ii) ASCENIV (Immune Globulin Intravenous, Human – slra 10% Liquid), an IVIG product indicated for the treatment of PI, for which the Company received FDA approval on April 1, 2019 and commenced first commercial sales in October 2019; and (iii) Nabi-HB (Hepatitis B Immune Globulin, Human), which is indicated for the treatment of acute exposure to blood containing Hepatitis B surface antigen (“HBsAg”) and other listed exposures to Hepatitis B. In addition to its commercially available immunoglobulin products, the Company provides contract manufacturing and laboratory services for certain clients and generates revenues from the sale of intermediate by-products that result from the immunoglobulin production process. The Company seeks to develop a pipeline of plasma-derived therapeutics, and its products and product candidates are intended to be used by physician specialists focused on caring for immune-compromised patients with or at risk for certain infectious diseases.

As of March 31, 2023, the Company had working capital of $227.4 million, including $69.2 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, the Company’s management currently believes that its cash, cash equivalents, projected revenue and accounts receivable will be sufficient to fund ADMA’s operations, as currently conducted, through the end of the second quarter of 2024, by which time the Company believes it will have begun generating positive cash flow from operations. These estimates may change based upon several factors, including the success of the Company’s commercial efforts with respect to the sale of its products, whether or not the assumptions underlying the Company’s projected revenues and expenses are correct and the acceptability of ADMA’s immune globulin products by physicians, patients or payers. There can be no assurance that the Company’s approved products will be commercially viable, or that plant capacity expansion or other capital improvements will be successfully completed or that any product developed in the future will be approved. The Company is subject to risks common to companies in the biologics, biotechnology and pharmaceutical manufacturing industries including, but not limited to, dependence on collaborative arrangements, development by the Company or its competitors of new technological innovations, dependence on key personnel, inflationary pressures, supply chain constraints, protection of proprietary technology and compliance with FDA and other governmental regulations and approval requirements.

The Company continues to evaluate a variety of strategic alternatives through its ongoing engagement with Morgan Stanley. The exploration of value-creating opportunities remains a top corporate priority for ADMA.

INTANGIBLE ASSETS, Summary (Details) - USD ($)	3 Months Ended
INTANGIBLE ASSETS, Summary (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Finite-Lived Intangible Assets, Net [Abstract]
Cost	$ 5,007,467		$ 5,007,467
Accumulated amortization	4,172,890		3,994,052
Net	834,577		1,013,415
Amortization of intangible assets	178,838	$ 178,838
Trademark and Other Intangible Rights Related to Nabi-HB [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Cost	4,100,046		4,100,046
Accumulated amortization	3,416,706		3,270,276
Net	683,340		829,770
Rights to Intermediates [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Cost	907,421		907,421
Accumulated amortization	756,184		723,776
Net	$ 151,237		$ 183,645

STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2023

STOCKHOLDERS' EQUITY [Abstract]

STOCKHOLDERS' EQUITY

8.	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 March 31, 2023 and December 31, 2022.

Common Stock

As of March 31, 2023 and December 31, 2022, the Company was authorized to issue 300,000,000 shares of its common stock, $0.0001 par value per share, and 222,262,588 and 221,816,930 shares of common stock were outstanding as of March 31, 2023 and December 31, 2022, respectively. After giving effect to the 48,356,592 shares reserved for outstanding warrants and awards issued or reserved for future issuance under the Company’s equity incentive plans, as of March 31, 2023 there were 29,380,820 shares of common stock available for issuance.

Warrants

In connection with the Hayfin Credit Agreement that the Company entered into on March 23, 2022 (see Note 7), the Company issued the Hayfin Warrants to purchase 9,103,047 shares of the Company’s common stock. The Hayfin Warrants were valued at $9.6 million using the Black-Scholes option-pricing model assuming an expected term of seven years, a volatility of 68.1%, a dividend yield of 0% and a risk-free rate of interest of 2.36%. At March 31, 2023 and December 31,2022, the Company had outstanding warrants to purchase an aggregate of 13,525,148 shares of common stock, with a weighted-average exercise price of $1.99 per share with expiration dates ranging between May 2023 and December 2030 (see Note 14).

Equity Incentive Plans

The fair value of stock options granted under the Company’s equity incentive plans 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 three months ended March 31, 2023 and 2022:

	Three Months Ended March 31,
	2023			2022
Expected term	5.5 - 6.3 years			5.5 - 6.3 years
Volatility		68	%		68	%
Dividend yield		0.0			0.0
Risk-free interest rate		4.20-4.24	%		1.72-1.73	%

On June 21, 2022, the Company’s stockholders approved the ADMA Biologics, Inc. 2022 Compensation Plan (the “2022 Equity Plan”), which replaced the ADMA Biologics, Inc. 2014 Omnibus Incentive Compensation Plan. Approval of the 2022 Equity Plan resulted in approximately 18 million additional shares of the Company’s common stock being reserved for future awards. During the three months ended March 31, 2023 and 2022, the Company granted options to purchase an aggregate of 1,727,510 and 1,194,032 shares of common stock, respectively, to its directors and employees. The weighted average remaining contractual life of stock options outstanding and expected to vest at March 31, 2023 is 6.6 years. The weighted average remaining contractual life of stock options exercisable at March 31, 2023 is 5.3 years. During the three months ended March 31, 2023, options to purchase 5,416 shares of common stock were exercised in a cashless transaction resulting in the issuance of 2,443 shares of common stock.

A summary of the Company’s option activity under the Company’s equity incentive plans and related information is as follows:

				Weighted
				Average
	Shares			Exercise Price
Options outstanding, vested and expected to vest at December 31, 2022		8,256,211		$	3.37
Forfeited		(15,555	)	$	2.29
Expired		(17,047	)	$	7.06
Granted		1,727,510		$	3.35
Exercised		(5,416	)	$	2.08
Options outstanding, vested and expected to vest at March 31, 2023		9,945,703		$	3.36

Options exercisable		6,660,313		$	3.67

As of March 31, 2023, 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 3.0 years.

During the three months ended March 31, 2023 and 2022, the Company granted RSUs representing an aggregate of 2,666,260 and 1,059,266 shares, respectively, to certain employees of the Company and to members of its Board of Directors. These RSUs generally vest annually over a period of four years for employees and semi-annually over a period of one year for directors. During the three months ended March 31, 2023, an aggregate of 628,283 shares of common stock vested in connection with grants of RSUs. With respect to these vested RSUs, 185,068 shares valued at approximately $0.6 million were withheld by the Company to cover employees’ tax liabilities. These shares were no longer outstanding as of March 31, 2023. A summary of the Company’s unvested RSU activity and related information is as follows:

				Weighted
				Average Grant
	Shares			Date Fair Value
Balance at December 31, 2022		2,866,987		$	1.59
Granted		2,666,260		$	3.35
Vested		(628,283	)	$	1.76
Forfeited		(29,500	)	$	1.25
Balance at March 31, 2023		4,875,464		$	2.53

As of March 31, 2023, the Company had $12.0 million of unrecognized compensation expense related to unvested RSUs granted under the Company’s equity incentive plans, which is expected to be recognized over a weighted-average period of 3.4 years.

Total stock-based compensation expense for all awards granted under the Company’s equity incentive plans for the three months ended March 31, 2023 and 2022 is as follows:

	Three Months Ended March 31,
	2023		2022
Research and development	$	5,385	$	4,671
Plasma center operating expenses		23,055		21,052
Selling, general and administrative		978,124		1,517,602
Cost of product revenue		103,602		98,063
Total stock-based compensation expense	$	1,110,166	$	1,641,388

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SEGMENTS (Details)	3 Months Ended
SEGMENTS (Details)	Mar. 31, 2023 USD ($) Facility	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting Information [Abstract]
Number of FDA-licensed plasma collection facilities \| Facility	8
Number of remaining plasma collection facilities under construction \| Facility	10
Revenues	$ 56,913,534	$ 29,103,093
Cost of product revenue	40,400,544	25,441,046
Income (loss) from operations	(813,318)	(14,815,066)
Interest and other expense, net	(5,975,497)	(3,522,850)
Loss on extinguishment of debt	0	(6,669,941)
Net income (loss)	(6,788,815)	(25,007,857)
Capital expenditures	1,944,596	2,842,085
Depreciation and amortization expense	2,032,965	1,590,217
Total assets	340,787,542	308,032,492	$ 348,461,881
United States [Member]
Segment Reporting Information [Abstract]
Revenues	52,694,723	27,316,151
International [Member]
Segment Reporting Information [Abstract]
Revenues	4,218,811	1,786,942
Corporate [Member]
Segment Reporting Information [Abstract]
Revenues	35,708	35,708
Cost of product revenue	0	0
Income (loss) from operations	(5,343,425)	(6,509,288)
Interest and other expense, net	(5,951,491)	(3,472,854)
Loss on extinguishment of debt		(6,669,941)
Net income (loss)	(11,294,916)	(16,652,083)
Capital expenditures	0	0
Depreciation and amortization expense	0	763
Total assets	67,038,989	61,313,259
Operating Segments [Member] \| ADMA BioManufacturing [Member]
Segment Reporting Information [Abstract]
Revenues	49,576,935	25,728,625
Cost of product revenue	33,933,782	22,213,781
Income (loss) from operations	5,476,441	(4,442,684)
Interest and other expense, net	(23,779)	(49,267)
Loss on extinguishment of debt		0
Net income (loss)	5,452,662	(4,491,951)
Capital expenditures	452,032	1,310,379
Depreciation and amortization expense	1,292,608	1,111,951
Total assets	234,894,891	214,150,322
Operating Segments [Member] \| Plasma Collection Centers [Member]
Segment Reporting Information [Abstract]
Revenues	7,300,891	3,338,760
Cost of product revenue	6,466,762	3,227,265
Income (loss) from operations	(946,334)	(3,863,094)
Interest and other expense, net	(227)	(729)
Loss on extinguishment of debt		0
Net income (loss)	(946,561)	(3,863,823)
Capital expenditures	1,492,564	1,531,706
Depreciation and amortization expense	740,357	477,503
Total assets	$ 38,853,662	$ 32,568,911

DEBT (Tables)

3 Months Ended

Mar. 31, 2023

DEBT [Abstract]

Summary of Outstanding Senior Notes Payable

A summary of outstanding senior notes payable is as follows:

	March 31, 2023			December 31, 2022
Notes payable	$	155,727,724		$	154,747,746
Less:
Debt discount		(11,426,794	)		(11,914,683	)
Senior notes payable	$	144,300,930		$	142,833,063

STOCKHOLDERS' EQUITY, Equity Incentive Plans (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Jun. 21, 2022
Stock Options [Abstract]
Common stock, available for issuance (in shares)	29,380,820
Restricted Stock Units [Abstract]
Restricted stock units vested over a period	4 years
Total stock-based compensation expense, Amount [Abstract]
Total stock-based compensation expense	$ 1,110,166	$ 1,641,388
Research and Development [Member]
Total stock-based compensation expense, Amount [Abstract]
Total stock-based compensation expense	5,385	4,671
Plasma Center Operating Expenses [Member]
Total stock-based compensation expense, Amount [Abstract]
Total stock-based compensation expense	23,055	21,052
Selling, General and Administrative [Member]
Total stock-based compensation expense, Amount [Abstract]
Total stock-based compensation expense	978,124	1,517,602
Cost of Product Revenue [Member]
Total stock-based compensation expense, Amount [Abstract]
Total stock-based compensation expense	$ 103,602	$ 98,063
2022 Compensation Plan [Member]
Stock Options [Abstract]
Common stock, available for issuance (in shares)			18,000,000
Stock Options [Member]
Fair Value Assumptions and Methodology [Abstract]
Volatility	68.00%	68.00%
Dividend yield	0.00%	0.00%
Stock Options [Abstract]
Number of stock options granted (in shares)	1,727,510	1,194,032
Weighted average remaining contractual life of stock options, outstanding	6 years 7 months 6 days
Weighted average remaining contractual life of stock options, expected to vest	6 years 7 months 6 days
Weighted average remaining contractual life of stock options, exercisable	5 years 3 months 18 days
Common stock shares issued (in shares)	2,443
Stock Option, Shares [Abstract]
Options outstanding, vested and expected to vest, beginning balance (in shares)	8,256,211
Forfeited (in shares)	(15,555)
Expired (in shares)	(17,047)
Granted (in shares)	1,727,510
Exercised (in shares)	(5,416)
Options outstanding, vested and expected to vest, ending balance (in shares)	9,945,703
Options exercisable (in shares)	6,660,313
Stock Options, Weighted Average Exercise Price [Abstract]
Options outstanding, vested and expected to vest, weighted average exercise price, beginning balance (in dollars per share)	$ 3.37
Forfeited, weighted average exercise price (in dollars per share)	2.29
Expired, weighted average exercise price (in dollars per share)	7.06
Granted, weighted average exercise price (in dollars per share)	3.35
Exercised, weighted average exercise price (in dollars per share)	2.08
Options outstanding, vested and expected to vest, weighted average exercise price, ending balance (in dollars per share)	3.36
Options exercisable, weighted average exercise price (in dollars per share)	$ 3.67
Stock Options [Member] \| Minimum [Member]
Fair Value Assumptions and Methodology [Abstract]
Expected term	5 years 6 months	5 years 6 months
Risk-free interest rate	4.20%	1.72%
Stock Options [Member] \| Maximum [Member]
Fair Value Assumptions and Methodology [Abstract]
Expected term	6 years 3 months 18 days	6 years 3 months 18 days
Risk-free interest rate	4.24%	1.73%
Stock Options [Member] \| Equity Incentive Plans [Member]
Stock Options, Weighted Average Exercise Price [Abstract]
Unrecognized compensation expense, stock options	$ 5,600,000
Unrecognized compensation expense recognition period	3 years
RSUs [Member]
Restricted Stock Units [Abstract]
Number of restricted stock units granted (in shares)	2,666,260	1,059,266
Shares withheld for tax withholding obligation (in shares)	185,068
Amount of shares withheld for tax withholding obligation	$ 600,000
Unvested RSU, Shares [Abstract]
Beginning balance (in shares)	2,866,987
Granted (in shares)	2,666,260
Vested (in shares)	(628,283)
Forfeited (in shares)	(29,500)
Ending balance (in shares)	4,875,464
Unvested RSU, Weighted Average Grant Date Fair Value
Unvested, Weighted average grant date fair value, beginning balance (in dollars per share)	$ 1.59
Granted, Weighted average grant date fair value (in dollars per share)	3.35
Vested, Weighted average grant date fair value (in dollars per share)	1.76
Forfeited, Weighted average grant date fair value (in dollars per share)	1.25
Unvested, Weighted average grant date fair value, ending balance (in dollars per share)	$ 2.53
RSUs [Member] \| Directors [Member]
Restricted Stock Units [Abstract]
Restricted stock units vested over a period	1 year
RSUs [Member] \| Employees [Member]
Restricted Stock Units [Abstract]
Restricted stock units vested over a period	4 years
RSUs [Member] \| Equity Incentive Plans [Member]
Stock Options, Weighted Average Exercise Price [Abstract]
Unrecognized compensation expense recognition period	3 years 4 months 24 days
Unvested RSU, Weighted Average Grant Date Fair Value
Unrecognized compensation expense, non option	$ 12,000,000

INVENTORIES (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
INVENTORIES [Abstract]
Raw materials	$ 55,747,754	$ 48,644,527
Work-in-process	62,087,760	56,170,853
Finished goods	46,149,359	58,464,667
Total inventories	$ 163,984,873	$ 163,280,047

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Revenues	$ 56,913,534	$ 29,103,093
Cost of product revenue	40,400,544	25,441,046
Gross profit	16,512,990	3,662,047
OPERATING EXPENSES:
Research and development	855,351	624,111
Plasma center operating expenses	1,780,463	3,974,589
Amortization of intangible assets	178,838	178,838
Selling, general and administrative	14,511,656	13,699,575
Total operating expenses	17,326,308	18,477,113
LOSS FROM OPERATIONS	(813,318)	(14,815,066)
OTHER INCOME (EXPENSE):
Interest income	166,971	33,068
Interest expense	(6,115,484)	(3,389,038)
Loss on extinguishment of debt	0	(6,669,941)
Other expense	(26,984)	(166,880)
Other expense, net	(5,975,497)	(10,192,791)
NET LOSS	$ (6,788,815)	$ (25,007,857)
BASIC LOSS PER COMMON SHARE (in dollars per share)	$ (0.03)	$ (0.13)
DILUTED LOSS PER COMMON SHARE (in dollars per share)	$ (0.03)	$ (0.13)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic (in shares)	221,921,750	195,871,932
Diluted (in shares)	221,921,750	195,871,932

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
SUPPLEMENTAL CASH FLOW INFORMATION [Abstract]
Cash paid for interest	$ 4,639,283	$ 2,525,987
Noncash Financing and Investing Activities [Abstract]
Equipment acquired reflected in accounts payable and accrued liabilities	530,434	1,940,425
Warrants issued in connection with notes payable	$ 0	$ 9,569,604

INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2023

INTANGIBLE ASSETS [Abstract]

Schedule of Intangible Assets

Intangible assets at March 31, 2023 and December 31, 2022 consist of the following:

	March 31, 2023						December 31, 2022
			Accumulated						Accumulated
	Cost		Amortization		Net		Cost		Amortization		Net
Trademark and other intangible rights related to Nabi-HB	$	4,100,046	$	3,416,706	$	683,340	$	4,100,046	$	3,270,276	$	829,770
Rights to intermediates		907,421		756,184		151,237		907,421		723,776		183,645
	$	5,007,467	$	4,172,890	$	834,577	$	5,007,467	$	3,994,052	$	1,013,415

Intangible Asset Future Aggregate Amortization Expense

Remainder of 2023		$	536,514
2024			298,063

RELATED PARTY TRANSACTIONS (Details) - USD ($)	1 Months Ended	3 Months Ended
RELATED PARTY TRANSACTIONS (Details) - USD ($)	Jan. 31, 2016	Mar. 31, 2023	Mar. 31, 2022
Perceptive [Member]
Related Party Transactions [Abstract]
Minimum percentage of common stock held by lender			5.00%
Areth, LLC [Member]
Related Party Transactions [Abstract]
Rent expense	$ 10,000	$ 30,000	$ 30,000
Genesis [Member]
Related Party Transactions [Abstract]
Purchased materials amount		$ 100,000	$ 43,000

PROPERTY AND EQUIPMENT

3 Months Ended

Mar. 31, 2023

PROPERTY AND EQUIPMENT [Abstract]

PROPERTY AND EQUIPMENT

5.	PROPERTY AND EQUIPMENT

Property and equipment and related accumulated depreciation are summarized as follows:

	March 31, 2023			December 31, 2022
Manufacturing and laboratory equipment	$	19,828,570		$	18,767,807
Office equipment and computer software		5,939,060			5,318,669
Furniture and fixtures		5,662,407			5,109,898
Construction in process		2,515,267			6,726,995
Leasehold improvements		20,514,697			17,930,905
Land		4,339,441			4,339,441
Buildings and building improvements		19,856,505			19,544,307
		78,655,947			77,738,022
Less: Accumulated depreciation		(21,285,164	)		(19,476,541	)
Total property, plant and equipment, net	$	57,370,783		$	58,261,481

Property and equipment 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 months ended March 31, 2023 and 2022 of $1.9 million and $1.4 million, respectively.

SUBSEQUENT EVENT

3 Months Ended

Mar. 31, 2023

SUBSEQUENT EVENT [Abstract]

SUBSEQUENT EVENT

14.	SUBSEQUENT EVENT

On May 1, 2023, the Company entered into a second amendment (the “Hayfin Second Amendment”) to the Hayfin Credit Agreement (see Note 7) whereby the Applicable Margin for adjusted Term SOFR Loans was reduced from 9.5% to 8.5%. The Hayfin Second Amendment also extended the obligation of the lenders to make the Hayfin Delayed Draw Loan from June 30, 2023 to December 31, 2023.

Under the terms of the Hayfin Second Amendment, in the event the Company elects to prepay all or any portion of the outstanding principal on the Hayfin Loans, the Company will be subject to an early prepayment fee in the amount equal to (i) 7.0% of the prepaid principal amount, if prepaid on or prior to the first anniversary of the Hayfin Second Amendment, (ii) 3.0% of the prepaid principal amount, if prepaid after the first anniversary of the Hayfin Second Amendment and on or prior to the second anniversary of the Hayfin Second Amendment, or (iii) 1.0% of the prepaid principal amount, if prepaid after the second anniversary of the Hayfin Second Amendment and on or prior to the third anniversary of the Hayfin Second Amendment. In addition, the Hayfin Second Amendment provides for a 50% reduction to the foregoing early prepayment fees if the Hayfin Loans are prepaid in connection with a change in control of the Company or other strategic transactions as further described in the Hayfin Second Amendment.

In connection with the Hayfin Second Amendment, the Company issued additional warrants to the lenders to purchase 2,391,244 shares of the Company’s common stock at an exercise price of $3.2619 per share (“the Hayfin Second Amendment Warrants”). The Hayfin Second Amendment Warrants were valued at approximately $5.6 million and have an expiration date of May 1, 2030.

DEBT

3 Months Ended

Mar. 31, 2023

DEBT [Abstract]

DEBT

A summary of outstanding senior notes payable is as follows:

	March 31, 2023			December 31, 2022
Notes payable	$	155,727,724		$	154,747,746
Less:
Debt discount		(11,426,794	)		(11,914,683	)
Senior notes payable	$	144,300,930		$	142,833,063

On March 23, 2022 (the “Hayfin Closing Date”), the Company and all of its subsidiaries entered into a Credit and Guaranty Agreement (the “Hayfin Credit Agreement”) with Hayfin Services LLP (“Hayfin”). The Hayfin Credit Agreement provides for a senior secured term loan facility in a principal amount of up to $175.0 million (the “Hayfin Credit Facility”), composed of (i) a term loan made on the Hayfin Closing Date in the principal amount of $150.0 million (the “Hayfin Closing Date Loan”), and (ii) a delayed draw term loan in the principal amount of $25.0 million (the “Hayfin Delayed Draw Loan” and, together with the Hayfin Closing Date Loan, the “Hayfin Loans”). The obligation of the lenders to make the Hayfin Delayed Draw Loan was to have expired on March 22, 2023 and is subject to the satisfaction of certain conditions, including, but not limited to, the Company’s meeting certain 12-month revenue targets as set forth in the Hayfin Credit Agreement. The Hayfin Credit Facility has a maturity date of March 23, 2027 (the “Hayfin Maturity Date”), subject to acceleration pursuant to the Hayfin Credit Agreement, including upon an Event of Default (as defined in the Hayfin Credit Agreement). On March 22, 2023, the Company and Hayfin entered into an amendment to the Hayfin Credit Agreement whereby the lenders’ obligation to make the Hayfin Delayed Draw Loan was extended to June 30, 2023.

On the Hayfin Closing Date, the Company used $100.0 million of the Hayfin Closing Date Loan to terminate and pay in full all of the outstanding obligations under the Company’s previously existing credit facility (the “Perceptive Credit Facility”) with Perceptive Credit Holdings II, LP (“Perceptive”). The Company also used $2.0 million of the Hayfin Closing Date Loan proceeds to pay a redemption premium to Perceptive and used approximately $1.0 million of the Hayfin Closing Date Loan proceeds to pay certain fees and expenses incurred in connection with this transaction. In addition, a $1.8 million upfront fee payable to Hayfin was paid “in kind” and was added to the outstanding principal balance in accordance with the terms of the Hayfin Credit Agreement. In connection with the retirement of the Perceptive Credit Facility and all of the obligations thereunder, the Company recorded a loss on extinguishment of debt in the amount of $6.7 million, consisting of the write-off of unamortized discount related to the Perceptive indebtedness and the redemption premium paid to Perceptive.

Borrowings under the Hayfin Credit Agreement bear interest, at the Company’s election, at either (a) a base rate (equal to the highest of (i) the rate of interest per annum last quoted by The Wall Street Journal as the “Prime Rate” in the United States, (ii) the federal funds rate in effect on such day plus 0.50% and (iii) adjusted Term Secured Overnight Financing Rate (“SOFR”) for a one-month tenor in effect on such day plus 1.00%), plus an applicable margin of 8.5%, or (b) adjusted Term SOFR for either a one-month or three-month tenor, as elected by the Company, and subject to a floor of 1.25%, plus an applicable margin of 9.5% (the “Applicable Margin”); provided, however, that upon, and during the continuance of, an Event of Default, the Applicable Margin increases by an additional 3% per annum. On the last day of each calendar month or quarter during the term of the Hayfin Credit Facility, the Company will pay accrued interest to Hayfin. The rate of interest in effect as of March 31,2023 and December 31, 2022 was 14.4% and 13.9%, respectively. The Company is also permitted to pay “in kind” a portion of the interest on the Hayfin Loans for each monthly or quarterly interest period in an amount equal to 2.5% per annum, which is added to the principal amount of the outstanding debt under the Hayfin Credit Facility. For the three months ending March 31,2023, approximately $1.0 million of interest was paid in kind and added to the balance of the outstanding Hayfin Loans.

On the Hayfin Maturity Date, the Company will pay Hayfin the entire outstanding principal amount underlying the Hayfin Loans and any accrued and unpaid interest thereon, as well as an exit fee of 1.0% of the outstanding principal amount being paid. This exit fee is recorded separately as a non-current liability on the accompanying consolidated balance sheets as of March 31,2023 and December 31,2022. Prior to the Hayfin Maturity Date, there are no scheduled principal payments on the Hayfin Loans. The Company may prepay outstanding principal on the Hayfin Loans at any time and from time to time upon five business days’ prior written notice, subject to the payment to Hayfin of, (A) any accrued but unpaid interest on the prepaid principal amount plus (B) an early prepayment fee in the amount equal to (i) 7.0% of the prepaid principal amount, if prepaid on or prior to the first anniversary of the Hayfin Closing Date, (ii) 3.0% of the prepaid principal amount, if prepaid after the first anniversary of the Hayfin Closing Date and on or prior to the second anniversary of the Hayfin Closing Date, or (iii) 1.0% of the prepaid principal amount, if prepaid after the second anniversary of the Hayfin Closing Date and on or prior to the third anniversary of the Hayfin Closing Date. In addition, for any prepayments of principal or payment of principal on the Hayfin Maturity Date, the Company is also required to pay the exit fee.

All of the Company’s obligations under the Hayfin 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 Hayfin 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 Hayfin 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 its subsidiaries’ business activities; make certain Investments or Restricted Payments (each as defined in the Hayfin Credit Agreement); change its fiscal year; pay dividends; repay certain other 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 Hayfin Credit Agreement. In addition, the Company is required (i) at all times prior to the Maturity Date to maintain a minimum cash balance of $6.0 million; and (ii) as of the last day of each fiscal quarter, report IVIG product and related revenues for the trailing 12-month period that exceed the amounts set forth in the Hayfin Credit Agreement, which range from $75.0 million for the fiscal quarter ended June 30, 2022 to $250.0 million for the fiscal quarter ended December 31, 2026. As of March 31, 2023, the Company was in compliance with all of the covenants contained in the Hayfin Credit Agreement.

As consideration for the Hayfin Credit Agreement, the Company issued to various entities affiliated with Hayfin, on the Hayfin Closing Date, warrants to purchase an aggregate of 9,103,047 shares of the Company’s common stock (the “Hayfin Warrants”). The Hayfin Warrants have an exercise price equal to $1.6478 per share, which is equal to the trailing 30-day Volume Weighted-average Price of the Company’s common stock on the business day immediately prior to the Hayfin Closing Date. The Hayfin Warrants were valued by the Company at approximately $9.6 million as of the Hayfin Closing Date and have an expiration date of March 23, 2029.

As a result of the upfront fee and exit fee paid or payable to Hayfin, the expenses incurred by the Company in connection with this transaction and the value of the Hayfin Warrants, the Company recognized an aggregate discount on the Hayfin Loans in the amount of $13.9 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 Hayfin Warrants and the aggregate amount of fees and expenses associated with obtaining the Hayfin Credit Facility, the effective interest rate on the Hayfin Loans as of March 31,2023 and December 31, 2022 was approximately 16.6% and 16.1%, respectively.

See Note 14 for discussion of an additional amendment to the Hayfin Credit Facility.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Accounts Receivable (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) Customer	Dec. 31, 2022 USD ($) Customer
Accounts Receivable [Abstract]
Accounts receivable, allowances for contractual credits and doubtful accounts \| $	$ 0.1	$ 0.1
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Three Customers [Member]
Accounts Receivable [Abstract]
Number of customers \| Customer	5	2
Percentage of account receivables	98.00%	92.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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, 2022 included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 23, 2023. The accompanying consolidated balance sheet as of December 31, 2022 was derived from the audited financial statements as of and for the year ended December 31, 2022. 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 complete consolidated 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 March 31, 2023 and its results of operations, changes in stockholders’ equity and cash flows for the three months ended March 31, 2023 and 2022.

During the three months ended March 31, 2023 and 2022, comprehensive loss was equal to the net loss amounts presented for the respective periods in the accompanying condensed 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 rebates and chargebacks deducted from gross revenues, the realizable value of accounts receivable, valuation of inventory, assumptions used in projecting future liquidity and capital requirements, 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, accounts receivable 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 7) approximates fair value due to the variable interest rate on this debt.

Accounts Receivable

Accounts receivable is reported at realizable value, net of allowances for contractual credits and doubtful accounts in the amount of $0.1 million at March 31, 2023 and December 31, 2022, respectively, which are recognized in the period the related revenue is recorded. The Company extends credit to its customers based upon an evaluation of each customer’s financial condition and credit history. Evaluations of the financial condition, payment history and associated credit risk of customers are performed on an ongoing basis. Based on these evaluations, the Company has concluded that its credit risk is minimal. At March 31, 2023, five customers accounted for an aggregate of 98% of the Company’s total accounts receivable, and at December 31, 2022, two customers accounted for approximately 92% of the Company’s total accounts receivable.

Inventories

Raw materials inventory consists of various materials purchased from suppliers, including normal source plasma and Respiratory Syncytial Virus (“RSV”) plasma, used in the production of the Company’s products. Work-in-process and finished goods inventories (see Note 3) reflect the cost of raw materials as well as costs for direct and indirect labor, primarily salaries, wages and benefits for applicable employees, as well as an allocation of overhead costs related to the Boca Facility including utilities, property taxes, general repairs and maintenance, consumable supplies and depreciation. The allocation of Boca Facility overhead to inventory is generally based upon the estimated square footage of the Boca Facility that is used in the production of the Company’s products relative to the total square footage of the facility.

Inventories, including plasma intended for resale and plasma intended for internal use in the Company’s manufacturing, commercialization or research and development activities, are carried at the lower of cost or net realizable value determined by the first-in, first-out method. Net realizable value is generally determined based upon the consideration the Company expects to receive when the inventory is sold, less costs to deliver the inventory to the recipient. The estimates for net realizable value of inventory are based on contractual terms or upon historical experience and certain other assumptions, and the Company believes that such assumptions are reasonable. Inventory is periodically reviewed to ensure that its carrying value does not exceed its net realizable value, and adjustments are recorded to write down such inventory, with a corresponding charge to cost of product revenue, when the carrying value or historical cost exceeds its estimated net realizable value. In addition, costs associated with the production of conformance or engineering lots that would not qualify as immediately available for commercial sale are charged to cost of product revenue and not capitalized into inventory.

Goodwill

Goodwill represents the excess of purchase price over the fair value of net assets acquired by the Company. Goodwill at March 31, 2023 and December 31, 2022 was $3.5 million. All of the Company’s goodwill is attributable to its ADMA BioManufacturing business segment and is related to the Biotest Transaction.

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. The Company’s annual goodwill impairment test as of October 1, 2022 did not result in a goodwill impairment charge, and the Company did not record any impairment charges related to goodwill for the three months ended March 31, 2023 and 2022.

Impairment of Long-Lived Assets

The Company assesses the recoverability of its long-lived assets, which include property and equipment and finite-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 three months ended March 31, 2023 and 2022, the Company determined that there was no impairment of its long-lived assets.

Revenue Recognition

Revenues for the three months ended March 31, 2023 and 2022 are comprised of (i) revenues from the sale of the Company’s immunoglobulin products, BIVIGAM, ASCENIV and Nabi-HB, (ii) product revenues from the sale of human plasma collected through the Company’s Plasma Collection Centers business segment, (iii) contract manufacturing and laboratory services revenue, (iv) revenues from the sale of intermediate by-products; and (v) license and other revenues primarily attributable to the out-licensing of ASCENIV to Biotest in 2012 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 amortized into income over the term of the Biotest license, representing a period of approximately 22 years.

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 the Company’s immunoglobulin products 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 certain other assumptions, and the Company believes that such estimates are reasonable. For revenues associated with contract manufacturing and the sale of intermediates, control transfers to the customer and the performance obligation is satisfied when the customer takes possession of the product from the Boca Facility or from a third-party warehouse that is utilized by the Company.

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 if the Company retains control of the product during shipment.

For the three months ended March 31, 2023, three customers represented an aggregate of 76% of the Company’s consolidated revenues. For the three months ended March 31, 2022, three customers represented an aggregate of 83% of the Company’s consolidated revenues.

Cost of Product Revenue

Cost of product revenue includes costs associated with the manufacture of the Company’s FDA approved products, intermediates and the sale of human source plasma, as well as expenses related to conformance batch production, process development and 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.

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, as well as Restricted Stock Units (“RSUs”). 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 in the accompanying condensed consolidated financial statements as the Company reported a net loss for all periods presented. For the three months ended March 31, 2023 and 2022, the following securities were excluded from the calculation of diluted loss per common share because of their anti-dilutive effects:

	For the Three Months Ended March 31,
	2023		2022
Stock options		9,945,703		8,686,068
Restricted Stock Units		4,875,464		4,729,758
Warrants		13,525,148		13,631,207
		28,346,315		27,047,033

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 statement of operations as compensation expense based on their fair values at the date of grant. Compensation expense related to awards to employees and directors with service-based vesting conditions is generally recognized on a straight-line basis over the associated vesting period of the award based on the grant date fair value of the award. Stock options granted under the Company’s equity incentive plans generally have a four-year vesting period and a term of 10 years. Pursuant to ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718), the Company has elected not to establish a forfeiture rate, as stock-based compensation expense related to forfeitures of unvested stock options is fully reversed at the time of forfeiture.

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 2018 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 50% 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 March 31, 2023 and December 31, 2022, and during the three months ended March 31, 2023 and 2022, the Company recognized no adjustments for uncertain tax positions.

ORGANIZATION AND BUSINESS (Details) $ in Millions	3 Months Ended
ORGANIZATION AND BUSINESS (Details) $ in Millions	Mar. 31, 2023 USD ($) Facility Product
Organization and Business [Abstract]
Number of plasma collection facilities under approval and development \| Facility	10
Number of FDA-licensed plasma collection facilities \| Facility	8
Number of FDA approved product \| Product	3
Working capital \| $	$ 227.4
Cash and cash equivalents \| $	$ 69.2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Basis of Presentation

Use of Estimates

Fair Value of Financial Instruments

Accounts Receivable

Inventories

Goodwill

Impairment of Long-Lived Assets

Revenue Recognition

Cost of Product Revenue

Loss Per Common Share

	For the Three Months Ended March 31,
	2023		2022
Stock options		9,945,703		8,686,068
Restricted Stock Units		4,875,464		4,729,758
Warrants		13,525,148		13,631,207
		28,346,315		27,047,033

Stock-Based Compensation

Income Taxes

INVENTORIES

3 Months Ended

Mar. 31, 2023

INVENTORIES [Abstract]

INVENTORIES

3.	INVENTORIES

The following table provides the components of inventories:

	March 31, 2023		December 31, 2022
Raw materials	$	55,747,754	$	48,644,527
Work-in-process		62,087,760		56,170,853
Finished goods		46,149,359		58,464,667
Total inventories	$	163,984,873	$	163,280,047

Raw materials includes plasma and other materials expected to be used in the production of BIVIGAM, ASCENIV and Nabi-HB. These materials will be consumed in the production of goods expected to be available for sale or otherwise have alternative uses that provide a probable future benefit. 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 primarily consists of bulk drug substance and unlabeled filled vials of the Company’s immunoglobulin products.

Finished goods inventory is comprised of immunoglobulin product inventory and related intermediates that are available for commercial sale, as well as plasma collected at the Company’s plasma collection centers that is expected to be sold to third-party customers.

LEASE OBLIGATIONS (Details) - USD ($)	3 Months Ended
LEASE OBLIGATIONS (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
LEASE OBLIGATIONS [Abstract]
Aggregate lease expense	$ 600,000	$ 400,000
Cash payments for lease	600,000	$ 400,000
Operating and financing lease liabilities	$ 11,400,000		$ 11,600,000
Weighted average remaining term	8 years 3 months 18 days
Payments Under Lease Obligations [Abstract]
Remainder of 2023	$ 1,805,644
Year ended December 31, 2024	2,343,314
2025	2,366,432
2026	2,116,036
2027	2,040,690
2028	2,087,825
Thereafter	6,150,746
Total payments	18,910,687
Less: imputed interest	(7,486,533)
Current portion	(956,045)		(905,369)
Balance at March 31, 2023	$ 10,468,109		$ 10,704,176

STOCKHOLDERS' EQUITY, Common Stock (Details) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Common Stock [Abstract]
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares outstanding (in shares)	222,262,588	221,816,930
Warrants outstanding (in shares)	48,356,592
Common stock, available for issuance (in shares)	29,380,820

LEASE OBLIGATIONS

3 Months Ended

Mar. 31, 2023

LEASE OBLIGATIONS [Abstract]

LEASE OBLIGATIONS

12.	LEASE OBLIGATIONS

The Company leases certain properties and equipment for its ADMA BioCenters and ADMA BioManufacturing subsidiaries, 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 2033. 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. For all of its leases, the Company has elected and applies the practical expedient available to lessees to combine non-lease components with their related lease components and account for them as a single combined lease component. 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. The Company’s 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 lease expense for the Company’s leases for the three months ended March 31, 2023 and 2022 was approximately $0.6 million and $0.4 million, respectively. Cash paid for the Company’s leases for the three months ended March 31, 2023 and 2022 was approximately $0.6 million and $0.4 million, respectively.

Including a finance lease the Company entered into in June 2018, the Company has aggregate lease liabilities of $11.4 million and $11.6 million as of March 31, 2023 and December 31, 2022, respectively, which are comprised primarily of the leases for the Company’s plasma collection centers and a warehouse lease for raw material storage related to the Company’s immunoglobulin manufacturing operations. The Company’s operating leases have a weighted average remaining term of 8.3 years. Scheduled payments under the Company’s lease obligations are as follows:

Remainder of 2023	$	1,805,644
Year ended December 31, 2024		2,343,314
2025		2,366,432
2026		2,116,036
2027		2,040,690
2028		2,087,825
Thereafter		6,150,746
Total payments		18,910,687
Less: imputed interest		(7,486,533	)
Current portion		(956,045	)
Balance at March 31, 2023	$	10,468,109

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Revenue Recognition (Details) - Customer	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Two Customers [Member] \| Revenues [Member] \| Customer Concentration Risk [Member]
Revenue Recognition [Abstract]
Number of customers	3
Percentage of consolidated revenues	76.00%
Five Customers [Member] \| Revenues [Member] \| Customer Concentration Risk [Member]
Revenue Recognition [Abstract]
Number of customers		3
Percentage of consolidated revenues		83.00%
Biotest License Agreement [Member]
Revenue Recognition [Abstract]
Amortization period	22 years

PROPERTY AND EQUIPMENT (Tables)

3 Months Ended

Mar. 31, 2023

PROPERTY AND EQUIPMENT [Abstract]

Property and Equipment

Property and equipment and related accumulated depreciation are summarized as follows:

	March 31, 2023			December 31, 2022
Manufacturing and laboratory equipment	$	19,828,570		$	18,767,807
Office equipment and computer software		5,939,060			5,318,669
Furniture and fixtures		5,662,407			5,109,898
Construction in process		2,515,267			6,726,995
Leasehold improvements		20,514,697			17,930,905
Land		4,339,441			4,339,441
Buildings and building improvements		19,856,505			19,544,307
		78,655,947			77,738,022
Less: Accumulated depreciation		(21,285,164	)		(19,476,541	)
Total property, plant and equipment, net	$	57,370,783		$	58,261,481

PROPERTY AND EQUIPMENT (Details) - USD ($)	3 Months Ended
PROPERTY AND EQUIPMENT (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	$ 78,655,947		$ 77,738,022
Less: accumulated depreciation	(21,285,164)		(19,476,541)
Total property, plant and equipment, net	57,370,783		58,261,481
Depreciation expense	$ 1,900,000	$ 1,400,000
Minimum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful life	3 years
Maximum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful life	10 years
Manufacturing and Laboratory Equipment [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	$ 19,828,570		18,767,807
Office Equipment and Computer Software [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	5,939,060		5,318,669
Furniture and Fixtures [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	5,662,407		5,109,898
Construction in Process [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	2,515,267		6,726,995
Leasehold Improvements [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	20,514,697		17,930,905
Land [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	4,339,441		4,339,441
Buildings and Building Improvements [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	$ 19,856,505		$ 19,544,307
Building [Member]
Property, Plant and Equipment [Abstract]
Estimated useful life	30 years