0001140361-25-040578 | 10-Q | XBRL Viewer

SEGMENTS

10.

SEGMENTS

The Company is engaged in the manufacture, marketing and development of specialty plasma-derived biologics. The Company’s ADMA BioManufacturing operating segment reflects the Company’s immunoglobulin manufacturing, commercial and development operations in Boca Raton, FL. The Plasma Collection Centers operating segment consists of ten plasma collection facilities located throughout the United States, all of which are operational, collecting plasma and currently hold FDA licenses. The Company defines its operating segments as those business units whose operating results are regularly reviewed by the chief operating decision maker (“CODM”) to analyze performance and allocate resources. While not considered an operating segment, the Corporate information included in the tables below consists of certain unallocated general and administrative overhead expenses and interest expense on the Company’s senior debt (see Note 6). The Company’s CODM is its President and Chief Executive Officer. For the Company’s two operating segments, the CODM uses income/loss before taxes as the measure of segment profit to determine the allocation of resources for each segment. Summarized financial information concerning reportable segments is shown in the following tables:


Three Months ended September 30, 2025
(in thousands)	ADMA BioManufacturing			Plasma Collection Centers			Total
Revenues	$	134,188		$	-		$	134,188

Cost of product revenue		58,406			192			58,598

Research and development		1,528			-			1,528

Plasma center operating expenses		-			1,272			1,272

Selling, marketing and distribution		8,150			-			8,150

Amortization of intangible assets		38			-			38

General and administrative expense		14,585			-			14,585

Other expense, net		(21	)		-			(21	)

Income (loss) before taxes		51,460			(1,464	)		49,996

Expenditures for additions to long-lived assets		14,652			292			14,944
Total assets		403,917			27,028			430,945

Reconciliation of revenues:
Segment revenue							$	134,188
License revenue								36
Consolidated revenues							$	134,224

Reconciliation of selling, general and administrative expense:
Segment selling, marketing and distribution expense							$	8,150
Segment general and administrative expense								14,585
Corporate general and administrative expense (a)								(959	)
Consolidated selling, general and administrative expense							$	21,776

Reconciliation of income before taxes:
Segment income before taxes							$	49,996
License revenue								36
Unallocated interest expense, primarily related to interest on senior debt (see Note 6)								(1,675	)
Unallocated interest income								376
Loss on extinguishment of debt								(2,177	)
Corporate general and administrative expense (a)								959
Consolidated income before taxes							$	47,515

Reconciliation of total assets:
Total segment assets							$	430,945
Corporate (b)								137,742
Consolidated total assets							$	568,687

(a) - Primarily includes compensation expense, including stock-based compensation expense, for certain executive officers and consultants, insurance, legal and investor relations expenses and accounting and tax fees that are not allocated to the Company's operating segments.

(b) - Primarily consists of cash and deferred tax assets.


Nine Months ended September 30, 2025
(in thousands)	ADMA BioManufacturing			Plasma Collection Centers			Total
Revenues	$	369,852		$	1,050		$	370,902

Cost of product revenue		166,220			841			167,061

Research and development		3,386			-			3,386

Plasma center operating expenses		-			3,710			3,710

Selling, marketing and distribution		17,827			-			17,827

Amortization of intangible assets		93			-			93

General and administrative expense		44,688			-			44,688

Other expense, net		(195	)		-			(195	)

Income (loss) before taxes		137,443			(3,501	)		133,942

Expenditures for additions to long-lived assets		21,366			263			21,629
Total assets		403,917			27,028			430,945

Reconciliation of revenues:
Segment revenue							$	370,902
License revenue								108
Consolidated revenues							$	371,010

Reconciliation of selling, general and administrative expense:
Segment selling, marketing and distribution expense							$	17,827
Segment general and administrative expense								44,688
Corporate general and administrative expense (a)								5,553
Consolidated selling, general and administrative expense							$	68,068

Reconciliation of income (loss) before taxes:
Segment income before taxes							$	133,942
License revenue								108
Unallocated interest expense, primarily related to interest on senior debt (see Note 6)								(5,484	)
Unallocated interest income								1,384
Loss on extinguishment of debt								(3,336	)
Corporate general and administrative expense (a)								(5,553	)
Consolidated income before taxes							$	121,061

Reconciliation of total assets:
Total segment assets							$	430,945
Corporate (b)								137,742
Consolidated total assets							$	568,687

(b) - Primarily consists of cash and deferred tax assets.


Three Months Ended September 30, 2024
(in thousands)	ADMA BioManufacturing			Plasma Collection Centers			Total
Revenues	$	117,719		$	2,084		$	119,803

Cost of product revenue		58,156			2,024			60,180

Research and development		412			-			412

Plasma center operating expenses		-			1,021			1,021

Selling, marketing and distribution		5,900			-			5,900

Amortization of intangible assets		28			-			28

General and administrative expense		3,988			-			3,988

Other expense, net		(56	)					(56	)

Income (loss) before taxes		49,179			(961	)		48,218

Expenditures for additions to long-lived assets		1,067			9			1,076
Total assets		266,456			33,191			299,647

Reconciliation of revenues:
Segment revenue							$	119,803
License revenue								36
Consolidated revenues							$	119,839

Reconciliation of selling, general and administrative expense:
Segment selling, marketing and distribution expense							$	5,900
Segment general and administrative expense								3,988
Corporate general and administrative expense (a)								8,672
Consolidated selling, general and administrative expense							$	18,560

Reconciliation of income (loss) before taxes:
Segment income before taxes							$	48,218
License revenue								36
Unallocated interest expense, primarily related to interest on senior debt (see Note 6)								(3,499	)
Unallocated interest income								666
Corporate general and administrative expense (a)								(8,672	)
Consolidated income before taxes							$	36,749

Reconciliation of total assets:
Total segment assets							$	299,647
Corporate (b)								90,971
Consolidated total assets							$	390,618

(b) - Primarily consists of cash and deferred tax assets.


Nine Months Ended September 30, 2024
(in thousands)	ADMA BioManufacturing			Plasma Collection Centers			Total
Revenues	$	304,016		$	4,781		$	308,797

Cost of product revenue		147,619			5,066			152,685

Research and development		1,422			-			1,422

Plasma center operating expenses		-			2,968			2,968

Selling, marketing and distribution		13,374			-			13,374

Amortization of intangible assets		363			-			363

General and administrative expense		18,276			-			18,276

Other expense, net		(103	)		(4	)		(107	)

Income (loss) before taxes		122,859			(3,257	)		119,602

Expenditures for additions to long-lived assets		5,720			105			5,825
Total assets		266,456			33,191			299,647

Reconciliation of revenues:
Segment revenue							$	308,797
License revenue								108
Consolidated revenues							$	308,905

Reconciliation of selling, general and administrative expense:
Segment selling, marketing and distribution expense							$	13,374
Segment general and administrative expense								18,276
Corporate general and administrative expense (a)								19,157
Consolidated selling, general and administrative expense							$	50,807

Reconciliation of income (loss) before taxes:
Segment income before taxes							$	119,602
License revenue								108
Unallocated interest expense, primarily related to interest on senior debt (see Note 6)								(11,051	)
Unallocated interest income								1,499
Corporate general and administrative expense (a)								(19,157	)
Consolidated income before taxes							$	91,001

Reconciliation of total assets:
Total segment assets							$	299,647
Corporate (b)								90,971
Consolidated total assets							$	390,618

(b) - Primarily consists of cash and deferred tax assets.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
United States	$	133,978	$	114,748	$	366,692	$	295,465
International		246		5,091		4,318		13,440
Total revenues	$	134,224	$	119,839	$	371,010	$	308,905

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 61,385	$ 103,147
Accounts receivable, net	137,673	49,999
Inventories, net	196,667	170,235
Prepaid expenses and other current assets	6,930	8,029
Total current assets	402,655	331,410
Property and equipment, net	69,509	54,707
Intangible assets, net	491	460
Goodwill	3,530	3,530
Deferred tax assets, net	74,433	84,280
Right-of-use assets	9,271	8,634
Deposits and other assets	8,798	5,657
TOTAL ASSETS	568,687	488,678
Current liabilities:
Accounts payable	24,021	20,219
Accrued expenses and other current liabilities	28,827	34,105
Current portion of long-term debt	2,344	0
Current portion of lease obligations	1,298	1,218
Total current liabilities	56,490	55,542
Long-term debt	70,084	72,337
Deferred revenue, net of current portion	1,440	1,547
End of term fee		1,313
Lease obligations, net of current portion	9,397	8,561
Other non-current liabilities	90	360
TOTAL LIABILITIES	137,501	139,660
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, September 30, 2025: 239,661,041 issued and 238,332,393 outstanding; December 31, 2024: 236,620,545 issued and outstanding	24	24
Treasury stock, at cost, 1,328,648 and 0 shares as of September 30, 2025 and December 31, 2024, respectively	(23,188)	0
Additional paid-in capital	665,382	657,577
Accumulated deficit	(211,032)	(308,583)
TOTAL STOCKHOLDERS’ EQUITY	431,186	349,018
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 568,687	$ 488,678

SEGMENTS (Details)	9 Months Ended
SEGMENTS (Details)	Sep. 30, 2025 Facility Segment
SEGMENTS [Abstract]
Number of FDA-licensed plasma collection facilities (in Facility) \| Facility	10
Number of operating segments	2
Number of Reportable Segments	2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Sep. 30, 2025	Dec. 31, 2024
CONDENSED CONSOLIDATED BALANCE SHEETS [Abstract]
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 outstanding (in shares)	0	0
Preferred stock, shares issued (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 outstanding (in shares)	238,332,393	236,620,545
Common stock, shares issued (in shares)	239,661,041	236,620,545
Treasury stock (in Shares)	1,328,648	0

SEGMENTS (Tables)

9 Months Ended

Sep. 30, 2025

Summarized Financial Information Concerning Reportable Segments

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


Three Months ended September 30, 2025
(in thousands)	ADMA BioManufacturing			Plasma Collection Centers			Total
Revenues	$	134,188		$	-		$	134,188

Cost of product revenue		58,406			192			58,598

Research and development		1,528			-			1,528

Plasma center operating expenses		-			1,272			1,272

Selling, marketing and distribution		8,150			-			8,150

Amortization of intangible assets		38			-			38

General and administrative expense		14,585			-			14,585

Other expense, net		(21	)		-			(21	)

Income (loss) before taxes		51,460			(1,464	)		49,996

Expenditures for additions to long-lived assets		14,652			292			14,944
Total assets		403,917			27,028			430,945

Reconciliation of revenues:
Segment revenue							$	134,188
License revenue								36
Consolidated revenues							$	134,224

Reconciliation of selling, general and administrative expense:
Segment selling, marketing and distribution expense							$	8,150
Segment general and administrative expense								14,585
Corporate general and administrative expense (a)								(959	)
Consolidated selling, general and administrative expense							$	21,776

Reconciliation of income before taxes:
Segment income before taxes							$	49,996
License revenue								36
Unallocated interest expense, primarily related to interest on senior debt (see Note 6)								(1,675	)
Unallocated interest income								376
Loss on extinguishment of debt								(2,177	)
Corporate general and administrative expense (a)								959
Consolidated income before taxes							$	47,515

Reconciliation of total assets:
Total segment assets							$	430,945
Corporate (b)								137,742
Consolidated total assets							$	568,687

(b) - Primarily consists of cash and deferred tax assets.


Nine Months ended September 30, 2025
(in thousands)	ADMA BioManufacturing			Plasma Collection Centers			Total
Revenues	$	369,852		$	1,050		$	370,902

Cost of product revenue		166,220			841			167,061

Research and development		3,386			-			3,386

Plasma center operating expenses		-			3,710			3,710

Selling, marketing and distribution		17,827			-			17,827

Amortization of intangible assets		93			-			93

General and administrative expense		44,688			-			44,688

Other expense, net		(195	)		-			(195	)

Income (loss) before taxes		137,443			(3,501	)		133,942

Expenditures for additions to long-lived assets		21,366			263			21,629
Total assets		403,917			27,028			430,945

Reconciliation of revenues:
Segment revenue							$	370,902
License revenue								108
Consolidated revenues							$	371,010

Reconciliation of selling, general and administrative expense:
Segment selling, marketing and distribution expense							$	17,827
Segment general and administrative expense								44,688
Corporate general and administrative expense (a)								5,553
Consolidated selling, general and administrative expense							$	68,068

Reconciliation of income (loss) before taxes:
Segment income before taxes							$	133,942
License revenue								108
Unallocated interest expense, primarily related to interest on senior debt (see Note 6)								(5,484	)
Unallocated interest income								1,384
Loss on extinguishment of debt								(3,336	)
Corporate general and administrative expense (a)								(5,553	)
Consolidated income before taxes							$	121,061

Reconciliation of total assets:
Total segment assets							$	430,945
Corporate (b)								137,742
Consolidated total assets							$	568,687

(b) - Primarily consists of cash and deferred tax assets.


Three Months Ended September 30, 2024
(in thousands)	ADMA BioManufacturing			Plasma Collection Centers			Total
Revenues	$	117,719		$	2,084		$	119,803

Cost of product revenue		58,156			2,024			60,180

Research and development		412			-			412

Plasma center operating expenses		-			1,021			1,021

Selling, marketing and distribution		5,900			-			5,900

Amortization of intangible assets		28			-			28

General and administrative expense		3,988			-			3,988

Other expense, net		(56	)					(56	)

Income (loss) before taxes		49,179			(961	)		48,218

Expenditures for additions to long-lived assets		1,067			9			1,076
Total assets		266,456			33,191			299,647

Reconciliation of revenues:
Segment revenue							$	119,803
License revenue								36
Consolidated revenues							$	119,839

Reconciliation of selling, general and administrative expense:
Segment selling, marketing and distribution expense							$	5,900
Segment general and administrative expense								3,988
Corporate general and administrative expense (a)								8,672
Consolidated selling, general and administrative expense							$	18,560

Reconciliation of income (loss) before taxes:
Segment income before taxes							$	48,218
License revenue								36
Unallocated interest expense, primarily related to interest on senior debt (see Note 6)								(3,499	)
Unallocated interest income								666
Corporate general and administrative expense (a)								(8,672	)
Consolidated income before taxes							$	36,749

Reconciliation of total assets:
Total segment assets							$	299,647
Corporate (b)								90,971
Consolidated total assets							$	390,618

(b) - Primarily consists of cash and deferred tax assets.


Nine Months Ended September 30, 2024
(in thousands)	ADMA BioManufacturing			Plasma Collection Centers			Total
Revenues	$	304,016		$	4,781		$	308,797

Cost of product revenue		147,619			5,066			152,685

Research and development		1,422			-			1,422

Plasma center operating expenses		-			2,968			2,968

Selling, marketing and distribution		13,374			-			13,374

Amortization of intangible assets		363			-			363

General and administrative expense		18,276			-			18,276

Other expense, net		(103	)		(4	)		(107	)

Income (loss) before taxes		122,859			(3,257	)		119,602

Expenditures for additions to long-lived assets		5,720			105			5,825
Total assets		266,456			33,191			299,647

Reconciliation of revenues:
Segment revenue							$	308,797
License revenue								108
Consolidated revenues							$	308,905

Reconciliation of selling, general and administrative expense:
Segment selling, marketing and distribution expense							$	13,374
Segment general and administrative expense								18,276
Corporate general and administrative expense (a)								19,157
Consolidated selling, general and administrative expense							$	50,807

Reconciliation of income (loss) before taxes:
Segment income before taxes							$	119,602
License revenue								108
Unallocated interest expense, primarily related to interest on senior debt (see Note 6)								(11,051	)
Unallocated interest income								1,499
Corporate general and administrative expense (a)								(19,157	)
Consolidated income before taxes							$	91,001

Reconciliation of total assets:
Total segment assets							$	299,647
Corporate (b)								90,971
Consolidated total assets							$	390,618

(b) - Primarily consists of cash and deferred tax assets.

Net Revenues According to Geographic Area

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
United States	$	133,978	$	114,748	$	366,692	$	295,465
International		246		5,091		4,318		13,440
Total revenues	$	134,224	$	119,839	$	371,010	$	308,905

PROPERTY AND EQUIPMENT (Details) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
PROPERTY AND EQUIPMENT (Details) $ in Millions	Jul. 31, 2025 USD ($) a	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	May 31, 2025 USD ($)
PROPERTY AND EQUIPMENT [Abstract]
Depreciation expense		$ 2.0	$ 1.9	$ 6.0	$ 5.7
Area of land and building acquired (in Acres) (in Acres) \| a	5
Asset acquisition, consideration transferred	$ 12.6
Asset acquisition, deposit paid						$ 0.5

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

INCOME TAXES - Estimated Annual Effective Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
INCOME TAXES [Abstract]
Provision for income taxes	$ 11,087	$ 840	$ 23,510	$ 5,224
Effective tax rate	23.30%	2.30%	19.40%	5.70%

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

STOCKHOLDERS' EQUITY - Warrants (Details) - $ / shares	Sep. 30, 2025	Jan. 07, 2025	Dec. 31, 2024	Mar. 14, 2024	Mar. 08, 2024	Feb. 24, 2024	Jan. 10, 2024
STOCKHOLDERS' EQUITY [Abstract]
Warrant to purchase shares of common stock (in shares)	0	966,554	966,554	169,651	3,388,681	34,800	4,000,000
Common stock, shares issued (in shares)	239,661,041	866,302	236,620,545	85,784	2,482,205		1,977,514
Warrants outstanding (in shares)	38,100,000
Common Stock [Member]
STOCKHOLDERS' EQUITY [Abstract]
Warrants outstanding (in shares)	3,122,350		12,502,906
Warrant exercise price per share (in Dollars per share)	$ 2.08		$ 2.32

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION [Abstract]

PROPERTY AND EQUIPMENT	9 Months Ended
PROPERTY AND EQUIPMENT	Sep. 30, 2025
PROPERTY AND EQUIPMENT [Abstract]
PROPERTY AND EQUIPMENT	4. PROPERTY AND EQUIPMENT The Company recorded depreciation expense on property and equipment for the three and nine months ended September 30, 2025 of $2.0 million and $6.0 million, respectively, and $1.9 million and $5.7 million for the three and nine months ended September 30, 2024, respectively. In July 2025, the Company completed the acquisition of real estate in Boca Raton, FL, consisting of 5 acres of land and a building, for a total purchase price of $12.6 million, which is inclusive of deposits aggregating $0.5 million made in May 2025. This real estate purchase is intended to allow the Company to expand its production operations and related activities as well as provide for certain redundancies for ambient and cold-chain storage of raw materials, work in process and finished goods inventory.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable, Goodwill and Revenue Recognition (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025 USD ($) shares	Sep. 30, 2024 USD ($) Customer shares	Sep. 30, 2025 USD ($) Customer shares	Sep. 30, 2024 USD ($) Customer shares	Dec. 31, 2024 USD ($) Customer
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Accounts receivable, allowances for contractual credits and credit losses (in Dollars)	$ 300,000		$ 300,000		$ 200,000
Goodwill (in Dollars)	3,530,000		3,530,000		$ 3,530,000
Impairment charges related to goodwill (in Dollars)	$ 0	$ 0	$ 0	$ 0
Amortization period			21 years
Potentially dilutive securities (in Shares) \| shares	0	0	0	0
Customer Concentration Risk [Member] \| Three Customers [Member] \| Accounts Receivable [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Number of customers (in Customer) \| Customer			3		3
Percentage of consolidated revenues			91.00%		91.00%
Customer Concentration Risk [Member] \| Three Customers [Member] \| Consolidated Revenues [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Percentage of consolidated revenues	78.00%		79.00%
Customer Concentration Risk [Member] \| Three Customer [Member] \| Consolidated Revenues [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Number of customers (in Customer)	3	2	3	2
Percentage of consolidated revenues		71.00%		71.00%

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

9 Months Ended

Sep. 30, 2025

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

13.

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

Supplemental cash flow information for the nine months ended September 30, 2025 and 2024 is as follows:


	2025		2024
(In thousands)
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	$	7,717	$	7,417
Cash paid for income taxes	$	14,345	$	8,895
Noncash Financing and Investing Activities:
Equipment acquired reflected in accounts payable and accrued liabilities	$	7	$	452
Operating lease right-of-use assets obtained in exchange for operating lease obligations	$	1,825	$	-

LEASE OBLIGATIONS

9 Months Ended

Sep. 30, 2025

LEASE OBLIGATIONS [Abstract]

LEASE OBLIGATIONS

11.

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. Right-of-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 September 30, 2025 and 2024 was approximately $0.6 million, and aggregate lease expense for the nine months ended September 30, 2025 and 2024 was $1.8 million. Cash paid for the Company’s leases for the three months ended September 30, 2025 and 2024 was also approximately $0.6 million, and cash paid for the nine months ended September 30, 2025 and 2024 was approximately $1.9 million and $1.8 million, respectively.

The Company has aggregate lease liabilities of $10.7 million and $9.8 million as of September 30, 2025 and December 31, 2024, 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. As of September 30, 2025, the Company’s operating leases have a weighted-average remaining term of 6.4 years. Scheduled payments under the Company’s lease obligations are as follows (in thousands):



Remainder of 2025	$	633
Year ended December 31, 2026		2,583
2027		2,558
2028		2,598
2029		2,537
2030		2,201
Thereafter		2,297
Total payments		15,407
Less: imputed interest		(4,712	)
Current portion		(1,298	)
Balance at September 30, 2025	$	9,397

LEASE OBLIGATIONS (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
LEASE OBLIGATIONS (Details) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
LEASE OBLIGATIONS [Abstract]
Aggregate lease expense	$ 0.6	$ 0.6	$ 1.8	$ 1.8
Cash payments for lease	0.6	$ 0.6	1.9	$ 1.8
Operating and financing lease liabilities	$ 10.7		$ 10.7		$ 9.8
Weighted average remaining term	6 years 4 months 24 days		6 years 4 months 24 days

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	3 Months Ended		9 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) Facility Term Liters	Sep. 30, 2024 USD ($)
COMMITMENTS AND CONTINGENCIES [Abstract]
Plasma supply agreement term			10 years
Research and development (in Dollars) \| $	$ 1,528	$ 412	$ 3,386	$ 1,422
A&R Grifols Agreement [Member]
COMMITMENTS AND CONTINGENCIES [Abstract]
Agreement term expiring date			Sep. 30, 2039
Volume supplied period			12 months
Increase in minimum annual price, term			12 months
A&R Grifols Agreement [Member]
COMMITMENTS AND CONTINGENCIES [Abstract]
Agreement term expiring date			Jul. 31, 2031
Number of renewal terms (in Term) \| Term			2
Volume supplied period			12 months
Plasma purchase agreement renewal period			5 years
Maximum [Member] \| 2011 Plasma Purchase Agreement [Member]
COMMITMENTS AND CONTINGENCIES [Abstract]
Number of plasma collection facilities (in Facility) \| Facility			5
Minimum [Member] \| A&R Grifols Agreement [Member]
COMMITMENTS AND CONTINGENCIES [Abstract]
Quantity of RSV plasma used (in Liters) \| Liters			35,000
Minimum [Member] \| A&R Grifols Agreement [Member]
COMMITMENTS AND CONTINGENCIES [Abstract]
Quantity of RSV plasma used (in Liters) \| Liters			35,000
ASCENIV [Member]
COMMITMENTS AND CONTINGENCIES [Abstract]
Research and development (in Dollars) \| $	$ 0	$ 300	$ 900	$ 1,000

DEBT (Details) - USD ($) $ in Thousands					3 Months Ended		9 Months Ended
DEBT (Details) - USD ($) $ in Thousands	Aug. 05, 2025	May 06, 2025	May 05, 2025	Dec. 18, 2023	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
DEBT [Abstract]
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]				SOFR
Loss on debt extinguishment					$ (2,177)	$ 0	$ (3,336)	$ 0
Ares Credit Facility [Member]
DEBT [Abstract]
Amount of loan repaid							72,500	0
Amount drew from the credit facility							30,000	$ 0
Ares Term Loan [Member]
DEBT [Abstract]
Senior notes payable before debt discount					0		0		$ 32,500
Revolving Credit Facility [Member]
DEBT [Abstract]
Senior notes payable before debt discount					0		0		42,500
JPM Term Loan [Member]
DEBT [Abstract]
Senior notes payable before debt discount					74,531		74,531		$ 0
Ares Credit Agreement [Member]
DEBT [Abstract]
Loss on debt extinguishment							$ (1,200)
Ares Credit Agreement [Member] \| Ares Credit Facility [Member]
DEBT [Abstract]
Senior notes payable before debt discount				$ 135,000
Maturity date							Dec. 20, 2027
Scheduled principal payments				$ 0
Number of business days for prior written notice							3 days
Aggregate principal amount revolving credit facility					36,250		$ 36,250
Ares Credit Agreement [Member] \| Prepaid On Or Prior To First Anniversary [Member]
DEBT [Abstract]
Percentage of prepaid principal amount				1.50%
Ares Credit Agreement [Member] \| Prepaid On Or Prior To Third Anniversary [Member]
DEBT [Abstract]
Percentage of prepaid principal amount				1.00%
Ares Credit Agreement [Member] \| Ares Term Loan [Member]
DEBT [Abstract]
Senior notes payable before debt discount				$ 62,500
Term of variable rate							3 months
Number of business days				2 days
Applicable margin				6.50%
Interest rate									10.85%
Amount of loan repaid		$ 30,000
Ares Credit Agreement [Member] \| Revolving Credit Facility [Member]
DEBT [Abstract]
Senior notes payable before debt discount				$ 72,500	72,500		$ 72,500
Term of variable rate							3 months
Number of business days				2 days
Applicable margin				3.75%
Interest rate									8.34%
Amount drew from the credit facility			$ 30,000
JPM Credit Agreement [Member]
DEBT [Abstract]
Loss on debt extinguishment					(2,200)		$ (2,200)
Leverage ratio, maximum	2.50%
Minimum fixed charge coverage ratio	1.20%
JPM Credit Agreement [Member] \| JPM Credit Facility [Member]
DEBT [Abstract]
Senior notes payable before debt discount	$ 300,000
Interest rate	2.00%
JPM Credit Agreement [Member] \| Revolving Credit Facility [Member]
DEBT [Abstract]
Senior notes payable before debt discount	$ 225,000
Aggregate principal amount revolving credit facility					$ 0		$ 0
Line of credit outstanding balance amount	0
JPM Credit Agreement [Member] \| JPM Term Loan [Member]
DEBT [Abstract]
Senior notes payable before debt discount	$ 75,000
Maturity date							Aug. 05, 2028
Interest rate					6.75%		6.75%
Minimum [Memeber] \| Ares Credit Agreement [Member] \| Revolving Credit Facility [Member]
DEBT [Abstract]
Revolving facility percentage				50.00%
Minimum [Memeber] \| JPM Credit Agreement [Member] \| Alternate Base Rate [Mmember]
DEBT [Abstract]
Basis spread on interest rates	150.00%
Minimum [Memeber] \| JPM Credit Agreement [Member] \| Term SOFR [Member]
DEBT [Abstract]
Basis spread on interest rates	250.00%
Minimum [Memeber] \| JPM Credit Agreement [Member] \| Revolving Credit Facility [Member]
DEBT [Abstract]
Basis spread on interest rates	30.00%
Maximum [Memeber] \| JPM Credit Agreement [Member] \| JPM Credit Facility [Member]
DEBT [Abstract]
Senior notes payable before debt discount	$ 100,000
Maximum [Memeber] \| JPM Credit Agreement [Member] \| Alternate Base Rate [Mmember]
DEBT [Abstract]
Basis spread on interest rates	200.00%
Maximum [Memeber] \| JPM Credit Agreement [Member] \| Term SOFR [Member]
DEBT [Abstract]
Basis spread on interest rates	300.00%
Maximum [Memeber] \| JPM Credit Agreement [Member] \| Revolving Credit Facility [Member]
DEBT [Abstract]
Basis spread on interest rates	35.00%

STOCKHOLDERS' EQUITY - Equity Incentive Plans (Details) $ in Millions	9 Months Ended
	Sep. 30, 2025 USD ($)
Employees [Member] \| RSUs [Member]
STOCKHOLDERS' EQUITY [Abstract]
Equity incentive plans, vesting period	4 years
Directors [Member] \| RSUs [Member]
STOCKHOLDERS' EQUITY [Abstract]
Equity incentive plans, vesting period	1 year
Equity Incentive Plans [Member] \| Stock Options [Member]
STOCKHOLDERS' EQUITY [Abstract]
Unrecognized compensation expense, stock options (in Dollars)	$ 10.1
Unrecognized compensation expense recognition period	2 years 8 months 12 days
Equity Incentive Plans [Member] \| RSUs [Member]
STOCKHOLDERS' EQUITY [Abstract]
Unrecognized compensation expense recognition period	2 years 10 months 24 days
Unrecognized compensation expense, non option (in Dollars)	$ 40.6

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract]
Accrued rebates	$ 5,116	$ 4,155
Accrued distribution fees	10,678	11,565
Accrued incentives	4,514	5,892
Accrued interest	105	2,857
Accrued testing	301	827
Accrued payroll and other compensation	2,763	3,332
Income taxes payable	2,788	3,481
Other	2,562	1,996
Total accrued expenses and other current liabilities	$ 28,827	$ 34,105

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION (Tables)

9 Months Ended

Sep. 30, 2025

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION [Abstract]

Supplemental Cash Flow Information

Supplemental cash flow information for the nine months ended September 30, 2025 and 2024 is as follows:


	2025		2024
(In thousands)
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	$	7,717	$	7,417
Cash paid for income taxes	$	14,345	$	8,895
Noncash Financing and Investing Activities:
Equipment acquired reflected in accounts payable and accrued liabilities	$	7	$	452
Operating lease right-of-use assets obtained in exchange for operating lease obligations	$	1,825	$	-

SEGMENTS - Summarized Financial Information by Segment (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Dec. 31, 2024

$ 134,224

$ 119,839

$ 371,010

$ 308,905

58,598

60,180

167,061

152,685

1,528

412

3,386

1,422

1,272

1,021

3,710

2,968

Consolidated selling, general and administrative expense

363

21,776

18,560

68,068

50,807

(3,497)

(2,889)

(7,631)

(9,659)

Unallocated interest expense, primarily related to interest on senior debt (see Note 6)

47,515

36,749

121,061

91,001

1,675

3,499

5,484

11,051

Unallocated interest income

376

666

1,384

1,499

Loss on extinguishment of debt

(2,177)

(3,336)

Operating Segments [Member]

568,687

390,618

568,687

390,618

$ 488,678

134,188

119,803

370,902

308,797

58,598

60,180

167,061

152,685

1,528

412

3,386

1,422

Selling, marketing and distribution

1,272

1,021

3,710

2,968

8,150

5,900

17,827

13,374

363

14,585

3,988

44,688

18,276

(21)

(56)

(195)

(107)

Expenditures for additions to long-lived assets

49,996

48,218

133,942

119,602

14,944

1,076

21,629

5,825

Reconciling Item [Member]

430,945

299,647

430,945

299,647

108

Unallocated interest expense, primarily related to interest on senior debt (see Note 6)

108

(1,675)

(3,499)

(5,484)

(11,051)

Unallocated interest income

376

666

1,384

1,499

Loss on extinguishment of debt

(2,177)

(3,336)

Corporate [Member]

^[1]

(959)

8,672

5,553

19,157

^[1]

959

(8,672)

(5,553)

(19,157)

ADMA BioManufacturing [Member] | Operating Segments [Member]

^[2]

137,742

90,971

137,742

90,971

134,188

117,719

369,852

304,016

58,406

58,156

166,220

147,619

1,528

412

3,386

1,422

Selling, marketing and distribution

8,150

5,900

17,827

13,374

363

14,585

3,988

44,688

18,276

(21)

(56)

(195)

(103)

Expenditures for additions to long-lived assets

51,460

49,179

137,443

122,859

14,652

1,067

21,366

5,720

Plasma Collection Centers [Member] | Operating Segments [Member]

403,917

266,456

403,917

266,456

2,084

1,050

4,781

192

2,024

841

5,066

Selling, marketing and distribution

1,272

1,021

3,710

2,968

(4)

Expenditures for additions to long-lived assets

(1,464)

(961)

(3,501)

(3,257)

292

263

105

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

$ 27,028

$ 33,191

$ 27,028

$ 33,191

[1]	- Primarily includes compensation expense, including stock-based compensation expense, for certain executive officers and consultants, insurance, legal and investor relations expenses and accounting and tax fees that are not allocated to the Company's operating segments.
[2]	- Primarily consists of cash and deferred tax assets.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 97,551	$ 85,777
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,050	6,101
Loss on disposal of fixed assets	0	32
Deferred income tax provision	9,848	0
Stock-based compensation	14,634	8,183
Amortization of debt discount	520	732
Loss on extinguishment of debt	3,336	0
Amortization of license revenue	(107)	(107)
Changes in operating assets and liabilities:
Accounts receivable	(87,674)	(22,719)
Inventories	(26,432)	1,105
Prepaid expenses and other current assets	(978)	(4,211)
Deposits and other assets	(261)	(411)
Accounts payable	4,533	208
Accrued expenses	(5,427)	(5,384)
Other current and non-current liabilities	(836)	(850)
Net cash provided by operating activities	14,757	68,456
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(21,491)	(5,469)
Acquisition of intangible assets	(124)	(356)
Net cash used in investing activities	(21,615)	(5,825)
CASH FLOWS FROM FINANCING ACTIVITIES:
Prepayment penalties on repayment of debt	(1,031)	0
Taxes paid on vested restricted stock units	(9,383)	(4,327)
Debt issuance costs	(2,224)	0
Net proceeds from the exercise of stock options	2,554	7,051
Payment of end of term fee	(1,313)	0
Acquisition of treasury stock	(23,038)	0
Net cash used in financing activities	(34,904)	(27,276)
Net (decrease) increase in cash and cash equivalents	(41,762)	35,355
Cash and cash equivalents - beginning of period	103,147	51,352
Cash and cash equivalents - end of period	61,385	86,707
Ares Credit Facility [Member]
CASH FLOWS FROM FINANCING ACTIVITIES:
Term loan payments	(32,500)	(30,000)
Ares revolving facility payments	(72,500)	0
Ares revolving facility proceeds	30,000	0
JPM Revolving Facilty [Member]
CASH FLOWS FROM FINANCING ACTIVITIES:
Term loan payments	(469)	0
JPM term loan proceeds	$ 75,000	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of consolidation and 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, 2024 included in the 2024 10-K. All intercompany balances and transactions have been eliminated in consolidation. The preparation of our interim consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed. We have made reasonable estimates and judgments of such items within our financial statements and there may be changes to those estimates in future periods. Certain amounts in the prior year’s unaudited condensed consolidated financial statements have been reclassified to conform to the current year presentation.

During the three and nine months ended September 30, 2025 and 2024, comprehensive income was equal to the net income amounts presented for the respective periods in the accompanying condensed consolidated statements of operations. 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 deducted from gross revenues and estimates related to the Company’s effective tax rate.

Accounts Receivable

Accounts receivable is reported at realizable value, net of allowances for customer credits and credit losses in the amount of $0.3 million at September 30, 2025 and $0.2 million at December 31, 2024. 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 September 30, 2025 and December 31, 2024, three customers accounted for an aggregate of approximately 91% 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”) high titer 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 Boca Facility overhead allocation to inventory is generally based upon the estimated square footage of the Boca Facility that is used in the production of the Company’s FDA-approved 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.

Goodwill

Goodwill represents the excess of purchase price over the fair value of net assets acquired by the Company. Goodwill at September 30, 2025 and December 31, 2024 was $3.5 million. All of the Company’s goodwill is attributable to its ADMA BioManufacturing business segment.

The Company did not record any impairment charges related to goodwill for the three and nine months ended September 30, 2025 and 2024.

Revenue Recognition

Revenues are comprised of (i) revenues from the sale of the Company’s immunoglobulin products, ASCENIV, BIVIGAM 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 intermediates; and (v) license and other revenues primarily attributable to the out-licensing of ASCENIV to Biotest AG (“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 21 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, depending on the sales terms, 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, wholesaler distribution and related fees, customer incentives, including prompt pay discounts, wholesaler chargebacks, group purchasing organization fees and reimbursements for patient assistance. These estimates are based on historical experience and certain other assumptions, and while the Company believes that such estimates are reasonable, they are subject to change based on future experience and other factors.

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 and nine months ended September 30, 2025, three customers represented an aggregate of approximately 78% and 79%, respectively, of the Company’s consolidated revenues. For the three and nine months ended September 30, 2024, two customers represented an aggregate of approximately 71% of the Company’s consolidated revenues.

Cost of Product Revenue

Cost of product revenue includes costs associated with the manufacturing of the Company’s FDA-approved products, intermediates and the collection of human source plasma, depreciation of the production equipment, as well as expenses related to tech lots batch production, validation, 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 or processes in development, the expenses are classified as research and development expenses.

Earnings/loss Per Common Share

For the three and nine months ended September 30, 2025 and 2024, basic and diluted earnings per share are calculated as follows:


	Three Months ended September 30,				Nine Months ended September 30,
	2025		2024		2025		2024
Net income available to common stockholders ($000's) (numerator)	$	36,428	$	35,909	$	97,551	$	85,777
Weighted-average number of common shares (denominator)		238,602,978		234,571,376		238,408,042		231,959,579
Basic earnings per common share	$	0.15	$	0.15	$	0.41	$	0.37

Weighted-average number of common shares		238,602,978		234,571,376		238,408,042		231,959,579
Potential shares of common stock arising from outstanding stock options		3,165,210		4,514,438		3,810,380		3,925,545
Potential shares of common stock arising from outstanding warrants		-		1,829,089		18,936		3,584,226
Potential shares of common stock arising from outstanding RSUs		2,896,075		3,889,162		3,253,976		2,275,812
Total shares - diluted (denominator)		244,664,263		244,804,065		245,491,334		241,772,162
Diluted earnings per common share	$	0.15	$	0.15	$	0.40	$	0.35

For the three and nine months ended September 30, 2025 and 2024, there were no shares with an anti-dilutive effect that needed to be excluded from the earnings per share computation.

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This Update requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid and became effective for public business entities for fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact that this Update may have on the Company’s consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40). The amendments in this Update require disclosure, in the notes to the financial statements, of specified information about certain costs and expenses, including but not limited to, purchases of inventory, employee compensation and selling expense. This Update becomes effective for fiscal years beginning after December 15, 2026. The Company is currently evaluating the impact that this Update may have on the Company’s consolidated financial statements.

LEASE OBLIGATIONS (Tables)

9 Months Ended

Sep. 30, 2025

LEASE OBLIGATIONS [Abstract]

Payments Under Lease Obligations

As of September 30, 2025, the Company’s operating leases have a weighted-average remaining term of 6.4 years. Scheduled payments under the Company’s lease obligations are as follows (in thousands):



Remainder of 2025	$	633
Year ended December 31, 2026		2,583
2027		2,558
2028		2,598
2029		2,537
2030		2,201
Thereafter		2,297
Total payments		15,407
Less: imputed interest		(4,712	)
Current portion		(1,298	)
Balance at September 30, 2025	$	9,397

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Net income available to common stockholders (numerator) (in Dollars)	$ 36,428	$ 35,909	$ 97,551	$ 85,777
Weighted-average number of common shares (denominator)	238,602,978	234,571,376	238,408,042	231,959,579
Total shares - diluted (denominator)	244,664,263	244,804,065	245,491,334	241,772,162
Diluted earnings per common share (in Dollars per share)	$ 0.15	$ 0.15	$ 0.4	$ 0.35
Basic earnings per common share (in Dollars per share)	$ 0.15	$ 0.15	$ 0.41	$ 0.37
Employee Stock Option [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Potential shares of common stock arising from outstanding stock options, warrants and unvested RSUs	3,165,210	4,514,438	3,810,380	3,925,545
Warrant [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Potential shares of common stock arising from outstanding stock options, warrants and unvested RSUs	0	1,829,089	18,936	3,584,226
Restricted Stock Units [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Potential shares of common stock arising from outstanding stock options, warrants and unvested RSUs	2,896,075	3,889,162	3,253,976	2,275,812

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2025
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	9. 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. Vendor Commitments Pursuant to the terms of a plasma purchase agreement dated as of November 17, 2011 (the “2011 Plasma Purchase Agreement”), the Company agreed to purchase from its former contract manufacturer 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 the counterparty, and under the original 2011 Plasma Purchase Agreement the Company was permitted to also collect high-titer RSV plasma from up to five wholly owned ADMA plasma collection facilities. During 2015, the Company amended the 2011 Plasma Purchase Agreement to (i) allow the Company to collect its raw material RSV high-titer plasma from any number of wholly owned ADMA plasma collection facilities and (ii) allow the Company to purchase its raw material RSV high-titer plasma from other third-party collection organizations, in each case, provided that the annual minimum volumes from the Company’s former contract manufacturer were met, thus allowing the Company to expand its reach for raw material supply as it executes its commercialization plans for ASCENIV. On December 10, 2018, the Company’s former contract manufacturer 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. Effective October 1, 2024, the Company entered into an Amended and Restated Plasma Purchase Agreement with Grifols (the “A&R Grifols Agreement”) with a term expiring in September 2039, after which it may be renewed for two additional multi-year periods if agreed to by the parties. Pursuant to the A&R Grifols Agreement, Grifols supplies, on a non-exclusive basis, to ADMA BioManufacturing a minimum of 35,000 liters of RSV plasma annually to be used in the manufacture of ASCENIV, with an escalating price per liter depending on the volume supplied in a given 12-month period, with a minimum annual price increase every 12 months. Additionally, Grifols will be entitled to receive a fixed bonus payment if a specified liter amount of high-titer plasma is supplied to the Company in any 12-month period during the term of the A&R Grifols Agreement. Effective August 6, 2024, the Company entered into a Plasma Purchase Agreement with KEDPlasma LLC (“KEDPlasma”) with a term expiring in July 2031, after which it may be renewed for an additional five-year period if agreed to by the parties (the “KEDPlasma Agreement”). Pursuant to the KEDPlasma Agreement, KEDPlasma supplies, on a non-exclusive basis, to ADMA BioManufacturing a minimum of 35,000 liters of RSV plasma annually commencing with the 12-month period ending July 31, 2026, with an escalating price per liter depending on the volume supplied in a given 12-month period. The price per liter of high-titer plasma supplied pursuant to the KEDPlasma Agreement is also scheduled to increase on an annual basis. Additionally, KEDPlasma will be entitled to receive a fixed bonus payment if a specified liter amount of RSV plasma is supplied to the Company in any 12-month period during the term of the KEDPlasma Agreement. On June 6, 2017, the Company entered into a Plasma Supply Agreement with its former contract manufacturer, pursuant to which the counterparty 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 Plasma Supply Agreement was amended to provide, among other things, that in the event the counterparty 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 the counterparty, then the counterparty shall reimburse ADMA BioManufacturing for the difference in price ADMA BioManufacturing incurs. On December 10, 2018, the Company’s former contract manufacturer assigned its rights and obligations under the Plasma Supply Agreement to Grifols, effective January 1, 2019. Post-Marketing Commitments 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 and nine months ended September 30, 2025, the Company incurred expenses related to this study in the amount of $0 and $0.9 million, respectively. For the three and nine months ended September 30, 2024, the Company incurred expenses related to this study in the amount of $0.3 million and $1.0 million, respectively. The study has been completed, and the Company submitted the ASCENIV pediatric indication for approval to the FDA during the second quarter of 2025. Other Commitments In the normal course of business, the Company enters into contracts that contain a variety of indemnifications with its employees, licensors, suppliers and service providers. Further, the Company indemnifies its directors and officers who are, or were, serving at the Company’s request in such capacities. The Company’s maximum exposure under these arrangements is unknown as of September 30, 2025. The Company does not anticipate recognizing any significant losses relating to these arrangements.

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2025

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities at September 30, 2025 and December 31, 2024 are as follows:


	September 30, 2025		December 31, 2024
	(In thousands)
Accrued rebates	$	5,116	$	4,155
Accrued distribution fees		10,678		11,565
Accrued incentives		4,514		5,892
Accrued interest		105		2,857
Accrued testing		301		827
Accrued payroll and other compensation		2,763		3,332
Income taxes payable		2,788		3,481
Other		2,562		1,996
Total accrued expenses and other current liabilities	$	28,827	$	34,105

STOCKHOLDERS' EQUITY - Preferred and Common Stock (Details) - $ / shares	Sep. 30, 2025	Dec. 31, 2024
STOCKHOLDERS' EQUITY [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
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)	238,332,393	236,620,545
Warrants outstanding (in shares)	38,100,000

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Summary of Outstanding Senior Notes Payable

DEBT (Tables)

9 Months Ended

Sep. 30, 2025

DEBT [Abstract]

A summary of outstanding senior notes payable is as follows:


	September 30, 2025			December 31, 2024
	(In thousands)
Ares term loan	$	-		$	32,500
Ares revolving credit facility		-			42,500
JPM term loan		74,531			-
Less: Debt discount and issuance costs		(2,103	)		(2,663	)
Total debt		72,428			72,337
Less: current portion of long-term debt		(2,344	)		-
Long-term debt	$	70,084		$	72,337

STOCKHOLDERS' EQUITY - Schedule of Unvested RSU Activity (Details) - RSUs [Member]	9 Months Ended
	Sep. 30, 2025 $ / shares shares
STOCKHOLDERS' EQUITY [Abstract]
Beginning balance \| shares	5,745,990
Beginning balance \| $ / shares	$ 5.5
Granted \| shares	1,874,865
Granted \| $ / shares	$ 16.35
Vested \| shares	(1,839,902)
Vested \| $ / shares	$ 5.19
Forfeited \| shares	(552,689)
Forfeited \| $ / shares	$ 8.71
Ending balance \| shares	5,228,264
Ending balance \| $ / shares	$ 9.16

INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2025

INCOME TAXES [Abstract]

Estimated Annual Effective Tax Rate

The Company uses the estimated annual effective tax rate approach as prescribed by ASC 740-270, Interim Reporting, to calculate its interim provision for income taxes.


	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands, except percentages)	2025			2024			2025			2024
Provision for income taxes	$	11,087		$	840		$	23,510		$	5,224
Effective tax rate		23.3	%		2.3	%		19.4	%		5.7	%

Accounting Policies, by Policy (Policies)

9 Months Ended

Sep. 30, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Principles of consolidation and basis of presentation

The Company did not record any impairment charges related to goodwill for the three and nine months ended September 30, 2025 and 2024.

Revenue Recognition

Cost of Product Revenue

Earnings/loss Per Common Share

For the three and nine months ended September 30, 2025 and 2024, basic and diluted earnings per share are calculated as follows:


	Three Months ended September 30,				Nine Months ended September 30,
	2025		2024		2025		2024
Net income available to common stockholders ($000's) (numerator)	$	36,428	$	35,909	$	97,551	$	85,777
Weighted-average number of common shares (denominator)		238,602,978		234,571,376		238,408,042		231,959,579
Basic earnings per common share	$	0.15	$	0.15	$	0.41	$	0.37

Weighted-average number of common shares		238,602,978		234,571,376		238,408,042		231,959,579
Potential shares of common stock arising from outstanding stock options		3,165,210		4,514,438		3,810,380		3,925,545
Potential shares of common stock arising from outstanding warrants		-		1,829,089		18,936		3,584,226
Potential shares of common stock arising from outstanding RSUs		2,896,075		3,889,162		3,253,976		2,275,812
Total shares - diluted (denominator)		244,664,263		244,804,065		245,491,334		241,772,162
Diluted earnings per common share	$	0.15	$	0.15	$	0.40	$	0.35

For the three and nine months ended September 30, 2025 and 2024, there were no shares with an anti-dilutive effect that needed to be excluded from the earnings per share computation.

Recent Accounting Pronouncements

SEGMENTS - Net Revenues According to Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
SEGMENTS [Abstract]
Revenues	$ 134,224	$ 119,839	$ 371,010	$ 308,905
United States [Member]
SEGMENTS [Abstract]
Revenues	133,978	114,748	366,692	295,465
International [Member]
SEGMENTS [Abstract]
Revenues	$ 246	$ 5,091	$ 4,318	$ 13,440

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

9 Months Ended

Sep. 30, 2025

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities at September 30, 2025 and December 31, 2024 are as follows:


	September 30, 2025		December 31, 2024
	(In thousands)
Accrued rebates	$	5,116	$	4,155
Accrued distribution fees		10,678		11,565
Accrued incentives		4,514		5,892
Accrued interest		105		2,857
Accrued testing		301		827
Accrued payroll and other compensation		2,763		3,332
Income taxes payable		2,788		3,481
Other		2,562		1,996
Total accrued expenses and other current liabilities	$	28,827	$	34,105

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	$ 7,717	$ 7,417
Cash paid for income taxes	14,345	8,895
Noncash Financing and Investing Activities:
Equipment acquired reflected in accounts payable and accrued liabilities	7	452
Operating lease right-of-use assets obtained in exchange for operating lease obligations	$ 1,825	$ 0

INVENTORIES (Tables)

9 Months Ended

Sep. 30, 2025

INVENTORIES [Abstract]

Components of Inventory

The following table provides the components of inventories:


	September 30, 2025		December 31, 2024
	(In thousands)
Raw materials	$	87,836	$	60,473
Work-in-process		44,484		61,641
Finished goods		64,347		48,121
Total inventories, net	$	196,667	$	170,235

STOCKHOLDERS' EQUITY - Schedule of Common Stock Repurchase Activity (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
STOCKHOLDERS' EQUITY [Abstract]
Shares repurchased (in shares)	512		0	1,329	0
Total cost of shares repurchased	$ 8,040	$ 15,148	$ 0	$ 23,188	$ 0

STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2025

STOCKHOLDERS' EQUITY [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Treasury Stock

In May 2025, the Company’s board of directors (the “Board”) authorized a share repurchase program of up to $500.0 million of the Company’s outstanding shares of common stock (the “Repurchase Program”). The Repurchase Program does not obligate the Company to acquire any particular amount of its common stock, and may be modified, suspended, or terminated at any time at the Company’s discretion. The Repurchase Program has no expiration date.

A summary of common stock repurchase activity under the Repurchase Program is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025			2024	2025			2024
(In thousands)
Shares repurchased			512	n/a			1,329		n/a
Total cost of shares repurchased		$	8,040	n/a		$	23,188		n/a

The repurchased shares are included in treasury stock in our condensed consolidated balance sheet.

Preferred Stock

The Company is currently authorized to issue up to 10 million shares of preferred stock, $0.0001, par value per share. There were no shares of preferred stock outstanding at September 30, 2025 and December 31, 2024.

Common Stock

As of September 30, 2025 and December 31, 2024, the Company was authorized to issue 300,000,000 shares of its common stock, $0.0001 par value per share, and 238,332,393 and 236,620,545 shares of common stock were outstanding as of September 30, 2025 and December 31, 2024, respectively. After giving effect to shares reserved for the issuance of warrants and for awards issued under the Company’s equity incentive plans, 38.1 million shares of common stock were available for issuance as of September 30, 2025.

Warrants

On January 7, 2025, affiliates of a former noteholder of the Company exercised warrants to purchase an aggregate of 966,554 shares of common stock on a cashless basis, and the Company issued 866,302 shares of common stock to these entities. On January 10, 2024, a former noteholder of the Company exercised a warrant to purchase 4 million shares of the Company’s common stock on a cashless basis and the Company issued 1,977,514 shares of common stock to this noteholder. On March 8, 2024, affiliates of a former noteholder exercised warrants to purchase an aggregate of 3,388,681 shares of the Company’s common stock on a cashless basis and the Company issued 2,482,205 shares of common stock to such noteholders. On March 14, 2024, an entity associated with another former noteholder of the Company exercised a warrant to purchase 169,651 shares of the Company’s common stock on a cashless basis and the Company issued 85,784 shares of common stock to this entity.

On February 24, 2024, a warrant to purchase 34,800 shares of the Company’s common stock held by a former noteholder of the Company expired in accordance with its terms. At September 30, 2024 and December 31, 2023, the Company had outstanding warrants to purchase an aggregate of 3,122,350 and 12,502,906 shares, respectively, of common stock, with weighted-average exercise prices of $2.08 and $2.32 per share, respectively, with expiration dates ranging between October 2024 and May 2030.

There were no outstanding warrants as of September 30, 2025 and outstanding warrants to purchase 966,554 shares of common stock as of December 31, 2024.

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 nine months ended September 30, 2025 and 2024:


	Nine Months ended September 30,
		2025		2024
Expected term		5.5 - 6.3 years		5.5 - 6.3 years
Volatility		66	%	66	%
Dividend yield		0.0		0.0
Risk-free interest rate		4.40	%	4.16-4.34	%

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


	Shares			Weighted- Average Exercise Price
Options outstanding, vested and expected to vest at December 31, 2024		5,141,516		$	3.90
Forfeited		(205,024	)	$	2.78
Expired		(1,125	)	$	2.21
Granted		683,720		$	16.10
Exercised		(920,007	)	$	3.38
Options outstanding, vested and expected to vest at September 30, 2025		4,699,080		$	5.83

Options exercisable		2,758,497		$	3.78

As of September 30, 2025, the Company had $10.1 million of unrecognized compensation expense related to options granted under the Company’s equity incentive plans, which is expected to be recognized over a weighted-average period of 2.7 years.

The Company’s RSUs generally vest annually over a period of four years for employees and semi-annually over a period of one year for directors. A summary of the Company’s unvested RSU activity and related information is as follows:


	Shares			Weighted- Average Grant Date Fair Value
Balance at December 31, 2024	5,745,990		$	5.50
Granted	1,874,865		$	16.35
Vested	(1,839,902	)	$	5.19
Forfeited	(552,689	)	$	8.71
Balance at September 30, 2025	5,228,264		$	9.16

As of September 30, 2025, the Company had $40.6 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 2.9 years.

Total stock-based compensation expense for all awards granted under the Company’s equity incentive plans for the three and nine months ended September 30, 2025 and 2024 was as follows:


	Three Months ended September 30,				Nine Months ended September 30,
(in thousands)	2025		2024		2025		2024
Research and development	$	54	$	24	$	145	$	65
Plasma center operating expenses		132		44		310		131
Selling, general and administrative		3,935		2,714		11,762		6,960
Cost of product revenue		926		397		2,417		1,027
Total stock-based compensation expense	$	5,047	$	3,179	$	14,634	$	8,183

The entire disclosure for equity.

STOCKHOLDERS' EQUITY (Details) $ in Millions	May 31, 2025 USD ($)
STOCKHOLDERS' EQUITY [Abstract]
Share repurchase program, authorized amount (in Dollars)	$ 500.0

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

RELATED PARTY TRANSACTIONS (Details) - USD ($)	3 Months Ended		9 Months Ended
RELATED PARTY TRANSACTIONS (Details) - USD ($)	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Areth [Member]
RELATED PARTY TRANSACTIONS [Abstract]
Rent expense	$ 30,000	$ 90,000	$ 30,000	$ 90,000
Areth [Member] \| Related Party [Member]
RELATED PARTY TRANSACTIONS [Abstract]
Rent expense			10,000
Genesis [Member] \| Related Party [Member]
RELATED PARTY TRANSACTIONS [Abstract]
Purchased materials amount			$ 200,000	$ 200,000

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

DEBT - Summary of Outstanding Senior Notes Payable (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
DEBT [Abstract]
Total debt	$ 72,428	$ 72,337
Less: current portion of long-term debt	(2,344)	0
Long-term debt	70,084	72,337
Ares Term Loan [Member]
DEBT [Abstract]
Senior notes payable before debt discount	0	32,500
Ares Revolving Credit Facility [Member]
DEBT [Abstract]
Senior notes payable before debt discount	0	42,500
JPM Term Loan [Member]
DEBT [Abstract]
Senior notes payable before debt discount	74,531	0
Less: Debt discount and issuance costs	$ (2,103)	$ (2,663)

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4

STOCKHOLDERS' EQUITY - Schedule of Assumptions (Details) - Stock Options [Member]	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
STOCKHOLDERS' EQUITY [Abstract]
Volatility	66.00%	66.00%
Dividend yield	0.00%	0.00%
Risk-free interest rate	4.40%
Minimum [Member]
STOCKHOLDERS' EQUITY [Abstract]
Expected term	5 years 6 months	5 years 6 months
Risk-free interest rate		4.16%
Maximum [Member]
STOCKHOLDERS' EQUITY [Abstract]
Expected term	6 years 3 months 18 days	6 years 3 months 18 days
Risk-free interest rate		4.34%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

LEASE OBLIGATIONS - Payments Under Lease Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
LEASE OBLIGATIONS [Abstract]
Remainder of 2025	$ 633
Year ended December 31, 2026	2,583
2027	2,558
2028	2,598
2029	2,537
2030	2,201
Thereafter	2,297
Total payments	15,407
Less: imputed interest	(4,712)
Current portion	(1,298)	$ (1,218)
Balance at September 30, 2025	$ 9,397	$ 8,561

STOCKHOLDERS' EQUITY - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
STOCKHOLDERS' EQUITY [Abstract]
Stock-based compensation	$ 5,047	$ 3,179	$ 14,634	$ 8,183
Research And Development Expense [Member]
STOCKHOLDERS' EQUITY [Abstract]
Stock-based compensation	54	24	145	65
Operating Expense [Member]
STOCKHOLDERS' EQUITY [Abstract]
Stock-based compensation	132	44	310	131
Selling General And Administrative Expenses [Member]
STOCKHOLDERS' EQUITY [Abstract]
Stock-based compensation	3,935	2,714	11,762	6,960
Cost Of Sales [Member]
STOCKHOLDERS' EQUITY [Abstract]
Stock-based compensation	$ 926	$ 397	$ 2,417	$ 1,027

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ 36,428	$ 34,219	$ 26,904	$ 35,909	$ 32,062	$ 17,806	$ 97,551	$ 85,777

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479887/480-10-S45-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3A
-Subparagraph (24)(d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-3A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 19: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 45: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Treasury Stock [Member]	Total
Balance at Dec. 31, 2023	$ 23	$ 641,439	$ (506,256)	$ 0	$ 135,206
Balance (in Shares) at Dec. 31, 2023	226,063,032
Balance at Mar. 31, 2024	$ 23	642,133	(488,450)	0	153,706
Balance (in Shares) at Mar. 31, 2024	231,769,765
Stock-based compensation	$ 0	2,141	0	0	2,141
Cashless exercise of warrants	$ 0	0	0	0	0
Cashless exercise of warrants (in Shares)	4,545,503
Vesting of Restricted Stock Units, net of shares withheld for taxes	$ 0	(2,476)	0	0	(2,476)
Vesting of Restricted Stock Units, net of shares withheld for taxes (in Shares)	774,889
Exercise of stock options	$ 0	1,029	0	0	1,029
Exercise of stock options (in Shares)	386,341
Net income	$ 0	0	17,806	0	17,806
Balance at Dec. 31, 2023	$ 23	641,439	(506,256)	0	135,206
Balance (in Shares) at Dec. 31, 2023	226,063,032
Balance at Sep. 30, 2024	$ 24	652,345	(420,479)	0	231,890
Balance (in Shares) at Sep. 30, 2024	236,378,607
Acquisition of treasury stock					0
Net income					85,777
Balance at Mar. 31, 2024	$ 23	642,133	(488,450)	0	153,706
Balance (in Shares) at Mar. 31, 2024	231,769,765
Balance at Jun. 30, 2024	$ 23	644,634	(456,388)	0	188,269
Balance (in Shares) at Jun. 30, 2024	233,026,736
Stock-based compensation	$ 0	2,863	0	0	2,863
Cashless exercise of warrants	$ 0	0	0	0	0
Cashless exercise of warrants (in Shares)	937,507
Vesting of Restricted Stock Units, net of shares withheld for taxes	$ 0	(693)	0	0	(693)
Vesting of Restricted Stock Units, net of shares withheld for taxes (in Shares)	171,408
Exercise of stock options	$ 0	331	0	0	331
Exercise of stock options (in Shares)	148,056
Net income	$ 0	0	32,062	0	32,062
Balance at Sep. 30, 2024	$ 24	652,345	(420,479)	0	231,890
Balance (in Shares) at Sep. 30, 2024	236,378,607
Stock-based compensation	$ 0	3,179	0	0	3,179
Cashless exercise of warrants	$ 1	(1)	0	0	0
Cashless exercise of warrants (in Shares)	1,741,882
Vesting of Restricted Stock Units, net of shares withheld for taxes	$ 0	(1,158)	0	0	(1,158)
Vesting of Restricted Stock Units, net of shares withheld for taxes (in Shares)	250,107
Exercise of stock options	$ 0	5,691	0	0	5,691
Exercise of stock options (in Shares)	1,359,882
Acquisition of treasury stock				0	0
Net income	$ 0	0	35,909	0	35,909
Balance at Dec. 31, 2024	$ 24	657,577	(308,583)	0	349,018
Balance (in Shares) at Dec. 31, 2024	236,620,545
Balance at Mar. 31, 2025	$ 24	655,074	(281,679)	0	373,419
Balance (in Shares) at Mar. 31, 2025	238,532,252
Stock-based compensation	$ 0	4,624	0	0	4,624
Cashless exercise of warrants	$ 0	0	0	0	0
Cashless exercise of warrants (in Shares)	866,302
Vesting of Restricted Stock Units, net of shares withheld for taxes	$ 0	(7,228)	0	0	(7,228)
Vesting of Restricted Stock Units, net of shares withheld for taxes (in Shares)	1,016,005
Exercise of stock options	$ 0	101	0	0	101
Exercise of stock options (in Shares)	29,400
Net income	$ 0	0	26,904	0	26,904
Balance at Dec. 31, 2024	$ 24	657,577	(308,583)	0	349,018
Balance (in Shares) at Dec. 31, 2024	236,620,545
Balance at Sep. 30, 2025	$ 24	665,382	(211,032)	(23,188)	431,186
Balance (in Shares) at Sep. 30, 2025	239,661,041
Acquisition of treasury stock					(23,188)
Net income					97,551
Balance at Mar. 31, 2025	$ 24	655,074	(281,679)	0	373,419
Balance (in Shares) at Mar. 31, 2025	238,532,252
Balance at Jun. 30, 2025	$ 24	660,909	(247,460)	(15,148)	398,325
Balance (in Shares) at Jun. 30, 2025	239,383,545
Stock-based compensation	$ 0	4,963	0	0	4,963
Cashless exercise of warrants	0	0	0	0	0
Vesting of Restricted Stock Units, net of shares withheld for taxes	$ 0	(1,192)	0	0	(1,192)
Vesting of Restricted Stock Units, net of shares withheld for taxes (in Shares)	105,543
Exercise of stock options	$ 0	2,064	0	0	2,064
Exercise of stock options (in Shares)	745,750
Acquisition of treasury stock	$ 0	0	0	(15,148)	(15,148)
Net income	0	0	34,219	0	34,219
Balance at Sep. 30, 2025	$ 24	665,382	(211,032)	(23,188)	431,186
Balance (in Shares) at Sep. 30, 2025	239,661,041
Stock-based compensation	$ 0	5,047	0	0	5,047
Cashless exercise of warrants	0	0	0	0	0
Vesting of Restricted Stock Units, net of shares withheld for taxes	$ 0	(963)	0	0	(963)
Vesting of Restricted Stock Units, net of shares withheld for taxes (in Shares)	161,304
Exercise of stock options		389	0	0	389
Exercise of stock options (in Shares)	116,192
Acquisition of treasury stock	$ 0	0	0	(8,040)	(8,040)
Net income	$ 0	$ 0	$ 36,428	$ 0	$ 36,428

ORGANIZATION AND BUSINESS (Details)	9 Months Ended
ORGANIZATION AND BUSINESS (Details)	Sep. 30, 2025 Facility Product
ORGANIZATION AND BUSINESS [Abstract]
Number of FDA-licensed plasma collection facilities \| Facility	10
Number of FDA approved product \| Product	3

ORGANIZATION AND BUSINESS	9 Months Ended
ORGANIZATION AND BUSINESS	Sep. 30, 2025
ORGANIZATION AND BUSINESS [Abstract]
ORGANIZATION AND BUSINESS	1. ORGANIZATION AND BUSINESS ADMA Biologics, Inc. (“ADMA” or the “Company”) is a U.S. based, end-to-end commercial biopharmaceutical company dedicated to manufacturing, marketing and developing specialty 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 certain assets held by the Company’s former third-party contract manufacturer, which included 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”). ADMA BioCenters is the Company’s source plasma collection business with ten plasma collection facilities located throughout the United States, all 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) ASCENIV (Immune Globulin Intravenous, Human – slra 10% Liquid), 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, for which the Company received FDA approval in April 2019 and commenced first commercial sales in October 2019; (ii) BIVIGAM (Immune Globulin Intravenous, Human), an IVIG product indicated for the treatment of PI, and for which the Company received FDA approval in May 2019 and commenced commercial sales in August 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 generates revenues from the sale of intermediates that result from the immunoglobulin production process and from time to time provides contract manufacturing and laboratory services for certain clients. 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.

INCOME TAXES

9 Months Ended

Sep. 30, 2025

INCOME TAXES [Abstract]

INCOME TAXES

12.

INCOME TAXES

The Company uses the estimated annual effective tax rate approach as prescribed by ASC 740-270, Interim Reporting, to calculate its interim provision for income taxes.


	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands, except percentages)	2025			2024			2025			2024
Provision for income taxes	$	11,087		$	840		$	23,510		$	5,224
Effective tax rate		23.3	%		2.3	%		19.4	%		5.7	%

The effective tax rate for the three and nine months ended September 30, 2025 differed from the federal statutory rate primarily due to the excess tax benefits on stock-based compensation. The effective tax rate for the three and nine months ended September 30, 2024 differed from the federal statutory tax rate primarily due to the valuation allowance maintained on the Company's federal and state net deferred tax assets until December 31, 2024.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

INVENTORIES

9 Months Ended

Sep. 30, 2025

INVENTORIES [Abstract]

INVENTORIES

The following table provides the components of inventories:


	September 30, 2025		December 31, 2024
	(In thousands)
Raw materials	$	87,836	$	60,473
Work-in-process		44,484		61,641
Finished goods		64,347		48,121
Total inventories, net	$	196,667	$	170,235

Raw materials includes plasma and other materials expected to be used in the production of ASCENIV, BIVIGAM 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.

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.

INVENTORIES - Components of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
INVENTORIES [Abstract]
Raw materials	$ 87,836	$ 60,473
Work-in-process	44,484	61,641
Finished goods	64,347	48,121
Total inventories, net	$ 196,667	$ 170,235

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
REVENUES	$ 134,224	$ 119,839	$ 371,010	$ 308,905
Cost of product revenue	58,598	60,180	167,061	152,685
Gross profit	75,626	59,659	203,949	156,220
OPERATING EXPENSES:
Research and development	1,528	412	3,386	1,422
Plasma center operating expenses	1,272	1,021	3,710	2,968
Amortization of intangible assets	38	28	93	363
Selling, general and administrative	21,776	18,560	68,068	50,807
Total operating expenses	24,614	20,021	75,257	55,560
INCOME FROM OPERATIONS	51,012	39,638	128,692	100,660
OTHER INCOME (EXPENSE):
Interest income	376	666	1,384	1,499
Interest expense	(1,675)	(3,499)	(5,484)	(11,051)
Loss on extinguishment of debt	(2,177)	0	(3,336)	0
Other expense	(21)	(56)	(195)	(107)
Other expense, net	(3,497)	(2,889)	(7,631)	(9,659)
INCOME BEFORE INCOME TAXES	47,515	36,749	121,061	91,001
Provision for income taxes	11,087	840	23,510	5,224
NET INCOME	$ 36,428	$ 35,909	$ 97,551	$ 85,777
BASIC EARNINGS PER COMMON SHARE (in Dollars per share)	$ 0.15	$ 0.15	$ 0.41	$ 0.37
DILUTED EARNINGS PER COMMON SHARE (in Dollars per share)	$ 0.15	$ 0.15	$ 0.4	$ 0.35
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic (in Shares)	238,602,978	234,571,376	238,408,042	231,959,579
Diluted (in Shares)	244,664,263	244,804,065	245,491,334	241,772,162

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2025

Calculation of Basic and Diluted Earnings Per Share

For the three and nine months ended September 30, 2025 and 2024, basic and diluted earnings per share are calculated as follows:


	Three Months ended September 30,				Nine Months ended September 30,
	2025		2024		2025		2024
Net income available to common stockholders ($000's) (numerator)	$	36,428	$	35,909	$	97,551	$	85,777
Weighted-average number of common shares (denominator)		238,602,978		234,571,376		238,408,042		231,959,579
Basic earnings per common share	$	0.15	$	0.15	$	0.41	$	0.37

Weighted-average number of common shares		238,602,978		234,571,376		238,408,042		231,959,579
Potential shares of common stock arising from outstanding stock options		3,165,210		4,514,438		3,810,380		3,925,545
Potential shares of common stock arising from outstanding warrants		-		1,829,089		18,936		3,584,226
Potential shares of common stock arising from outstanding RSUs		2,896,075		3,889,162		3,253,976		2,275,812
Total shares - diluted (denominator)		244,664,263		244,804,065		245,491,334		241,772,162
Diluted earnings per common share	$	0.15	$	0.15	$	0.40	$	0.35

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2025	Nov. 03, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	Sep. 30, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Entity Information [Line Items]
Entity Registrant Name	ADMA BIOLOGICS, INC.
Entity Central Index Key	0001368514
Entity File Number	001-36728
Entity Tax Identification Number	56-2590442
Entity Incorporation, State or Country Code	DE
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Contact Personnel [Line Items]
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
Entity Phone Fax Numbers [Line Items]
City Area Code	201
Local Phone Number	478-5552
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	ADMA
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		237,997,765

DEBT

9 Months Ended

Sep. 30, 2025

DEBT [Abstract]

DEBT

A summary of outstanding senior notes payable is as follows:


	September 30, 2025			December 31, 2024
	(In thousands)
Ares term loan	$	-		$	32,500
Ares revolving credit facility		-			42,500
JPM term loan		74,531			-
Less: Debt discount and issuance costs		(2,103	)		(2,663	)
Total debt		72,428			72,337
Less: current portion of long-term debt		(2,344	)		-
Long-term debt	$	70,084		$	72,337

Ares Credit Agreement

On December 18, 2023 (the “Ares Closing Date”), the Company and all of its subsidiaries entered into a new senior secured credit facility (the “Ares Credit Agreement”) with Ares Capital Corporation and certain credit funds affiliated with Ares Capital Corporation (collectively, “Ares”). The Ares Credit Agreement provided for a total of $135.0 million in senior secured credit facilities (the “Ares Credit Facility”) consisting of (i) a term loan in the aggregate principal amount of $62.5 million and (ii) a revolving credit facility in the aggregate principal amount of $72.5 million (collectively, the “Ares Loans”), both of which were fully drawn on the Ares Closing Date. The Ares Credit Facility had a maturity date of December 20, 2027 (the “Ares Maturity Date”).

Borrowings under the term loan bore interest at the adjusted Term SOFR for a three‑month tenor in effect on the day that is two business days prior to the first day of the applicable calendar quarter plus 6.50% (the “Initial SOFR Term Loan Applicable Margin”). Borrowings under the revolving facility bore interest at the adjusted Term SOFR for a three‑month tenor in effect on the day that is two business days prior to the first day of the applicable calendar quarter plus 3.75% (the “SOFR Revolving Facility Applicable Margin”). As of December 31, 2024, the interest rate on the term loan was approximately 10.85%, and the interest rate on the revolving facility was approximately 8.34%.

On the Ares Maturity Date, the Company was required to pay Ares the entire outstanding principal amount underlying the Ares term loan and revolving loan (together, the “Ares Loans”) and any accrued and unpaid interest thereon. Prior to the Ares Maturity Date, there were no scheduled principal payments on the Ares Loans. The Ares Credit Agreement permitted prepayment of the outstanding principal under the revolving facility, together with any accrued but unpaid interest on the prepaid principal amount, at any time and from time to time upon three business days’ prior written notice with no prepayment premium. However, in the event the Company paid down an aggregate amount under the revolving facility that is greater than 50% of the $72.5 million commitment amount, or $36,250,000, the Company was still required to pay an amount of interest on the revolving facility that would have been payable had $36,250,000 been outstanding, through the Ares Maturity Date. The Ares Credit Agreement permitted prepayment of the outstanding principal on the term loan, together with any accrued but unpaid interest on the prepaid principal amount, at any time and from time to time upon three business days’ prior written notice, subject to the payment to Ares of a prepayment premium equal to (i) 1.5% of the prepaid principal amount, if prepaid after the first anniversary of the Ares Closing Date and on or prior to the second anniversary of the Ares Closing Date or (ii) 1.0% of the prepaid principal amount, if prepaid on or prior to the third anniversary of the Ares Closing Date.

In May 2025, the Company repaid $30.0 million against the term loan using a draw of $30.0 million against the revolving credit facility made in May 2025, as a result of which, the Company recorded debt extinguishment losses of $1.2 million during the nine months ended September 30, 2025. In August 2025, the Company repaid all obligations outstanding under the Ares Credit Agreement using the proceeds from the JPM Credit Agreement, defined below, and recorded related debt extinguishment losses of $2.2 million during the three and nine months ended September 30, 2025.

JPM Credit Agreement

On August 5, 2025 (the “JPM Closing Date”), the Company and all of the Company’s subsidiaries entered into a Credit Agreement (the “JPM Credit Agreement”) with the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent. The JPM Credit Agreement provides for $300 million of senior secured credit facilities, consisting of (a) a term loan in the aggregate principal amount of $75 million (the “JPM Term Loan Facility”), which was drawn in full on the JPM Closing Date, and (b) a revolving credit facility in the aggregate principal amount of $225 million (the “JPM Revolving Facility”). The Company may also request, subject to customary conditions, additional incremental revolving commitments or term loans in an aggregate principal amount not to exceed $100 million (together with the JPM Term Loan Facility and the JPM Revolving Facility, the “JPM Credit Facilities”). The JPM Term Loan Facility has a maturity date of August 5, 2028 (the “JPM Term Maturity Date”) and the JPM Revolving Facility has a maturity date of August 5, 2028 or any earlier date on which the commitments under the JPM Revolving Facility are reduced to zero or otherwise terminated pursuant to the terms of the JPM Credit Agreement (the “JPM Revolving Maturity Date”).

Interest on borrowings under the JPM Credit Facilities will accrue at an applicable rate equal to (i) an alternate base rate plus an applicable spread (each such borrowing, an “ABR Borrowing”) or (ii) Term SOFR plus an applicable spread (each such borrowing, a “Term Benchmark Borrowing”), in each case based on the lower of the applicable rates set forth in the JPM Credit Agreement, which are based on the Company’s total leverage ratio. These applicable spreads range from 150 basis points to 200 basis points over the alternate base rate and 250 basis points to 300 basis points over Term SOFR, in each case, as determined in accordance with the provisions of the JPM Credit Agreement. The Company has agreed to pay a commitment fee at specified rates set forth in the JPM Credit Agreement, which, based on the Company’s total leverage ratio, ranges from 30 basis points to 35 basis points on the daily amount of the undrawn portion of the aggregate commitments of the lenders under the JPM Revolving Facility. At the Company’s request, each borrowing initially shall be either an ABR Borrowing or a Term Benchmark Borrowing, and the Company may thereafter elect to convert any such borrowing to a different type. During the occurrence and continuance of an Event of Default (as defined in the JPM Credit Agreement), all borrowings shall accrue interest at a rate per annum equal to 2% plus the applicable rate. As of September 30, 2025, the interest rate on the JPM Term Loan Facility was approximately 6.75%. No borrowings were outstanding under the JPM Revolving Facility as of September 30, 2025.

On the JPM Revolving Maturity Date, the Company will repay the unpaid principal amount outstanding under the JPM Revolving Facility. Under the JPM Term Loan Facility, the Company will make principal payments in accordance with and on the dates specified in the amortization schedule set forth in the JPM Credit Agreement, with the remaining unpaid principal amount to be paid in full on the JPM Term Maturity Date. The Company may prepay at any time and from time to time any borrowing in whole or in part, without premium or penalty (other than, if applicable, any break funding expenses), subject to customary notice requirements.

All of the Company’s obligations under the JPM Credit Agreement are secured by a first-priority lien and security interest in substantially all of the tangible and intangible assets, including intellectual property and equity interests, of the Company and all of its subsidiaries.

The JPM Credit Agreement contains certain representations and warranties, affirmative covenants, negative covenants and conditions that are customarily required for similar debt financings. The negative covenants include certain financial covenants, including a maximum total leverage ratio of 2.50 to 1.00 and a minimum fixed charge coverage ratio of 1.20 to 1.00. The negative covenants also restrict or limit the Company’s ability and the ability of the Company’s subsidiaries to, among other things and subject to certain exceptions contained in the JPM Credit Agreement, incur new indebtedness; create liens on assets; engage in certain fundamental corporate changes; make certain investments; dispose of certain assets; engage in sale and leaseback transactions or swap agreements; make certain Restricted Payments (as defined in the JPM Credit Agreement); engage in certain affiliate transactions; enter into any other agreements that have the impact of restricting the Company’s ability to make loan repayments under the JPM Credit Agreement; or amend certain material documents.

As of September 30, 2025, the Company was in compliance with all of its debt covenants in the JPM Credit Agreement.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Schedule Common stock repurchase

STOCKHOLDERS' EQUITY (Tables)

9 Months Ended

Sep. 30, 2025

STOCKHOLDERS' EQUITY [Abstract]

A summary of common stock repurchase activity under the Repurchase Program is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025			2024	2025			2024
(In thousands)
Shares repurchased			512	n/a			1,329		n/a
Total cost of shares repurchased		$	8,040	n/a		$	23,188		n/a

Schedule of Assumptions

The following assumptions were used to determine the fair value of options granted during the nine months ended September 30, 2025 and 2024:


	Nine Months ended September 30,
		2025		2024
Expected term		5.5 - 6.3 years		5.5 - 6.3 years
Volatility		66	%	66	%
Dividend yield		0.0		0.0
Risk-free interest rate		4.40	%	4.16-4.34	%

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:


	Shares			Weighted- Average Exercise Price
Options outstanding, vested and expected to vest at December 31, 2024		5,141,516		$	3.90
Forfeited		(205,024	)	$	2.78
Expired		(1,125	)	$	2.21
Granted		683,720		$	16.10
Exercised		(920,007	)	$	3.38
Options outstanding, vested and expected to vest at September 30, 2025		4,699,080		$	5.83

Options exercisable		2,758,497		$	3.78

Schedule of Unvested RSU Activity


	Shares			Weighted- Average Grant Date Fair Value
Balance at December 31, 2024	5,745,990		$	5.50
Granted	1,874,865		$	16.35
Vested	(1,839,902	)	$	5.19
Forfeited	(552,689	)	$	8.71
Balance at September 30, 2025	5,228,264		$	9.16

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 and nine months ended September 30, 2025 and 2024 was as follows:


	Three Months ended September 30,				Nine Months ended September 30,
(in thousands)	2025		2024		2025		2024
Research and development	$	54	$	24	$	145	$	65
Plasma center operating expenses		132		44		310		131
Selling, general and administrative		3,935		2,714		11,762		6,960
Cost of product revenue		926		397		2,417		1,027
Total stock-based compensation expense	$	5,047	$	3,179	$	14,634	$	8,183

RELATED PARTY TRANSACTIONS	9 Months Ended
RELATED PARTY TRANSACTIONS	Sep. 30, 2025
RELATED PARTY TRANSACTIONS [Abstract]
RELATED PARTY TRANSACTIONS	8. RELATED PARTY TRANSACTIONS The Company leases an office building and equipment from Areth, LLC (“Areth”) pursuant to an agreement for services effective as of January 1, 2016, as amended from time to time, and pays monthly rent on this facility in the amount of $10,000. Either party may terminate the agreement by providing the other party with one year’s prior written notice. Rent expense for the three and nine months ended September 30, 2025 and 2024 amounted to $30,000 and $90,000, respectively. Areth is a company controlled by Dr. Jerrold B. Grossman, the Vice Chairman of the Board, and Adam S. Grossman, the Company’s President and Chief Executive Officer. The Company also reimburses Areth for office, warehousing and building related (common area) expenses, equipment and certain other operational expenses, which were not material to the consolidated financial statements for the three and nine months ended September 30, 2025 and 2024. During the nine months ended September 30, 2025 and 2024, the Company purchased certain specialized equipment and repair services used for the collection and processing of source plasma from GenesisBPS (“Genesis”) in the amount of $0.2 million. Genesis was owned by Dr. Grossman and Adam Grossman until September 30, 2025.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1