0001140361-26-006815 | 10-K | XBRL Viewer

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ASSETS AND LIABILITIES HELD FOR SALE (Details) - Held for Sale [Member] - USD ($) $ in Millions		12 Months Ended
	Dec. 01, 2025	Dec. 31, 2025
Plasma Collection Centers [Member]
ASSETS AND LIABILITIES HELD FOR SALE [Abstract]
Aggregate purchase price consideration (in Dollars)	$ 12.0
Plasma Collection Center [Member]
ASSETS AND LIABILITIES HELD FOR SALE [Abstract]
Purchase price consideration cash portion percentage	50.00%
One Year Secured Promissory Note [Member] \| Plasma Collection Center [Member]
ASSETS AND LIABILITIES HELD FOR SALE [Abstract]
Purchase price consideration percentage	50.00%
Secured note payable term		1 year
Interest rate percentage on promissory note	10.00%
Accrued Expenses and Other Current Liabilities [Member] \| Plasma Collection Center [Member]
ASSETS AND LIABILITIES HELD FOR SALE [Abstract]
Cash deposit received by purchaser (in Dollars)		$ 1.0

ORGANIZATION AND BUSINESS	12 Months Ended
ORGANIZATION AND BUSINESS	Dec. 31, 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 U.S. as of December 31, 2025, 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 intermediate by-products 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, including but not limited to SG-001, a pre-clinical, investigative hyperimmune globulin targeting S. pneumonia. The Company’s 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 - Cash Income Taxes Paid (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
INCOME TAXES [Abstract]
Federal	$ 17,590
Federal, percent	89.40%
State and Local	$ 2,093
State and Local, percent	10.60%
Total	$ 19,683
Total, percent	100.00%

LEASE OBLIGATIONS - Payments Under Lease Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
LEASE OBLIGATIONS [Abstract]
Year ended December 31, 2026	$ 1,986
2027	1,947
2028	1,972
2029	1,896
2030	1,561
2031	1,008
Thereafter	445
Total payments	10,815
Less: imputed interest	(3,073)
Current portion	(1,096)	$ (1,218)
Balance at December 31, 2025	$ 6,646	$ 8,561

ACCRUED EXPENSES AND OTHER LIABILITIES

12 Months Ended

Dec. 31, 2025

ACCRUED EXPENSES AND OTHER LIABILITIES [Abstract]

ACCRUED EXPENSES AND OTHER LIABILITIES

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

		December 31, 2025		December 31, 2024
	(in thousands)
Accrued rebates		$	5,758	$	4,155
Accrued distribution fees			14,808	$	11,565
Accrued incentives			6,005	$	5,892
Accrued interest			172	$	2,857
Accrued testing			130	$	827
Accrued payroll and other compensation			809	$	3,332
Income taxes payable			8,616	$	3,481
Other			4,168	$	1,996
Total accrued expenses and other current liabilities		$	40,466	$	34,105

RELATED PARTY TRANSACTIONS (Details) - Related Party [Member]			1 Months Ended	12 Months Ended
	Nov. 19, 2024 shares	Aug. 15, 2023 Officer shares	Jan. 31, 2016 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Brian Lenz [Member]
RELATED PARTY TRANSACTIONS [Abstract]
Exercise term for his vested stock options				10 years
Award expiration date				Mar. 31, 2026
Compensation expenses \| $					$ 1,600,000
Executive Officer [Member]
RELATED PARTY TRANSACTIONS [Abstract]
Number of executive officers that exercised options (in Officer) \| Officer		2
Shares purchased in cashless transaction (in Shares) \| shares		2,909,721
Common stock shares issued (in Shares) \| shares		688,657
Shares withheld to cover portion of tax liabilities (in Shares) \| shares		257,867
Areth, LLC [Member]
RELATED PARTY TRANSACTIONS [Abstract]
Rent expense \| $			$ 10,000	$ 100,000	100,000	$ 100,000
Lease extended maturity date				Dec. 31, 2026
Lease automatic renewal period				1 year
Notice period for termination				1 year
Genesis [Member]
RELATED PARTY TRANSACTIONS [Abstract]
Purchased materials amount \| $				$ 100,000	200,000	$ 400,000
Bryant Fong [Member]
RELATED PARTY TRANSACTIONS [Abstract]
Exercise term for his vested stock options				10 years
Award expiration date				Nov. 19, 2026
Compensation expenses \| $					$ 300,000
Bryant Fong [Member] \| Restricted Stock Units (RSUs) [Member]
RELATED PARTY TRANSACTIONS [Abstract]
Vested (in Shares) \| shares	12,020
Minimum [Member] \| Brian Lenz [Member]
RELATED PARTY TRANSACTIONS [Abstract]
Exercise period for his vested stock options				90 days
Minimum [Member] \| Bryant Fong [Member]
RELATED PARTY TRANSACTIONS [Abstract]
Exercise period for his vested stock options				90 days
Maximum [Member] \| Brian Lenz [Member]
RELATED PARTY TRANSACTIONS [Abstract]
Exercise period for his vested stock options				2 years
Maximum [Member] \| Bryant Fong [Member]
RELATED PARTY TRANSACTIONS [Abstract]
Exercise period for his vested stock options				2 years

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

12 Months Ended

Dec. 31, 2025

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION [Abstract]

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

15.

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

Supplemental cash flow information for the years ended December 31, 2025, 2024 and 2023 is as follows:

		2025		2024		2023
	(in thousands)
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest		$	9,078	$	10,668	$	18,051
Cash paid for income taxes		$	19,683	$	9,392	$	-
Noncash Financing and Investing Activities:
Equipment acquired reflected in accounts payable and accrued liabilities		$	708	$	725	$	86
Operating lease right-of-use assets obtained in exchange for operating lease obligations		$	1,825	$	-	$	130
Warrants issued in connection with notes payable		$	-	$	-	$	5,595

See Note 8 and the Consolidated Statement of Stockholders’ Equity for more information about the cashless exercise activity related to the Company’s warrants.

INCOME TAXES - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current:
Federal	$ 21,926	$ 10,434	$ 0
State	2,780	1,887	0
Total current	24,706	12,321	0
Deferred:
Federal	9,383	(72,858)	0
State	1,637	(11,422)	0
Total deferred	11,020	(84,280)	0
Total income tax expense (benefit)	$ 35,726	$ (71,959)	$ 0

- Definition

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

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+ Details

SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2025

SEGMENTS [Abstract]

Summarized Financial Information Concerning Reportable Segments

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

Year Ended December 31, 2025
(in thousands)	ADMA BioManufacturing			Plasma Collection Centers			Total
Revenues	$	493,000		$	17,030		$	510,030

Cost of product revenue		199,860			17,548			217,408

Research and development		4,762			-			4,762

Plasma center operating expenses		-			4,836			4,836

Selling, marketing and distribution		24,507			-			24,507

Depreciation and amortization expense		4,905			3,192			8,097

General and administrative expense		32,879			-			32,879

Other expense, net		(202	)		(10	)		(212	)

Income (loss) before taxes		230,646			(5,364	)		225,282

Expenditures for additions to long-lived assets		22,384			507			22,891
Total assets		441,512			28,494			470,006

Reconciliation of revenues:
Segment revenue							$	510,030
License revenue (see Note 2 - Revenue Recognition)								143
Consolidated revenues							$	510,173

Reconciliation of selling, general and administrative expense:
Segment selling, marketing and distribution expense							$	24,507
Segment general and administrative expense								32,879
Corporate general and administrative expense (a)								34,194
Consolidated selling, general and administrative expense							$	91,580

Reconciliation of income before taxes:
Segment income before taxes							$	225,282
License revenue								143
Unallocated interest expense, primarily related to interest on senior debt (see Note 7)								(7,110	)
Loss on extinguishment of debt (see Note 7)								(3,336	)
Unallocated interest income								1,871
Corporate general and administrative expense (a)								(34,194	)
Consolidated income before taxes							$	182,656

Reconciliation of total assets:
Total segment assets							$	470,006
Corporate (b)								154,236
Consolidated total assets							$	624,242


(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.


Year Ended December 31, 2024
(in thousands)	ADMA BioManufacturing			Plasma Collection Centers			Total
Revenues	$	415,806		$	10,505		$	426,311

Cost of product revenue		195,605			11,296			206,901

Research and development		1,813			-			1,813

Plasma center operating expenses		-			4,245			4,245

Selling, marketing and distribution		18,683			-			18,683

Depreciation and amortization expense		4,827			3,218			8,045

General and administrative expense		26,001			-			26,001

Other expense, net		(178	)		(5	)		(183	)

Income (loss) before taxes		173,138			(5,041	)		168,097

Expenditures for additions to long-lived assets		8,352			223			8,575
Total assets		289,297			30,477			319,774

Reconciliation of revenues:
Segment revenue							$	426,311
License revenue (see Note 2 - Revenue Recognition)								143
Consolidated revenues							$	426,454

Reconciliation of selling, general and administrative expense:
Segment selling, marketing and distribution expense							$	18,683
Segment general and administrative expense								26,001
Corporate general and administrative expense (a)								29,440
Consolidated selling, general and administrative expense							$	74,124

Reconciliation of income before taxes:
Segment income before taxes							$	168,097
License revenue								143
Unallocated interest expense, primarily related to interest on senior debt (see Note 7)								(13,930	)
Loss on extinguishment of debt (see Note 7)								(1,243	)
Unallocated interest income								2,087
Corporate general and administrative expense (a)								(29,440	)
Consolidated income before taxes							$	125,714

Reconciliation of total assets:
Total segment assets							$	319,774
Corporate (b)								168,904
Consolidated total assets							$	488,678


(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.


Year Ended December 31, 2023
(in thousands)	ADMA BioManufacturing		Plasma Collection Centers			Total
Revenues	$	249,738	$	8,334		$	258,072

Cost of product revenue		161,157		8,116			169,273

Research and development		3,300		-			3,300

Plasma center operating expenses		-		4,266			4,266

Selling, marketing and distribution		18,407		-			18,407

Depreciation and amortization expense		5,156		3,176			8,332

General and administrative expense		18,625		-			18,625

Income (loss) before taxes		47,267		(4,049	)		43,218

Expenditures for additions to long-lived assets		2,952		1,819			4,771
Total assets		246,719		34,733			281,452

Reconciliation of revenues:
Segment revenue						$	258,072
License revenue (see Note 2 - Revenue Recognition)							143
Consolidated revenues						$	258,215

Reconciliation of selling, general and administrative expense:
Segment selling, marketing and distribution expense						$	18,407
Segment general and administrative expense							18,625
Corporate general and administrative expense (a)							21,988
Consolidated selling, general and administrative expense						$	59,020

Reconciliation of loss before taxes:
Segment income before taxes						$	43,218
License revenue							143
Unallocated interest expense, primarily related to interest on senior debt (see Note 7)							(25,027	)
Loss on extinguishment of debt (see Note 7)							(26,174	)
Unallocated interest income							1,589
Corporate general and administrative expense (a)							(21,988	)
Consolidated loss before taxes						$	(28,239	)

Reconciliation of total assets:
Total segment assets						$	281,452
Corporate (b)							47,730
Consolidated total assets						$	329,182


(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.

Net Revenues According to Geographic Area

Net revenues according to geographic area, based on the location of where the product is shipped, are as follows (in thousands):


	Year Ended December 31, 2025
	ADMA BioManufacturing		Plasma Centers		Total Segment Revenue		License Revenue		Consolidated Revenue
United States	$	489,016	$	14,908	$	503,924	$	143	$	504,067
International		3,984		2,122		6,106		-		6,106
Total revenues	$	493,000	$	17,030	$	510,030	$	143	$	510,173


	Year Ended December 31, 2024
	ADMA BioManufacturing		Plasma Centers		Total Segment Revenue		License Revenue		Consolidated Revenue
United States	$	400,336	$	9,669	$	410,005	$	143	$	410,148
International		15,470		836		16,306		-		16,306
Total revenues	$	415,806	$	10,505	$	426,311	$	143	$	426,454


	Year Ended December 31, 2023
	ADMA BioManufacturing		Plasma Centers		Total Segment Revenue		License Revenue		Consolidated Revenue
United States	$	237,454	$	7,284	$	244,738	$	143	$	244,881
International		12,284		1,050		13,334		-		13,334
Total revenues	$	249,738	$	8,334	$	258,072	$	143	$	258,215

Net Revenues,Disaggregated by Product

Net revenues, disaggregated by product, are as follows:


		Year Ended December 31,
		2025		2024		2023
	(in thousands)
ASCENIV		$	362,531	$	239,594	$	92,592
BIVIGAM			122,033		142,357		140,212
Intermediates and other (1)			8,579		33,998		17,077
ADMA BioManufacturing			493,143		415,949		249,881

Plasma Collection Centers			17,030		10,505		8,334
Total		$	510,173	$	426,454	$	258,215

⁽¹⁾ Due to Nabi-HB historically representing less than 10% of the Company’s revenue within the ADMA BioManufacturing segment, it has been included under intermediates and other.

INVENTORIES - Components of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
INVENTORIES [Abstract]
Raw materials	$ 96,612	$ 60,473
Work-in-process	57,798	61,641
Finished goods	52,055	48,121
Total inventories, net	$ 206,465	$ 170,235

NOTES PAYABLE - Schedule of Debt Maturities (Details) - JPM Term Loan [Member] $ in Thousands	Dec. 31, 2025 USD ($)
NOTES PAYABLE [Abstract]
2026	$ 2,813
2027	4,688
2028	66,562
2029	0
2030	0
Total debt	$ 74,063

- Definition

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.

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

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+ Details

PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2025

PROPERTY AND EQUIPMENT [Abstract]

PROPERTY AND EQUIPMENT

Property and equipment at December 31, 2025 and 2024 is summarized as follows:

		December 31, 2025			December 31, 2024
	(in thousands)
Manufacturing and laboratory equipment		$	28,119			$	21,305
Office equipment and computer software			6,307				5,772
Furniture and fixtures			5,614				5,840
Construction in process			8,457				8,149
Leasehold improvements			14,983				21,066
Land			13,039				4,339
Buildings and building improvements			26,886				21,788
			103,405				88,259
Less: Accumulated depreciation			(38,348	)			(33,552	)
Total property and equipment, net		$	65,057			$	54,707

The Company recorded depreciation expense on property and equipment of $8.0 million, $7.7 million and $7.6 million for the years ended December 31, 2025, 2024 and 2023, respectively.

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2025

ACCRUED EXPENSES AND OTHER LIABILITIES [Abstract]

Accrued Expenses and Other Current Liabilities

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

		December 31, 2025		December 31, 2024
	(in thousands)
Accrued rebates		$	5,758	$	4,155
Accrued distribution fees			14,808	$	11,565
Accrued incentives			6,005	$	5,892
Accrued interest			172	$	2,857
Accrued testing			130	$	827
Accrued payroll and other compensation			809	$	3,332
Income taxes payable			8,616	$	3,481
Other			4,168	$	1,996
Total accrued expenses and other current liabilities		$	40,466	$	34,105

ORGANIZATION AND BUSINESS (Details)	12 Months Ended
ORGANIZATION AND BUSINESS (Details)	Dec. 31, 2025 Facility Product
ORGANIZATION AND BUSINESS [Abstract]
Number of FDA-licensed plasma collection facilities \| Facility	10
Number of FDA approved product \| Product	3

ASSETS AND LIABILITIES HELD FOR SALE (Tables)

12 Months Ended

Dec. 31, 2025

ASSETS AND LIABILITIES HELD FOR SALE [Abstract]

Assets and Liabilities Held for Sale

Assets held for sale as of December 31, 2025 are as follows:


	December 31, 2025
		(in thousands)
Assets held for sale:
Right-of-use assets	$	2,238
Property and equipment, net		4,233
Other assets		59
Total	$	6,530

Liabilities held for sale:
Lease obligations	$	2,647
Total	$	2,647

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

SEGMENTS - Net Revenues, Disaggregated by Product (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

SEGMENTS [Abstract]

Revenues

$ 510,173

$ 426,454

$ 258,215

ADMA BioManufacturing [Member]

SEGMENTS [Abstract]

Revenues

493,143

415,949

249,881

Plasma Collection Centers [Member]

SEGMENTS [Abstract]

Revenues

17,030

10,505

8,334

ASCENIV [Member] | ADMA BioManufacturing [Member]

SEGMENTS [Abstract]

Revenues

362,531

239,594

92,592

BIVIGAM [Member] | ADMA BioManufacturing [Member]

SEGMENTS [Abstract]

Revenues

122,033

142,357

140,212

Intermediates and Other [Member] | ADMA BioManufacturing [Member]

SEGMENTS [Abstract]

Revenues

^[1]

$ 8,579

$ 33,998

$ 17,077

[1]	Due to Nabi-HB historically representing less than 10% of the Company’s revenue within the ADMA BioManufacturing segment, it has been included under intermediates and other.

- Definition

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.

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+ Details

STOCKHOLDERS' EQUITY - Warrants Outstanding (Details) - Warrants [Member] - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
STOCKHOLDERS EQUITY [Abstract]
Beginning balance (in Shares)	966,554	12,502,906	13,525,148
Beginning balance (in Dollars per share)	$ 1.98	$ 2.32	$ 1.99
Expired (in Shares)	0	(227,650)	(24,800)
Expired (in Dollars per share)	$ 0	$ 4.21	$ 6.37
Granted (in Shares)	0	0	2,391,244
Granted (in Dollars per share)	$ 0	$ 0	$ 3.26
Exercised (in Shares)	(966,554)	(11,308,702)	(3,388,686)
Exercised (in Dollars per share)	$ 1.98	$ 2.31	$ 1.65
Ending balance (in Shares)	0	966,554	12,502,906
Ending balance (in Dollars per share)	$ 0	$ 1.98	$ 2.32

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 146,930	$ 197,673	$ (28,239)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	8,096	8,045	8,332
Loss on disposal of fixed assets	9	106	182
Deferred income tax provision	11,020	(84,280)	0
Interest paid in kind	0	0	3,836
Stock-based compensation	20,026	13,616	6,187
Amortization of debt discount	717	951	2,594
Loss on extinguishment of debt	3,336	1,243	26,174
Amortization of license revenue	(143)	(143)	(143)
Changes in operating assets and liabilities:
Accounts receivable	(108,430)	(22,578)	(11,916)
Inventories	(36,230)	2,671	(9,626)
Prepaid expenses and other current assets	(1,525)	(2,695)	(239)
Deposits and other assets	279	15	1,080
Accounts payable	2,330	4,150	3,839
Accrued expenses	5,212	1,042	7,530
Other current and non-current liabilities	(1,231)	(1,144)	(791)
Net cash provided by operating activities	50,396	118,672	8,800
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(22,575)	(8,226)	(4,771)
Acquisition of intangible assets	(316)	(349)	(210)
Deposit received on net assets held for sale	1,000	0	0
Net cash used in investing activities	(21,891)	(8,575)	(4,981)
CASH FLOWS FROM FINANCING ACTIVITIES:
Prepayment penalties on repayment of debt	(1,031)	(450)	(11,140)
Proceeds from issuance of note payable	0	0	135,000
Taxes paid on vested restricted stock units	(9,547)	(4,971)	(1,415)
Payments on finance lease obligations	0	0	(17)
Debt issuance costs	(2,237)	0	0
Net proceeds from the exercise of stock options	2,984	7,494	1,104
Payment of end of term fee	(1,313)	(375)	(1,586)
Payment of deferred financing fees	0	0	(2,351)
Acquisition of treasury stock	(31,940)	0	0
Net cash used in financing activities	(44,022)	(58,302)	(38,989)
Net (decrease) increase in cash and cash equivalents	(15,517)	51,795	(35,170)
Cash and cash equivalents - beginning of year	103,147	51,352	86,522
Cash and cash equivalents - end of year	87,630	103,147	51,352
Ares Credit Facility [Member]
CASH FLOWS FROM FINANCING ACTIVITIES:
Term loan payments	(32,500)	(60,000)	(158,584)
Ares revolving facility payments	(72,500)	0	0
Ares revolving facility proceeds	30,000	0	0
JPM Revolving Facility [Member]
CASH FLOWS FROM FINANCING ACTIVITIES:
Term loan payments	(938)	0	0
JPM term loan proceeds	$ 75,000	$ 0	$ 0

SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Calculation of Basic and Diluted Earnings Per Common Share

For the years ended December 31, 2025 and 2024, basic and diluted earnings per common share are calculated as follows:


	Year ended December 31,
	2025		2024		2023
Net income (loss) available to common stockholders ($000's) (numerator)	$	146,930	$	197,673	$	(28,239	)
Weighted-average number of common shares (denominator)		238,299,024		233,084,236		223,977,315
Basic earnings (loss) per common share	$	0.62	$	0.85	$	(0.13	)

Weighted-average number of common shares		238,299,024		233,084,236		223,977,315
Potential shares of common stock arising from outstanding stock options		3,545,197		4,150,584		-
Potential shares of common stock arising from outstanding warrants		11,772		3,085,640		-
Potential shares of common stock arising from outstanding RSUs		3,048,647		3,022,006		-
Total shares - diluted (denominator)		244,904,640		243,342,466		223,977,315
Diluted earnings (loss) per common share	$	0.60	$	0.81	$	(0.13	)

Calculation of Diluted Loss Per Common Share

For the year ended December 31, 2023, the following securities were excluded from the calculation of diluted loss per common share because of their anti-dilutive effects:

	Year ended December 31,
		2023
Stock Options		5,906,184
Restricted Stock Units		4,657,297
Warrants		12,502,906
Total		23,066,387

NOTES PAYABLE (Tables)

12 Months Ended

Dec. 31, 2025

NOTES PAYABLE [Abstract]

Summary of Outstanding Senior Notes Payable

A summary of outstanding senior notes payable is as follows:

		December 31, 2025			December 31, 2024
	(in thousands)
Ares term loan		$	-		$	32,500
Ares revolving credit facility			-			42,500
JPM term loan			74,063			-
Less: Debt discount and issuance costs			(1,920	)		(2,663	)
Total debt			72,143			72,337
Less: current portion of long-term debt			(2,813	)		-
Long-term debt		$	69,330		$	72,337

Schedule of Debt Maturities

Debt maturities over the next five years are as follows (in thousands):

Fiscal year	Amount
2026	$	2,813
2027		4,688
2028		66,562
2029		-
2030		-
Total	$	74,063

CONCENTRATIONS (Details) - Customer Concentration Risk [Member] - Customer	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable [Member] \| Two Customers [Member]
CONCENTRATIONS [Abstract]
Number of customers	2
Concentration risk, percentage	87.00%
Accounts Receivable [Member] \| Three Customers [Member]
CONCENTRATIONS [Abstract]
Number of customers		3
Concentration risk, percentage		91.00%
Revenue [Member] \| Plasma Collection Centers [Member]
CONCENTRATIONS [Abstract]
Number of customers	0
Concentration risk, percentage	10.00%
Revenue [Member] \| Two Customers [Member]
CONCENTRATIONS [Abstract]
Number of customers	2	2	2
Concentration risk, percentage	73.00%	72.00%	72.00%

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-18

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 954
-SubTopic 310
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
REVENUES	$ 510,173	$ 426,454	$ 258,215
Cost of product revenue	217,408	206,901	169,273
Gross profit	292,765	219,553	88,942
OPERATING EXPENSES:
Research and development	4,762	1,813	3,300
Plasma center operating expenses	4,836	4,245	4,266
Amortization of intangible assets	144	388	724
Selling, general and administrative	91,580	74,124	59,020
Total operating expenses	101,322	80,570	67,310
INCOME FROM OPERATIONS	191,443	138,983	21,632
OTHER INCOME (EXPENSE):
Interest income	1,871	2,097	1,617
Interest expense	(7,110)	(13,930)	(25,027)
Loss on extinguishment of debt	(3,336)	(1,243)	(26,174)
Other expense	(212)	(193)	(287)
Other expense, net	(8,787)	(13,269)	(49,871)
INCOME (LOSS) BEFORE INCOME TAXES	182,656	125,714	(28,239)
Income tax expense (benefit)	35,726	(71,959)	0
NET INCOME (LOSS)	$ 146,930	$ 197,673	$ (28,239)
BASIC EARNINGS (LOSS) PER COMMON SHARE (in Dollars per share)	$ 0.62	$ 0.85	$ (0.13)
DILUTED EARNINGS (LOSS) PER COMMON SHARE (in Dollars per share)	$ 0.6	$ 0.81	$ (0.13)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic (in Shares)	238,299,024	233,084,236	223,977,315
Diluted (in Shares)	244,904,640	243,342,466	223,977,315

Accounting Policies, by Policy (Policies)

12 Months Ended

Dec. 31, 2025

SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Principles of consolidation and basis of presentation

The accompanying consolidated financial statements include the accounts of ADMA and its wholly owned subsidiaries and have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and in accordance with Article 3 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). All intercompany balances have been eliminated in consolidation. 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”).

During the years ended December 31, 2025, 2024 and 2023, comprehensive income (loss) was equal to the net income (loss) amounts presented for the respective periods in the accompanying consolidated statements of operations.

Use of Estimates

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 estimates related to the Company’s effective tax rate.

In 2024, the Company engaged a third-party specialist to assist in the evaluation of the Company’s accrual for U.S. Medicaid rebates related to the sale of the Company’s immunoglobulin products. As a result of this evaluation, the Company recognized a reduction in this accrual and a corresponding increase to net revenues of $12.6 million for the year ended December 31, 2024.

Cash and Cash Equivalents

Cash and cash equivalents

The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents.

The Company regularly maintains cash and cash equivalents at third-party financial institutions in excess of the Federal Deposit Insurance Corporation insurance limit. Although the Company monitors the daily cash balances in its operating accounts and adjusts the balances as appropriate, these balances could be impacted, and there could be a material adverse effect on the Company’s business, if one or more of the financial institutions with which the Company has deposits fails or is subject to other adverse conditions in the financial or credit markets. To date, the Company has not experienced a loss or lack of access to its deposited cash or cash equivalents; however, the Company cannot provide assurance that access to its cash and cash equivalents will not be impacted by adverse conditions in the financial and credit markets in the future.

Accounts Receivable

Accounts receivable

Accounts receivable is reported at realizable value, net of allowances for contractual credits and doubtful accounts in the amount of $0.3 million and $0.2 million at December 31, 2025 and 2024, respectively, which are recognized in the period the related revenue is recorded. The Company extends credit to its customers based upon an evaluation of each customer's financial condition and credit history. Evaluations of the financial condition and associated credit risk of customers are performed on an ongoing basis.

Inventories

Raw materials inventory consists of normal source plasma (“NSP”) and Respiratory Syncytial Virus (“RSV”) high-titer plasma collected at the Company’s plasma collection facilities or purchased from third parties, along with various materials purchased from suppliers, 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.

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. For both the Company’s immune globulin products and plasma intended for resale and internal use, net realizable value is generally determined based upon the consideration the Company expects to receive when the inventory is sold, less costs to deliver the inventory to the recipient. The estimates for net realizable value of inventory are based on contractual terms or upon historical experience and certain other assumptions, and the Company believes that such assumptions are reasonable. Inventory is periodically reviewed to ensure that its carrying value does not exceed its net realizable value, and adjustments are recorded to write down such inventory, with a corresponding charge to cost of product revenue, when the carrying value or historical cost exceeds its estimated net realizable value. In addition, costs associated with the production of engineering lots that would not qualify as immediately available for commercial sale are charged to cost of product revenue and not capitalized into inventory.

Property and Equipment

Property and equipment

Assets comprising property and equipment (see Note 4) are stated at cost less accumulated depreciation and any historical impairment charges. Depreciation is calculated using the straight-line method over the asset’s estimated useful life. Land is not depreciated. The buildings have been assigned a useful life of 30 years and building improvement 15 years. Property and equipment other than land and buildings have useful lives ranging from 3 to 8 years. Leasehold improvements are amortized over the lesser of the lease term or their estimated useful lives.

Goodwill

Goodwill represents the excess of purchase price over the fair value of net assets acquired by the Company. Goodwill at December 31, 2025 and 2024 was $3.5 million, all of which is attributable to the Company’s ADMA BioManufacturing business segment. There were no changes to the carrying amount of goodwill during the years ended December 31, 2025, 2024 and 2023.

Goodwill is not amortized but is assessed for impairment on an annual basis or more frequently if impairment indicators exist. The Company has the option to perform a qualitative assessment of goodwill to determine whether it is more likely than not that the fair value of its reporting unit is less than its carrying amount, including goodwill and other intangible assets. If the Company concludes that this is the case, then it must perform a goodwill impairment test by comparing the fair value of the reporting unit to its carrying value. An impairment charge is recorded to the extent the reporting unit’s carrying value exceeds its fair value, not to exceed the total amount of goodwill allocated to that reporting unit. The Company performs its annual goodwill impairment assessment as of October 1 of each year. The Company’s annual goodwill impairment assessments as of October 1, 2025, 2024 and 2023 did not result in any impairment charges related to goodwill for the years ended December 31, 2025, 2024 and 2023.

Impairment of Long-Lived Assets

Impairment of long-lived assets

The Company assesses the recoverability of its long-lived assets, which include property and equipment, right-of-use assets and finite-lived intangible assets, whenever significant events or changes in circumstances indicate impairment may have occurred. If indicators of impairment exist, projected future undiscounted cash flows associated with the asset are compared to its carrying amount to determine whether the asset’s carrying value is recoverable. Any resulting impairment is recorded as a reduction in the carrying value of the related asset in excess of fair value and a charge to operating results. For the years ended December 31, 2025, 2024 and 2023, the Company determined that there was no impairment of its long-lived assets.

Revenue Recognition

Revenue recognition

Revenues for the years ended December 31, 2025, 2024 and 2023 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 by the Company’s Plasma Collection Centers business segment, (iii) contract manufacturing and laboratory services revenue, (iv) revenues from the sale of intermediate by-products and (v) license and other revenues primarily attributable to the out-licensing of ASCENIV to Biotest AG (“Biotest”) in 2012 to market and sell this product in Europe and certain countries in Northern Africa and the Middle East. Biotest has provided the Company with certain services and financial payments in accordance with the related Biotest license agreement and is obligated to pay the Company certain amounts in the future if certain milestones are achieved. Deferred revenue is amortized into income over the term of the Biotest license, representing a period of approximately 22 years.

Product revenue is recognized when the customer is deemed to have control over the product and the performance obligation is satisfied. Control is determined based on when the product is shipped or delivered and title passes to the customer. Revenue is recorded in an amount that reflects the consideration the Company expects to receive in exchange. Revenue from the sale of the Company’s immunoglobulin products is recognized when the product reaches the customer’s destination, and is recorded net of estimated rebates, 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 contractual arrangements, historical experience and certain other assumptions, and while the Company believes that such estimates are reasonable, they are subject to change based on future developments 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.

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 and the performance obligation is satisfied, which generally occurs at the time of shipment from one of the Company’s plasma collection facilities or from a third-party warehouse that is utilized by the Company. Product revenues are recognized at the time of delivery if the Company retains control of the product during shipment.

For all of the Company’s product revenues, payment from the customer is typically due within 90 days of sale.

Cost of Product Revenue

Cost of product revenue

Cost of product revenue includes costs associated with the manufacture of the Company’s FDA approved products and intermediates and for the collection of human source plasma, as well as expenses related to conformance batch production, process development and scientific and technical operations when these operations are attributable to marketed products. When the activities of these operations are attributable to new products in development, the expenses are classified as research and development expenses.

Research and Development Expenses

Research and development expenses

Research and development expenses consist of clinical research organization costs, costs related to clinical trials, post-marketing commitment studies for BIVIGAM and ASCENIV and salaries, benefits and stock-based compensation for employees directly related to research and development activities. All research and development costs are expensed as incurred.

Plasma Center Operating Expenses

Plasma center operating expenses

Plasma center operating expenses consist of certain general and administrative plasma center costs, marketing, rent expense, maintenance, utilities and compensation and benefits for administrative staff.

Advertising and Marketing Expenses

Advertising and marketing expenses

Advertising and marketing expense includes cost for promotional materials and trade show expenses for the marketing of the Company’s products and expenses incurred for attracting donors to the Company’s plasma collection centers. All advertising and marketing expenses are expensed as incurred. Advertising and marketing expenses were $3.1 million, $2.7 million and $3.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Stock-Based Compensation

Stock-based compensation

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

Income Taxes

Income taxes

The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or its tax returns. Under this method, deferred tax assets and liabilities are recognized for the temporary differences between the tax bases of assets and liabilities and their respective financial reporting amounts at enacted tax rates in effect for the years in which the temporary differences are expected to reverse. The Company records a valuation allowance on its deferred tax assets if it is more likely than not that the Company will not generate sufficient taxable income to utilize its deferred tax assets (see Note 11). The Company is subject to income tax examinations by major taxing authorities for all tax years since 2020 and for previous periods as it relates to the Company’s net operating loss carryforwards.

Earnings Per Common Share

Basic earnings per common share are computed by dividing net income or loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share are calculated by dividing net income attributable to common stockholders as adjusted for the effect of dilutive securities, if any, by the weighted average number of shares of common stock and dilutive common stock outstanding during the period. Potentially dilutive common stock includes the shares of common stock issuable upon the exercise of outstanding stock options and warrants (using the treasury stock method) and upon the vesting of RSUs. Potentially dilutive common stock in the diluted net earnings per common share computation is excluded to the extent that it would be anti-dilutive. For the years ended December 31, 2025 and 2024, basic and diluted earnings per common share are calculated as follows:


	Year ended December 31,
	2025		2024		2023
Net income (loss) available to common stockholders ($000's) (numerator)	$	146,930	$	197,673	$	(28,239	)
Weighted-average number of common shares (denominator)		238,299,024		233,084,236		223,977,315
Basic earnings (loss) per common share	$	0.62	$	0.85	$	(0.13	)

Weighted-average number of common shares		238,299,024		233,084,236		223,977,315
Potential shares of common stock arising from outstanding stock options		3,545,197		4,150,584		-
Potential shares of common stock arising from outstanding warrants		11,772		3,085,640		-
Potential shares of common stock arising from outstanding RSUs		3,048,647		3,022,006		-
Total shares - diluted (denominator)		244,904,640		243,342,466		223,977,315
Diluted earnings (loss) per common share	$	0.60	$	0.81	$	(0.13	)

During the years ended December 31, 2025 and 2024, there were no shares with an anti-dilutive effect that needed to be excluded from the earnings per share computation. For the year ended December 31, 2023, the following securities were excluded from the calculation of diluted loss per common share because of their anti-dilutive effects:

	Year ended December 31,
		2023
Stock Options		5,906,184
Restricted Stock Units		4,657,297
Warrants		12,502,906
Total		23,066,387

Fair Value of Financial Instruments

Fair value of financial instruments

The carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, accounts receivable and accounts payable are shown at cost, which approximates fair value due to the short-term nature of these instruments. The debt outstanding under the Company’s senior notes payable (see Note 7) also approximates fair value, based on a Level 3 classification under the fair value hierarchy, due to the variable interest rate on this debt.

Recent Accounting Pronouncements

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which establishes authoritative guidance on the recognition, measurement, presentation, and disclosure of government grants. Under ASU 2025-10, government grants are recognized when it is probable that the entity will both comply with the conditions of the grant and the grant will be received. The ASU provides specific accounting models for grants related to assets and grants related to income, including options to recognize government grants as deferred income or as a reduction of the asset’s cost basis. The ASU also requires enhanced disclosures regarding the nature of government grants, significant terms and conditions, accounting policies applied, and amounts recognized in the financial statements. ASU 2025-10 is effective for fiscal years beginning after December 15, 2028, including interim periods within those fiscal years, with early adoption permitted. No material impact is expected upon adoption of this authoritative guidance.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting. The ASU provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-11.

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-09 for the year ended December 31, 2025, and applied the new disclosure requirements prospectively to the current annual period. Prior period disclosures have not been adjusted to reflect the new disclosure requirements. See Note 11 for further details.

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accrued Rebates [Member]
Schedule II - Valuation and Qualifying Accounts [Abstract]
Balance at beginning of year	$ 4,155	$ 16,608	$ 11,437
Charged to costs and expenses	12,511	8,514	8,448
Other	0	(12,618)	0
Deductions	10,908	8,349	3,277
Balance at end of year	5,758	4,155	16,608
Inventory Valuation Allowance [Member]
Schedule II - Valuation and Qualifying Accounts [Abstract]
Balance at beginning of year	5,161	2,992	5,400
Charged to costs and expenses	9,996	9,338	6,963
Other	0	118	6
Deductions	10,609	7,287	9,377
Balance at end of year	4,548	5,161	2,992
Deferred Tax Asset Valuation Allowance [Member]
Schedule II - Valuation and Qualifying Accounts [Abstract]
Balance at beginning of year	$ 0	101,421	96,725
Charged to costs and expenses		(84,280)	4,696
Other		0	0
Deductions		17,141	0
Balance at end of year		$ 0	$ 101,421

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 09
-Paragraph Column E
-Publisher SEC

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 09
-Paragraph Column D
-Publisher SEC

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 09
-Paragraph Column C
-Subparagraph (1)
-Publisher SEC

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 09
-Paragraph Column C
-Subparagraph (2)
-Publisher SEC

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 09
-Paragraph Column B
-Publisher SEC

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 4
-Subparagraph (SX 210.12-09(Column C)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
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-Section S99
-Paragraph 4
-Subparagraph (SX 210.12-09(Column C)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-4

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 4
-Subparagraph (SX 210.12-09(Column B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 4
-Subparagraph (SX 210.12-09(Column E))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-4

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 4
-Subparagraph (SX 210.12-09(Column D))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-4

+ Details

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2025
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	10. COMMITMENTS AND CONTINGENCIES General Legal Matters From time to time the Company is or may become subject to certain legal proceedings and claims arising in connection with the normal course of its business. Management does not expect that the outcome of any such claims or actions will have a material effect on the Company’s liquidity, results of operations or financial condition. IT Systems Disruption On June 19, 2023, the Company experienced an IT systems disruption, which rendered certain of the Company’s IT technology systems inaccessible for less than one week. The Company’s investigation of the disruption was completed with the assistance of third-party consultants, and no definitive root cause was identified. At the time of the disruption, the Company was in production of two batches of BIVIGAM, and after a prolonged hold time, it was deemed to be a prudent GMP quality decision to discard these two in-process production batches as these batches were no longer viable for further production or had any alternative use. As a result, the Company recorded a one-time, non-recurring charge of $2.1 million in the second quarter of 2023 for this inventory, which is reflected in Cost of product revenue in the accompanying consolidated statement of operations for the year ended December 31, 2023. In addition, the Company’s Plasma center operating expenses were adversely impacted by approximately $0.7 million due to the temporary closing of the Company’s plasma collection centers while their IT systems were restored. The Company carries appropriate insurance for these types of instances. During each of the years ended December 31, 2024 and 2023, the Company’s cybersecurity insurer paid the Company an aggregate of $0.2 million for approved restoration-related costs. During the first quarter of 2025, the Company’s cybersecurity insurer paid the Company $0.4 million in business interruption loss coverage. 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 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 high-titer plasma from any number of wholly owned ADMA plasma collection facilities and (ii) allow the Company to purchase its raw material 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 in the event that 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 in the event that 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 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 which patient enrollment has been successfully completed. For the years ended December 31, 2025, 2024 and 2023, the Company incurred expenses related to this study in the amounts of $0.9 million, $1.2 million and, $1.0 million, respectively. In connection with the FDA approval of the BLA for BIVIGAM on December 19, 2012, Biotest committed to perform two additional post-marketing studies, a pediatric study to evaluate the efficacy and safety of BIVIGAM in children and adolescents, and a post-authorization safety study to further assess the potential risk of hypotension and hepatic and renal impairment in BIVIGAM-treated patients with primary humoral immunodeficiency. These studies were required to be completed by June 30, 2023. Both studies have been completed, and the study reports have been submitted to the FDA. ADMA had assumed the remaining obligations, and the costs of the studies were expensed as incurred as research and development expenses. The Company did not incur any expenses related to this commitment during the years ended December 31, 2025 and 2024, and incurred $1.7 million during the year ended December 31, 2023. 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 December 31, 2025. The Company does not anticipate recognizing any significant losses relating to these arrangements.

INCOME TAXES - Reconciliation of Income Taxes (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

INCOME TAXES [Abstract]

Tax expense (benefit) at U.S. federal statutory rate

$ 38,358

$ 26,400

$ (5,930)

Tax expense (benefit) at U.S. federal statutory rate

21.00%

State taxes, net of federal benefit

$ 3,834

^[1]

(9,931)

(763)

State taxes, net of federal benefit

^[1]

2.10%

Non-deductible executive compensation

$ 2,799

4,340

983

Non-deductible executive compensation

1.50%

Excess tax benefits related to stock-based compensation

$ (7,998)

(5,661)

Excess tax benefits related to stock-based compensation

(4.30%)

Tax credits

$ (1,883)

Tax credits

(1.00%)

Change in valuation allowance

$ 0

(87,969)

4,696

Change in valuation allowance

0.00%

Other

$ 616

862

1,014

Other

0.30%

Total income tax expense (benefit)

$ 35,726

$ (71,959)

$ 0

Income tax expense (benefit)

19.60%

Georgia [Member]

INCOME TAXES [Abstract]

Percentage of total tax effect attributable to certain states

50.00%

Illinois [Member]

INCOME TAXES [Abstract]

Percentage of total tax effect attributable to certain states

50.00%

North Carolina [Member]

INCOME TAXES [Abstract]

Percentage of total tax effect attributable to certain states

50.00%

Florida [Member]

INCOME TAXES [Abstract]

Percentage of total tax effect attributable to certain states

50.00%

[1]	State taxes in Florida, Georgia, Illinois and North Carolina made up the majority (greater than 50%) of the tax effect in this category.

PROPERTY AND EQUIPMENT - Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
PROPERTY AND EQUIPMENT [Abstract]
Property and equipment, gross	$ 103,405	$ 88,259
Less: Accumulated depreciation	(38,348)	(33,552)
Total property and equipment, net	65,057	54,707
Manufacturing and Laboratory Equipment [Member]
PROPERTY AND EQUIPMENT [Abstract]
Property and equipment, gross	28,119	21,305
Office Equipment and Computer Software [Member]
PROPERTY AND EQUIPMENT [Abstract]
Property and equipment, gross	6,307	5,772
Furniture and Fixtures [Member]
PROPERTY AND EQUIPMENT [Abstract]
Property and equipment, gross	5,614	5,840
Construction in Process [Member]
PROPERTY AND EQUIPMENT [Abstract]
Property and equipment, gross	8,457	8,149
Leasehold Improvements [Member]
PROPERTY AND EQUIPMENT [Abstract]
Property and equipment, gross	14,983	21,066
Land [Member]
PROPERTY AND EQUIPMENT [Abstract]
Property and equipment, gross	13,039	4,339
Buildings and Building Improvements [Member]
PROPERTY AND EQUIPMENT [Abstract]
Property and equipment, gross	$ 26,886	$ 21,788

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Millions	12 Months Ended
PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
PROPERTY AND EQUIPMENT [Abstract]
Depreciation expense	$ 8.0	$ 7.7	$ 7.6

- Definition

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

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 87,630	$ 103,147
Accounts receivable, net	158,429	49,999
Inventories, net	206,465	170,235
Prepaid expenses and other current assets	7,458	8,029
Assets held for sale	6,530	0
Total current assets	466,512	331,410
Property and equipment, net	65,057	54,707
Intangible assets, net	632	460
Goodwill	3,530	3,530
Deferred tax assets, net	73,261	84,280
Right-of-use assets	6,650	8,634
Deposits and other assets	8,600	5,657
TOTAL ASSETS	624,242	488,678
Current liabilities:
Accounts payable	22,519	20,219
Accrued expenses and other current liabilities	40,466	34,105
Current portion of long-term debt	2,813	0
Current portion of lease obligations	1,096	1,218
Liabilities held for sale	2,647	0
Total current liabilities	69,541	55,542
Long-term debt	69,330	72,337
Deferred revenue, net of current portion	1,405	1,547
End of term fee	0	1,313
Lease obligations, net of current portion	6,646	8,561
Other non-current liabilities	0	360
TOTAL LIABILITIES	146,922	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, December 31, 2025: 239,793,566 issued and 237,874,496 outstanding; December 31, 2024: 236,620,545 issued and outstanding	24	24
Treasury stock, at cost, 1,919,070 and 0 shares as of December 31, 2025 and December 31, 2024, respectively	(32,090)	0
Additional paid-in capital	671,039	657,577
Accumulated deficit	(161,653)	(308,583)
TOTAL STOCKHOLDERS’ EQUITY	477,320	349,018
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 624,242	$ 488,678

INCOME TAXES

12 Months Ended

Dec. 31, 2025

INCOME TAXES [Abstract]

INCOME TAXES

11.

INCOME TAXES

Income (loss) before provision for income taxes was as follows:


		Year Ended December 31,
			2025		2024		2023
	(in thousands)
Domestic		$	182,656	$	125,714	$	(28,239	)
Foreign			-		-		-
Income (loss) before income taxes		$	182,656	$	125,714	$	(28,239	)

The components of the Company’s income tax expense (benefit) are as follows:


		Year Ended December 31,
		2025		2024			2023
	(in thousands)
Current:
Federal		$	21,926	$	10,434		$	-
State			2,780		1,887			-
Total current			24,706		12,321			-
Deferred:
Federal			9,383		(72,858	)		-
State			1,637		(11,422	)		-
Total deferred			11,020		(84,280	)		-
Total income tax expense (benefit)		$	35,726	$	(71,959	)	$	-

The following table is a reconciliation of the U.S. federal statutory rate to the Company’s effective rate for the year ended December 31, 2025 in accordance with the guidance in ASU No. 2023-09:

	Amount			Percent
		(in thousands)
Tax expense at U.S. federal statutory rate	$	38,358			21.0	%
State taxes, net of federal benefit (1)		3,834			2.1	%
Nontaxable or Nondeductible Items
Nondeductible executive compensation		2,799			1.5	%
Excess tax benefits related to stock-based compensation		(7,998	)		-4.3	%
Tax credits		(1,883	)		-1.0	%
Change in valuation allowance		-			0.0	%
Other Adjustments
Other		616			0.3	%
Income tax expense	$	35,726			19.6	%

⁽¹⁾

State taxes in Florida, Georgia, Illinois and North Carolina made up the majority (greater than 50%) of the tax effect in this category.

The following table is a reconciliation of the U.S. federal statutory rate to the Company’s effective rate for the years ended December 31, 2024 and 2023 in accordance with the guidance prior to the adoption of ASU 2023-09:


	Years Ended December 31,
		2024			2023
	(in thousands)
Tax expense (benefit) at U.S. federal statutory rate	$	26,400		$	(5,930	)
State taxes, net of federal benefit		(9,931	)		(763	)
Non-deductible executive compensation		4,340			983
Excess tax benefits related to stock-based compensation		(5,661	)		-
Change in valuation allowance		(87,969	)		4,696
Other		862			1,014
Income tax benefit	$	(71,959	)	$	-

The amounts of cash income taxes paid by the Company during the year ended December 31, 2025 were as follows:

	Amount		Percent
		(in thousands)
Federal	$	17,590		89.4	%
State and Local		2,093		10.6	%
Total	$	19,683		100.0	%

The significant components of the Company’s net deferred tax assets are as follows:


		Year Ended December 31,
			2025			2024
Deferred tax assets:	(in thousands)
Federal and state net operating loss carryforwards		$	64,432		$	65,615
Interest expense limitation carryforwards			3,328			13,604
Inventory			3,978			3,911
Stock-based compensation			3,923			2,523
Lease obligations			2,392			2,549
Accrued expenses and other			4,316			5,779
Total deferred tax assets			82,369			93,981
Deferred tax liabilities:
Depreciation of property and equipment			(6,270	)		(6,166	)
Right-of-use assets			(2,047	)		(2,247	)
Other deferred tax liabilities			(791	)		(1,288	)
Total deferred tax liabilities			(9,108	)		(9,701	)
Net deferred tax assets		$	73,261		$	84,280

As of December 31, 2025, the Company has federal and state (post-apportioned basis) net operating losses (“NOLs”) of $265.6 million and $176.9 million, respectively. Approximately $33.4 million and $46.8 million of the foregoing Federal and state NOLs, respectively, will expire at various dates beginning in 2029, if not limited by triggering events prior to such time. Under the provisions of the Internal Revenue Code, changes in ownership of the Company, in certain circumstances, would limit the amount of federal NOLs that can be utilized annually in the future to offset taxable income. In particular, Section 382 of the Internal Revenue Code (“Section 382”) imposes limitations on an entity’s ability to use NOLs upon certain changes in ownership. If the Company is limited in its ability to use its NOLs in future years in which it has taxable income, then the Company will pay more taxes than if it were otherwise able to fully utilize its NOLs. The Company may experience ownership changes in the future as a result of shifts in ownership of the Company’s capital stock that the Company cannot predict or control that could result in further limitations being placed on the Company’s ability to utilize its Federal NOLs. The annual amount of Federal NOLs that expire each year is as follows (in thousands):

Expiration Date	Remaining Available
2031	$	2,409
2032		7,430
2033		11,295
2034		1,025
2035		1,025
2036		1,025
2037		9,157
Indefinite		232,240
Total	$	265,606

A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. When determining the amount of net deferred tax assets that are more likely than not to be realized, the Company assesses all available positive and negative evidence. This evidence includes, but is not limited to, prior earnings history, expected future earnings, carry-back and carry-forward periods and the feasibility of ongoing tax strategies that could potentially enhance the likelihood of the realization of a deferred tax asset. The weight given to the positive and negative evidence is commensurate with the extent the evidence may be objectively verified. As of December 31, 2025, the Company believes it is more-likely-than-not that the Company's federal and state deferred tax assets will be realized.

The Company does not have any unrecognized tax benefits as of December 31, 2025 and 2024 and does not anticipate a significant change in unrecognized tax benefits during the next 12 months. The Company files income tax returns in the U.S. federal and various state jurisdictions. All net operating losses and tax credits generated to date are subject to adjustment for U.S. federal and state income tax purposes. The Company’s income tax returns are open to examination for tax years 2007 through 2024.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Adam Grossman [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	During the quarter ended December 31, 2025, none of our directors or executive officers adopted or terminated any such contract, instruction or written plans except for Adam Grossman, our President and CEO, who entered into a Rule 10b5-1 trading plan with Fidelity Brokerage Services LLC on November 14, 2025 (the “Grossman Plan”). The Grossman Plan provides that Mr. Grossman may sell up to an aggregate of (i) 66,000 shares of our common stock and (ii) 165,000 shares of our common stock to be received upon the exercise of vested options granted to Mr. Grossman. The Grossman Plan is scheduled to terminate on December 31, 2026, subject to earlier termination upon the sale of all shares subject to the plan, upon termination by Mr. Grossman or the broker, or as otherwise provided in the plan.
Name	Adam Grossman
Title	President and CEO
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 14, 2025
Rule 10b5-1 Arrangement Terminated	false
Expiration Date	December 31, 2026
Arrangement Duration	412 days
Adam Grossman Trading Plan, Common Stock [Member]
Trading Arrangements, by Individual
Aggregate Available	66,000
Adam Grossman Trading Plan, Stock Options [Member]
Trading Arrangements, by Individual
Aggregate Available	165,000

ASSETS AND LIABILITIES HELD FOR SALE

12 Months Ended

Dec. 31, 2025

ASSETS AND LIABILITIES HELD FOR SALE [Abstract]

ASSETS AND LIABILITIES HELD FOR SALE

On December 31, 2025, the Company signed an Asset Purchase Agreement with a third party pursuant to which the Company agreed to sell its plasma collection centers located in Maryville, Tennessee (“Maryville Center”), Knoxville, Tennessee (“Knoxville Center”), and Laurel, Maryland (“Laurel Center” and, collectively with the Maryville Center and Knoxville Center, the “Disposal Group”), for an aggregate purchase price equal to $12.0 million, with fifty percent (50%) of such consideration in the form of a one-year secured promissory note with a ten percent (10%) interest rate, and the remaining fifty percent (50%) payable in cash. On December 31, 2025, the purchaser paid the Company a cash deposit in the amount of $1.0 million, recorded in accrued expenses and other current liabilities, to be applied towards the consideration paid at the closing of the sale of the Maryville Center.

As of December 31, 2025, the Disposal Group met the criteria to be classified as held for sale under ASC 360, Property, Plant, and Equipment, as management approved and initiated an active program to locate a buyer, the assets are available for immediate sale in their present condition, and the sale is probable and expected to be completed within one year. Assets and liabilities classified as held for sale are measured at the lower of their carrying amount or estimated fair value less costs to sell.

Assets held for sale as of December 31, 2025 are as follows:


	December 31, 2025
		(in thousands)
Assets held for sale:
Right-of-use assets	$	2,238
Property and equipment, net		4,233
Other assets		59
Total	$	6,530

Liabilities held for sale:
Lease obligations	$	2,647
Total	$	2,647

There were no assets held for sale as of December 31, 2024.

Assets and liabilities held for sale are reflected in Plasma Collection Centers segment in Note 13 and are classified as current based on the expectation that the sale of the disposal group will be completed in 2026.

OTHER EMPLOYEE BENEFITS	12 Months Ended
OTHER EMPLOYEE BENEFITS	Dec. 31, 2025
OTHER EMPLOYEE BENEFITS [Abstract]
OTHER EMPLOYEE BENEFITS	14. OTHER EMPLOYEE BENEFITS The Company sponsors a 401(k) savings plan. Under the plan, employees may make contributions which are eligible for a Company discretionary percentage contribution as defined in the plan and determined by the Board. The Company recognized $1.7 million, $1.5 million and $1.3 million of related compensation expense for the years ended December 31, 2025, 2024 and 2023, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

STOCKHOLDERS' EQUITY - Schedule Common stock repurchase (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
STOCKHOLDERS EQUITY [Abstract]
Shares repurchased (in Shares)	1,919	0
Total cost of shares repurchased	$ 32,090	$ 0

STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 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:


	Years ended December 31,
	2025		2024
(In thousands)
Shares repurchased		1,919		n/a
Total cost of shares repurchased	$	32,090		n/a

The repurchased shares are recorded at the repurchase cost in treasury stock in the Company’s consolidated balance sheet and are available for reissuance.

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 December 31, 2025 and 2024.

Common Stock

As of December 31, 2025 and 2024, the Company was authorized to issue 300,000,000 shares of its common stock, $0.0001 par value per share, and 237,874,496 and 236,620,545 shares of common stock were outstanding as of December 31, 2025 and 2024, respectively. After giving effect to shares reserved for the issuance of warrants and for awards issued under the Company’s equity incentive plans, 38,703,218 shares of common stock were available for issuance as of December 31, 2025.

Warrants

During the year ended December 31, 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.

During the year ended December 31, 2024, several of the Company’s former noteholders exercised an aggregate of 11,308,702 warrants in cashless exercise transactions resulting in the Company issuing 7,224,892 shares of its common stock. Also during the year ended December 31, 2024, warrants to purchase 227,650 shares of common stock that had been issued to former noteholders of the Company expired in accordance with their terms.

During the year ended December 31, 2023, various entities affiliated with Hayfin exercised warrants to purchase an aggregate of 3,388,686 shares of common stock in a cashless exercise transaction, resulting in the Company issuing 1,967,847 shares of its common stock to such entities. Also during the year ended December 31, 2023, warrants to purchase 2,391,244 shares of common stock were issued to the Company’s former noteholders.

The following table summarizes information about warrants outstanding as of December 31, 2025, 2024 and 2023:

	Shares			Weighted Average Exercise Price
Warrants outstanding at December 31, 2022		13,525,148		$	1.99
Expired		(24,800	)	$	6.37
Granted		2,391,244		$	3.26
Exercised		(3,388,686	)	$	1.65
Warrants outstanding at December 31, 2023		12,502,906		$	2.32
Expired		(227,650	)	$	4.21
Granted		-		$	-
Exercised		(11,308,702	)	$	2.31
Warrants outstanding at December 31, 2024		966,554		$	1.98
Expired		-		$	-
Granted		-		$	-
Exercised		(966,554	)	$	1.98
Warrants outstanding at December 31, 2025		-		$	-

Equity Incentive Plans

In 2022, the Company’s stockholders approved the ADMA Biologics, Inc. 2022 Compensation Plan (the “2022 Equity Plan”), which replaced the Company’s Amended and Restated 2014 Omnibus Incentive Compensation Plan (the “2014 Plan”). Approval of the 2022 Equity Plan resulted in approximately 18 million additional shares of the Company’s common stock being reserved for future awards. The 2022 Equity Plan provides for the Company’s Board of Directors (the “Board”) or a Committee of the Board (the “Committee”) to grant awards to grantees and to determine the exercise price, vesting term, expiration date and all other terms and conditions of the awards, including acceleration of the vesting of an award at any time. Any options granted under the 2022 Equity Plan are intended to be Incentive Stock Options (“ISOs”), unless specified by the Committee to be Non-Qualified Options (“NQOs”) as defined by the Internal Revenue Code. ISOs and NQOs may be granted to employees, consultants or Board members at an option price not less than the fair market value of the common stock subject to the stock option agreement. Shares issued in connection with the exercise of stock options or the vesting of RSUs are newly issued shares.

Options

The fair value of stock options granted is determined on the date of grant using the Black-Scholes model. To determine the risk-free interest rate, the Company utilizes the U.S. Treasury yield curve in effect at the time of the grant with a term consistent with the term of the awards granted by the Company. The expected term of all options granted is in accordance with Staff Accounting Bulletins 107 and 110, which is based on the average between vesting terms and contractual terms as the Company had a limited history of option exercises prior to the middle of fiscal 2023. The expected dividend yield reflects the Company’s current and expected future policy for dividends on the Company’s common stock. For the years ended December 31, 2025, 2024 and 2023, the expected stock price volatility for the Company’s stock options was calculated by examining the historical volatility of the Company’s common stock since the stock became publicly traded in the fourth quarter of 2013.

The grant date fair values of stock options awarded during the years ended December 31, 2025, 2024 and 2023 were determined using the Black-Scholes option pricing model with the following assumptions:


	Year ended December 31,
	2025			2024			2023
Expected term		5.5 - 6.3 years			5.5 - 6.3 years			5.5 - 6.3 years
Volatility		66	%		66	%		68	%
Dividend yield		0.0			0.0			0.0
Risk-free interest rate		3.86-4.41%			4.16-4.39%			4.20-4.62%

The following table summarizes information about the Company’s stock options for the years ended December 31, 2025, 2024 and 2023:

	Shares			Weighted- Average Exercise Price
Options outstanding, vested and expected to vest at December 31, 2022		8,256,211		$	3.37
Forfeited		(99,345	)	$	2.73
Expired		(262,940	)	$	6.42
Granted		1,826,380		$	3.36
Exercised		(3,814,122	)	$	3.15
Options outstanding, vested and expected to vest at December 31, 2023		5,906,184		$	3.38
Forfeited		(30,094	)	$	3.36
Expired		(246,067	)	$	7.01
Granted		1,531,635		$	6.40
Exercised		(2,020,142	)	$	3.90
Options outstanding, vested and expected to vest at December 31, 2024		5,141,516		$	3.90
Forfeited		(68,812	)	$	2.90
Expired		(137,337	)	$	2.71
Granted		774,886		$	16.46
Exercised		(1,027,470	)	$	3.45
Options outstanding, vested and expected to vest at December 31, 2025		4,682,783		$	6.13

Options exercisable		2,762,135		$	3.98

As of December 31, 2025, the Company had $10.0 million of unrecognized compensation expense related to stock 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 following table summarizes additional information regarding outstanding and exercisable options under the stock option plans at December 31, 2025:





	Stock Options Outstanding								Stock Options Exercisable
Range of Exercise Prices	Options Outstanding		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Aggregate Intrinsic Value ($000's)		Options Outstanding		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Aggregate Intrinsic Value ($000's)
$1.10 - $1.67		713,790		5.8	$	1.58	$	10,599		636,185		6.1	$	1.59	$	11,220
$1.84 - $2.76		402,601		4.8	$	2.38	$	6,065		382,330		5.0	$	2.38	$	6,387
$2.83 - $4.245		1,368,176		5.8	$	3.45	$	14,345		970,193		5.5	$	3.43	$	19,684
$4.31 - $6.465		987,891		7.4	$	5.34	$	6,528		506,126		6.8	$	5.37	$	12,718
$6.54 - $9.81		300,328		8.3	$	6.54	$	1,464		125,136		8.3	$	6.54	$	3,514
$13.58 - $20.37		909,997		9.2	$	15.56	$	382		142,165		9.0	$	16.12	$	2,035
		4,682,783		6.8	$	3.98	$	39,383		2,762,135		6.1	$	6.19	$	55,558

Restricted Stock Units

The Company grants RSUs to certain employees and consultants of the Company and to members of its Board. The RSUs generally vest annually over a period of four years for employees and semi-annually over a period of one year for directors.

The following table summarizes information about the Company’s RSUs for the years ended December 31, 2025, 2024 and 2023:

	Shares			Weighted- Average Grant Date Fair Value
Balance at December 31, 2022		2,866,987		$	1.59
Granted		3,389,760		$	3.42
Vested		(1,199,445	)	$	1.63
Forfeited		(400,005	)	$	2.71
Balance at December 31, 2023		4,657,297		$	2.81
Granted		3,278,688		$	7.44
Vested		(1,886,463	)	$	2.50
Forfeited		(303,532	)	$	3.92
Balance at December 31, 2024		5,745,990		$	5.50
Granted		1,943,884		$	16.44
Vested		(1,875,027	)	$	5.24
Forfeited		(670,344	)	$	8.72
Balance at December 31, 2025		5,144,503		$	9.31

As of December 31, 2025, the Company had $37.0 million of unrecognized compensation expense related to unvested RSUs granted under the Company’s equity incentive plans, which is expected to be recognized over a weighted-average period of 2.8 years.

During the year ended December 31, 2024, three of the Company’s employees and one of the Company’s non-employee directors received modifications to their outstanding stock option and RSU awards in connection with their departure from the Company or transition from an employee to a consulting role (see Note 9). The modifications allowed, among other things, the former employees to continue to participate in the Company’s equity incentive plans with respect to certain of their outstanding awards when they would otherwise not be eligible to do so. In connection with these modifications, the Company recognized an aggregate of $2.5 million of additional compensation expense in the year ended December 31, 2024. Total stock-based compensation expense for all awards granted under the Company’s equity incentive plans for the years ended December 31, 2025, 2024 and 2023 was as follows (in thousands):


		Year Ended December 31,
		2025		2024		2023
	(in thousands)
Research and development		$	202	$	98	$	40
Plasma center operating expenses			419		184		146
Selling, general and administrative			16,101		11,720		5,331
Cost of product revenue			3,304		1,614		670
Total stock-based compensation expense		$	20,026	$	13,616	$	6,187

- Definition

The entire disclosure for equity.

+ References

+ Details

INCOME TAXES - Expiration of Federal Net Operating Loss (Details) - Federal [Member] $ in Thousands	Dec. 31, 2025 USD ($)
INCOME TAXES [Abstract]
Net operating loss carryforwards	$ 265,606
2031 [Member]
INCOME TAXES [Abstract]
Net operating loss carryforwards	2,409
2032 [Member]
INCOME TAXES [Abstract]
Net operating loss carryforwards	7,430
2033 [Member]
INCOME TAXES [Abstract]
Net operating loss carryforwards	11,295
2034 [Member]
INCOME TAXES [Abstract]
Net operating loss carryforwards	1,025
2035 [Member]
INCOME TAXES [Abstract]
Net operating loss carryforwards	1,025
2036 [Member]
INCOME TAXES [Abstract]
Net operating loss carryforwards	1,025
2037 [Member]
INCOME TAXES [Abstract]
Net operating loss carryforwards	9,157
Indefinite [Member]
INCOME TAXES [Abstract]
Net operating loss carryforwards	$ 232,240

NOTES PAYABLE - Summary of Outstanding Senior Notes Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
NOTES PAYABLE [Abstract]
Total debt	$ 72,143	$ 72,337
Less: current portion of long-term debt	(2,813)	0
Long-term debt	69,330	72,337
Ares Term Loan [Member]
NOTES PAYABLE [Abstract]
Senior notes payable before debt discount	0	32,500
Ares Revolving Credit Facility [Member]
NOTES PAYABLE [Abstract]
Senior notes payable before debt discount	0	42,500
JPM Term Loan [Member]
NOTES PAYABLE [Abstract]
Senior notes payable before debt discount	74,063	0
Less: Debt discount and issuance costs	(1,920)	$ (2,663)
Total debt	$ 74,063

- Definition

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.

+ References

+ Details

- Definition

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

+ References

+ Details

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 31, 2025
RELATED PARTY TRANSACTIONS [Abstract]
RELATED PARTY TRANSACTIONS	9. RELATED PARTY TRANSACTIONS The Company leases an office building and equipment from Areth, LLC (“Areth”) pursuant to an agreement for services effective as of January 1, 2016, as amended from time to time, and pays monthly rent on this facility in the amount of $10,000. On October 18, 2022, the Company amended the agreement to extend its term to December 31, 2026, with automatic successive one-year renewals thereafter. Either party may terminate the agreement by providing the other party with one year’s prior written notice. Rent expense for the years ended December 31, 2025, 2024 and 2023 amounted to $0.1 million. 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 years ended December 31, 2025, 2024, 2023. During the years ended December 31, 2025, 2024 and 2023, the Company purchased certain specialized equipment and repair services used for the collection and processing of source plasma from GenesisBPS and its affiliates (“Genesis”) in the amount of $0.1 million, $0.2 million and $0.4 million, respectively. Genesis was owned by Dr. Grossman and Adam Grossman until September 30, 2025. On November 19, 2024, the Company entered into an agreement with Bryant Fong whereby the Company agreed, in conjunction with Mr. Fong’s resignation from the Board, to immediately vest all of Mr. Fong’s 12,020 unvested RSUs. The agreement also extended the post-termination exercise period for his vested stock options from 90 days to two years (or earlier, if such options’ 10-year expiration date occurs sooner than November 19, 2026). All of Mr. Fong’s unvested stock options were forfeited in accordance with the terms of the 2022 Equity Plan. In connection with this modification of Mr. Fong’s equity awards, the Company recorded additional compensation expense of $0.3 million (see Note 8) in the year ended December 31, 2024. On April 1, 2024, the Company entered into a consulting agreement with Brian Lenz, the Company’s former Executive Vice President, Chief Financial Officer and General Manager, ADMA BioCenters, whereby Mr. Lenz’s outstanding equity awards were modified in connection with his transition to a consulting role. Under the terms of the consulting agreement, Mr. Lenz remained eligible to participate in the Company’s equity compensation plans with respect to continued vesting of the subject awards as set forth in the agreement. In addition, the post-termination exercise period for Mr. Lenz’s vested stock options was extended from 90 days to two years from the date of the consulting agreement (or earlier, if such options’ 10-year expiration date occurs sooner than March 31, 2026). In connection with this modification, the Company recorded $1.6 million of additional compensation expense for the year ended December 31, 2024. On August 15, 2023, two of the Company’s executive officers exercised options to purchase 2,909,721 shares of the Company’s common stock on a cashless basis, and 688,657 shares of common stock were issued to these executive officers, net of 257,867 shares of common stock to cover a portion of their tax liabilities.

- Definition

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.

+ References

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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Revenues	$ 510,173	$ 426,454	$ 258,215
Accounts receivable, allowances for contractual credits and credit losses	300	200
Goodwill	3,530	3,530
Impairment charges related to goodwill	0	0	0
Impairment of long-lived assets	$ 0	0	0
Amortization period	22 years
Customer payment term	90 days
Advertising and marketing expenses	$ 3,100	$ 2,700	$ 3,300
Potentially dilutive securities (in Shares)	0	0	23,066,387
Stock Options [Member]
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Equity incentive plans, vesting period	4 years
Equity incentive plans, term	10 years
Restricted Stock Units (RSUs) [Member]
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Equity incentive plans, vesting period	4 years
Buildings [Member]
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Useful life	30 years
Building Improvement [Member]
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Useful life	15 years
Minimum [Member]
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Useful life	3 years
Maximum [Member]
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Useful life	8 years
Accrual for U.S. Medicaid Rebates [Member]
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Revenues		$ 12,600

SEGMENTS (Details)	12 Months Ended
SEGMENTS (Details)	Dec. 31, 2025 Facility Segment
SEGMENTS [Abstract]
Number of FDA-licensed plasma collection facilities (in Facility) \| Facility	10
Number of reportable segments	2
Number of operating segments	2

LEASE OBLIGATIONS

12 Months Ended

Dec. 31, 2025

LEASE OBLIGATIONS [Abstract]

LEASE OBLIGATIONS

12.

LEASE OBLIGATIONS

The Company leases certain properties and equipment for its ADMA BioCenters and ADMA BioManufacturing subsidiaries, which leases provide the right to use the underlying assets and require lease payments through the respective lease terms which expire at various dates through 2033. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Upon adoption of ASU No. 2016-02, Leases (Topic 842) effective January 1, 2019, the Company elected the package of practical expedients, which permits the Company to not reassess under the new standard its prior conclusions about lease identification, lease classification and initial direct costs. In addition, the Company elected the short-term lease recognition exemption for qualifying leases.

The Company determines if an arrangement is an operating lease or a financing lease at inception. Leases with an initial term of 12 months or less are not recorded on the balance sheet and lease expense for such leases are recognized on a straight-line basis over the lease term. 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 estimated incremental borrowing rate as of the lease commencement date. There were no new material leases entered into during the years ended December 31, 2025 and December 31, 2024. For the lease liabilities recognized during the years ended December 31, 2023 and 2022, the Company used discount rates of 13% to 16%, representing a weighted average discount rate of 13.02%, to determine the present value of its lease obligations. The Company’s operating lease expense is recognized on a straight-line basis over the lease term and is reflected in plasma center operating expenses and selling, general and administrative expenses in the accompanying consolidated statements of operations. Aggregate lease expense for the Company’s operating leases for the years ended December 31, 2025, 2024 and 2023 was $2.4 million, $2.4 million and $2.4 million, respectively. Aggregate cash paid on these leases for the years ended December 31, 2025, 2024 and 2023 was $2.5 million, $2.4 million and $2.4 million, respectively.

The Company has aggregate lease liabilities of $7.7 million and $9.8 million as of December 31, 2025 and 2024, respectively, which are primarily comprised primarily of leases for the Company’s plasma collection centers. The Company’s operating leases have a weighted average remaining term of 5.77 years. Scheduled payments under the Company’s lease obligations are as follows (in thousands):


Year ending December 31, 2026		1,986
2027		1,947
2028		1,972
2029		1,896
2030		1,561
2031		1,008
Thereafter		445
Total payments		10,815
Less: imputed interest		(3,073	)
Current portion		(1,096	)
Balance at December 31, 2025	$	6,646

As of December 31, 2025, certain of the Company’s right-of-use assets and lease liabilities were classified as held for sale. Refer to Note 5 for more information.

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2025
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	17. SUBSEQUENT EVENTS In February 2026, we completed the sale of the Maryville Center and the Knoxville Center. Closing of the remaining third center included in the Disposal Group, the Laurel Center, is expected to take place in the first quarter of 2026. We anticipate recognizing a gain of approximately $8.0 million upon the finalization of the sale of the Disposal Group. Refer to Note 5 for further information.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 146,930	$ 197,673	$ (28,239)

- Definition

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

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+ Details

ASSETS AND LIABILITIES HELD FOR SALE - Assets and Liabilities Held for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets held for sale:
Right-of-use assets	$ 2,238
Property and equipment, net	4,233
Other assets	59
Total	6,530
Liabilities held for sale:
Lease obligations	2,647
Total	$ 2,647	$ 0

- Definition

Amount classified as liabilities attributable to disposal group held for sale or disposed of, expected to be disposed of within one year or the normal operating cycle, if longer.

+ References + Details

INCOME TAXES - Income Before Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
INCOME TAXES [Abstract]
Domestic	$ 182,656	$ 125,714	$ (28,239)
Foreign	0	0	0
INCOME (LOSS) BEFORE INCOME TAXES	$ 182,656	$ 125,714	$ (28,239)

- Definition

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+ Details

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands				3 Months Ended		12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Oct. 01, 2024 Term Liter	Aug. 06, 2024 Liter	Jun. 19, 2023 Batch	Mar. 18, 2025 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2025 USD ($) Facility	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
COMMITMENTS AND CONTINGENCIES [Abstract]
Number of batches in production at the time of disruption (in Batch) \| Batch			2
Non recurring charge of inventory					$ 2,100
Impact of operating expenses					$ 700	$ 4,836	$ 4,245	$ 4,266
Restoration costs received							200	200
Proceeds on business interruption loss coverage				$ 400
Volume supplied period						12 months
Plasma supply agreement term						10 years
Amount of expenses to complete studies						$ 4,762	1,813	3,300
A&R Grifols Agreement [Member]
COMMITMENTS AND CONTINGENCIES [Abstract]
Agreement term expiring date						Sep. 30, 2039
Number of renewal terms (in Term) \| Term	2
Volume supplied period						12 months
Increase in minimum annual price, term						12 months
KEDPlasma Agreement [Member]
COMMITMENTS AND CONTINGENCIES [Abstract]
Agreement term expiring date						Jul. 31, 2031
Volume supplied period						12 months
Plasma purchase agreement renewal period						5 years
Maximum [Member]
COMMITMENTS AND CONTINGENCIES [Abstract]
IT technology systems inaccessible period			7 days
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 Liter) \| Liter	35,000
Minimum [Member] \| KEDPlasma Agreement [Member]
COMMITMENTS AND CONTINGENCIES [Abstract]
Quantity of RSV plasma used (in Liter) \| Liter		35,000
ASCENIV [Member]
COMMITMENTS AND CONTINGENCIES [Abstract]
Amount of expenses to complete studies						$ 900	1,200	1,000
BIVIGAM [Member]
COMMITMENTS AND CONTINGENCIES [Abstract]
Amount of expenses to complete studies						$ 0	$ 0	$ 1,700

INCOME TAXES - Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
INCOME TAXES [Abstract]
Federal and state net operating loss carryforwards	$ 64,432	$ 65,615
Interest expense limitation carryforwards	3,328	13,604
Inventory	3,978	3,911
Stock-based compensation	3,923	2,523
Lease obligations	2,392	2,549
Accrued expenses and other	4,316	5,779
Total deferred tax assets	82,369	93,981
Deferred tax liabilities:
Depreciation of property and equipment	(6,270)	(6,166)
Right-of-use assets	(2,047)	(2,247)
Other deferred tax liabilities	(791)	(1,288)
Total deferred tax liabilities	(9,108)	(9,701)
Net deferred tax assets	$ 73,261	$ 84,280

STOCKHOLDERS' EQUITY - Schedule of Option Activity (Details) - Stock Options [Member] - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
STOCKHOLDERS EQUITY [Abstract]
Options outstanding, vested and expected to vest, beginning balance (in Shares)	5,141,516	5,906,184	8,256,211
Options outstanding, vested and expected to vest, beginning balance (in Dollars per share)	$ 3.9	$ 3.38	$ 3.37
Forfeited (in Shares)	(68,812)	(30,094)	(99,345)
Forfeited (in Dollars per share)	$ 2.9	$ 3.36	$ 2.73
Expired (in Shares)	(137,337)	(246,067)	(262,940)
Expired (in Dollars per share)	$ 2.71	$ 7.01	$ 6.42
Granted (in Shares)	774,886	1,531,635	1,826,380
Granted (in Dollars per share)	$ 16.46	$ 6.4	$ 3.36
Exercised (in Shares)	(1,027,470)	(2,020,142)	(3,814,122)
Exercised (in Dollars per share)	$ 3.45	$ 3.9	$ 3.15
Options outstanding, vested and expected to vest, ending balance (in Shares)	4,682,783	5,141,516	5,906,184
Options outstanding, vested and expected to vest, ending balance (in Dollars per share)	$ 6.13	$ 3.9	$ 3.38
Options exercisable (in Shares)	2,762,135
Options exercisable (in Dollars per share)	$ 3.98

LEASE OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2025

LEASE OBLIGATIONS [Abstract]

Payments Under Lease Obligations

The Company’s operating leases have a weighted average remaining term of 5.77 years. Scheduled payments under the Company’s lease obligations are as follows (in thousands):


Year ending December 31, 2026		1,986
2027		1,947
2028		1,972
2029		1,896
2030		1,561
2031		1,008
Thereafter		445
Total payments		10,815
Less: imputed interest		(3,073	)
Current portion		(1,096	)
Balance at December 31, 2025	$	6,646

INCOME TAXES (Details) - USD ($)	12 Months Ended
INCOME TAXES (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
INCOME TAXES [Abstract]
Net operating loss carryforwards, expiration	Dec. 31, 2031
Unrecognized tax benefits	$ 0	$ 0
Federal [Member]
INCOME TAXES [Abstract]
Net operating loss carryforwards	265,606,000
State [Member]
INCOME TAXES [Abstract]
Net operating loss carryforwards	176,900,000
Tax Year 2031 - 2037 [Member] \| Federal [Member]
INCOME TAXES [Abstract]
Net operating loss carryforwards	33,400,000
Tax Year 2031 - 2037 [Member] \| State [Member]
INCOME TAXES [Abstract]
Net operating loss carryforwards	$ 46,800,000

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Auditor [Table]
Auditor Name	KPMG LLP
Auditor Firm ID	185
Auditor Location	Stamford, Connecticut

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy We recognize the importance of managing the material risks of cybersecurity threats, and we have implemented processes for identifying and assessing cybersecurity risks and incidents. We have also integrated these processes into our overall risk management system, including senior management’s periodic reviews of cybersecurity risks or threats. Senior management oversees and works closely with our IT department to continuously review and evaluate cybersecurity risks in alignment with our business goals and needs. With respect to cybersecurity risks and threats, we utilize various third-party consultants and advisors to assist us with regular reviews, internal audits and best practices, including threat prevention and detection, security reviews and enhancements, penetration testing and full scope IT audits. ADMA also has strict processes in place for the review of third-party service providers engaged, including thorough security assessments before engagement and annual monitoring of their IT environments and controls.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have also integrated these processes into our overall risk management system, including senior management’s periodic reviews of cybersecurity risks or threats. Senior management oversees and works closely with our IT department to continuously review and evaluate cybersecurity risks in alignment with our business goals and needs.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance Our President and Chief Executive Officer and Chief Operating Officer are primarily responsible for timely updating the Board and Audit Committee about any material cybersecurity incidents or threats or any cybersecurity related issues worthy of their attention. Our Board has designated the Audit Committee as the primary committee responsible for overseeing, reviewing and managing cybersecurity risks and threats at ADMA. The Audit Committee is comprised of Board members with diverse experience in healthcare, finance and information technology, enabling them to effectively oversee cybersecurity risks and threats. Our management team, with assistance from third-party consultants or advisors as appropriate, provides quarterly updates regarding cybersecurity risks and threats to the Audit Committee and ad hoc updates or communications are provided to the entire Board as needed. The IT Operations team is primarily responsible for the timely identification, review, severity assessment and management of cybersecurity incidents. In the event of a cybersecurity incident, the IT Department leadership follows the procedures outlined in our Cybersecurity Incident Response Policy and works closely with management to form a Security Incident Response Team comprised of members from the appropriate functional teams. In accordance with this policy, senior management will also communicate the occurrence of any significant cybersecurity incidents to our Board, Audit Committee and auditors on a timely basis and will keep them informed of the remediation plans and progress. We maintain cybersecurity insurance coverage in an amount appropriate for our risk profile. We also conduct mandatory cybersecurity training for employees annually, and all new hires are required to complete cybersecurity training within 90 days of receiving their Company computer. Periodically, management conducts simulated phishing exercises to evaluate the effectiveness of its training programs. Employees who fall victim to these simulations may be required to participate in additional remedial cybersecurity training. Employees within our IT Department receive ongoing cybersecurity awareness communications, including monthly newsletters highlighting emerging cybersecurity threats and developments, as well as targeted communications as appropriate. Separately, the IT Department periodically conducts cybersecurity tabletop exercises with assistance from third-party experts. Lessons learned from these exercises are incorporated into management’s ongoing assessment of cybersecurity risks and mitigation strategies. In addition, members of the IT Department maintain industry recognized certifications related to cybersecurity, threat detection, and incident management. The Company also supports ongoing development by enabling IT personnel to participate in industry-led conferences and forums to stay informed of evolving cybersecurity trends, threats, and best practices. Insights gained through these activities are considered as part of ADMA’s broader cybersecurity risk management program.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board has designated the Audit Committee as the primary committee responsible for overseeing, reviewing and managing cybersecurity risks and threats at ADMA.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The Audit Committee is comprised of Board members with diverse experience in healthcare, finance and information technology, enabling them to effectively oversee cybersecurity risks and threats.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our management team, with assistance from third-party consultants or advisors as appropriate, provides quarterly updates regarding cybersecurity risks and threats to the Audit Committee and ad hoc updates or communications are provided to the entire Board as needed.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The IT Operations team is primarily responsible for the timely identification, review, severity assessment and management of cybersecurity incidents.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The IT Operations team is primarily responsible for the timely identification, review, severity assessment and management of cybersecurity incidents. In the event of a cybersecurity incident, the IT Department leadership follows the procedures outlined in our Cybersecurity Incident Response Policy and works closely with management to form a Security Incident Response Team comprised of members from the appropriate functional teams. In accordance with this policy, senior management will also communicate the occurrence of any significant cybersecurity incidents to our Board, Audit Committee and auditors on a timely basis and will keep them informed of the remediation plans and progress.
Cybersecurity Risk Role of Management [Text Block]	The IT Operations team is primarily responsible for the timely identification, review, severity assessment and management of cybersecurity incidents. In the event of a cybersecurity incident, the IT Department leadership follows the procedures outlined in our Cybersecurity Incident Response Policy and works closely with management to form a Security Incident Response Team comprised of members from the appropriate functional teams. In accordance with this policy, senior management will also communicate the occurrence of any significant cybersecurity incidents to our Board, Audit Committee and auditors on a timely basis and will keep them informed of the remediation plans and progress. We maintain cybersecurity insurance coverage in an amount appropriate for our risk profile. We also conduct mandatory cybersecurity training for employees annually, and all new hires are required to complete cybersecurity training within 90 days of receiving their Company computer. Periodically, management conducts simulated phishing exercises to evaluate the effectiveness of its training programs. Employees who fall victim to these simulations may be required to participate in additional remedial cybersecurity training. Employees within our IT Department receive ongoing cybersecurity awareness communications, including monthly newsletters highlighting emerging cybersecurity threats and developments, as well as targeted communications as appropriate. Separately, the IT Department periodically conducts cybersecurity tabletop exercises with assistance from third-party experts. Lessons learned from these exercises are incorporated into management’s ongoing assessment of cybersecurity risks and mitigation strategies. In addition, members of the IT Department maintain industry recognized certifications related to cybersecurity, threat detection, and incident management. The Company also supports ongoing development by enabling IT personnel to participate in industry-led conferences and forums to stay informed of evolving cybersecurity trends, threats, and best practices. Insights gained through these activities are considered as part of ADMA’s broader cybersecurity risk management program.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

INVENTORIES

12 Months Ended

Dec. 31, 2025

INVENTORIES [Abstract]

INVENTORIES

The following table provides the components of inventories:

	December 31, 2025		December 31, 2024
	(in thousands)
Raw materials	$	96,612	$	60,473
Work-in-process		57,798		61,641
Finished goods		52,055		48,121
Total inventories, net	$	206,465	$	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 products expected to be available for sale or otherwise have alternative uses that provide a probable future benefit.

Work-in-process inventory primarily consists of the Company’s IVIG products that are manufactured to the bulk drug substance and unlabeled filled vials stage of production.

Finished goods inventory is comprised of the Company’s immunoglobulin products that have reached the filled, labeled and serialized vial stage of production and related intermediates that are available for commercial sale, as well as plasma collected at the Company’s plasma collection centers which is expected to be sold to third-party customers.

SEGMENTS - Net Revenues According to Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SEGMENTS [Abstract]
Revenues	$ 510,173	$ 426,454	$ 258,215
United States [Member]
SEGMENTS [Abstract]
Revenues	504,067	410,148	244,881
International [Member]
SEGMENTS [Abstract]
Revenues	6,106	16,306	13,334
Operating Segments [Member]
SEGMENTS [Abstract]
Revenues	510,030	426,311	258,072
Operating Segments [Member] \| United States [Member]
SEGMENTS [Abstract]
Revenues	503,924	410,005	244,738
Operating Segments [Member] \| International [Member]
SEGMENTS [Abstract]
Revenues	6,106	16,306	13,334
Reconciling Item [Member]
SEGMENTS [Abstract]
Revenues	143	143	143
Reconciling Item [Member] \| United States [Member]
SEGMENTS [Abstract]
Revenues	143	143	143
Reconciling Item [Member] \| International [Member]
SEGMENTS [Abstract]
Revenues	0	0	0
ADMA BioManufacturing [Member]
SEGMENTS [Abstract]
Revenues	493,143	415,949	249,881
ADMA BioManufacturing [Member] \| Operating Segments [Member]
SEGMENTS [Abstract]
Revenues	493,000	415,806	249,738
ADMA BioManufacturing [Member] \| Operating Segments [Member] \| United States [Member]
SEGMENTS [Abstract]
Revenues	489,016	400,336	237,454
ADMA BioManufacturing [Member] \| Operating Segments [Member] \| International [Member]
SEGMENTS [Abstract]
Revenues	3,984	15,470	12,284
Plasma Collection Centers [Member]
SEGMENTS [Abstract]
Revenues	17,030	10,505	8,334
Plasma Collection Centers [Member] \| Operating Segments [Member]
SEGMENTS [Abstract]
Revenues	17,030	10,505	8,334
Plasma Collection Centers [Member] \| Operating Segments [Member] \| United States [Member]
SEGMENTS [Abstract]
Revenues	14,908	9,669	7,284
Plasma Collection Centers [Member] \| Operating Segments [Member] \| International [Member]
SEGMENTS [Abstract]
Revenues	$ 2,122	$ 836	$ 1,050

- Definition

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SEGMENTS

12 Months Ended

Dec. 31, 2025

SEGMENTS [Abstract]

SEGMENTS

13.

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 holding 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. The Corporate information included in the reconciliations below generally consists of certain unallocated general and administrative overhead expenses and interest expense on the Company’s senior debt (see Note 7). 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. Transactions between the two operating segments consist solely of the transfer of raw material plasma inventory at cost from the Plasma Collection Centers segment to the ADMA BioManufacturing segment with no markup or intercompany profit. Income tax benefit/expense is recorded in the Corporate entity and is not allocated to the operating segments. Summarized financial information concerning reportable segments is shown in the following tables:

Year Ended December 31, 2025
(in thousands)	ADMA BioManufacturing			Plasma Collection Centers			Total
Revenues	$	493,000		$	17,030		$	510,030

Cost of product revenue		199,860			17,548			217,408

Research and development		4,762			-			4,762

Plasma center operating expenses		-			4,836			4,836

Selling, marketing and distribution		24,507			-			24,507

Depreciation and amortization expense		4,905			3,192			8,097

General and administrative expense		32,879			-			32,879

Other expense, net		(202	)		(10	)		(212	)

Income (loss) before taxes		230,646			(5,364	)		225,282

Expenditures for additions to long-lived assets		22,384			507			22,891
Total assets		441,512			28,494			470,006

Reconciliation of revenues:
Segment revenue							$	510,030
License revenue (see Note 2 - Revenue Recognition)								143
Consolidated revenues							$	510,173

Reconciliation of selling, general and administrative expense:
Segment selling, marketing and distribution expense							$	24,507
Segment general and administrative expense								32,879
Corporate general and administrative expense (a)								34,194
Consolidated selling, general and administrative expense							$	91,580

Reconciliation of income before taxes:
Segment income before taxes							$	225,282
License revenue								143
Unallocated interest expense, primarily related to interest on senior debt (see Note 7)								(7,110	)
Loss on extinguishment of debt (see Note 7)								(3,336	)
Unallocated interest income								1,871
Corporate general and administrative expense (a)								(34,194	)
Consolidated income before taxes							$	182,656

Reconciliation of total assets:
Total segment assets							$	470,006
Corporate (b)								154,236
Consolidated total assets							$	624,242


(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.


Year Ended December 31, 2024
(in thousands)	ADMA BioManufacturing			Plasma Collection Centers			Total
Revenues	$	415,806		$	10,505		$	426,311

Cost of product revenue		195,605			11,296			206,901

Research and development		1,813			-			1,813

Plasma center operating expenses		-			4,245			4,245

Selling, marketing and distribution		18,683			-			18,683

Depreciation and amortization expense		4,827			3,218			8,045

General and administrative expense		26,001			-			26,001

Other expense, net		(178	)		(5	)		(183	)

Income (loss) before taxes		173,138			(5,041	)		168,097

Expenditures for additions to long-lived assets		8,352			223			8,575
Total assets		289,297			30,477			319,774

Reconciliation of revenues:
Segment revenue							$	426,311
License revenue (see Note 2 - Revenue Recognition)								143
Consolidated revenues							$	426,454

Reconciliation of selling, general and administrative expense:
Segment selling, marketing and distribution expense							$	18,683
Segment general and administrative expense								26,001
Corporate general and administrative expense (a)								29,440
Consolidated selling, general and administrative expense							$	74,124

Reconciliation of income before taxes:
Segment income before taxes							$	168,097
License revenue								143
Unallocated interest expense, primarily related to interest on senior debt (see Note 7)								(13,930	)
Loss on extinguishment of debt (see Note 7)								(1,243	)
Unallocated interest income								2,087
Corporate general and administrative expense (a)								(29,440	)
Consolidated income before taxes							$	125,714

Reconciliation of total assets:
Total segment assets							$	319,774
Corporate (b)								168,904
Consolidated total assets							$	488,678


(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.


Year Ended December 31, 2023
(in thousands)	ADMA BioManufacturing		Plasma Collection Centers			Total
Revenues	$	249,738	$	8,334		$	258,072

Cost of product revenue		161,157		8,116			169,273

Research and development		3,300		-			3,300

Plasma center operating expenses		-		4,266			4,266

Selling, marketing and distribution		18,407		-			18,407

Depreciation and amortization expense		5,156		3,176			8,332

General and administrative expense		18,625		-			18,625

Income (loss) before taxes		47,267		(4,049	)		43,218

Expenditures for additions to long-lived assets		2,952		1,819			4,771
Total assets		246,719		34,733			281,452

Reconciliation of revenues:
Segment revenue						$	258,072
License revenue (see Note 2 - Revenue Recognition)							143
Consolidated revenues						$	258,215

Reconciliation of selling, general and administrative expense:
Segment selling, marketing and distribution expense						$	18,407
Segment general and administrative expense							18,625
Corporate general and administrative expense (a)							21,988
Consolidated selling, general and administrative expense						$	59,020

Reconciliation of loss before taxes:
Segment income before taxes						$	43,218
License revenue							143
Unallocated interest expense, primarily related to interest on senior debt (see Note 7)							(25,027	)
Loss on extinguishment of debt (see Note 7)							(26,174	)
Unallocated interest income							1,589
Corporate general and administrative expense (a)							(21,988	)
Consolidated loss before taxes						$	(28,239	)

Reconciliation of total assets:
Total segment assets						$	281,452
Corporate (b)							47,730
Consolidated total assets						$	329,182


(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.

Net revenues according to geographic area, based on the location of where the product is shipped, are as follows (in thousands):


	Year Ended December 31, 2025
	ADMA BioManufacturing		Plasma Centers		Total Segment Revenue		License Revenue		Consolidated Revenue
United States	$	489,016	$	14,908	$	503,924	$	143	$	504,067
International		3,984		2,122		6,106		-		6,106
Total revenues	$	493,000	$	17,030	$	510,030	$	143	$	510,173


	Year Ended December 31, 2024
	ADMA BioManufacturing		Plasma Centers		Total Segment Revenue		License Revenue		Consolidated Revenue
United States	$	400,336	$	9,669	$	410,005	$	143	$	410,148
International		15,470		836		16,306		-		16,306
Total revenues	$	415,806	$	10,505	$	426,311	$	143	$	426,454


	Year Ended December 31, 2023
	ADMA BioManufacturing		Plasma Centers		Total Segment Revenue		License Revenue		Consolidated Revenue
United States	$	237,454	$	7,284	$	244,738	$	143	$	244,881
International		12,284		1,050		13,334		-		13,334
Total revenues	$	249,738	$	8,334	$	258,072	$	143	$	258,215

Net revenues, disaggregated by product, are as follows:


		Year Ended December 31,
		2025		2024		2023
	(in thousands)
ASCENIV		$	362,531	$	239,594	$	92,592
BIVIGAM			122,033		142,357		140,212
Intermediates and other (1)			8,579		33,998		17,077
ADMA BioManufacturing			493,143		415,949		249,881

Plasma Collection Centers			17,030		10,505		8,334
Total		$	510,173	$	426,454	$	258,215

⁽¹⁾ Due to Nabi-HB historically representing less than 10% of the Company’s revenue within the ADMA BioManufacturing segment, it has been included under intermediates and other.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

INCOME TAXES [Abstract]

Income Before Provision for Income Taxes

Income (loss) before provision for income taxes was as follows:


		Year Ended December 31,
			2025		2024		2023
	(in thousands)
Domestic		$	182,656	$	125,714	$	(28,239	)
Foreign			-		-		-
Income (loss) before income taxes		$	182,656	$	125,714	$	(28,239	)

Income Tax Expense (Benefit)

The components of the Company’s income tax expense (benefit) are as follows:


		Year Ended December 31,
		2025		2024			2023
	(in thousands)
Current:
Federal		$	21,926	$	10,434		$	-
State			2,780		1,887			-
Total current			24,706		12,321			-
Deferred:
Federal			9,383		(72,858	)		-
State			1,637		(11,422	)		-
Total deferred			11,020		(84,280	)		-
Total income tax expense (benefit)		$	35,726	$	(71,959	)	$	-

Reconciliation of Income Taxes

The following table is a reconciliation of the U.S. federal statutory rate to the Company’s effective rate for the year ended December 31, 2025 in accordance with the guidance in ASU No. 2023-09:

	Amount			Percent
		(in thousands)
Tax expense at U.S. federal statutory rate	$	38,358			21.0	%
State taxes, net of federal benefit (1)		3,834			2.1	%
Nontaxable or Nondeductible Items
Nondeductible executive compensation		2,799			1.5	%
Excess tax benefits related to stock-based compensation		(7,998	)		-4.3	%
Tax credits		(1,883	)		-1.0	%
Change in valuation allowance		-			0.0	%
Other Adjustments
Other		616			0.3	%
Income tax expense	$	35,726			19.6	%

⁽¹⁾

State taxes in Florida, Georgia, Illinois and North Carolina made up the majority (greater than 50%) of the tax effect in this category.


	Years Ended December 31,
		2024			2023
	(in thousands)
Tax expense (benefit) at U.S. federal statutory rate	$	26,400		$	(5,930	)
State taxes, net of federal benefit		(9,931	)		(763	)
Non-deductible executive compensation		4,340			983
Excess tax benefits related to stock-based compensation		(5,661	)		-
Change in valuation allowance		(87,969	)		4,696
Other		862			1,014
Income tax benefit	$	(71,959	)	$	-

Cash Income Taxes Paid

The amounts of cash income taxes paid by the Company during the year ended December 31, 2025 were as follows:

	Amount		Percent
		(in thousands)
Federal	$	17,590		89.4	%
State and Local		2,093		10.6	%
Total	$	19,683		100.0	%

Deferred Tax Assets

The significant components of the Company’s net deferred tax assets are as follows:


		Year Ended December 31,
			2025			2024
Deferred tax assets:	(in thousands)
Federal and state net operating loss carryforwards		$	64,432		$	65,615
Interest expense limitation carryforwards			3,328			13,604
Inventory			3,978			3,911
Stock-based compensation			3,923			2,523
Lease obligations			2,392			2,549
Accrued expenses and other			4,316			5,779
Total deferred tax assets			82,369			93,981
Deferred tax liabilities:
Depreciation of property and equipment			(6,270	)		(6,166	)
Right-of-use assets			(2,047	)		(2,247	)
Other deferred tax liabilities			(791	)		(1,288	)
Total deferred tax liabilities			(9,108	)		(9,701	)
Net deferred tax assets		$	73,261		$	84,280

Expiration of Federal Net Operating Loss

The annual amount of Federal NOLs that expire each year is as follows (in thousands):

Expiration Date	Remaining Available
2031	$	2,409
2032		7,430
2033		11,295
2034		1,025
2035		1,025
2036		1,025
2037		9,157
Indefinite		232,240
Total	$	265,606

NOTES PAYABLE (Details) - USD ($) $ in Thousands							12 Months Ended
NOTES PAYABLE (Details) - USD ($) $ in Thousands	Aug. 05, 2025	May 06, 2025	May 05, 2025	Dec. 19, 2024	Aug. 14, 2024	Dec. 18, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
NOTES PAYABLE [Abstract]
Loss on extinguishment of debt							$ (3,336)	$ (1,243)	$ (26,174)
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]						SOFR
Ares Credit Facility [Member]
NOTES PAYABLE [Abstract]
Ares revolving facility payments							72,500	0	0
Ares revolving facility proceeds							30,000	0	0
Ares Term Loan [Member]
NOTES PAYABLE [Abstract]
Senior notes payable before debt discount							0	32,500
Revolving Credit Facility [Member]
NOTES PAYABLE [Abstract]
Senior notes payable before debt discount							0	42,500
JPM Term Loan [Member]
NOTES PAYABLE [Abstract]
Senior notes payable before debt discount							74,063	0
Less: Debt discount							$ 1,920	$ 2,663
Ares Credit Agreement [Member] \| Ares Credit Facility [Member]
NOTES PAYABLE [Abstract]
Senior notes payable before debt discount						$ 135,000
Maturity date							Dec. 20, 2027
Aggregate principal amount revolving credit facility					$ 30,000		$ 36,250
Unused commitment fee								0.50%
Scheduled principal payments						0
Number of business days for prior written notice							3 days
Prepayments of premium						0
Ares Credit Agreement [Member] \| Hayfin Credit Facility [Member]
NOTES PAYABLE [Abstract]
Outstanding principal amount						158,600
Prepayment penalty						11,100
Exit fee						1,600
Less: Debt discount						$ 15,000
Loss on extinguishment of debt									$ (26,200)
Ares Credit Agreement [Member] \| Prepaid on or Prior to First Anniversary [Member]
NOTES PAYABLE [Abstract]
Percentage of prepaid principal amount						1.50%
Ares Credit Agreement [Member] \| Prepaid after the First Anniversary [Member]
NOTES PAYABLE [Abstract]
Percentage of prepaid principal amount						1.50%
Ares Credit Agreement [Member] \| Prepaid on or Prior to Third Anniversary [Member]
NOTES PAYABLE [Abstract]
Percentage of prepaid principal amount						1.00%
Ares Credit Agreement [Member] \| Ares Term Loan [Member]
NOTES PAYABLE [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%
Ares revolving facility payments		$ 30,000
Ares Credit Agreement [Member] \| Revolving Credit Facility [Member]
NOTES PAYABLE [Abstract]
Senior notes payable before debt discount						$ 72,500	$ 72,500	$ 42,500
Repayment of revolving credit facility					$ 30,000
Term of variable rate							3 months
Number of business days						2 days
Applicable margin						3.75%
Interest rate								8.34%
Ares revolving facility proceeds			$ 30,000
Ares Credit Agreement [Member] \| Term Loan [Member]
NOTES PAYABLE [Abstract]
Senior notes payable before debt discount								$ 32,500
Prepayment penalty				$ 500
Less: Debt discount				800
Loss on extinguishment of debt				(1,200)
Repayment of revolving credit facility				$ 30,000
JPM Credit Agreement [Member]
NOTES PAYABLE [Abstract]
Loss on extinguishment of debt							$ (3,300)
Leverage ratio, maximum	2.50%
Minimum fixed charge coverage ratio	1.20%
JPM Credit Agreement [Member] \| JPM Credit Facilities [Member]
NOTES PAYABLE [Abstract]
Senior notes payable before debt discount	$ 300,000
Interest rate	2.00%
JPM Credit Agreement [Member] \| Revolving Credit Facility [Member]
NOTES PAYABLE [Abstract]
Senior notes payable before debt discount	$ 225,000
Aggregate principal amount revolving credit facility							$ 0
Line of credit outstanding balance amount	0
JPM Credit Agreement [Member] \| JPM Term Loan [Member]
NOTES PAYABLE [Abstract]
Senior notes payable before debt discount	$ 75,000
Maturity date							Aug. 05, 2028
Interest rate							6.42%
Minimum [Member] \| Ares Credit Agreement [Member] \| Revolving Credit Facility [Member]
NOTES PAYABLE [Abstract]
Revolving facility percentage						50.00%
Minimum [Member] \| JPM Credit Agreement [Member] \| Alternate Base Rate [Mmember]
NOTES PAYABLE [Abstract]
Basis spread on interest rates	150.00%
Minimum [Member] \| JPM Credit Agreement [Member] \| Term SOFR [Member]
NOTES PAYABLE [Abstract]
Basis spread on interest rates	250.00%
Minimum [Member] \| JPM Credit Agreement [Member] \| Revolving Credit Facility [Member]
NOTES PAYABLE [Abstract]
Basis spread on interest rates	30.00%
Maximum [Member] \| JPM Credit Agreement [Member] \| JPM Credit Facilities [Member]
NOTES PAYABLE [Abstract]
Senior notes payable before debt discount	$ 100,000
Maximum [Member] \| JPM Credit Agreement [Member] \| Alternate Base Rate [Mmember]
NOTES PAYABLE [Abstract]
Basis spread on interest rates	200.00%
Maximum [Member] \| JPM Credit Agreement [Member] \| Term SOFR [Member]
NOTES PAYABLE [Abstract]
Basis spread on interest rates	300.00%
Maximum [Member] \| JPM Credit Agreement [Member] \| Revolving Credit Facility [Member]
NOTES PAYABLE [Abstract]
Basis spread on interest rates	35.00%

PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2025

PROPERTY AND EQUIPMENT [Abstract]

Property and Equipment

Property and equipment at December 31, 2025 and 2024 is summarized as follows:

		December 31, 2025			December 31, 2024
	(in thousands)
Manufacturing and laboratory equipment		$	28,119			$	21,305
Office equipment and computer software			6,307				5,772
Furniture and fixtures			5,614				5,840
Construction in process			8,457				8,149
Leasehold improvements			14,983				21,066
Land			13,039				4,339
Buildings and building improvements			26,886				21,788
			103,405				88,259
Less: Accumulated depreciation			(38,348	)			(33,552	)
Total property and equipment, net		$	65,057			$	54,707

NOTES PAYABLE

12 Months Ended

Dec. 31, 2025

NOTES PAYABLE [Abstract]

NOTES PAYABLE

A summary of outstanding senior notes payable is as follows:

		December 31, 2025			December 31, 2024
	(in thousands)
Ares term loan		$	-		$	32,500
Ares revolving credit facility			-			42,500
JPM term loan			74,063			-
Less: Debt discount and issuance costs			(1,920	)		(2,663	)
Total debt			72,143			72,337
Less: current portion of long-term debt			(2,813	)		-
Long-term debt		$	69,330		$	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”). On the Ares Closing Date, the Company used the proceeds from the Ares Loans, along with a portion of its existing cash on hand, to terminate and pay in full all of the outstanding obligations under the Company’s previous senior credit facility (the “Hayfin Credit Facility”) with Hayfin Services LLP (“Hayfin”) including the outstanding principal in the amount of $158.6 million, a prepayment penalty in the amount $11.1 million, an exit fee of $1.6 million, all accrued and unpaid interest outstanding on the Hayfin Credit Facility as of the Ares Closing date, as well as certain fees and expenses related thereto. In connection with the payoff and termination of the Hayfin Credit Facility, the Company also wrote off $15.0 million of unamortized debt discount related to the Hayfin Credit Facility. As a result of this transaction, during the year ended December 31, 2023, the Company recorded a total loss on the extinguishment in the amount of $26.2 million.

On August 14, 2024, the Company repaid $30.0 million against the Ares revolving credit facility and the outstanding balance on the Ares revolving credit facility as of December 31, 2024, was $42.5 million, with an additional $30.0 million of availability through the Ares Maturity Date. The Company was required to pay an unused commitment fee of 0.5% per annum for this availability.

On December 19, 2024, the Company repaid $30.0 million against the Ares term loan and the outstanding balance on the Ares term loan as of December 31, 2024 was $32.5 million. In connection with the repayment against the term loan, during the year ended December 31, 2024, the Company recognized a loss on extinguishment of debt in the approximate amount of $1.2 million, which is comprised of a prepayment penalty in the amount of $0.5 million and a partial write-off of unamortized discount attributable to the term loan in the amount of $0.8 million.

Borrowings under the Ares 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 Ares 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 Ares term loan was approximately 10.85%, and the interest rate on the Ares 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 Ares term loan using a draw of $30.0 million against the Ares revolving credit facility made in May 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. As a result of the aforementioned transactions, during the year ended December 31, 2025, the Company recognized debt extinguishment losses of $3.3 million.

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 accrues 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 December 31, 2025, the interest rate on the JPM Term Loan Facility was approximately 6.42%. No borrowings were outstanding under the JPM Revolving Facility as of December 31, 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 dividend payments and other 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.

Debt maturities over the next five years are as follows (in thousands):

Fiscal year	Amount
2026	$	2,813
2027		4,688
2028		66,562
2029		-
2030		-
Total	$	74,063

As of December 31, 2025, the Company was in compliance with all of its debt covenants in the JPM Credit Agreement.

STOCKHOLDERS' EQUITY - Summary of Outstanding and Exercisable Options by Price Range (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares shares
STOCKHOLDERS EQUITY [Abstract]
Outstanding at beginning of period (in Shares) \| shares	4,682,783
Weighted average remaining contractual life of stock options, outstanding	6 years 9 months 18 days
Options outstanding, weighted average exercise price (in Dollars per share)	$ 3.98
Options outstanding, aggregate intrinsic value (in Dollars) \| $	$ 39,383
Options exercisable (in Shares) \| shares	2,762,135
Weighted average remaining contractual life of stock options, exercisable	6 years 1 month 6 days
Options exercisable, weighted average exercise price (in Dollars per share)	$ 6.19
Options exercisable, aggregate intrinsic value (in Dollars) \| $	$ 55,558
$1.10 - $1.67 [Member]
STOCKHOLDERS EQUITY [Abstract]
Exercise price range, lower limit (in Dollars per share)	$ 1.1
Exercise price range, upper limit (in Dollars per share)	$ 1.67
Outstanding at beginning of period (in Shares) \| shares	713,790
Weighted average remaining contractual life of stock options, outstanding	5 years 9 months 18 days
Options outstanding, weighted average exercise price (in Dollars per share)	$ 1.58
Options outstanding, aggregate intrinsic value (in Dollars) \| $	$ 10,599
Options exercisable (in Shares) \| shares	636,185
Weighted average remaining contractual life of stock options, exercisable	6 years 1 month 6 days
Options exercisable, weighted average exercise price (in Dollars per share)	$ 1.59
Options exercisable, aggregate intrinsic value (in Dollars) \| $	$ 11,220
$1.84 - $2.76 [Member]
STOCKHOLDERS EQUITY [Abstract]
Exercise price range, lower limit (in Dollars per share)	$ 1.84
Exercise price range, upper limit (in Dollars per share)	$ 2.76
Outstanding at beginning of period (in Shares) \| shares	402,601
Weighted average remaining contractual life of stock options, outstanding	4 years 9 months 18 days
Options outstanding, weighted average exercise price (in Dollars per share)	$ 2.38
Options outstanding, aggregate intrinsic value (in Dollars) \| $	$ 6,065
Options exercisable (in Shares) \| shares	382,330
Weighted average remaining contractual life of stock options, exercisable	5 years
Options exercisable, weighted average exercise price (in Dollars per share)	$ 2.38
Options exercisable, aggregate intrinsic value (in Dollars) \| $	$ 6,387
$2.83 - $4.245 [Member]
STOCKHOLDERS EQUITY [Abstract]
Exercise price range, lower limit (in Dollars per share)	$ 2.83
Exercise price range, upper limit (in Dollars per share)	$ 4.245
Outstanding at beginning of period (in Shares) \| shares	1,368,176
Weighted average remaining contractual life of stock options, outstanding	5 years 9 months 18 days
Options outstanding, weighted average exercise price (in Dollars per share)	$ 3.45
Options outstanding, aggregate intrinsic value (in Dollars) \| $	$ 14,345
Options exercisable (in Shares) \| shares	970,193
Weighted average remaining contractual life of stock options, exercisable	5 years 6 months
Options exercisable, weighted average exercise price (in Dollars per share)	$ 3.43
Options exercisable, aggregate intrinsic value (in Dollars) \| $	$ 19,684
$4.31 - $6.465 [Member]
STOCKHOLDERS EQUITY [Abstract]
Exercise price range, lower limit (in Dollars per share)	$ 4.31
Exercise price range, upper limit (in Dollars per share)	$ 6.465
Outstanding at beginning of period (in Shares) \| shares	987,891
Weighted average remaining contractual life of stock options, outstanding	7 years 4 months 24 days
Options outstanding, weighted average exercise price (in Dollars per share)	$ 5.34
Options outstanding, aggregate intrinsic value (in Dollars) \| $	$ 6,528
Options exercisable (in Shares) \| shares	506,126
Weighted average remaining contractual life of stock options, exercisable	6 years 9 months 18 days
Options exercisable, weighted average exercise price (in Dollars per share)	$ 5.37
Options exercisable, aggregate intrinsic value (in Dollars) \| $	$ 12,718
$6.54 - $9.81 [Member]
STOCKHOLDERS EQUITY [Abstract]
Exercise price range, lower limit (in Dollars per share)	$ 6.54
Exercise price range, upper limit (in Dollars per share)	$ 9.81
Outstanding at beginning of period (in Shares) \| shares	300,328
Weighted average remaining contractual life of stock options, outstanding	8 years 3 months 18 days
Options outstanding, weighted average exercise price (in Dollars per share)	$ 6.54
Options outstanding, aggregate intrinsic value (in Dollars) \| $	$ 1,464
Options exercisable (in Shares) \| shares	125,136
Weighted average remaining contractual life of stock options, exercisable	8 years 3 months 18 days
Options exercisable, weighted average exercise price (in Dollars per share)	$ 6.54
Options exercisable, aggregate intrinsic value (in Dollars) \| $	$ 3,514
$13.58 - $20.37 [Member]
STOCKHOLDERS EQUITY [Abstract]
Exercise price range, lower limit (in Dollars per share)	$ 13.58
Exercise price range, upper limit (in Dollars per share)	$ 20.37
Outstanding at beginning of period (in Shares) \| shares	909,997
Weighted average remaining contractual life of stock options, outstanding	9 years 2 months 12 days
Options outstanding, weighted average exercise price (in Dollars per share)	$ 15.56
Options outstanding, aggregate intrinsic value (in Dollars) \| $	$ 382
Options exercisable (in Shares) \| shares	142,165
Weighted average remaining contractual life of stock options, exercisable	9 years
Options exercisable, weighted average exercise price (in Dollars per share)	$ 16.12
Options exercisable, aggregate intrinsic value (in Dollars) \| $	$ 2,035

SIGNIFICANT ACCOUNTING POLICIES - Calculation of Diluted Loss Per Common Share (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Potentially dilutive securities (in Shares)	0	0	23,066,387
Stock Options [Member]
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Potentially dilutive securities (in Shares)			5,906,184
Restricted Stock Units [Member]
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Potentially dilutive securities (in Shares)			4,657,297
Warrants [Member]
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Potentially dilutive securities (in Shares)			12,502,906

LEASE OBLIGATIONS (Details) - USD ($) $ in Millions	12 Months Ended
LEASE OBLIGATIONS (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
LEASE OBLIGATIONS [Abstract]
Incremental borrowing rate			13.00%	16.00%
Weighted average discount rate	13.02%
Aggregate lease expense	$ 2.4	$ 2.4	$ 2.4
Cash payments for lease	2.5	2.4	$ 2.4
Operating and financing lease liabilities	$ 7.7	$ 9.8
Weighted average remaining term	5 years 9 months 7 days

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
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 issued (in Shares)	0	0
Preferred stock, shares outstanding (in Shares)	0	0
Common stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in Shares)	300,000,000	300,000,000
Common stock, shares issued (in Shares)	239,793,566	236,620,545
Common stock, shares outstanding (in Shares)	237,874,496	236,620,545
Treasury stock (in Shares)	1,919,070	0

SUBSEQUENT EVENTS (Details) $ in Millions	1 Months Ended
SUBSEQUENT EVENTS (Details) $ in Millions	Feb. 28, 2026 USD ($)
Subsequent Event [Member]
SUBSEQUENT EVENTS [Abstract]
Gain (Loss) on Disposition of Assets	$ 8.0

STOCKHOLDERS' EQUITY - Schedule of Unvested RSU Activity (Details) - RSUs [Member] - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
STOCKHOLDERS EQUITY [Abstract]
Beginning balance (in Shares)	5,745,990	4,657,297	2,866,987
Beginning balance (in Dollars per share)	$ 5.5	$ 2.81	$ 1.59
Granted (in Shares)	1,943,884	3,278,688	3,389,760
Granted (in Dollars per share)	$ 16.44	$ 7.44	$ 3.42
Vested (in Shares)	(1,875,027)	(1,886,463)	(1,199,445)
Vested (in Dollars per share)	$ 5.24	$ 2.5	$ 1.63
Forfeited (in Shares)	(670,344)	(303,532)	(400,005)
Forfeited (in Dollars per share)	$ 8.72	$ 3.92	$ 2.71
Ending balance (in Shares)	5,144,503	5,745,990	4,657,297
Ending balance (in Dollars per share)	$ 9.31	$ 5.5	$ 2.81

OTHER EMPLOYEE BENEFITS (Details) - USD ($) $ in Millions	12 Months Ended
OTHER EMPLOYEE BENEFITS (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
OTHER EMPLOYEE BENEFITS [Abstract]
Compensation expense	$ 1.7	$ 1.5	$ 1.3

SIGNIFICANT ACCOUNTING POLICIES - Calculation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Net income (loss) available to common stockholders (numerator) (in Dollars)	$ 146,930	$ 197,673	$ (28,239)
Weighted-average number of common shares (denominator) (in Shares)	238,299,024	233,084,236	223,977,315
Total shares - diluted (denominator) (in Shares)	244,904,640	243,342,466	223,977,315
Diluted earnings (loss) per common share (in Dollars per share)	$ 0.6	$ 0.81	$ (0.13)
Basic earnings (loss) per common share (in Dollars per share)	$ 0.62	$ 0.85	$ (0.13)
Stock Options [Member]
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Potential shares of common stock arising from outstanding stock options, warrants and RSUs (in Shares)	3,545,197	4,150,584	0
Warrants [Member]
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Potential shares of common stock arising from outstanding stock options, warrants and RSUs (in Shares)	11,772	3,085,640	0
Restricted Stock Units [Member]
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Potential shares of common stock arising from outstanding stock options, warrants and RSUs (in Shares)	3,048,647	3,022,006	0

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION [Abstract]

Supplemental Cash Flow Information

Supplemental cash flow information for the years ended December 31, 2025, 2024 and 2023 is as follows:

		2025		2024		2023
	(in thousands)
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest		$	9,078	$	10,668	$	18,051
Cash paid for income taxes		$	19,683	$	9,392	$	-
Noncash Financing and Investing Activities:
Equipment acquired reflected in accounts payable and accrued liabilities		$	708	$	725	$	86
Operating lease right-of-use assets obtained in exchange for operating lease obligations		$	1,825	$	-	$	130
Warrants issued in connection with notes payable		$	-	$	-	$	5,595

ACCRUED EXPENSES AND OTHER LIABILITIES - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
ACCRUED EXPENSES AND OTHER LIABILITIES [Abstract]
Accrued rebates	$ 5,758	$ 4,155
Accrued distribution fees	14,808	11,565
Accrued incentives	6,005	5,892
Accrued interest	172	2,857
Accrued testing	130	827
Accrued payroll and other compensation	809	3,332
Income taxes payable	8,616	3,481
Other	4,168	1,996
Total accrued expenses and other current liabilities	$ 40,466	$ 34,105

STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2025

STOCKHOLDERS EQUITY [Abstract]

Schedule Common Stock Repurchase

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


	Years ended December 31,
	2025		2024
(In thousands)
Shares repurchased		1,919		n/a
Total cost of shares repurchased	$	32,090		n/a

Warrants Outstanding

The following table summarizes information about warrants outstanding as of December 31, 2025, 2024 and 2023:

	Shares			Weighted Average Exercise Price
Warrants outstanding at December 31, 2022		13,525,148		$	1.99
Expired		(24,800	)	$	6.37
Granted		2,391,244		$	3.26
Exercised		(3,388,686	)	$	1.65
Warrants outstanding at December 31, 2023		12,502,906		$	2.32
Expired		(227,650	)	$	4.21
Granted		-		$	-
Exercised		(11,308,702	)	$	2.31
Warrants outstanding at December 31, 2024		966,554		$	1.98
Expired		-		$	-
Granted		-		$	-
Exercised		(966,554	)	$	1.98
Warrants outstanding at December 31, 2025		-		$	-

Schedule of Assumptions


	Year ended December 31,
	2025			2024			2023
Expected term		5.5 - 6.3 years			5.5 - 6.3 years			5.5 - 6.3 years
Volatility		66	%		66	%		68	%
Dividend yield		0.0			0.0			0.0
Risk-free interest rate		3.86-4.41%			4.16-4.39%			4.20-4.62%

Schedule of Option Activity

The following table summarizes information about the Company’s stock options for the years ended December 31, 2025, 2024 and 2023:

	Shares			Weighted- Average Exercise Price
Options outstanding, vested and expected to vest at December 31, 2022		8,256,211		$	3.37
Forfeited		(99,345	)	$	2.73
Expired		(262,940	)	$	6.42
Granted		1,826,380		$	3.36
Exercised		(3,814,122	)	$	3.15
Options outstanding, vested and expected to vest at December 31, 2023		5,906,184		$	3.38
Forfeited		(30,094	)	$	3.36
Expired		(246,067	)	$	7.01
Granted		1,531,635		$	6.40
Exercised		(2,020,142	)	$	3.90
Options outstanding, vested and expected to vest at December 31, 2024		5,141,516		$	3.90
Forfeited		(68,812	)	$	2.90
Expired		(137,337	)	$	2.71
Granted		774,886		$	16.46
Exercised		(1,027,470	)	$	3.45
Options outstanding, vested and expected to vest at December 31, 2025		4,682,783		$	6.13

Options exercisable		2,762,135		$	3.98

Summary of Outstanding and Exercisable Options by Price Range

The following table summarizes additional information regarding outstanding and exercisable options under the stock option plans at December 31, 2025:





	Stock Options Outstanding								Stock Options Exercisable
Range of Exercise Prices	Options Outstanding		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Aggregate Intrinsic Value ($000's)		Options Outstanding		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Aggregate Intrinsic Value ($000's)
$1.10 - $1.67		713,790		5.8	$	1.58	$	10,599		636,185		6.1	$	1.59	$	11,220
$1.84 - $2.76		402,601		4.8	$	2.38	$	6,065		382,330		5.0	$	2.38	$	6,387
$2.83 - $4.245		1,368,176		5.8	$	3.45	$	14,345		970,193		5.5	$	3.43	$	19,684
$4.31 - $6.465		987,891		7.4	$	5.34	$	6,528		506,126		6.8	$	5.37	$	12,718
$6.54 - $9.81		300,328		8.3	$	6.54	$	1,464		125,136		8.3	$	6.54	$	3,514
$13.58 - $20.37		909,997		9.2	$	15.56	$	382		142,165		9.0	$	16.12	$	2,035
		4,682,783		6.8	$	3.98	$	39,383		2,762,135		6.1	$	6.19	$	55,558

Schedule of Unvested RSU Activity

The following table summarizes information about the Company’s RSUs for the years ended December 31, 2025, 2024 and 2023:

	Shares			Weighted- Average Grant Date Fair Value
Balance at December 31, 2022		2,866,987		$	1.59
Granted		3,389,760		$	3.42
Vested		(1,199,445	)	$	1.63
Forfeited		(400,005	)	$	2.71
Balance at December 31, 2023		4,657,297		$	2.81
Granted		3,278,688		$	7.44
Vested		(1,886,463	)	$	2.50
Forfeited		(303,532	)	$	3.92
Balance at December 31, 2024		5,745,990		$	5.50
Granted		1,943,884		$	16.44
Vested		(1,875,027	)	$	5.24
Forfeited		(670,344	)	$	8.72
Balance at December 31, 2025		5,144,503		$	9.31

Schedule of Stock-Based Compensation Expense

Total stock-based compensation expense for all awards granted under the Company’s equity incentive plans for the years ended December 31, 2025, 2024 and 2023 was as follows (in thousands):


		Year Ended December 31,
		2025		2024		2023
	(in thousands)
Research and development		$	202	$	98	$	40
Plasma center operating expenses			419		184		146
Selling, general and administrative			16,101		11,720		5,331
Cost of product revenue			3,304		1,614		670
Total stock-based compensation expense		$	20,026	$	13,616	$	6,187

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

SEGMENTS - Summarized Financial Information Concerning Reportable Segments (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

SEGMENTS [Abstract]

Revenues

$ 510,173

$ 426,454

$ 258,215

Cost of product revenue

217,408

206,901

169,273

Research and development

4,762

1,813

3,300

Plasma center operating expenses

$ 700

4,836

4,245

4,266

Depreciation and amortization expense

8,096

8,045

8,332

Consolidated selling, general and administrative expense

91,580

74,124

59,020

Other expense, net

(8,787)

(13,269)

(49,871)

Income (loss) before taxes

182,656

125,714

(28,239)

Amortization of intangible assets

144

388

724

Unallocated interest expense, primarily related to interest on senior debt (see Note 7)

7,110

13,930

25,027

Loss on extinguishment of debt (see Note 7)

(3,336)

(1,243)

(26,174)

Unallocated interest income

1,871

2,097

1,617

Total assets

624,242

488,678

329,182

Operating Segments [Member]

SEGMENTS [Abstract]

Revenues

510,030

426,311

258,072

Cost of product revenue

217,408

206,901

169,273

Research and development

4,762

1,813

3,300

Plasma center operating expenses

4,836

4,245

4,266

Selling, marketing and distribution

24,507

18,683

18,407

Depreciation and amortization expense

8,097

8,332

General and administrative expense

32,879

26,001

18,625

Other expense, net

(212)

(183)

Income (loss) before taxes

225,282

168,097

43,218

Expenditures for additions to long-lived assets

22,891

8,575

4,771

Total assets

470,006

319,774

281,452

Reconciling Item [Member]

SEGMENTS [Abstract]

Revenues

143

Income (loss) before taxes

143

Unallocated interest expense, primarily related to interest on senior debt (see Note 7)

(7,110)

(13,930)

(25,027)

Loss on extinguishment of debt (see Note 7)

(3,336)

(1,243)

(26,174)

Unallocated interest income

1,871

2,087

1,589

Corporate [Member]

SEGMENTS [Abstract]

General and administrative expense

^[1]

34,194

29,440

21,988

Income (loss) before taxes

^[1]

(34,194)

(29,440)

(21,988)

Total assets

154,236

^[2]

168,904

^[2]

47,730

^[3]

ADMA BioManufacturing [Member]

SEGMENTS [Abstract]

Revenues

493,143

415,949

249,881

Depreciation and amortization expense

4,827

ADMA BioManufacturing [Member] | Operating Segments [Member]

SEGMENTS [Abstract]

Revenues

493,000

415,806

249,738

Cost of product revenue

199,860

195,605

161,157

Research and development

4,762

1,813

3,300

Plasma center operating expenses

Selling, marketing and distribution

24,507

18,683

18,407

Depreciation and amortization expense

4,905

5,156

General and administrative expense

32,879

26,001

18,625

Other expense, net

(202)

(178)

Income (loss) before taxes

230,646

173,138

47,267

Expenditures for additions to long-lived assets

22,384

8,352

2,952

Total assets

441,512

289,297

246,719

Plasma Collection Centers [Member]

SEGMENTS [Abstract]

Revenues

17,030

10,505

8,334

Depreciation and amortization expense

3,218

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

SEGMENTS [Abstract]

Revenues

17,030

10,505

8,334

Cost of product revenue

17,548

11,296

8,116

Research and development

Plasma center operating expenses

4,836

4,245

4,266

Selling, marketing and distribution

Depreciation and amortization expense

3,192

3,176

General and administrative expense

Other expense, net

(10)

(5)

Income (loss) before taxes

(5,364)

(5,041)

(4,049)

Amortization of intangible assets

Expenditures for additions to long-lived assets

507

223

1,819

Total assets

$ 28,494

$ 30,477

$ 34,733

[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.
[3]	Primarily consists of cash.

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	$ 9,078	$ 10,668	$ 18,051
Cash paid for income taxes	19,683	9,392	0
Noncash Financing and Investing Activities:
Equipment acquired reflected in accounts payable and accrued liabilities	708	725	86
Operating lease right-of-use assets obtained in exchange for operating lease obligations	1,825	0	130
Warrants issued in connection with notes payable	$ 0	$ 0	$ 5,595

STOCKHOLDERS' EQUITY - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
STOCKHOLDERS EQUITY [Abstract]
Stock-based compensation expense	$ 20,026	$ 13,616	$ 6,187
Research and Development [Member]
STOCKHOLDERS EQUITY [Abstract]
Stock-based compensation expense	202	98	40
Plasma Center Operating Expenses [Member]
STOCKHOLDERS EQUITY [Abstract]
Stock-based compensation expense	419	184	146
Selling, General and Administrative [Member]
STOCKHOLDERS EQUITY [Abstract]
Stock-based compensation expense	16,101	11,720	5,331
Cost of Product Revenue [Member]
STOCKHOLDERS EQUITY [Abstract]
Stock-based compensation expense	$ 3,304	$ 1,614	$ 670

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2025

Schedule II - Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

Schedule II – Valuation and Qualifying Accounts

Years ended December 31, 2025, 2024 and 2023


				Additions
		Balance at		Charged to costs									Balance at
		beginning of year		and expenses				Other			Deductions		end of year
	(in thousands)
Year ended December 31, 2025
Accrued rebates		$	4,155		$	12,511		$	-		$	10,908	$	5,758
Inventory valuation allowance		$	5,161		$	9,996		$	-		$	10,609	$	4,548


Year ended December 31, 2024
Accrued rebates		$	16,608		$	8,514		$	(12,618	)	$	8,349	$	4,155
Inventory valuation allowance		$	2,992		$	9,338		$	118		$	7,287	$	5,161
Deferred tax asset valuation allowance		$	101,421		$	(84,280	)	$	-		$	17,141	$	-


Year ended December 31, 2023
Accrued rebates		$	11,437		$	8,448		$	-		$	3,277	$	16,608
Inventory valuation allowance		$	5,400		$	6,963		$	6		$	9,377	$	2,992
Deferred tax asset valuation allowance		$	96,725		$	4,696		$	-		$	-	$	101,421

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, 2022	$ 22	$ 629,969	$ (478,017)	$ 0	$ 151,974
Balance (in Shares) at Dec. 31, 2022	221,816,930
Balance, Treasury stock (in Shares) at Dec. 31, 2022				0
Stock-based compensation	$ 0	6,187	0	$ 0	6,187
Vesting of Restricted Stock Units, net of shares withheld for taxes	$ 0	(1,415)	0	0	(1,415)
Vesting of Restricted Stock Units, net of shares withheld for taxes (in Shares)	833,722
Warrants issued in connection with notes payable	$ 0	5,595	0	0	5,595
Exercise of stock options	$ 1	1,103	0	0	1,104
Exercise of stock options (in Shares)	1,444,533
Cashless exercise of warrants	$ 0	0	0	0	0
Cashless exercise of warrants (in Shares)	1,967,847
Net income (loss)	$ 0	0	(28,239)	0	(28,239)
Balance at Dec. 31, 2023	$ 23	641,439	(506,256)	$ 0	135,206
Balance (in Shares) at Dec. 31, 2023	226,063,032
Balance, Treasury stock (in Shares) at Dec. 31, 2023				0
Stock-based compensation	$ 0	13,616	0	$ 0	13,616
Acquisition of treasury stock					$ 0
Acquisition of treasury stock (in Shares)					0
Vesting of Restricted Stock Units, net of shares withheld for taxes	$ 0	(4,971)	0	0	$ (4,971)
Vesting of Restricted Stock Units, net of shares withheld for taxes (in Shares)	1,344,555
Exercise of stock options	$ 0	7,494	0	0	7,494
Exercise of stock options (in Shares)	1,988,066
Cashless exercise of warrants	$ 1	(1)	0	0	0
Cashless exercise of warrants (in Shares)	7,224,892
Net income (loss)	$ 0	0	197,673	0	197,673
Balance at Dec. 31, 2024	$ 24	657,577	(308,583)	0	$ 349,018
Balance (in Shares) at Dec. 31, 2024	236,620,545
Balance, Treasury stock (in Shares) at Dec. 31, 2024					0
Stock-based compensation	$ 0	20,026	0	0	$ 20,026
Acquisition of treasury stock	0	0	0	$ (32,090)	$ (32,090)
Acquisition of treasury stock (in Shares)				(1,919,070)	(1,919,000)
Vesting of Restricted Stock Units, net of shares withheld for taxes	$ 0	(9,547)	0	$ 0	$ (9,547)
Vesting of Restricted Stock Units, net of shares withheld for taxes (in Shares)	1,308,069
Exercise of stock options	$ 0	2,984	0	0	2,984
Exercise of stock options (in Shares)	998,650
Cashless exercise of warrants	$ 0	(1)	0	0	(1)
Cashless exercise of warrants (in Shares)	866,302
Net income (loss)	$ 0	0	146,930	0	146,930
Balance at Dec. 31, 2025	$ 24	$ 671,039	$ (161,653)	$ (32,090)	$ 477,320
Balance (in Shares) at Dec. 31, 2025	239,793,566
Balance, Treasury stock (in Shares) at Dec. 31, 2025				(1,919,070)	1,919,070

STOCKHOLDERS' EQUITY (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) Employee Director $ / shares shares	Dec. 31, 2023 shares	May 31, 2025 USD ($)	Dec. 31, 2022 shares
STOCKHOLDERS EQUITY [Abstract]
Share repurchase program, authorized amount (in Dollars) \| $				$ 500.0
Preferred stock, shares authorized (in Shares)	10,000,000	10,000,000
Preferred stock, par value (in Dollars per share) \| $ / shares	$ 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) \| $ / shares	$ 0.0001	$ 0.0001
Common stock, shares outstanding (in Shares)	237,874,496	236,620,545
Shares reserved for grant (in Shares)	38,703,218
Warrant to purchase shares of common stock (in Shares)	966,554	227,650
Shares, Issued	866,302
Warrants exercised (in Shares)		11,308,702
Common stock, shares issued (in Shares)	239,793,566	236,620,545
Hayfin Warrants [Member]
STOCKHOLDERS EQUITY [Abstract]
Warrant to purchase shares of common stock (in Shares)			2,391,244
Warrants exercised (in Shares)			3,388,686
Common stock, shares issued (in Shares)			1,967,847
Stock Options [Member]
STOCKHOLDERS EQUITY [Abstract]
Restricted stock units vested over a period	4 years
RSUs [Member]
STOCKHOLDERS EQUITY [Abstract]
Restricted stock units vested over a period	4 years
Share based compensation expense (in Dollars) \| $		$ 2.5
Employees [Member]
STOCKHOLDERS EQUITY [Abstract]
Number of individuals that received modifications to stock option and RSU awards \| Employee		3
Employees [Member] \| RSUs [Member]
STOCKHOLDERS EQUITY [Abstract]
Restricted stock units vested over a period	4 years
Directors [Member]
STOCKHOLDERS EQUITY [Abstract]
Number of individuals that received modifications to stock option and RSU awards \| Director		1
Directors [Member] \| RSUs [Member]
STOCKHOLDERS EQUITY [Abstract]
Restricted stock units vested over a period	1 year
2022 Compensation Plan [Member]
STOCKHOLDERS EQUITY [Abstract]
Shares reserved for grant (in Shares)					18,000,000
Equity Incentive Plans [Member] \| Stock Options [Member]
STOCKHOLDERS EQUITY [Abstract]
Unrecognized compensation expense, stock options (in Dollars) \| $	$ 10.0
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 9 months 18 days
Unrecognized compensation expense, non option (in Dollars) \| $	$ 37.0
Common Stock [Member]
STOCKHOLDERS EQUITY [Abstract]
Stock issued during period shares cashless exercise of warrants	866,302	7,224,892	1,967,847

INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2025

INVENTORIES [Abstract]

Components of Inventory

The following table provides the components of inventories:

	December 31, 2025		December 31, 2024
	(in thousands)
Raw materials	$	96,612	$	60,473
Work-in-process		57,798		61,641
Finished goods		52,055		48,121
Total inventories, net	$	206,465	$	170,235

STOCKHOLDERS' EQUITY - Schedule of Assumptions (Details) - Stock Options [Member]	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
STOCKHOLDERS EQUITY [Abstract]
Volatility	66.00%	66.00%	68.00%
Dividend yield	0.00%	0.00%	0.00%
Minimum [Member]
STOCKHOLDERS EQUITY [Abstract]
Expected term	5 years 6 months	5 years 6 months	5 years 6 months
Risk-free interest rate	3.86%	4.16%	4.20%
Maximum [Member]
STOCKHOLDERS EQUITY [Abstract]
Expected term	6 years 3 months 18 days	6 years 3 months 18 days	6 years 3 months 18 days
Risk-free interest rate	4.41%	4.39%	4.62%

- Definition

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.

+ References

+ Details

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2025	Feb. 20, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Financial Statement Error Correction [Flag]	false
Entity Interactive Data Current	Yes
ICFR Auditor Attestation Flag	true
Amendment Flag	false
Document Period End Date	Dec. 31, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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 Public Float			$ 4,229,956,395
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, par value $0.0001 per share
Trading Symbol	ADMA
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		238,159,176

SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

SIGNIFICANT ACCOUNTING POLICIES [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

Principles of consolidation and basis of presentation

Use of estimates

Cash and cash equivalents

The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents.

Accounts receivable

Inventories

Property and equipment

Goodwill

Impairment of long-lived assets

Revenue recognition

For all of the Company’s product revenues, payment from the customer is typically due within 90 days of sale.

Cost of product revenue

Research and development expenses

Plasma center operating expenses

Advertising and marketing expenses

Stock-based compensation

Income taxes

Earnings Per Common Share


	Year ended December 31,
	2025		2024		2023
Net income (loss) available to common stockholders ($000's) (numerator)	$	146,930	$	197,673	$	(28,239	)
Weighted-average number of common shares (denominator)		238,299,024		233,084,236		223,977,315
Basic earnings (loss) per common share	$	0.62	$	0.85	$	(0.13	)

Weighted-average number of common shares		238,299,024		233,084,236		223,977,315
Potential shares of common stock arising from outstanding stock options		3,545,197		4,150,584		-
Potential shares of common stock arising from outstanding warrants		11,772		3,085,640		-
Potential shares of common stock arising from outstanding RSUs		3,048,647		3,022,006		-
Total shares - diluted (denominator)		244,904,640		243,342,466		223,977,315
Diluted earnings (loss) per common share	$	0.60	$	0.81	$	(0.13	)

	Year ended December 31,
		2023
Stock Options		5,906,184
Restricted Stock Units		4,657,297
Warrants		12,502,906
Total		23,066,387

Fair value of financial instruments

Recent Accounting Pronouncements

CONCENTRATIONS	12 Months Ended
CONCENTRATIONS	Dec. 31, 2025
CONCENTRATIONS [Abstract]
CONCENTRATIONS	16. CONCENTRATIONS Financial instruments that potentially subject the Company to concentration of credit risk consist of accounts receivable. At December 31, 2025, two customers accounted for approximately 87% of the Company’s consolidated accounts receivable. At December 31, 2024, three customers accounted for approximately 91% of the Company’s consolidated accounts receivable. For the years ended December 31, 2025, 2024, and 2023, two customers accounted for approximately 73%, 72% and 72%, respectively, of the Company’s consolidated revenues. Revenues for both of these customers are attributable to the ADMA BioManufacturing segment. There were no customers attributable to the Plasma Collection Centers segment whose revenues exceeded 10% of the Company’s consolidated revenues.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

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+ Details