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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2018	Mar. 11, 2019	Jun. 30, 2018
Document And Entity Information
Entity Registrant Name	ADMA BIOLOGICS, INC.
Entity Central Index Key	0001368514
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Entity Public Float			$ 133,158,287
Entity Common Stock, Shares Outstanding		46,353,068
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2018

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 22,754,852	$ 43,107,574
Accounts receivable, net	1,392,441	3,880,154
Inventories	18,616,169	12,628,181
Prepaid expenses and other current assets	1,766,163	1,225,654
Restricted cash	0	1,500,000
Total current assets	44,529,625	62,341,563
Property and equipment, net	30,115,730	30,466,858
Intangible assets, net	4,004,412	4,849,350
Goodwill	3,529,509	3,529,509
Assets to be transferred under purchase agreement	1,153,508	1,496,410
Restricted cash	4,000,000	4,000,000
Deposits and other assets	1,543,737	1,335,143
TOTAL ASSETS	88,876,521	108,018,833
Current liabilities:
Accounts payable	5,900,394	5,920,873
Accrued expenses and other current liabilities	3,551,835	3,376,476
Current portion of deferred revenue	142,834	142,834
Current portion of capital lease obligation	29,983	0
Total current liabilities	9,625,046	9,440,183
Notes payable, net of discount	26,440,830	25,368,458
End of term liability, notes payable	2,760,000	2,760,000
Deferred revenue, net of current portion	2,404,365	2,547,199
Note payable - related party, net of discount	14,874,184	14,842,396
Obligation to transfer assets under purchase agreement	12,621,844	12,621,844
Capital lease obligation	119,080	0
Other non-current liabilities	260,734	105,996
TOTAL LIABILITIES	69,106,083	67,686,076
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred Stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding	0	0
Common Stock	4,635	3,673
Additional Paid-in Capital	236,203,041	191,022,018
Accumulated Deficit	(216,437,238)	(150,693,793)
TOTAL STOCKHOLDERS' EQUITY	19,770,438	40,332,757
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	88,876,521	108,018,833
Non-Voting Common Stock
STOCKHOLDERS' EQUITY
Common Stock	$ 0	$ 859

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2018	Dec. 31, 2017
Stockholders Equity
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	75,000,000	75,000,000
Common stock, issued	46,353,068	36,725,499
Common stock, outstanding	46,353,068	36,725,499
Non-Voting Common Stock
Stockholders Equity
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	8,591,160	8,591,160
Common stock, issued	0	8,591,160
Common stock, outstanding	0	8,591,160

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Dec. 31, 2018	Dec. 31, 2017
REVENUES:
Product revenue	$ 16,842,456	$ 15,617,726
License revenue	142,834	142,834
Other revenue	0	7,000,000
Total Revenues	16,985,290	22,760,560
OPERATING EXPENSES:
Cost of product revenue (exclusive of amortization expense shown below)	42,194,635	29,164,321
Research and development	3,926,120	5,570,029
Plasma center operating expenses	7,805,619	6,503,750
Asset impairment charge	0	845,389
Amortization of intangibles	844,938	1,234,674
Selling, general and administrative	22,502,922	18,752,393
Total operating expenses	77,274,234	62,070,556
LOSS FROM OPERATIONS	(60,288,944)	(39,309,996)
OTHER INCOME (EXPENSE):
Interest income	195,403	57,228
Interest expense	(5,522,783)	(3,285,847)
Loss on extinguishment of debt	0	(1,210,216)
Other expense	(127,121)	(10,144)
Other expense, net	(5,454,501)	(4,448,979)
NET LOSS	$ (65,743,445)	$ (43,758,975)
BASIC AND DILUTED LOSS PER COMMON SHARE	$ (1.45)	$ (1.91)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic and Diluted	45,188,899	22,896,042

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)	Common Stock	Non-Voting Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Beginning Balance, Amount at Dec. 31, 2016	$ 1,289	$ 0	$ 102,476,267	$ (106,934,818)	$ (4,457,262)
Beginning Balance, Shares at Dec. 31, 2016	12,886,741	0
Stock-based compensation			1,561,659		1,561,659
Shares issued in connection with acquisition, Amount	$ 430	$ 859	47,164,179		47,165,468
Shares issued in connection with acquisition, Shares	4,295,580	8,591,160
Warrants issued in connection with note payable			614,513		614,513
Issuance of common stock, net of offering expenses, Amount	$ 1,952		39,197,898		39,199,850
Issuance of common stock, net of offering expenses, Shares	19,523,255
Stock options exercised, Amount	$ 2		7,502		7,504
Stock options exercised, Shares	19,923
Net loss				(43,758,975)	(43,758,975)
Ending Balance, Amount at Dec. 31, 2017	$ 3,673	$ 859	191,022,018	(150,693,793)	40,332,757
Ending Balance, Shares at Dec. 31, 2017	36,725,499	8,591,160
Stock-based compensation			2,223,288		2,223,288
Issuance of common stock, net of offering expenses, Amount	$ 962		42,943,869		42,944,831
Issuance of common stock, net of offering expenses, Shares	9,623,430
Stock options exercised, Amount	$ 0		13,007		13,007
Stock options exercised, Shares	4,139
Retirement of non-voting common stock, Amount		$ (859)	859		0
Retirement of non-voting common stock, Shares		(8,591,160)
Net loss				(65,743,445)	(65,743,445)
Ending Balance, Amount at Dec. 31, 2018	$ 4,635	$ 0	$ 236,203,041	$ (216,437,238)	$ 19,770,438
Ending Balance, Shares at Dec. 31, 2018	46,353,068	0

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2018	Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (65,743,445)	$ (43,758,975)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	3,446,398	2,692,301
Loss on disposal of fixed assets	122,190	10,144
Stock-based compensation	2,223,288	1,561,659
Asset impairment charge	0	845,389
Amortization of debt discount	1,104,161	781,567
Loss on extinguishment of debt	0	1,021,216
Amortization of license revenue	(142,834)	(142,834)
Changes in operating assets and liabilities:
Accounts receivable	2,487,713	(2,862,126)
Inventories	(5,987,988)	589,318
Prepaid expenses and other current assets	(540,509)	(941,272)
Deposits and other assets	(208,594)	(482,894)
Accounts payable	(20,480)	2,812,066
Accrued expenses	406,984	614,483
Other current and non-current liabilities	174,434	(11,816)
Net cash used in operating activities	(62,678,682)	(37,271,774)
CASH FLOWS FROM INVESTING ACTIVITIES:
Sales of short-term investments	0	5,390,184
Purchase of property and equipment	(2,095,600)	(2,676,328)
Cash acquired in acquisition transaction	0	12,500,000
Net cash (used in) provided by investing activities	(2,095,600)	15,213,856
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on note payable	0	(20,000,000)
Payment of end of term fee	0	(1,790,000)
Proceeds from issuance of common stock, net of offering expenses	42,944,831	39,199,850
Proceeds from the exercise of stock options	13,007	7,504
Proceeds from issuance of related party note payable	0	15,000,000
Proceeds from issuance of note payable	0	30,000,000
Payment of debt issuance costs	0	(1,650,170)
Payments on capital lease obligations	(16,581)	0
Payments of leasehold improvement loan	(19,697)	(16,559)
Net cash provided by financing activities	42,921,560	60,750,625
Net (decrease) increase in cash and cash equivalents	(21,852,722)	38,692,707
Cash and cash equivalents, including restricted cash - beginning of year	48,607,574	9,914,867
Cash and cash equivalents, including restricted cash - end of year	$ 26,754,852	$ 48,607,574

1. ORGANIZATION AND BUSINESS

12 Months Ended

Dec. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

1. ORGANIZATION AND BUSINESS

ADMA Biologics, Inc. (“ADMA” or the “Company”) is a vertically integrated commercial biopharmaceutical and specialty immunoglobulin company that manufactures, markets and develops specialty plasma-derived biologics for the treatment of immune deficiencies and the prevention and treatment of certain infectious diseases. The Company’s targeted patient populations include immune-compromised individuals who suffer from an underlying immune deficiency disorder or who may be immune-suppressed for medical reasons. ADMA operates through its wholly-owned subsidiaries ADMA BioManufacturing, LLC (“ADMA BioManufacturing”) and ADMA Bio Centers Georgia Inc. (“ADMA Bio Centers”). ADMA BioManufacturing was formed in January 2017 to facilitate the acquisition of the Biotest Therapy Business Unit (“BTBU”) from Biotest Pharmaceuticals Corporation (“BPC” and, together with Biotest AG, “Biotest”) as more fully described below. ADMA Bio Centers is the Company’s source plasma collection business with, as of December 31, 2018, plasma collection facilities located in Norcross, GA, Marietta, GA and Kennesaw, GA, all of which hold approved licenses with the U.S. Food and Drug Administration (the “FDA”). Effective January 1, 2019, in connection with the Biotest Transaction defined below, the Company transferred its Norcross, GA and Marietta, GA plasma collection facilities to BPC (see Notes 3 and 17).

As more fully discussed in Note 3, on June 6, 2017, ADMA completed the acquisition of certain assets (the “Biotest Assets”) of BTBU, which included two FDA-licensed products, Nabi-HB (Hepatitis B Immune Globulin, Human) and BIVIGAM (Immune Globulin Intravenous, Human), and a plasma fractionation manufacturing facility located in Boca Raton, FL (the “Boca Facility”) (the “Biotest Transaction”). In addition to Nabi-HB and BIVIGAM, the Company provides contract manufacturing services for certain clients and expects to generate revenues from the sale of intermediate by-products which result from the immunoglobulin production process. The Boca Facility is FDA-licensed and certified by the German Health Authority. Immediately following the closing of the Biotest Transaction, the Biotest Assets were contributed into ADMA BioManufacturing.

Nabi-HB is a hyperimmune globulin that is rich in antibodies to the Hepatitis B virus. Nabi-HB is indicated for the treatment of acute exposure to blood containing hepatitis B surface antigen (“HBsAg”), prenatal exposure to infants born to HBsAg-positive mothers, sexual exposure to HBsAg-positive persons and household exposure to persons with acute Hepatitis B virus infection. FDA approval for Nabi-HB was received on March 24, 1999. Under ADMA’s ownership, production of Nabi-HB resumed during the third quarter of 2017, resulting in ongoing commercial revenues.

BIVIGAM is an intravenous immune globulin indicated for the treatment of primary humoral immunodeficiency. FDA approval for BIVIGAM was received on December 19, 2012, and product sales commenced in the first quarter of 2013. In December 2016, Biotest temporarily suspended the commercial production of BIVIGAM in order to focus on the completion of planned improvements to the manufacturing process. ADMA resumed production of BIVIGAM during the fourth quarter of 2017. During the second half of 2018, the Company submitted a Prior Approval Supplement (the “PAS”) with the FDA for BIVIGAM to amend its FDA-approved Biologics License Application (“BLA”) which, once approved, would enable the Company to relaunch and commercialize this product in the U.S. Although the Company believes that the FDA is actively reviewing the PAS submission for BIVIGAM drug substance and the related documents that the Company has provided to the FDA subsequent to the original PAS submission, the Company cannot provide any assurance or predict with certainty the schedule for when the Company will, if at all, receive authorization from the FDA with respect to the PAS. In addition, the anticipated relaunch of BIVIGAM is dependent upon the timing of certain FDA decisions, production slots available with the Company’s contract fill/finish provider, approvals that may need to be obtained for product labeling as well as other commercial requirements and regulatory factors.

Prior to the closing of the Biotest Transaction in June 2017, BTBU was the Company’s third-party manufacturer for its lead pipeline product candidate, RI-002, for the treatment of Primary Immune Deficiency Disease (“PIDD”). In the third quarter of 2015, the FDA accepted for review the Company’s BLA for RI-002 (the “RI-002 BLA”) for the treatment of PIDD. In July 2016, the FDA issued a Complete Response Letter (the “CRL”) to the Company for the RI-002 BLA (the “RI-002 CRL”). The RI-002 CRL reaffirmed the issues set forth in the November 2014 warning letter (the “Warning Letter”) that had been issued by the FDA to Biotest related to certain compliance issues identified at the Boca Facility, but did not cite any concerns with the clinical safety or efficacy data for RI-002 submitted in the RI-002 BLA, nor did the FDA request any additional clinical studies be completed prior to FDA approval of RI-002. The FDA identified in the RI-002 CRL, among other things, certain outstanding inspection issues and deficiencies related to chemistry, manufacturing and controls and Good Manufacturing Practices at the Boca Facility and certain of the Company’s third-party vendors, and requested documentation of corrections for a number of these issues. The FDA indicated in the RI-002 CRL that it cannot grant final approval of the RI-002 BLA until, among other things, these deficiencies are resolved. Upon the completion of the Biotest Transaction, ADMA gained control over the regulatory, quality, general operations and drug substance manufacturing process at the Boca Facility. In April 2018, the FDA inspected the Boca Facility and in July 2018 the Company’s FDA status with respect to the Boca Facility improved from Official Action Indicated to Voluntary Action Indicated, and the Company determined that this inspection of the Boca Facility was been successfully closed out. Upon the Company’s receipt of the improved FDA compliance status, the Company responded to the CRL through resubmitting the RI-002 BLA on September 28, 2018. Upon approval of the RI-002 BLA by the FDA, if received, the Company intends to commercialize RI-002. The Company cannot provide any assurances or predict with certainty the schedule for when the Company will, if at all, receive approval from the FDA for the RI-002 BLA.

As of December 31, 2018, the Company had working capital of $34.9 million, including $22.8 million of cash and cash equivalents. Based upon the Company’s projected revenue and expenditures for 2019, including continued implementation of the Company’s commercialization and expansion activities, the proceeds from the refinancing of the Company’s senior debt and release of funds from the debt service reserve account in February 2019 (see Notes 7 and 17), as well as certain other assumptions, the Company’s management currently believes that its cash, cash equivalents, projected revenue and accounts receivable, along with the $27.5 million it anticipates being able to draw down under its senior credit facility, which is contingent upon, among other things, the FDA approval of either the BIVIGAM PAS or the RI-002 BLA (see Note 17), will be sufficient to fund ADMA’s operations, as currently conducted, into the fourth quarter of 2019. In order to have sufficient cash to fund its operations thereafter and to continue as a going concern, the Company will need to raise additional capital by the fourth quarter of 2019. However, if the Company does not receive FDA approval of either the BIVIGAM PAS or the RI-002 BLA, management believes that the Company’s cash balance will be sufficient to fund ADMA’s operations, as currently conducted, into the third quarter of 2019, and the Company will be required to raise additional capital by the third quarter of 2019. These estimates may change based upon how quickly the Company is able to obtain FDA approval for BIVIGAM and RI-002, commercial manufacturing ramp-up activities and the various financing options being explored. The Company currently has no firm commitments for additional financing, and there can be no assurances that the Company will be able to secure additional financing on terms that are acceptable to the Company, or at all. Furthermore, if the Company’s assumptions underlying its estimated expenses and revenues are incorrect, it may have to raise additional capital sooner than currently anticipated.

Due to numerous risks and uncertainties associated with FDA approval of the Company’s products, ongoing remediation and capacity expansion efforts at the Company’s Boca Facility and potential future commercialization of the Company’s products and product candidates, the Company is unable to estimate with certainty the amounts of increased capital outlays and operating expenditures required to fund its development activities. The Company’s current estimates may be subject to change as circumstances regarding its business requirements evolve. The Company may decide to raise capital through public or private equity offerings or debt financings, or obtain a bank credit facility or corporate collaboration and licensing arrangements. The sale of additional equity or debt securities, if convertible, could result in dilution to the Company’s stockholders and, in such event, the value and potential future market price of its common stock may decline. The incurrence of additional indebtedness would result in increased fixed obligations and could also result in covenants that would restrict the Company’s operations or other financing alternatives. Failure to secure any necessary financing in a timely manner and on commercially reasonable terms could have a material adverse effect on the Company’s business plan and financial performance and it could be forced to delay or discontinue its product development, clinical trial or commercialization activities, delay or discontinue the approval efforts for any of the Company’s potential products or potentially cease operations. The Company has reported cumulative losses since inception in June 2004 through December 31, 2018 of $216.4 million. Management believes that the Company will continue to incur net losses and negative net cash flows from operating activities to fund its operations and meet its obligations on a timely basis through the foreseeable future. As such, these factors raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments related to the recoverability and classification of asset carrying amounts and the classification of liabilities that might be necessary from the outcome of this uncertainty.

In February 2019, the Company refinanced its senior debt (see Note 17) whereby the Company received net proceeds of approximately $4.4 million, and an additional $4.0 million, which was reflected as restricted cash in the accompanying consolidated balance sheet at December 31, 2018 (see Notes 2 and 7), was released by the Company’s then-senior creditor to the Company.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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 8 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, 2018 and 2017, comprehensive loss was equal to the net loss amounts presented for the respective periods in the accompanying consolidated statements of operations. In addition, certain prior year balances have been reclassified to conform to the current presentation. Specifically, spare parts used for the Company’s manufacturing and laboratory equipment in the amount of $0.8 million at December 31, 2017 have been reclassified from Prepaid expenses and other current assets to Deposits and other assets in the accompanying consolidated balance sheets, and $0.7 million of operating expenses for the year ended December 31, 2017 have been reclassified from Research and development expenses to Selling, general and administrative expenses in the accompanying consolidated statements of operations.

Use of estimates

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include the fair value of assets acquired and liabilities assumed in a business combination, realizable value of accounts receivable, valuation of inventory, assumptions used in the fair value of awards granted under the Company’s equity incentive plans and warrants issued in connection with the issuance of notes payable and the valuation allowance for the Company’s deferred tax assets.

Cash and cash equivalents

The Company considers all highly-liquid instruments purchased with a maturity of three months or less to be cash equivalents. From time to time, the Company may purchase certificates of deposit with maturity schedules of three, six, nine and twelve months. Instruments with original maturities greater than three months but less than twelve months are included in short-term investments.

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 the 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 invested cash or cash equivalents; however, the Company cannot provide assurance that access to its invested cash and cash equivalents will not be impacted by adverse conditions in the financial and credit markets in the future.

Restricted cash

Restricted cash consists of cash held in a reserve account as required by the terms of the Company’s senior lending agreement (see Note 7).

Accounts receivable

Accounts receivable are reported at realizable value, net of allowances for contractual credits and doubtful accounts, which are recognized in the period the related revenue is recorded.

Inventories

Inventories, including plasma intended for resale and plasma intended for internal use in the Company’s research and development and future anticipated commercialization activities, are carried at the lower of cost or net realizable value determined by the first-in, first-out method. Although the Company expects that BIVIGAM and RI-002 inventory manufactured during 2017 and 2018 will ultimately be available for commercial sale, due to uncertainties surrounding the Warning Letter, the PAS and the RI-002 BLA, resolution of which are dependent upon action by the FDA prior to this inventory being available for commercial sale, all costs related to the production of BIVIGAM and RI-002 during the years ended December 31, 2018 and 2017 have been charged to cost of product revenue in the accompanying consolidated statements of operations.

Property and equipment

Assets comprising property and equipment (see Note 5) are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the asset’s estimated useful life. Land is not depreciated. The buildings have been assigned a useful life of 30 years. Property and equipment other than land and buildings have useful lives ranging from 3 to 15 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, 2018 and 2017 was $3.5 million, all of which is attributable to the Company’s ADMA BioManufacturing business segment. The following table presents the changes in the carrying amount of goodwill during the years ended December 31, 2018 and 2017:

Balance as of January 1, 2017	$	—
Goodwill recorded in connection with the acquistion of the Biotest Assets		3,529,509
Balance as of December 31, 2018 and 2017	$	3,529,509

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. The impairment loss recognized would not exceed the total amount of goodwill allocated to that reporting unit. The Company’s impairment analyses as of October 1, 2018 and 2017 did not result in any impairment charges related to goodwill for the years ending December 31, 2018 and 2017.

Impairment of long-lived assets

The Company assesses the recoverability of its long-lived assets, which include property and equipment and definite-lived intangible assets, whenever significant events or changes in circumstances indicate impairment may have occurred. If indicators of impairment exist, projected future undiscounted cash flows associated with the asset are compared to its carrying amount to determine whether the asset’s carrying value is recoverable. Any resulting impairment is recorded as a reduction in the carrying value of the related asset in excess of fair value and a charge to operating results. For the year ended December 31, 2018, the Company determined that there was no impairment of its long-lived assets. For the year ended December 31, 2017, the Company recorded an impairment charge in the amount of $0.8 million related to assets acquired in the Biotest Transaction.

Revenue recognition

Revenues for the years ended December 31, 2018 and 2017 are comprised of (i) revenues from the sale of Nabi-HB, (ii) product revenues from the sale of human plasma collected from the Company’s Plasma Collection Centers business segment; and (iii) license and other revenues primarily attributable to the out-licensing of RI-002 to Biotest to market and sell this product in Europe and selected countries in North Africa and the Middle East. Biotest has provided the Company with certain services and financial payments in accordance with the related Biotest license agreement and is obligated to pay the Company certain amounts in the future if certain milestones are achieved. Deferred revenue is recognized over the term of the Biotest license. Deferred revenue is amortized into income for a period of approximately 22 years, the term of the Biotest license agreement. In addition, revenues for the year ended December 31, 2017 also include revenues related to a contract manufacturing agreement (see Note 6)

Product revenue is recognized when the customer is deemed to have control over the product. Control is determined based on when the product is shipped or delivered and title passes to the customer. Revenue is recorded in an amount that reflects the consideration the Company expects to receive in exchange. Revenue from the sale of Nabi-HB is recognized when the product reaches the customer’s destination, and is recorded net of estimated rebates, price protection arrangements and customer incentives, including prompt pay discounts, wholesaler chargebacks and other wholesaler fees. These estimates are based on historical experience, and the Company believes that such estimates are reasonable. For revenues associated with contract manufacturing, control transfers to the customer and the performance obligation is satisfied when the customer takes possession of the product from the Boca Facility.

Product revenues from the sale of human plasma collected at the Company’s plasma collection centers are recognized at the time control of the product has been transferred to the customer, which generally occurs at the time of shipment. Product revenues are recognized at the time of delivery if the Company retains control of the product during shipment.

Cost of product revenue

Cost of product revenue includes expenses related to process development as well as scientific and technical operations when these operations are attributable to marketed products. When the activities of these operations are attributable to new products in development, the expenses are classified as research and development expenses. Expenses associated with remediating the issues identified in the Warning Letter for the years ended December 31, 2018 and 2017 of approximately $1.5 million and $3.8 million, respectively, are expensed as incurred and are reflected in cost of product revenue in the accompanying consolidated statements of operations. In addition, for the years ended December 31, 2018 and 2017, all operating expenses associated with the Boca Facility, other than the limited Nabi-HB production and contract manufacturing production that was capitalized into inventory, have been expensed as incurred since the date of the Biotest Transaction.

Research and development expenses

Research and development expenses consist of clinical research organization costs, costs related to clinical trials, assay development and testing, storage and transportation costs for high-titer plasma used in the manufacture of RI-002, as well as wages, benefits and stock-based compensation for employees directly related to research and development activities. All research and development costs are expensed as incurred.

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 services. Advertising and marketing expenses were $0.8 million and $0.6 million for the years ended December 31, 2018 and 2017, respectively.

Stock-based compensation

The Company follows recognized accounting guidance which requires all equity-based payments, including grants of stock options, to be recognized in the statement of operations as compensation expense based on their fair values on the grant date. Compensation expense related to awards to employees and directors with service-based vesting conditions is recognized on a straight-line basis based on the grant date fair value over the associated vesting period of the award, which is generally four years. Stock options granted under the Company’s equity incentive plans generally have a term of 10 years.

Income taxes

The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or its tax returns. Under this method, deferred tax assets and liabilities are recognized for the temporary differences between the tax bases of assets and liabilities and their respective financial reporting amounts at enacted tax rates in effect for the years in which the temporary differences are expected to reverse. The Company records a valuation allowance on its deferred tax assets if it is more likely than not that the Company will not generate sufficient taxable income to utilize its deferred tax assets (see Note 11). The Company is subject to income tax examinations by major taxing authorities for all tax years since 2014 and for previous periods as it relates to the Company’s net operating loss carryforwards.

In December 2017, the SEC staff issued Staff Accounting Bulletin (“SAB”) 118 to provide guidance for companies that had not completed their accounting for the income tax effects of the Tax Cuts and Job Act (the “TCJA”). Due to the complexities involved in accounting for the enactment of the TCJA, SAB 118 allowed for a provisional estimate of the impacts of the TCJA on the Company’s consolidated financial statements for the year ended December 31, 2017, as well as up to a one year measurement period that ended on December 22, 2018, for any subsequent adjustments to such provisional estimate. Pursuant to SAB 118, in 2017 the Company recorded a provisional estimate of $17.3 million, before valuation allowances, for the impacts of the TCJA, primarily due to the re-measurement of its U.S. deferred income tax liabilities at the lower 21% U.S. federal corporate income tax rate (see Note 11), with no other significant impacts for other provisions within the TCJA. The Company has completed its analysis of the impacts of the TCJA, including analyzing the effects of any Internal Revenue Service and U.S. Treasury guidance issued, as well as state tax law changes enacted, within the maximum one year measurement period. The Company’s analysis resulted in no significant adjustments to the $17.3 million provisional amount previously recorded.

Earnings (Loss) Per Share

Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. For purposes of computing basic and diluted loss per share, the non-voting class of common stock (see Notes 3 and 8) is included in the common stock outstanding as the characteristics of the non-voting class are substantially the same as the voting class of common stock.

Diluted net loss per share is calculated by dividing net loss attributable to common stockholders as adjusted for the effect of dilutive securities, if any, by the weighted average number of shares of common stock, including the non-voting class of common stock, and dilutive common stock outstanding during the period. Potentially dilutive common stock includes the shares of common stock issuable upon the exercise of outstanding stock options and warrants (using the treasury stock method). Potentially dilutive common stock in the diluted net loss per share computation is excluded to the extent that it would be anti-dilutive. No potentially dilutive securities are included in the computation of any diluted per share amounts as the Company reported a net loss for all periods presented. For the years ended December 31, 2018 and 2017, the following securities were excluded from the calculation of diluted loss per common share because of their anti-dilutive effects:

	For the Years Ended December 31,
	2018		2017
Stock options		4,342,231		3,276,043
Warrants		528,160		528,160
		4,870,391		3,804,203

Business Combinations

The Company accounts for business combinations using the acquisition method of accounting in accordance with FASB ASC 805, Business Combinations. Identifiable assets acquired, liabilities assumed, and contingent consideration are recorded at their acquisition date fair values. Any change in the fair value of the acquisition-related contingent consideration subsequent to the acquisition date, including changes from events after the acquisition date, will be recognized in the period of the estimated fair value change. Goodwill represents the excess of the purchase price over the fair value of identifiable assets acquired and liabilities assumed as a result of the business combination. Identifiable assets with finite lives are amortized over their useful lives. Acquisition related costs are expensed as incurred.

Fair value of financial instruments

The carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, accounts payable, and notes 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) approximates fair value due to the variable interest rate on this debt. With respect to the related party note payable in the amount of $15.0 million as of December 31, 2018 and 2017 (see Notes 3 and 7), which is held by a principal stockholder of the Company and was issued concurrent with an acquisition transaction with such stockholder, the Company has concluded that an estimation of fair value for this note is not practicable.

Recent Accounting Pronouncements

In July 2017, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), Derivatives and Hedging (Topic 815)” (“ASU 2017-11”). ASU 2017-11 changed the classification analysis of certain equity-linked financial instruments (or embedded features within such instruments) with down round features. When determining whether certain financial instruments should be classified as liabilities or equity instruments, a down round feature no longer precludes equity classification when assessing whether the instrument is indexed to an entity’s own stock. The amendments also clarify existing disclosure requirements for equity-classified instruments. As a result, a freestanding equity-linked financial instrument (or embedded conversion option) would no longer be accounted for as a derivative liability at fair value as a result of the existence of a down round feature. For freestanding equity classified financial instruments, the amendments require entities that present earnings per share (“EPS”) in accordance with ASC 260 to recognize the effect of the down round feature when it is triggered. That effect is treated as a dividend and as a reduction of income available to common shareholders in basic EPS. In addition, convertible instruments with embedded conversion options that have down round features are now subject to the specialized guidance for contingent beneficial conversion features in ASC 470-20, “Debt—Debt with Conversion and Other Options.” ASU 2017-11 became effective for the Company on January 1, 2019, and the Company does not believe this update will have a significant impact on its consolidated financial statements.

In May 2017, the FASB issued ASU No. 2017-09, Modification Accounting for Share-Based Payment Arrangements, which amends the scope of modification accounting for share-based payment arrangements. The ASU provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under ASC 718. Specifically, an entity would not apply modification accounting if the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. The ASU is effective for annual reporting periods, including interim periods within those annual reporting periods, beginning after December 15, 2017. Adoption of this new guidance did not have a material impact on the Company’s consolidated financial statements.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which requires lessees to recognize assets and liabilities for the rights and obligations created by most leases on their balance sheet. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. ASU 2016-02 requires modified retrospective adoption for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company will adopt ASU 2016-02 on January 1, 2019 using the option to recognize the cumulative-effect adjustment, if any, as of the date of application, which will also be January 1, 2019. As a result, there will be no restatement of comparative periods. The Company expects to recognize right-to-use assets and corresponding lease liabilities of approximately $1.4 million at the date of adoption. The Company also expects to elect 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 expects to elect the short-term lease recognition exemption for all leases that qualify.

In May 2014, the FASB issued new guidance related to revenue recognition, ASU 2014-09, Revenue from Contracts with Customers (“ASC 606”), which outlines a comprehensive revenue recognition model and supersedes most current revenue recognition guidance. The new guidance requires a company to recognize revenue upon transfer of goods or services to a customer at an amount that reflects the expected consideration to be received in exchange for those goods or services. ASC 606 defines a five-step approach for recognizing revenue, which may require a company to use more judgment and make more estimates than under the current guidance. The new guidance became effective in calendar year 2018. Two methods of adoption are permitted: (a) full retrospective adoption, meaning the standard is applied to all periods presented; or (b) modified retrospective adoption, meaning the cumulative effect of applying the new guidance is recognized at the date of initial application as an adjustment to the opening retained earnings balance.

In March 2016, April 2016 and December 2016, the FASB issued ASU No. 2016-08, Revenue From Contracts with Customers (ASC 606): Principal Versus Agent Considerations, ASU No. 2016-10, Revenue From Contracts with Customers (ASC 606): Identifying Performance Obligations and Licensing, and ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue From Contracts with Customers, respectively, which further clarify the implementation guidance on principal versus agent considerations contained in ASU No. 2014-09. In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers, narrow-scope improvements and practical expedients which provides clarification on assessing the collectability criterion, presentation of sales taxes, measurement date for non-cash consideration and completed contracts at transition. These standards became effective for the Company beginning in the first quarter of 2018.

ADMA adopted the new revenue recognition standard and related updates effective January 1, 2018, using the modified retrospective method of adoption. Adoption of the new revenue recognition guidance did not have a material impact on the Company’s consolidated financial statements.

3. ACQUISITION

12 Months Ended

Dec. 31, 2018

Business Combinations [Abstract]

3. ACQUISITION

On June 6, 2017, ADMA completed the acquisition of the Biotest Assets from BPC. As a result of the Biotest Transaction, the Company acquired Nabi-HB, BIVIGAM, the Boca Facility and certain other assets of BTBU. The acquisition of the Biotest Assets expanded the Company’s product offering with two FDA-approved products while providing direct control over the manufacturing and regulatory processes impacting the Company’s RI-002 product candidate, including remediation of the Warning Letter as well as certain other remediation matters affecting the Boca Facility. Pursuant to the Biotest Transaction, the Company issued to BPC 4,295,580 voting shares of its common stock and 8,591,160 shares of non-voting common stock (the “NV Biotest Shares”). The Company also transferred ownership of two of its plasma centers to BPC on January 1, 2019 as additional consideration, which are reflected as non-current assets in the accompanying consolidated balance sheets at December 31, 2018 and December 31, 2017 in the amount of $1.2 million and $1.5 million, respectively.

The purchase price was calculated as follows:

Issuance of 12,866,740 shares of common stock (voting and non-voting) valued at $3.66 per share	$	47,165,468
Transfer of two plasma collection centers at fair value		12,621,844
Total purchase price	$	59,787,312

The following table summarizes the allocation of the purchase consideration to the assets acquired and liabilities assumed based on their estimated fair values:

Cash	$	12,500,000
Inventory		8,197,354
Land and buildings		20,000,000
Property and equipment		8,209,800
Assets held for sale		845,389
Other current assets		795,553
Trademark and other intangible rights to Nabi-HB		4,100,046
Right to intermediates		907,421
Customer contract		1,076,557
Goodwill		3,529,509
Liabilities assumed		(374,317	)
Total purchase price	$	59,787,312

The Company engaged various third party valuation specialists to determine the fair value of the land and buildings, property and equipment, right to intermediates, customer contract and Nabi-HB intangible assets, as well as the assets held for sale. Goodwill is being deducted for tax purposes.

Assets held for sale reflects certain manufacturing equipment acquired in the transaction that will not be utilized in the manufacture or development of any of the Company’s current products or product candidates, and the Company’s plans as of the date of acquisition was to complete the sale of these assets within one year from the date of the Biotest Transaction. These sales efforts were unsuccessful and at December 31, 2017, the Company recorded an impairment charge for the full carrying value of these assets in the amount of $0.8 million.

As a result of the foregoing transaction, BPC became a principal stockholder and Biotest became a related party of the Company (see Note 9). Therefore, all of the Company’s transactions with Biotest between June 6, 2017 and December 31, 2018, including product and license revenues attributable to Biotest, were related party transactions. The results from BTBU’s operations are included in the Company’s consolidated financial statements from the date of acquisition. For the year ended December 31, 2017, the Company incurred a total of approximately $3.9 million in transaction closing costs, which were expensed as incurred as selling, general and administrative expenses in the consolidated statement of operations.

Concurrent with the closing of the Biotest Transaction, the Company received $27.5 million in cash from Biotest, comprised of $12.5 million in cash from BPC and a $15.0 million loan from Biotest evidenced by a 6% subordinated note payable to BPC, which was subsequently assigned to Biotest AG on July 20, 2018, with a maturity of 5 years (see Note 7). In addition, BPC committed to participate in any future equity offering or private placement undertaken by the Company in an amount equal to up to $12.5 million on a pro-rata basis. The entire $12.5 million commitment was invested in the follow-on public offering of the Company’s common stock, which closed on November 13, 2017 (see Note 8).

The following unaudited pro forma summary presents consolidated information of the Company as if the business combination had occurred on January 1, 2017. The pro forma information is presented for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved had the acquisition been consummated as of that time or that may result in the future.

	Year Ended December 31, 2017
Revenues:
As reported	$	22,760,560
Pro forma	$	41,024,330

Net loss
As reported	$	(43,758,975	)
Pro forma	$	(52,928,428	)

Basic and diluted net loss per share:
As reported	$	(1.91	)
Pro forma	$	(1.17	)

On May 14, 2018, the Company, ADMA BioManufacturing and ADMA Bio Centers entered into a Share Transfer, Amendment and Release Agreement with BPC, Biotest AG, Biotest US Corporation and The Biotest Divestiture Trust (the “Biotest Trust”) (the “Biotest Transfer Agreement”) whereby BPC transferred to the Company, for no cash consideration, the NV Biotest Shares. Immediately upon transfer of the NV Biotest Shares to the Company, the shares were retired and are no longer available for issuance. The retired NV Biotest Shares comprised approximately 19% of the total outstanding common stock of the Company as of May 14, 2018, and approximately 67% of the total shares issued to BPC in the Biotest Transaction. In exchange for the transfer and retirement of the NV Biotest Shares, the Company (i) granted Biotest and its successors and assigns a release from all potential past, present and future indemnity claims arising under the Master Purchase and Sale Agreement, dated as of January 21, 2017, which governs the Biotest Transaction, and (ii) relinquished its rights to, under certain circumstances, repurchase the two FDA-approved plasma collection centers which were transferred to BPC on January 1, 2019. In addition, pursuant to the Biotest Transfer Agreement, BPC waived and terminated its rights to name a director and an observer to the Company’s Board of Directors (the “Board”). As BPC has made public statements regarding the U.S. Government required divestiture of all of BPC’s U.S. assets in connection with the sale of Biotest AG to CREAT Group Corporation, pursuant to the Biotest Transfer Agreement, BPC transferred its remaining 10,109,534 shares of the Company’s common stock to the Biotest Trust on July 24, 2018, and the Biotest Trust is bound by all obligations of and has all of the remaining rights of BPC under that certain Stockholders Agreement dated as of June 6, 2017, by and between the Company and BPC, as amended by the Biotest Transfer Agreement. Furthermore, subject to the terms contained in the Biotest Transfer Agreement, for a 90-day period following BPC’s transfer of the remaining shares of ADMA common stock to the Biotest Trust, the Biotest Trust granted the Company a right of first negotiation for the purchase of the remaining shares of common stock held by the Biotest Trust, which right expired on October 22, 2018.

4. INVENTORIES

12 Months Ended

Dec. 31, 2018

Inventory Disclosure [Abstract]

4. INVENTORIES

The following table provides the components of inventories:

	December 31, 2018		December 31, 2017

Raw materials	$	14,019,668	$	10,143,149
Work-in-progress		—		1,265,339
Finished goods		4,596,501		1,219,693
Total inventories	$	18,616,169	$	12,628,181

Inventories are stated at the lower of cost or net realizable value with cost being determined on the first-in, first-out method. Raw materials includes plasma and other materials expected to be used in the production of RI-002 and BIVIGAM, as there are alternative uses for these materials which provide a probable future benefit or will be consumed in the production of goods expected to be available for sale. All other activities and materials associated with the production of inventories used in research and development activities are expensed as incurred.

Finished goods inventory at December 31, 2018 includes $2.3 million of Nabi-HB, $1.2 million of product manufactured under a contract manufacturing agreement and $1.1 million of plasma collected at the Company’s plasma collection centers. Finished goods inventory as of December 31, 2017 is comprised of Nabi-HB, and was recorded at fair value as part of the purchase price allocation of the Biotest Assets acquired.

5. PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2018

Property, Plant and Equipment [Abstract]

5. PROPERTY AND EQUIPMENT

Property and equipment at December 31, 2018 and 2017 is summarized as follows:

	December 31, 2018			December 31, 2017
Manufacturing and laboratory equipment	$	8,233,203		$	7,148,405
Office equipment and computer software		1,608,994			1,086,756
Furniture and fixtures		1,163,552			1,136,623
Construction in process		845,538			738,093
Leasehold improvements		1,660,709			1,642,903
Land		4,339,441			4,339,441
Buildings and building improvements		15,685,325			15,660,559
		33,536,762			31,752,780
Less: Accumulated depreciation		(3,421,032	)		(1,285,922	)
Total property, plant and equipment, net	$	30,115,730		$	30,466,858

The Company recorded depreciation expense on property and equipment of $2.6 million and $1.5 million for the years ended December 31, 2018 and 2017, respectively, which includes $0.3 million and $0.4 million of depreciation expense on the plasma assets to be transferred (see Note 3) for the years ended December 31, 2018 and 2017, respectively.

6. INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2018

Intangible Assets, Net (Excluding Goodwill) [Abstract]

6. INTANGIBLE ASSETS

Intangible assets at December 31, 2018 and 2017 consist of the following:

	December 31, 2018						December 31, 2017
			Accumulated						Accumulated
	Cost		Amortization		Net		Cost		Amortization		Net
Trademark and other intangible rights related to Nabi-HB	$	4,100,046	$	927,391	$	3,172,655	$	4,100,046	$	341,670	$	3,758,376
Rights to intermediates		907,421		205,250		702,171		907,421		75,618		831,803
Customer contract		1,076,557		946,971		129,586		1,076,557		817,386		259,171
	$	6,084,024	$	2,079,612	$	4,004,412	$	6,084,024	$	1,234,674	$	4,849,350

Under the previous contract manufacturing agreement between ADMA and BPC, intermediate by-products derived from the manufacture of RI-002 were property of Biotest. As a result of the Biotest Transaction, ADMA obtained the right to these intermediate products, which are being amortized over a period of 7 years. The intangible rights to Nabi-HB is also being amortized over a period of 7 years.

The customer contract pertains to a contract manufacturing agreement with a third party that the Company assumed upon the consummation of the Biotest Transaction. On December 22, 2017, Company and the customer entered into an amendment to this contract which reduced the number of batches the Company was committed to supply to the customer. In connection with this amendment, the customer agreed to pay the Company an aggregate compensation fee of $7.0 million, which was recognized as other revenue in the accompanying consolidated statement of operations for the year ended December 31, 2017. The remaining required production volume is 13 batches over 2018 and 2019, and the Company recorded additional amortization expense of approximately $0.6 million in connection with the reduced volume. The net unamortized balance of this asset as of December 31, 2018 and 2017 is being amortized through the end of the contract period.

Amortization expense related to the Company’s intangible assets for the years ended December 31, 2018 and 2017 was $0.8 million and $1.2 million, respectively. Estimated aggregate future aggregate amortization expense for the next five years is expected to be as follows:

2019	$	844,938
2020		715,352
2021		715,352
2022		715,352
2023		715,352

7. NOTES PAYABLE

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

7. NOTES PAYABLE

Senior Notes Payable

A summary of outstanding senior notes payable as of December 31, 2018 and 2017 is as follows:

	December 31, 2018			December 31, 2017

Notes payable:	$	30,000,000		$	30,000,000
Less:
Debt discount		(3,559,170	)		(4,631,542	)
Senior notes payable	$	26,440,830		$	25,368,458

On October 10, 2017 (the “Marathon Closing Date”), the Company entered into a Credit Agreement (the “Marathon Credit Agreement”) with Marathon Healthcare Finance Fund, L.P. (“Marathon” or the “Lender”) and Wilmington Trust, National Association, as the administrative agent for the Lender (the “Administrative Agent”). The Marathon Credit Agreement provided for a senior secured term loan facility in an aggregate amount of up to $40.0 million (collectively, the “Marathon Credit Facility”), comprised of (i) a term loan made on the Marathon Closing Date in the principal amount of $30.0 million evidenced by a secured promissory note (the “Tranche One Note”), and (ii) an additional term loan evidenced by a secured promissory note to be made in the maximum principal amount not to exceed $10.0 million (the “Tranche Two Note” and, together with the Tranche One Note, the “Notes”), which Tranche Two Note availability was subject to the satisfaction of certain conditions. The Notes each had a maturity date of April 10, 2022 (the “Maturity Date”), subject to acceleration pursuant to the Marathon Credit Agreement, including upon an Event of Default (as defined in the Marathon Credit Agreement).

Borrowings under the Marathon Credit Agreement bore interest at a rate per annum equal to LIBOR plus 9.50% with a 1% LIBOR floor. During an Event of Default under the Marathon Credit Agreement, the outstanding amount of indebtedness under the Marathon Credit Agreement would bear interest at a rate per annum equal to the interest rate then applicable to the borrowings under the Marathon Credit Agreement plus 5% per annum. Quarterly cash interest payments were due the first business day of each March, June, September and December, beginning on December 1, 2017. During the years ended December 31, 2018 and 2017, the interest rate on the Tranche One Note ranged from 10.86% to 12.24%.

The Marathon Credit Agreement required payment of a facility fee to Marathon in an amount equal to 9.20% of the amount of the Tranche One Note, payment of which was deferred until the earlier of the prepayment date or the Maturity Date. Commencing on October 10, 2020, the Company would have been required to make principal payments on the Tranche One Note in equal monthly installments over 18 months, subject to certain conditions in the Marathon Credit Agreement.

The Marathon Credit Agreement contained market representations and warranties, affirmative covenants, negative covenants, financial covenants, and conditions that are customarily required for similar financings. The affirmative covenants, among other things, required the Company to undertake various reporting requirements. The negative covenants restricted or limited the ability of the Company and its subsidiaries to, among other things, incur new indebtedness; create liens on assets; engage in certain fundamental corporate changes or changes to the Company’s business activities; sell or otherwise dispose of assets; repurchase stock, pay dividends; repay certain other indebtedness; engage in certain affiliate transactions; or enter into any other agreements that restrict the Company’s ability to make loan repayments.

The Marathon Credit Agreement also required the establishment of a debt service reserve account, and the Company was required to maintain a certain minimum level of liquidity at all times. Liquidity is defined in the Marathon Credit Agreement as cash held in the debt service reserve account and any other deposit account subject to a control agreement with the Administrative Agent, and the required liquidity amount is reflected as restricted cash in the accompanying consolidated balance sheets as of December 31, 2018 and December 31, 2017. The minimum liquidity requirement was $4.0 million and $5.5 million as of December 31, 2018 and December 31, 2017, respectively. On May 31, 2018, the Marathon Credit Agreement was amended to reduce the minimum liquidity requirement to $5.25 million, and $250,000 was released from the debt service reserve account to the Company on June 25, 2018. On June 26, 2018, the Lender and the Administrative Agent acknowledged that the Company had met the requirements regarding its leased properties as set forth in the Marathon Credit Agreement, and an additional $1.25 million was released from the debt service reserve account to the Company.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the accompanying consolidated balance sheets and statements of cash flows:

	December 31, 2018		December 31, 2017
Cash and cash equivalents	$	22,754,852	$	43,107,574
Restricted cash included in current assets		—		1,500,000
Restricted cash included in long-term assets		4,000,000		4,000,000
Total cash, cash equivalents and restricted cash as shown in the consolidated statements of cash flows	$	26,754,852	$	48,607,574

The Marathon Credit Agreement also contained customary Events of Default which include, among others, non-payment of principal, interest or fees, violation of covenants, inaccuracy of representations and warranties, bankruptcy and insolvency events, material judgments, cross-defaults to material contracts and events constituting a change of control. The occurrence of an Event of Default could have resulted in, among other things, the termination of commitments under the Marathon Credit Facility and the declaration that all outstanding Loans were immediately due and payable in whole or in part. At December 31, 2018 and December 31, 2017, the Company was in compliance with all of the covenants contained in the Marathon Credit Agreement.

As consideration for the Marathon Credit Agreement, the Company issued warrants to purchase an aggregate of 339,301 shares of the Company’s common stock to the Lender and certain of its affiliates (the “Tranche One Warrants”). The Tranche One Warrants, which the Company valued at $0.6 million, have (i) an exercise price equal to $3.0946, which was the trailing 10-day volume weighted-average price of the Company’s common stock prior to the Marathon Closing Date, and (ii) an expiration date of October 10, 2024. The Company issued the Tranche One Warrants in reliance upon an exemption from registration contained in Section 4(2) under the Securities Act of 1933, as amended (the “Securities Act”). The Tranche One Warrants and the shares of common stock issuable thereunder may not be offered, sold, pledged or otherwise transferred in the U.S. absent registration or an applicable exemption from the registration requirements under the Securities Act.

As a result of the diligence fees, legal and other expenses associated with the Marathon Credit Facility, the Tranche One Warrants and the facility fee, the Company recognized a discount on the Tranche One Note on the Marathon Closing Date in the amount of $4.8 million as follows:

Facility fee	$	2,760,000
Deferred financing fees		1,475,330
Tranche One Warrants		614,513
Total debt discount at Marathon Closing Date	$	4,849,843

The Company records debt discount as a reduction to the face amount of the debt, and debt discount is amortized as interest expense over the life of the debt using the interest method. Based on the fair value of the Tranche One Warrants, the facility fee and the fees and expenses associated with obtaining the Credit Facility, the effective interest rate on the Tranche One Note as of the Marathon Closing Date was approximately 16.5%. The Company’s obligations under the Marathon Credit Agreement were secured by a first-priority lien and security interest in substantially all of the Company’s assets, including a mortgage on the Boca Facility, and those of the Company’s subsidiaries as well as all of the equity interests in each subsidiary.

On February 11, 2019, the Company entered into a new senior credit facility with another lender, as more fully described in Note 17, whereby the Company repaid in full all of the outstanding obligations under the Marathon Credit Facility, including the deferred facility fee, and Marathon released to the Company the remaining $4.0 million contained in the debt service reserve account.

Related Party Note Payable

A summary of the outstanding related party note payable is as follows:

	December 31, 2018			December 31, 2017
Related party note payable to Biotest	$	15,000,000		$	15,000,000
Less:
Debt discount		(125,816	)		(157,604	)
Note payable - related party	$	14,874,184		$	14,842,396

In connection with the acquisition of the Biotest Assets (see Note 3), ADMA BioManufacturing issued a subordinated note payable to BPC and in connection therewith received cash proceeds of $15.0 million. The note bears interest at a rate of 6.0% per annum and matures on June 6, 2022. The Company is obligated to make semi-annual interest payments, with all principal and unpaid interest due at maturity. The note is subordinate to the amounts outstanding under the Company’s existing senior credit facility. In the event of default, all principal and unpaid interest is due on demand. The subordinated note also contains several non-financial covenants with which the Company was in compliance as of December 31, 2018 and 2017. The Company incurred $0.2 million of debt issuance costs in connection with the issuance of this note, which were recorded as a debt discount. The debt discount is being amortized as interest expense over the term of the note.

On July 20, 2018, in connection with the U.S. Government required divestiture of all of BPC’s U.S. assets in connection with the sale of Biotest AG to CREAT Group Corporation, Biotest AG, BPC, ADMA BioManufacturing and the Company entered into an Assignment and Assumption Agreement whereby BPC transferred to Biotest AG all of its obligations, rights, title and interest in the subordinated note and the related loan agreements.

8. STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2018

STOCKHOLDERS' EQUITY

8. STOCKHOLDERS' EQUITY

Preferred Stock

The Company is currently authorized to issue up to 10 million shares of preferred stock, $0.0001, par value per share. There were no shares of preferred stock outstanding at December 31, 2018 and 2017.

Common Stock

As of December 31, 2018 and 2017, the Company was authorized to issue 75 million shares of its common stock, $0.0001 par value per share, and 46,353,068 and 36,725,499 shares of common stock were outstanding as of December 31, 2018 and 2017, respectively. After giving effect to shares reserved for the issuance of warrants and stock options, 23,776,541 shares of common stock were available for issuance as of December 31, 2018.

As of December 31, 2018 and 2017, the Company was also authorized to issue 8,591,160 shares of its non-voting common stock, $0.0001 par value per share, and 0 and 8,591,160 shares of its non-voting common stock were outstanding as of December 31, 2018 and 2017, respectively.

In June 2018, the Company completed an underwritten public offering of 9,623,430 shares of common stock for gross proceeds of $46.0 million. The Company received net proceeds from this offering, after underwriters’ commissions and other offering expenses, of $42.9 million.

On November 13, 2017, the Company completed an underwritten public offering of 19,523,255 shares of its common stock for gross proceeds of $42.0 million. Net proceeds from this offering, after payment of underwriting discounts and offering expenses of $2.8 million, were $39.2 million.

On June 6, 2017, the Company issued 4,295,580 shares of common stock and the NV Biotest Shares to Biotest in connection with the Biotest Transaction (see Note 3). On May 14, 2018, pursuant to the Biotest Transfer Agreement, the NV Biotest Shares were transferred from Biotest to the Company and the shares were immediately retired and are no longer available for issuance.

Warrants

On October 10, 2017, the Company issued to Marathon the Tranche One Warrants (see Note 7) whereby Marathon may purchase an aggregate of 339,301 shares of common stock with an exercise price $3.0946 per share. The Tranche One Warrants became exercisable on the Marathon Closing Date, were valued at $0.6 million and were recorded as discount to the Tranche One Note. The Tranche One Warrants were valued using the Black-Scholes option-pricing model assuming an expected term of seven years, a volatility of 57%, a dividend yield of 0% and a risk-free interest rate of 2.18%. No warrants were issued during the year ended December 31, 2018.

At December 31, 2018 and 2017, the Company had outstanding warrants to purchase an aggregate of 528,160 shares of common stock, with a weighted average exercise price of $4.76 per share and with expiration dates ranging between June 2022 and October 2024.

Stock Options

From time to time the Company grants stock options or other equity-based awards under the Company’s 2007 Employee Stock Option Plan (the “2007 Plan”) and the Amended and Restated 2014 Omnibus Incentive Compensation Plan (the “2014 Plan”).

The 2014 Plan, as amended, was approved by the Board on March 15, 2017 and by the Company’s stockholders on May 25, 2017. Currently, the maximum number of shares reserved for grant under the 2014 Plan is: (a) 2,334,940 shares, less any shares available as of such date for issuance under the 2007 Plan; plus (b) an annual increase as of the first day of the Company’s fiscal year, beginning in 2018 and occurring each year thereafter through 2022, equal to 4% of the outstanding shares of common stock as of the end of the Company’s immediately preceding fiscal year, or any lesser number of shares determined by the Board; provided, however, that no more than an aggregate of 10 million shares of common stock may be issued pursuant to incentive stock options intended to qualify under Section 422 of the Internal Revenue Code. As of December 31, 2018, an aggregate of 1,395,610 shares were available for issuance under the 2007 Plan and the 2014 Plan. In accordance with the foregoing, on January 1, 2019 the aggregate number of shares available for issuance increased to 3,249,732.

During the years ended December 31, 2018 and 2017, the Company recorded stock-based compensation expense to employees of $2.2 million and $1.6 million, respectively. The fair value of employee options granted was determined on the date of grant using the Black-Scholes model. The Black-Scholes option valuation model was developed for use in estimating the fair value of publicly traded options, which have no vesting restrictions and are fully transferable. The Company’s employee stock options have characteristics significantly different from those of traded options, and changes in the underlying Black-Scholes assumptions can materially affect the fair value estimate. To determine the risk-free interest rate, the Company utilized the U.S. Treasury yield curve in effect at the time of the grant with a term consistent with the expected term of the Company’s awards. The expected term of the options granted is in accordance with Staff Accounting Bulletins 107 and 110, which is based on the average between vesting terms and contractual terms. The expected dividend yield reflects the Company’s current and expected future policy for dividends on the Company’s common stock. For the year ended December 31, 2018, 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. For the year ended December 31, 2017, the expected stock price volatility for the Company’s stock options was calculated by examining the pro rata historical volatilities for similar publicly traded industry peers and the trading history for the Company’s common stock.

The grant date fair values of stock options awarded during the years ended December 31, 2018 and 2017 were determined using the Black-Scholes option-pricing model with the following assumptions:

	Year Ended			Year Ended
	December 31, 2018			December 31, 2017
Expected term		5.8-6.3 years			5.8-6.3 years
Volatility		54-57	%		56-64	%
Dividend yield		0.0			0.0
Risk-free interest rate		2.40-3.11%			1.77-2.29%

The 2007 Plan and 2014 Plan provide for the Board or a Committee of the Board (the “Committee”) to grant awards to optionees 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. All options granted under the 2007 and 2014 Plans 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. The following table summarizes information about stock options outstanding as of December 31, 2018 and 2017:

	Shares			Weighted Average Exercise Price
Balance at December 31, 2016		1,535,187		$	7.90
Forfeited		(94,024	)	$	7.72
Expired		(47,476	)	$	9.02
Granted		1,976,295		$	3.73
Exercised		(93,939	)	$	2.68
Balance at December 31, 2017		3,276,043		$	5.52
Forfeited		(60,854	)	$	4.09
Expired		(34,489	)	$	8.38
Granted		1,167,044		$	4.15
Exercised		(5,513	)	$	3.31
Balance at December 31, 2018		4,342,231		$	5.16

Options exercisable		2,192,663		$	6.30

The weighted average remaining contractual term of stock options outstanding and expected to vest at December 31, 2018 is 7.5 years. The weighted average remaining contractual term of stock options exercisable at December 31, 2018 is 6.2 years. The following table summarizes additional information regarding outstanding and exercisable options under the stock option plans at December 31, 2018:

	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	Options Outstanding	Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Aggregate Intrinsic Value
$1.34 - $2.06	35,168	7.9	$	1.96	$	14,966	12,928	6.2	$	1.80	$	7,627
$2.96 - $4.60	2,563,017	8.7	$	3.66		—	789,901	8.4	$	3.64		—
$4.72 - $7.21	593,893	8.4	$	5.52		—	262,908	7.4	$	5.66		—
$7.56 - $10.80	1,150,153	4.4	$	8.39		—	1,126,926	4.3	$	8.37		—
	4,342,231	7.5	$	5.16	$	14,966	2,192,663	6.2	$	6.30	$	7,627

Stock-based compensation expense for the years ended December 31, 2018 and 2017 was as follows:

	2018		2017

Research and development	$	292,736	$	380,925
Plasma centers		34,797		47,330
Selling, general and administrative		1,739,037		1,081,236
Cost of product revenue		156,718		52,168

Total stock-based compensation expense	$	2,223,288	$	1,561,659

As of December 31, 2018, the total unrecognized compensation expense related to unvested options was $4.3 million, which is expected to be recognized over a weighted-average period of 2.6 years. The Company’s outstanding and exercisable options had an intrinsic value of approximately $8,000 as of December 31, 2018.

9. RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2018

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. Effective October 1, 2017, monthly rent on this facility was reduced to $10,000. On September 27, 2018, the agreement was amended to extend the term of the agreement through September 30, 2019. Rent expense amounted to $0.1 million and $0.2 million for the years December 31, 2018 and 2017, respectively, and includes fees for the use of such office space and for other information technology, general warehousing and administrative services. Areth is a company controlled by Dr. Jerrold B. Grossman, the Company’s Vice Chairman, and Adam S. Grossman, the Company’s President and Chief Executive Officer. The Company also reimburses Areth for office and building related (common area) expenses, equipment and certain other operational expenses, which were not material to the consolidated financial statements for the years ended December 31, 2018 and 2017.

As of December 31, 2018 and 2017, the Company has a $15.0 million subordinated note payable to Biotest (see Note 7), and the Company recognized interest expense on this note for the years ended December 31, 2018 and 2017 in the amount of $0.9 million and $0.5 million, respectively.

For the years ended December 31, 2018 and 2017, the Company recognized revenues under its out-licensing agreement with Biotest of $0.1 million. Deferred revenue of $2.5 million and $2.7 million as of December 31, 2018 and 2017, respectively, is related to this agreement.

Biotest is the Company’s largest customer for the sale of normal source plasma. Plasma sales to Biotest for the years ended December 31, 2018 and 2017 were $9.6 million and $10.7 million, respectively. Accounts receivable includes $1.0 million and $1.2 million due from Biotest as of December 31, 2018 and 2017, respectively. Additionally, Biotest is a supplier of plasma to ADMA, with the Company purchasing approximately $7.8 million and $2.8 million of plasma in the years ended December 31, 2018 and 2017, respectively. Included in accounts payable is approximately $2.0 million and $0.1 million due to Biotest as of December 31, 2018 and 2017, respectively. The following table summarizes the related party balances with Biotest:

	Year Ended December 31,
	2018		2017

Sale and purchase of plasma
Product revenue	$	9,564,388	$	10,664,456
Purchases		7,822,226		2,776,959

License revenue		142,834		142,834

Interest expense		912,500		520,000

	December 31,		December 31,
	2018		2017
Accounts receivable	$	961,145	$	1,245,677
Accounts payable		2,010,774		139,939
Accrued expenses		10,659		314,820
Note payable, net of discount		14,874,184		14,842,396
Accrued interest		65,000		65,000
Deferred revenue		2,547,199		2,690,033

In connection with the acquisition of the Biotest Assets, the Company entered into a Transition Services Agreement with BPC pursuant to which each of the Company and BPC agreed to provide transition services to the other party, including services related to finance, human resources, information technologies, leasing of equipment and clinical and regulatory services for a period of up to 24 months after the June 6, 2017 closing date, as well as agreements to lease certain laboratory space within the Boca Facility to BPC for a period of up to 24 months after the closing date of the acquisition transaction. As of December 31, 2018 and 2017, approximately $11,000 and $0.3 million, respectively, was payable by the Company to BPC for expenses incurred on behalf of the Company and services related to these agreements. This amount is reflected in accrued expenses in the accompanying consolidated balance sheets. The services component of amounts billed to the Company by BPC for the year ended December 31, 2018 and 2017 was not material to the Company’s consolidated financial statements.

Under the terms of the Biotest Transaction, the Company transferred ownership of two plasma collection centers to BPC on January 1, 2019 (see Note 17). The Company has estimated the fair value of these assets to be $12.6 million, and the obligation to transfer these assets to Biotest is reflected in non-current liabilities in the accompanying consolidated balance sheets as of December 31, 2018 and 2017. The Company has also entered into several plasma supply agreements with BPC (see Note 10).

10. COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

10. COMMITMENTS AND CONTINGENCIES

Lease commitments

The Company has entered into various non-cancelable operating lease agreements for its three ADMA Bio Centers facilities in Georgia, as well as for certain operating equipment and office space. Two of these leases were assigned to BPC on January 1, 2019 (see Note 17). Total rent expense for the Company’s leased facilities and equipment was $1.1 million and $0.6 million for the years ended December 31, 2018 and 2017, respectively. Future minimum lease payments under the Company’s operating leases for each of the next five years ending December 31, and thereafter are as follows:

2019	$	455,444
2020		361,719
2021		339,813
2022		340,849
2023		343,898
Thereafter		606,913
	$	2,448,636

Vendor and Licensor Commitments

In a license agreement effective December 31, 2012, the Company granted Biotest an exclusive license to market and sell RI-002 in Europe and in selected countries in North Africa and the Middle East, (the “Territory”), to have access to the Company’s testing services for testing of BPC’s plasma samples using the Company’s proprietary respiratory syncytial virus (“RSV”) assay, and to reference (but not access) the Company’s proprietary information for the purpose of Biotest seeking regulatory approval for RI-002 in the Territory. In addition, the Company is obligated to provide Biotest with research and development services and regulatory support in obtaining approvals of any studies conducted or already conducted by or on behalf of the Company. As consideration for the license, Biotest agreed to provide the Company with certain services at no charge and also compensate the Company with cash payments upon the completion of certain milestones (see Note 9). Such services have been accounted for as deferred revenue which was recognized in 2013 as a result of certain research and development services as provided for in accordance with the license agreement. Deferred revenue is recognized over the term of the license and is amortized into income for a period of approximately 22 years, the term of the license agreement. Biotest is also obligated to pay the Company an adjustable royalty based on a percentage of revenues from the sale of RI-002 in the Territory for 20 years from the date of first commercial sale.

Pursuant to the terms of a plasma purchase agreement with BPC dated as of November 17, 2011 (the “2011 Plasma Purchase Agreement”), the Company agreed to purchase from BPC an annual minimum volume of source plasma containing antibodies to RSV to be used in the manufacture of RI-002. The Company must purchase a to-be-determined and agreed upon annual minimum volume from BPC, but may also collect high-titer RSV plasma from up to five wholly-owned ADMA plasma collection facilities. During 2015, the Company and BPC amended the 2011 Plasma Purchase Agreement to allow the Company the ability to collect its raw material RSV high-titer plasma from other third-party collection organizations, thus allowing the Company to expand its reach for raw material supply as it approaches commercialization for RI-002. Unless terminated earlier, the 2011 Plasma Purchase Agreement expires in June 2027, after which it may be renewed for two additional five-year periods if agreed to by the parties. As part of the closing of the Biotest Transaction, the parties amended the 2011 Plasma Purchase Agreement to extend the initial term through the ten year anniversary of the closing date of the Biotest Transaction. On December 10, 2018, BPC assigned its rights and obligations under the 2011 Plasma Purchase Agreement to Grifols Worldwide Operations Limited (“Grifols”) as its successor-in-interest, effective January 1, 2019. On January 1, 2019, Grifols and the Company entered into an additional amendment to the 2011 Plasma Purchase Agreement for the purchase of source plasma containing antibodies to RSV from Grifols. Pursuant to this amendment, until January 1, 2022, the Company may purchase RSV plasma from Grifols from the two plasma collection centers which were transferred to BPC on January 1, 2019 at a price equal to cost plus five percent (5%) (without any additional increase due to inflation).

On March 23, 2016, the Company entered into an Amended and Restated Plasma Supply Agreement with BPC for the purchase by BPC of normal source plasma to be derived from automated plasmapheresis procedures conducted at ADMA Bio Centers’ Norcross, GA and Marietta, GA facilities to be used in BPC's proprietary products’ manufacturing (the “Amended and Restated Plasma Supply Agreement”). Under the Amended and Restated Plasma Supply Agreement, BPC obtained GHA certification of the two bio centers which the Company transferred to BPC on January 1, 2019. The initial term of the Amended and Restated Plasma Supply Agreement expired by its terms on December 31, 2018 and was not renewed.

On June 6, 2017, the Company and BPC entered into a Plasma Supply Agreement pursuant to which BPC supplies, on an exclusive basis subject to certain exceptions, to ADMA BioManufacturing an annual minimum volume of hyperimmune plasma that contain antibodies to the hepatitis B virus for the manufacture of Nabi-HB. The Plasma Supply Agreement has a 10-year term. On July 19, 2018, the Company and BPC entered into an amendment to the Plasma Supply Agreement to, among other things, that in the event BPC elects not to supply in excess of ADMA BioManufacturing’s specified amount of Hepatitis B plasma and ADMA BioManufacturing is unable to secure Hepatitis B plasma from a third party at a price which is within a low double digit percentage of the price which ADMA BioManufacturing pays to BPC, then BPC shall reimburse ADMA BioManufacturing for the difference in price ADMA BioManufacturing incurs. On December 10, 2018, BPC assigned its rights and obligations under the Plasma Supply Agreement to Grifols, effective January 1, 2019.

On June 6, 2017, the Company and BPC entered into a Plasma Purchase Agreement (the “2017 Plasma Purchase Agreement”), pursuant to which ADMA BioManufacturing purchases normal source plasma from BPC at agreed upon annual quantities and prices. The 2017 Plasma Purchase Agreement has an initial term of five years after which the 2017 Plasma Purchase Agreement may be renewed for additional two terms of two years each upon the mutual written consent of the parties. On July 19, 2018, the Company and BPC entered into an amendment to the 2017 Plasma Purchase Agreement to, among other things, provide agreed upon amounts of normal source plasma to be supplied by BPC to ADMA BioManufacturing in calendar year 2019 at a specified price per liter, provided that ADMA BioManufacturing delivers a valid purchase order to BPC. Additionally, pursuant to the amendment to the 2017 Plasma Purchase Agreement, BPC agrees that, for calendar years 2020 and 2021, it shall supply no less than a high double digit percentage of ADMA BioManufacturing’s requested NSP amounts, provided that such requested normal source plasma amounts are within an agreed range, at a price per liter to be mutually determined. Furthermore, pursuant to the amendment to the 2017 Plasma Purchase Agreement, in the event BPC fails to supply ADMA BioManufacturing with at least a high double digit percentage of ADMA BioManufacturing’s requested normal source plasma amounts, BPC shall promptly reimburse ADMA BioManufacturing the difference in price ADMA BioManufacturing incurs due to BPC’s election not to supply NSP to ADMA BioManufacturing in such amounts as requested. On December 10, 2018, BPC assigned its rights and obligations under the Plasma Purchase Agreement to Grifols, effective January 1, 2019.

Employment contracts

The Company has entered into employment agreements with its executive management team consisting of its President and Chief Executive Officer, its Executive Vice President, Chief Medical Officer and Chief Scientific Officer and its Executive Vice President and Chief Financial Officer.

Contract Manufacturing Agreement

In connection with the acquisition of the Biotest Assets, the Company acquired all of the rights and assumed all of the obligations under an existing agreement with a third party related to the fractionation of plasma provided by the third party. As more fully described in Note 6, the contract was amended on December 22, 2017 with reduced production requirements. The contract maintains minimum production requirements as well as a payment due to the counterparty to the contract of $1.5 million per year if the minimum volume is not manufactured in that year and no other breach or default under the contract has occurred.

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.

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, 2018. The Company does not anticipate recognizing any significant losses relating to these arrangements.

11. INCOME TAXES

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

11. INCOME TAXES

A reconciliation of income taxes at the U.S. Federal statutory rate to the benefit for income taxes is as follows:

	Year Ended December 31,
	2018			2017
Benefit at U.S. federal statutory rate	$	(13,806,124	)	$	(14,758,443	)
State taxes - deferred		(1,443,538	)		(1,581,844	)
Increase in valuation allowance		(1,015,582	)		(751,505	)
Research and development credits		(223,735	)		(272,262	)
Federal tax reform rate change		—			17,263,248
Decrease in federal net operating loss		12,090,203			—
Decrease in federal research and development credits		4,294,344			—
Other		104,432			100,806
Benefit for income taxes	$	—		$	—

A summary of the Company’s deferred tax assets is as follows:

	Year Ended December 31,
	2018			2017
Federal and state net operating loss carryforwards	$	26,080,351		$	29,137,918
Federal and state research credits		525,248			4,526,201
Interest expense limitation carryforwards		1,159,422			—
Transaction costs		1,147,581			1,269,443
Deferred revenue		624,610			679,068
Accrued expenses and other		6,011,057			951,219
Total gross deferred tax assets		35,548,269			36,563,849
Less: valuation allowance for deferred tax assets		(35,548,269	)		(36,563,849	)
Net deferred tax assets	$	—		$	—

As of December 31, 2018, the Company had federal and state (post-apportioned basis) net operating losses (“NOLs”) of $108.5 million and $72.3 million, respectively, as well as federal research and development tax credit carryforwards of approximately $0.5 million. The NOLs will begin to expire at various dates beginning in 2027, 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, will 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 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 subsequent 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. As of December 31, 2018, the Company performed a preliminary analysis of limitations imposed by section 382 of the Internal Revenue Code and as a result has written off $57.6 million of federal NOLs, $4.3 million of federal research and development tax credits, and $10.9 million of state NOL’s which are limited by historical ownership changes. As a result, there was a $16.9 million reduction to the Company’s deferred tax assets. However, as discussed below, the Company maintains a full valuation allowance against its deferred tax assets. Therefore, the $16.9 million reduction to the Company’s deferred tax assets is offset by a corresponding $16.9 million reduction to the Company’s valuation allowance for its net deferred tax assets, resulting in no net impact to the Company’s tax provision for the year ended December 31, 2018.

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 such, it is generally difficult for positive evidence regarding projected future taxable income, exclusive of reversing taxable temporary differences, to outweigh objective negative evidence of recent financial reporting losses. Based on these criteria and the relative weighting of both the positive and negative evidence available, management continues to maintain a full valuation allowance against its net deferred tax assets.

On December 22, 2017, the U.S. Government enacted the TCJA. The TCJA made broad changes to the U.S. tax code, including, but not limited to, (1) reducing the U.S federal corporate tax rate from 35% to 21%; (2) eliminating the corporate alternative minimum tax; (3) creating a new limitation on deductible interest expense; (4) creating the base erosion and anti-abuse tax, a new minimum tax; (5) limitation on the deductibility of certain executive compensation; (6) enhancing the option to claim accelerated depreciation deductions on qualified property, and (7) changing the rules related to uses and limitations of NOLs in tax years beginning after December 31, 2017.

The TCJA reduced the corporate tax rate to 21%, effective January 1, 2018, resulting in a reduction to the net deferred tax assets, along with a corresponding reduction to the valuation allowance for such deferred tax assets, of $17.3 million for the year ended December 31, 2017.

The TCJA contains significant limitations on the ability of a taxpayer to deduct interest paid or accrued. The accounting for this portion of the TCJA resulted in an increase to the net deferred tax assets, with a corresponding increase to the valuation allowance, of $1.2 million for the year ended December 31, 2018.

In accordance with U.S. GAAP, the Company is required to determine whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Derecognition of a tax benefit previously recognized could result in the Company recording a tax liability that would reduce net assets. The amount of the liability for which an exposure exists is measured as the largest amount of benefit determined on a cumulative probability basis that the Company believes is more likely than not to be realized upon ultimate settlement of the position. Components of the liability are classified as either a current or a long-term liability in the accompanying consolidated balance sheets based on when the Company expects each of the items to be settled. The Company does not have any unrecognized tax benefits as of December 31, 2018 and 2017, and does not anticipate a significant change in unrecognized tax benefits during the next 12 months.

12. SEGMENTS

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

12. SEGMENTS

The Company is engaged in the manufacture, marketing and development of specialty plasma-derived biologics. The Company’s operating segments reflect the consummation of the Biotest Transaction on June 6, 2017 (see Notes 1 and 3), and the nature of its operations subsequent to the close of the transaction. The Company’s ADMA BioManufacturing segment reflects the Company’s immune globulin manufacturing and development operations in Florida, acquired on June 6, 2017 (see Note 3). The Plasma Collection Centers segment consists of three FDA-licensed source plasma collection facilities located in Georgia, two of which were transferred to Biotest on January 1, 2019 (see Note 17). The Corporate segment includes general and administrative overhead expenses. The Company defines its segments as those business units whose operating results are regularly reviewed by the chief operating decision maker (“CODM”) to analyze performance and allocate resources. The Company’s CODM is its President and Chief Executive Officer. Summarized financial information concerning reportable segments is shown in the following tables:

Year Ended December 31, 2018
	ADMA BioManufacturing			Plasma Collection Centers			Corporate			Consolidated

Revenues	$	6,797,548		$	10,044,908		$	142,834		$	16,985,290

Cost of product revenue		35,485,273			6,709,362			—			42,194,635

Gross (loss) profit		(28,687,725	)		3,335,546			142,834			(25,209,345	)

Loss from operations		(45,633,715	)		(4,470,073	)		(10,185,156	)		(60,288,944	)

Interest and other expense, net		(1,077,624	)		(967	)		(4,375,910	)		(5,454,501	)

Net loss		(46,711,339	)		(4,471,040	)		(14,561,066	)		(65,743,445	)

Capital expenditures		1,580,684			514,916			—			2,095,600

Depreciation and amortization expense		2,608,776			814,768			22,854			3,446,398

Total assets		57,818,051			5,443,032			25,615,438			88,876,521

Year Ended December 31, 2017
	ADMA BioManufacturing			Plasma Collection Centers			Corporate			Consolidated

Revenues	$	10,980,987		$	11,636,739		$	142,834		$	22,760,560

Cost of product revenue		21,862,140			7,302,181			—			29,164,321

Gross (loss) profit		(10,881,153	)		4,334,558			142,834			(6,403,761	)

Loss from operations		(19,801,455	)		(2,169,192	)		(17,339,349	)		(39,309,996	)

Interest and other expense, net		(537,235	)		(6,885	)		(3,904,859	)		(4,448,979	)

Net loss		(20,338,690	)		(2,176,077	)		(21,244,208	)		(43,758,975	)

Capital expenditures		747,402			1,913,663			15,263			2,676,328

Depreciation and amortization expense		2,204,772			436,687			50,842			2,692,301

Total assets		54,004,696			3,933,673			50,080,464			108,018,833

13. OTHER EMPLOYEE BENEFITS

12 Months Ended

Dec. 31, 2018

Retirement Benefits [Abstract]

13. 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 of Directors. The Company recognized $0.7 million and $0.5 million of related compensation expense for the years ended December 31, 2018 and 2017, respectively.

14. SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

12 Months Ended

Dec. 31, 2018

Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]

14. SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

Supplemental cash flow information for the years ended December 31, 2018 and 2017 is as follows:

	2018		2017
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	$	4,399,972	$	2,293,590
Noncash Financing and Investing Activities:
Equipment acquired reflected in accounts payable and accrued liabilities	$	238,790	$	544,125
Equipment acquired through capital lease	$	165,644	$	—
Warrants issued in connection with notes payable	$	—	$	614,513
End of term liability for senior notes payable	$	—	$	2,760,000
Assets acquired through the issuance of common stock and liabilities assumed	$	—	$	60,161,629

15. CONCENTRATIONS

12 Months Ended

Dec. 31, 2018

Concentration Risks, Types, No Concentration Percentage [Abstract]

15. CONCENTRATIONS

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents and accounts receivable. At December 31, 2018, three customers accounted for approximately 95% of the Company’s consolidated accounts receivable. At December 31, 2017, two customers accounted for 79% of the Company’s total accounts receivable.

For the year ended December 31, 2018, BPC represented 56% of the Company’s consolidated revenues, and two other customers totaled 31% of the Company’s consolidated revenues. For the year ended December 31, 2017, BPC represented 47% of the Company’s consolidated revenues, and another customer represented 31% of the Company’s consolidated revenues.

16. QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

16. QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

In the opinion of management, the following unaudited consolidated financial information includes all normal and recurring adjustments considered necessary to present fairly the Company’s results of operations for the periods indicated.

	For the Three Months Ended
	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018

REVENUES:
Product revenue	$	4,006,298		$	4,620,841		$	4,194,602		$	4,020,715
License and other revenue		35,708			35,709			35,708			35,709
Total Revenues		4,042,006			4,656,550			4,230,310			4,056,424

OPERATING EXPENSES:
Cost of product revenue (exclusive of amortization expense shown below)		12,242,748			9,645,662			9,164,109			11,142,116
Research and development (1)		965,571			1,040,427			1,002,818			917,304
Plasma center operating expenses		1,833,774			1,738,128			1,973,338			2,260,379
Amortization of intangibles		211,235			211,234			211,235			211,234
Selling, general and administrative (1)		5,321,181			5,438,480			5,670,210			6,073,051
Total operating expenses		20,574,509			18,073,931			18,021,710			20,604,084

LOSS FROM OPERATIONS		(16,532,503	)		(13,417,381	)		(13,791,400	)		(16,547,660	)

OTHER INCOME (EXPENSE):
Interest income		26,546			33,070			75,581			60,206
Interest expense		(1,323,152	)		(1,359,188	)		(1,402,475	)		(1,437,968	)
Other expense		6,967			(4,332	)		(17,191	)		(112,565	)
Other expense, net		(1,289,639	)		(1,330,450	)		(1,344,085	)		(1,490,327	)

NET LOSS	$	(17,822,142	)	$	(14,747,831	)	$	(15,135,485	)	$	(18,037,987	)

BASIC AND DILUTED LOSS PER COMMON SHARE	$	(0.39	)	$	(0.35	)	$	(0.33	)	$	(0.39	)

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic and Diluted		45,317,042			42,712,168			46,350,392			46,351,860

(1) - For the three months ended March 31, June 30, and September 30, 2018, the Company reclassified $0.3 million, $0.4 million and $0.3 million, respectively, of operating expenses from Research and development expenses to Selling, general and administrative expenses

17. SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2018

Subsequent Events [Abstract]

17. SUBSEQUENT EVENTS

Transfer of Plasma Collection Facilities

Effective as of January 1, 2019, pursuant to the terms of the Biotest Transaction and as part of the purchase price for the Biotest Assets, the Company transferred to BPC two of its FDA-licensed source plasma collection facilities located in Norcross, GA and Marietta, GA. As a result of this transfer, the liability reflected in the accompanying consolidated balance sheets as of December 31, 2018 and 2017 in the amount of $12.6 million has been satisfied, and the Company will record a non-cash gain for this amount in the first quarter of 2019, net of the book value of the assets being transferred, which consist primarily of inventory and property and equipment, of approximately $1.1 million. In connection with this transfer, the Company and BPC entered into a transition services agreement (the “TSA”), pursuant to which the Company agreed to provide transition services to BPC, including services related to plasma operations, finance, human resources, contracts, regulatory affairs, information technology, quality systems and record retention (the “Services”), for a period of up to six months after the effective date of the TSA, subject to earlier termination or extension pursuant to the terms therein. In exchange for the Services, BPC will pay the Company based on an hourly billable rate which varies in amount depending on the ADMA staff member providing the Services. The TSA contains mutual confidentiality and indemnification provisions customary for an agreement of this nature.

Refinancing of Senior Credit Facility

On February 11, 2019, (the “Perceptive Closing Date”), the Company and all of its subsidiaries entered into a Credit Agreement and Guaranty (the “Perceptive Credit Agreement”) with Perceptive Credit Holdings II, LP, as the lender and administrative agent (“Perceptive”). The Perceptive Credit Agreement provides for a senior secured term loan facility in a principal amount of up to $72.5 million (the “Perceptive Credit Facility”), comprised of (i) a term loan made on the Perceptive Closing Date in the principal amount of $45.0 million, as evidenced by the Company’s issuance of a promissory note (the “Perceptive Initial Note”) in favor of Perceptive on the Perceptive Closing Date (the “Perceptive Initial Term Loan”), and (ii) an additional term loan in the principal amount of up to $27.5 million, but no less than $10.0 million (the “Perceptive Additional Term Loan” and, together with the Perceptive Initial Term Loan, the “Perceptive Loans”), which Perceptive Additional Term Loan is subject to the satisfaction of certain conditions, including, but not limited to, the FDA’s approval of the PAS or the FDA’s approval of the RI-002 BLA, and no Material Adverse Changes (as defined in the Perceptive Credit Agreement) having occurred since December 31, 2017; provided, that the Perceptive Additional Term Loan shall not be made later than June 30, 2020. The Perceptive Credit Facility has a maturity date of March 1, 2022 (the “Perceptive Maturity Date”), subject to acceleration pursuant to the Perceptive Credit Agreement, including upon an Event of Default (as defined in the Perceptive Credit Agreement).

On the Perceptive Closing Date, the Company used $30.0 million of the Perceptive Initial Term Loan to terminate and pay in full all of the outstanding obligations under the Marathon Credit Facility (see Note 7). The Company also (i) used $2.8 million of the Perceptive Initial Term Loan to pay a deferred facility fee to Marathon, (ii) used $6.5 million of the Perceptive Initial Term Loan to pay a prepayment penalty to Marathon, (iii) used $0.7 million of the Perceptive Initial Term Loan to pay outstanding accrued interest to Marathon, and (iv) used proceeds of the Perceptive Initial Term Loan to pay certain fees and expenses incurred in connection with the Perceptive Credit Facility of approximately $1.3 million. In addition, Marathon released the $4.0 million of cash held in the debt service reserve account (see note 7) to the Company.

Borrowings under the Perceptive Credit Agreement will bear interest at a rate per annum equal to 7.5% (the “Applicable Margin”) plus the greater of (i) one-month LIBOR and (ii) 3.5%; provided, however, that upon, and during the continuance of, an Event of Default, the Applicable Margin shall automatically increase by an additional 400 basis points. On the last day of each month during the term of the Perceptive Credit Facility, the Company will pay accrued interest to Perceptive. The rate of interest in effect as of the Perceptive Closing Date was 11.0%.

On the Perceptive Maturity Date, the Company will pay Perceptive the entire outstanding principal amount underlying the Perceptive Loans and any accrued and unpaid interest thereon. Prior to the Perceptive Maturity Date, there will be no scheduled principal payments on the Perceptive Loans. The Company may prepay outstanding principal on the Perceptive Loans at any time and from time to time upon three business days’ prior written notice, subject to the payment to Perceptive of, (A) any accrued but unpaid interest on the prepaid principal amount plus (B) a redemption premium amount equal to (i) 5.0% of the prepaid principal amount, if prepaid on or prior to the first anniversary of the Perceptive Closing Date, (ii) 4.0% of the prepaid principal amount, if prepaid after the first anniversary of the Perceptive Closing Date and on or prior to the second anniversary of the Perceptive Closing Date, or (iii) 3.0% of the prepaid principal amount, if prepaid after the second anniversary of the Perceptive Closing Date and on or prior to the third anniversary of the Perceptive Closing Date.

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

As consideration for the Perceptive Credit Agreement, the Company issued to Perceptive, on the Perceptive Closing Date, a warrant to purchase 1,360,000 shares of the Company’s our common stock (the “Perceptive Warrant”). The Perceptive Warrant has an exercise price equal to $3.28 per share, which is equal to the trailing 10-day VWAP of the Company’s common stock on the business day immediately prior to the Perceptive Closing Date multiplied by 1.15 (the “Closing Date Exercise Price”); provided, however, that following the Perceptive Closing Date until March 31, 2019, if the Closing Date Exercise Price exceeds the Automatic Adjustment Exercise Price (as defined below), the exercise price will automatically be decreased to (A) the lesser of (i) the 10-day VWAP of the common stock immediately following the public announcement, in the event such announcement occurs on or prior to March 31, 2019, concerning the FDA classification of the Company’s January 4, 2019 response to the BIVIGAM CRL, or (ii) the public offering price per share of the Company’s common stock, in the event that the Company closes a public offering of its common stock on or prior to March 31, 2019, multiplied by (B) 1.15 (such exercise price, the “Automatic Adjustment Exercise Price”). The Perceptive Warrant was valued by the Company at $2.7 million as of the Perceptive Closing Date, and has an expiration date of February 11, 2029. Perceptive represented to the Company, among other things, that it was an “accredited investor” (as such term is defined in Rule 501(a) of Regulation D under the Securities Act and the Company issued the Perceptive Warrant in reliance upon an exemption from registration contained in Section 4(2) under the Securities Act. The Perceptive Warrant and the shares of common stock issuable thereunder may not be offered, sold, pledged or otherwise transferred in the U.S. absent registration or an applicable exemption from the registration requirements under the Securities Act.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Principles of Consolidation and Basis of presentation

Use of estimates

Cash and cash equivalents

Restricted cash

Restricted cash consists of cash held in a reserve account as required by the terms of the Company’s senior lending agreement (see Note 7).

Accounts receivable

Accounts receivable are reported at realizable value, net of allowances for contractual credits and doubtful accounts, which are recognized in the period the related revenue is recorded.

Inventories

Property and equipment

Goodwill

oodwill represents the excess of purchase price over the fair value of net assets acquired by the Company. Goodwill at December 31, 2018 and 2017 was $3.5 million, all of which is attributable to the Company’s ADMA BioManufacturing business segment. The following table presents the changes in the carrying amount of goodwill during the years ended December 31, 2018 and 2017:

Balance as of January 1, 2017	$	—
Goodwill recorded in connection with the acquistion of the Biotest Assets		3,529,509
Balance as of December 31, 2018 and 2017	$	3,529,509

Impairment of long-lived assets

Revenue recognition

Cost of product revenue

Research and development expenses

Advertising and marketing expenses

Stock-based compensation

Income taxes

Earnings (Loss) Per Share

	For the Years Ended December 31,
	2018		2017
Stock options		4,342,231		3,276,043
Warrants		528,160		528,160
		4,870,391		3,804,203

Business Combinations

Fair value of financial instruments

Recent Accounting Pronouncements

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Schedule of goodwill

Balance as of January 1, 2017	$	—
Goodwill recorded in connection with the acquistion of the Biotest Assets		3,529,509
Balance as of December 31, 2018 and 2017	$	3,529,509

Schedule of dilutive securities

	For the Years Ended December 31,
	2018		2017
Stock options		4,342,231		3,276,043
Warrants		528,160		528,160
		4,870,391		3,804,203

3. ACQUISITION (Tables)

12 Months Ended

Dec. 31, 2018

Business Combinations [Abstract]

Purchase price allocation

Issuance of 12,866,740 shares of common stock (voting and non-voting) valued at $3.66 per share	$	47,165,468
Transfer of two plasma collection centers at fair value		12,621,844
Total purchase price	$	59,787,312

Schedule of assets and liabilities assumed

Cash	$	12,500,000
Inventory		8,197,354
Land and buildings		20,000,000
Property and equipment		8,209,800
Assets held for sale		845,389
Other current assets		795,553
Trademark and other intangible rights to Nabi-HB		4,100,046
Right to intermediates		907,421
Customer contract		1,076,557
Goodwill		3,529,509
Liabilities assumed		(374,317	)
Total purchase price	$	59,787,312

Pro forma information

	Year Ended December 31, 2017
Revenues:
As reported	$	22,760,560
Pro forma	$	41,024,330

Net loss
As reported	$	(43,758,975	)
Pro forma	$	(52,928,428	)

Basic and diluted net loss per share:
As reported	$	(1.91	)
Pro forma	$	(1.17	)

4. INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2018

Inventory Disclosure [Abstract]

Schedule of inventory

	December 31, 2018		December 31, 2017

Raw materials	$	14,019,668	$	10,143,149
Work-in-progress		—		1,265,339
Finished goods		4,596,501		1,219,693
Total inventories	$	18,616,169	$	12,628,181

5. PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2018

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

	December 31, 2018			December 31, 2017
Manufacturing and laboratory equipment	$	8,233,203		$	7,148,405
Office equipment and computer software		1,608,994			1,086,756
Furniture and fixtures		1,163,552			1,136,623
Construction in process		845,538			738,093
Leasehold improvements		1,660,709			1,642,903
Land		4,339,441			4,339,441
Buildings and building improvements		15,685,325			15,660,559
		33,536,762			31,752,780
Less: Accumulated depreciation		(3,421,032	)		(1,285,922	)
Total property, plant and equipment, net	$	30,115,730		$	30,466,858

6. INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2018

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Schedule of intangible assets

	December 31, 2018						December 31, 2017
			Accumulated						Accumulated
	Cost		Amortization		Net		Cost		Amortization		Net
Trademark and other intangible rights related to Nabi-HB	$	4,100,046	$	927,391	$	3,172,655	$	4,100,046	$	341,670	$	3,758,376
Rights to intermediates		907,421		205,250		702,171		907,421		75,618		831,803
Customer contract		1,076,557		946,971		129,586		1,076,557		817,386		259,171
	$	6,084,024	$	2,079,612	$	4,004,412	$	6,084,024	$	1,234,674	$	4,849,350

Intangible asset future aggregate amortization expense

2019	$	844,938
2020		715,352
2021		715,352
2022		715,352
2023		715,352

7. NOTES PAYABLE (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Summary of outstanding senior notes payable

	December 31, 2018			December 31, 2017

Notes payable:	$	30,000,000		$	30,000,000
Less:
Debt discount		(3,559,170	)		(4,631,542	)
Senior notes payable	$	26,440,830		$	25,368,458

Reconciliation of cash, cash equivalents and restricted cash

	December 31, 2018		December 31, 2017
Cash and cash equivalents	$	22,754,852	$	43,107,574
Restricted cash included in current assets		—		1,500,000
Restricted cash included in long-term assets		4,000,000		4,000,000
Total cash, cash equivalents and restricted cash as shown in the consolidated statements of cash flows	$	26,754,852	$	48,607,574

Discount on the Tranche One Note

Facility fee	$	2,760,000
Deferred financing fees		1,475,330
Tranche One Warrants		614,513
Total debt discount at Marathon Closing Date	$	4,849,843

Summary of the outstanding related party note payable

	December 31, 2018			December 31, 2017
Related party note payable to Biotest	$	15,000,000		$	15,000,000
Less:
Debt discount		(125,816	)		(157,604	)
Note payable - related party	$	14,874,184		$	14,842,396

8. STOCKHOLDERS’ EQUITY (Tables)

12 Months Ended

Dec. 31, 2018

STOCKHOLDERS' EQUITY

Schedule of assumptions

	Year Ended			Year Ended
	December 31, 2018			December 31, 2017
Expected term		5.8-6.3 years			5.8-6.3 years
Volatility		54-57	%		56-64	%
Dividend yield		0.0			0.0
Risk-free interest rate		2.40-3.11%			1.77-2.29%

Schedule of stock option activity

	Shares			Weighted Average Exercise Price
Balance at December 31, 2016		1,535,187		$	7.90
Forfeited		(94,024	)	$	7.72
Expired		(47,476	)	$	9.02
Granted		1,976,295		$	3.73
Exercised		(93,939	)	$	2.68
Balance at December 31, 2017		3,276,043		$	5.52
Forfeited		(60,854	)	$	4.09
Expired		(34,489	)	$	8.38
Granted		1,167,044		$	4.15
Exercised		(5,513	)	$	3.31
Balance at December 31, 2018		4,342,231		$	5.16

Options exercisable		2,192,663		$	6.30

Summary of outstanding and exercisable options by price range

	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	Options Outstanding	Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Aggregate Intrinsic Value
$1.34 - $2.06	35,168	7.9	$	1.96	$	14,966	12,928	6.2	$	1.80	$	7,627
$2.96 - $4.60	2,563,017	8.7	$	3.66		—	789,901	8.4	$	3.64		—
$4.72 - $7.21	593,893	8.4	$	5.52		—	262,908	7.4	$	5.66		—
$7.56 - $10.80	1,150,153	4.4	$	8.39		—	1,126,926	4.3	$	8.37		—
	4,342,231	7.5	$	5.16	$	14,966	2,192,663	6.2	$	6.30	$	7,627

Stock-based compensation expense

	2018		2017

Research and development	$	292,736	$	380,925
Plasma centers		34,797		47,330
Selling, general and administrative		1,739,037		1,081,236
Cost of product revenue		156,718		52,168

Total stock-based compensation expense	$	2,223,288	$	1,561,659

9. RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of related party transactions

	Year Ended December 31,
	2018		2017

Sale and purchase of plasma
Product revenue	$	9,564,388	$	10,664,456
Purchases		7,822,226		2,776,959

License revenue		142,834		142,834

Interest expense		912,500		520,000

	December 31,		December 31,
	2018		2017
Accounts receivable	$	961,145	$	1,245,677
Accounts payable		2,010,774		139,939
Accrued expenses		10,659		314,820
Note payable, net of discount		14,874,184		14,842,396
Accrued interest		65,000		65,000
Deferred revenue		2,547,199		2,690,033

10. COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Future minimum lease payments

2019	$	455,444
2020		361,719
2021		339,813
2022		340,849
2023		343,898
Thereafter		606,913
	$	2,448,636

11. INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of reconciliation of income taxes

	Year Ended December 31,
	2018			2017
Benefit at U.S. federal statutory rate	$	(13,806,124	)	$	(14,758,443	)
State taxes - deferred		(1,443,538	)		(1,581,844	)
Increase in valuation allowance		(1,015,582	)		(751,505	)
Research and development credits		(223,735	)		(272,262	)
Federal tax reform rate change		—			17,263,248
Decrease in federal net operating loss		12,090,203			—
Decrease in federal research and development credits		4,294,344			—
Other		104,432			100,806
Benefit for income taxes	$	—		$	—

Schedule of deferred tax asset

	Year Ended December 31,
	2018			2017
Federal and state net operating loss carryforwards	$	26,080,351		$	29,137,918
Federal and state research credits		525,248			4,526,201
Interest expense limitation carryforwards		1,159,422			—
Transaction costs		1,147,581			1,269,443
Deferred revenue		624,610			679,068
Accrued expenses and other		6,011,057			951,219
Total gross deferred tax assets		35,548,269			36,563,849
Less: valuation allowance for deferred tax assets		(35,548,269	)		(36,563,849	)
Net deferred tax assets	$	—		$	—

12. SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

Summarized segment financial information

Year Ended December 31, 2018
	ADMA BioManufacturing			Plasma Collection Centers			Corporate			Consolidated

Revenues	$	6,797,548		$	10,044,908		$	142,834		$	16,985,290

Cost of product revenue		35,485,273			6,709,362			—			42,194,635

Gross (loss) profit		(28,687,725	)		3,335,546			142,834			(25,209,345	)

Loss from operations		(45,633,715	)		(4,470,073	)		(10,185,156	)		(60,288,944	)

Interest and other expense, net		(1,077,624	)		(967	)		(4,375,910	)		(5,454,501	)

Net loss		(46,711,339	)		(4,471,040	)		(14,561,066	)		(65,743,445	)

Capital expenditures		1,580,684			514,916			—			2,095,600

Depreciation and amortization expense		2,608,776			814,768			22,854			3,446,398

Total assets		57,818,051			5,443,032			25,615,438			88,876,521

Year Ended December 31, 2017
	ADMA BioManufacturing			Plasma Collection Centers			Corporate			Consolidated

Revenues	$	10,980,987		$	11,636,739		$	142,834		$	22,760,560

Cost of product revenue		21,862,140			7,302,181			—			29,164,321

Gross (loss) profit		(10,881,153	)		4,334,558			142,834			(6,403,761	)

Loss from operations		(19,801,455	)		(2,169,192	)		(17,339,349	)		(39,309,996	)

Interest and other expense, net		(537,235	)		(6,885	)		(3,904,859	)		(4,448,979	)

Net loss		(20,338,690	)		(2,176,077	)		(21,244,208	)		(43,758,975	)

Capital expenditures		747,402			1,913,663			15,263			2,676,328

Depreciation and amortization expense		2,204,772			436,687			50,842			2,692,301

Total assets		54,004,696			3,933,673			50,080,464			108,018,833

14. SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION (Tables)

12 Months Ended

Dec. 31, 2018

Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]

Schedule of supplemental cash flow information

	2018		2017
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	$	4,399,972	$	2,293,590
Noncash Financing and Investing Activities:
Equipment acquired reflected in accounts payable and accrued liabilities	$	238,790	$	544,125
Equipment acquired through capital lease	$	165,644	$	—
Warrants issued in connection with notes payable	$	—	$	614,513
End of term liability for senior notes payable	$	—	$	2,760,000
Assets acquired through the issuance of common stock and liabilities assumed	$	—	$	60,161,629

16. QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Quarterly financial information

	For the Three Months Ended
	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018

REVENUES:
Product revenue	$	4,006,298		$	4,620,841		$	4,194,602		$	4,020,715
License and other revenue		35,708			35,709			35,708			35,709
Total Revenues		4,042,006			4,656,550			4,230,310			4,056,424

OPERATING EXPENSES:
Cost of product revenue (exclusive of amortization expense shown below)		12,242,748			9,645,662			9,164,109			11,142,116
Research and development (1)		965,571			1,040,427			1,002,818			917,304
Plasma center operating expenses		1,833,774			1,738,128			1,973,338			2,260,379
Amortization of intangibles		211,235			211,234			211,235			211,234
Selling, general and administrative (1)		5,321,181			5,438,480			5,670,210			6,073,051
Total operating expenses		20,574,509			18,073,931			18,021,710			20,604,084

LOSS FROM OPERATIONS		(16,532,503	)		(13,417,381	)		(13,791,400	)		(16,547,660	)

OTHER INCOME (EXPENSE):
Interest income		26,546			33,070			75,581			60,206
Interest expense		(1,323,152	)		(1,359,188	)		(1,402,475	)		(1,437,968	)
Other expense		6,967			(4,332	)		(17,191	)		(112,565	)
Other expense, net		(1,289,639	)		(1,330,450	)		(1,344,085	)		(1,490,327	)

NET LOSS	$	(17,822,142	)	$	(14,747,831	)	$	(15,135,485	)	$	(18,037,987	)

BASIC AND DILUTED LOSS PER COMMON SHARE	$	(0.39	)	$	(0.35	)	$	(0.33	)	$	(0.39	)

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic and Diluted		45,317,042			42,712,168			46,350,392			46,351,860

1. ORGANIZATION AND BUSINESS (Details Narrative) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 22,754,852	$ 43,107,574
Accumulated deficit	$ (216,437,238)	$ (150,693,793)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Goodwill, beginning balance	$ 3,529,509	$ 0
Goodwill recorded in connection with the acquisition of the Biotest Assets	0	3,529,509
Goodwill, ending balance	$ 3,529,509	$ 3,529,509

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Potentially dilutive securities	4,870,391	3,804,203
Stock Options
Potentially dilutive securities	4,342,231	3,276,043
Warrants
Potentially dilutive securities	528,160	528,160

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Goodwill	$ 3,529,509	$ 3,529,509	$ 0
Asset impairment charge	0	845,389
Advertising and marketing expenses	$ 800,000	$ 600,000

3. ACQUISITION (Details)	12 Months Ended
3. ACQUISITION (Details)	Dec. 31, 2017 USD ($)
Business Combinations [Abstract]
Issuance of 12,886,740 shares of common stock (voting and non-voting) valued at $3.66 per share	$ 47,165,468
Transfer of two plasma collection centers	12,621,844
Total purchase price	$ 59,787,312

3. ACQUISITION (Details 1)	12 Months Ended
3. ACQUISITION (Details 1)	Dec. 31, 2017 USD ($)
Business Combinations [Abstract]
Cash	$ 12,500,000
Inventory	8,197,354
Land and buildings	20,000,000
Property and equipment	8,209,800
Assets held for sale	845,389
Other current assets	795,553
Trademark and other intangible rights to Nabi-HB	4,100,046
Right to intermediates	907,421
Customer contract	1,076,557
Goodwill	1,076,557
Liabilities assumed	(374,317)
Total purchase price	$ 59,787,312

3. ACQUISITION (Details 2) - USD ($)	3 Months Ended				12 Months Ended
3. ACQUISITION (Details 2) - USD ($)	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Revenues:
As reported	$ 4,056,424	$ 4,230,310	$ 4,656,550	$ 4,042,006	$ 16,985,290	$ 22,760,560
Proforma						41,024,330
Net loss
As reported	$ (18,037,987)	$ (15,135,485)	$ (14,747,831)	$ (17,822,142)	$ (65,743,445)	(43,758,975)
Proforma						$ (52,928,428)
Basic and diluted net loss per share:
As reported	$ (0.39)	$ (0.33)	$ (0.35)	$ (0.39)	$ (1.45)	$ (1.91)
Pro forma, basic						(1.17)
Pro forma, diluted						$ (1.17)

3. ACQUISITION (Details Narrative)	12 Months Ended
3. ACQUISITION (Details Narrative)	Dec. 31, 2017 USD ($)
Business Combinations [Abstract]
Transaction closing costs	$ 3,900,000

4. INVENTORIES (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Raw materials	$ 14,019,668	$ 10,395,433
Work-in-progress	0	1,265,339
Finished goods	4,596,501	967,409
Total inventories	$ 18,616,169	$ 12,628,181

5. PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Property, plant and equipments, gross	$ 33,536,762	$ 31,752,780
Less: Accumulated depreciation and amortization	(3,421,032)	(1,285,922)
Property, plant and equipments, net	30,115,730	30,466,858
Manufacturing and laboratory equipment
Property, plant and equipments, gross	8,233,203	7,148,405
Office equipment and computer software
Property, plant and equipments, gross	1,608,994	1,086,756
Furniture and fixtures
Property, plant and equipments, gross	1,163,552	1,136,623
Construction in process
Property, plant and equipments, gross	845,538	738,093
Leasehold improvements
Property, plant and equipments, gross	1,660,709	1,642,903
Land
Property, plant and equipments, gross	4,339,441	4,339,441
Buildings
Property, plant and equipments, gross	$ 15,685,325	$ 15,660,559

5. PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)	12 Months Ended
5. PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 2,600,000	$ 1,500,000

6. INTANGIBLE ASSETS (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Cost	$ 6,084,024	$ 6,084,024
Accumulated amortization	2,079,612	1,234,674
Net	4,004,412	4,849,350
Trademark and other intangible rights related to Nabi-HB
Cost	4,100,046	4,100,046
Accumulated amortization	927,391	341,670
Net	3,172,655	3,758,376
Right to intermediates
Cost	907,421	907,421
Accumulated amortization	205,250	75,618
Net	702,171	831,803
Customer contract
Cost	1,076,557	1,076,557
Accumulated amortization	946,971	817,386
Net	$ 129,586	$ 259,171

6. INTANGIBLE ASSETS (Details 1)	Dec. 31, 2018 USD ($)
Intangible Assets, Net (Excluding Goodwill) [Abstract]
2019	$ 844,938
2020	715,352
2021	715,352
2022	715,352
2023	$ 715,352

7. NOTES PAYABLE (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
Notes payable	$ 30,000,000	$ 30,000,000
Less: Debt discount	(3,559,170)	(4,631,542)
Less: Current portion	0	0
Senior notes payable	$ 26,440,830	$ 25,368,458

7. NOTES PAYABLE (Details 1) - USD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
Cash and cash equivalents	$ 22,754,852	$ 43,107,574
Restricted cash included in current assets	0	1,500,000
Restricted cash included in long-term assets	4,000,000	4,000,000
Total cash, cash equivalents and restricted cash as shown in the consolidated statements of cash flows	$ 26,754,852	$ 48,607,574	$ 9,914,867

7. NOTES PAYABLE (Details 2)	12 Months Ended
7. NOTES PAYABLE (Details 2)	Dec. 31, 2018 USD ($)
Debt Disclosure [Abstract]
Facility fee	$ 2,760,000
Deferred financing fees	1,475,330
Tranche One Warrants	614,513
Total debt discount at Marathon Closing Date	$ 4,849,843

7. NOTES PAYABLE (Details 3) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
Related party note payable to Biotest	$ 15,000,000	$ 15,000,000
Less:
Debt discount	(125,816)	(157,604)
Note payable - related party	$ 14,874,184	$ 14,842,396

8. STOCKHOLDERS' EQUITY (Details)	12 Months Ended
8. STOCKHOLDERS' EQUITY (Details)	Dec. 31, 2018	Dec. 31, 2017
Dividend yield	0.00%	0.00%
Minimum [Member]
Expected Term	5 years 9 months 18 days	5 years 9 months 18 days
Volatility	54.00%	56.00%
Risk-free interest rate	2.40%	1.77%
Maximum [Member]
Expected Term	6 years 3 months 18 days	6 years 3 months 18 days
Volatility	57.00%	64.00%
Risk-free interest rate	3.11%	2.29%

8. STOCKHOLDERS' EQUITY (Details 1) - $ / shares	12 Months Ended
8. STOCKHOLDERS' EQUITY (Details 1) - $ / shares	Dec. 31, 2018	Dec. 31, 2017
Shares
Outstanding at beginning of period	3,276,043	1,535,187
Forfeited	(60,854)	(94,024)
Expired	(34,489)	(47,476)
Granted	1,167,044	1,976,295
Exercised	(5,513)	(93,939)
Outstanding at end of period and expected to vest	4,342,231	3,276,043
Options exercisable	2,192,663
Weighted Average Exercise Price
Outstanding at beginning of period	$ 5.52	$ 7.90
Forfeited	4.09	7.72
Expired	8.38	9.02
Granted	4.15	3.73
Exercised	3.31	2.68
Outstanding at end of period and expected to vest	5.16	$ 5.52
Options exercisable	$ 6.30

8. STOCKHOLDERS' EQUITY (Details 2) - USD ($)	12 Months Ended
8. STOCKHOLDERS' EQUITY (Details 2) - USD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Options outstanding	4,342,231	3,276,043	1,535,187
Options outstanding, weighted average remaining contractual life	7 years 6 months
Options outstanding, weighted average exercise price	$ 5.16	$ 5.52	$ 7.90
Options outstanding, aggregate intrinsic value	$ 14,966
Options exercisable	2,192,663
Options exercisable, weighted average remaining contractual life	6 years 2 months 12 days
Options exercisable, weighted average exercise price	$ 6.30
Options exercisable, aggregate intrinsic value	$ 7,627
$1.34 - $2.06
Options outstanding	35,168
Options outstanding, weighted average remaining contractual life	7 years 10 months 24 days
Options outstanding, weighted average exercise price	$ 1.96
Options outstanding, aggregate intrinsic value	$ 14,966
Options exercisable	12,928
Options exercisable, weighted average remaining contractual life	6 years 2 months 12 days
Options exercisable, weighted average exercise price	$ 1.80
Options exercisable, aggregate intrinsic value	$ 7,627
$2.96 - $4.60
Options outstanding	2,563,017
Options outstanding, weighted average remaining contractual life	8 years 8 months 12 days
Options outstanding, weighted average exercise price	$ 3.66
Options outstanding, aggregate intrinsic value	$ 0
Options exercisable	789,901
Options exercisable, weighted average remaining contractual life	8 years 4 months 24 days
Options exercisable, weighted average exercise price	$ 3.64
Options exercisable, aggregate intrinsic value	$ 0
$4.72 - $7.21
Options outstanding	593,893
Options outstanding, weighted average remaining contractual life	8 years 4 months 24 days
Options outstanding, weighted average exercise price	$ 5.52
Options outstanding, aggregate intrinsic value	$ 0
Options exercisable	262,908
Options exercisable, weighted average remaining contractual life	7 years 4 months 24 days
Options exercisable, weighted average exercise price	$ 5.66
Options exercisable, aggregate intrinsic value	$ 0
$7.56 - $10.80
Options outstanding	1,150,153
Options outstanding, weighted average remaining contractual life	4 years 4 months 24 days
Options outstanding, weighted average exercise price	$ 8.39
Options outstanding, aggregate intrinsic value	$ 0
Options exercisable	1,126,926
Options exercisable, weighted average remaining contractual life	4 years 3 months 18 days
Options exercisable, weighted average exercise price	$ 8.37
Options exercisable, aggregate intrinsic value	$ 0

8. STOCKHOLDERS' EQUITY (Details 3) - USD ($)	12 Months Ended
8. STOCKHOLDERS' EQUITY (Details 3) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Total stock-based compensation expense	$ 2,223,288	$ 1,561,659
Research and Development Expense
Total stock-based compensation expense	292,739	380,925
Plasma centers [Member]
Total stock-based compensation expense	34,797	47,330
Selling, General and Administrative Expense
Total stock-based compensation expense	1,739,037	1,081,236
Cost of goods sold
Total stock-based compensation expense	$ 156,718	$ 52,168

8. STOCKHOLDERS' EQUITY (Details Narrative) - USD ($)	12 Months Ended
8. STOCKHOLDERS' EQUITY (Details Narrative) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	75,000,000	75,000,000
Common stock, issued	46,353,068	36,725,499
Common stock, outstanding	46,353,068	36,725,499
Stock-based compensation	$ 2,223,288	$ 1,561,659
Options outstanding, weighted average remaining contractual life	7 years 6 months
Options exercisable, weighted average remaining contractual life	6 years 2 months 12 days
Total unrecognized compensation expense related to unvested options	$ 4,300,000
Total unrecognized compensation expense related to unvested options, period	2 years 7 months 6 days
Exercisable options intrinsic value	$ 7,627
Non-Voting Common Stock
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	8,591,160	8,591,160
Common stock, issued	0	8,591,160
Common stock, outstanding	0	8,591,160

9. RELATED PARTY TRANSACTIONS (Details) - USD ($)	12 Months Ended
9. RELATED PARTY TRANSACTIONS (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Sale and purchase of plasma
Product revenue	$ 9,564,388	$ 10,664,456
Purchases	7,822,226	2,776,959
License revenue	142,834	142,834
Interest expense	912,500	520,000
Accounts receivable	961,145	1,245,677
Accounts payable	2,010,774	139,939
Accrued expenses	10,659	314,820
Note payable, net of discount	14,874,184	14,842,396
Accrued interest	65,000	65,000
Deferred revenue	$ 2,547,199	$ 2,690,033

9. RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Related Party Transactions [Abstract]
Rent expense	$ 100,000	$ 200,000

10. COMMITMENTS AND CONTINGENCIES (Details)	Dec. 31, 2018 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2019	$ 455,444
2020	361,719
2021	339,813
2022	340,849
2023	343,898
Thereafter	606,913
Total	$ 2,448,636

10. COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Rent expense	$ 1,100,000	$ 600,000

11. INCOME TAXES (Details) - USD ($)	12 Months Ended
11. INCOME TAXES (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Benefit at U.S. Federal statutory rate	$ (13,806,124)	$ (14,758,443)
State taxes - deferred	(1,443,538)	(1,581,844)
Increase in valuation allowance	(1,015,580)	(751,505)
Research and development credits	(223,735)	(272,262)
Federal tax reform rate change	0	17,263,248
Decrease in federal net operating loss	12,090,203	0
Decrease in federal research and development credits	4,294,344	0
Other	104,430	100,806
Benefit for income taxes	$ 0	$ 0

11. INCOME TAXES (Details 1) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Federal and state net operating loss carryforwards	$ 26,080,351	$ 29,137,918
Federal and state research credits	525,248	4,526,201
Interest expense limitations carryforwards	1,159,422	0
Transaction costs	1,147,581	1,269,443
Deferred revenue	624,610	679,068
Accrued expenses and other	6,011,057	951,219
Total gross deferred tax assets	35,548,269	36,563,849
Less: valuation allowance for deferred tax assets	(35,548,269)	(36,563,849)
Net deferred tax assets	$ 0	$ 0

11. INCOME TAXES (Details Narrative)	Dec. 31, 2018 USD ($)
Federal
Net operating loss carryforwards	$ 108,500,000
Research and development tax credit carryforwards	500,000
State
Net operating loss carryforwards	$ 72,300,000

12. SEGMENTS (Details) - USD ($)	3 Months Ended				12 Months Ended
12. SEGMENTS (Details) - USD ($)	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Revenues	$ 4,056,424	$ 4,230,310	$ 4,656,550	$ 4,042,006	$ 16,985,290	$ 22,760,560
Cost of product revenue	11,142,116	9,164,109	9,645,662	12,242,748	42,194,635	29,164,321
Gross (loss) profit					(25,209,345)	(6,403,761)
Loss from operations	(16,547,660)	(13,791,400)	(13,417,381)	(16,532,503)	(60,288,944)	(39,309,996)
Interest and other expense, net	(1,490,327)	(1,344,085)	(1,330,450)	(1,289,639)	(5,454,501)	(4,448,979)
Net loss	$ (18,037,987)	$ (15,135,485)	$ (14,747,831)	$ (17,822,142)	(65,743,445)	(43,758,975)
Capital expenditures					2,095,600	2,676,328
Depreciation and amortization expense					3,446,398	2,692,301
Total assets					88,876,521	108,018,833
ADMA BioManufacturing
Revenues					6,797,548	10,980,987
Cost of product revenue					35,485,273	21,862,140
Gross (loss) profit					(28,687,725)	(10,881,153)
Loss from operations					(45,633,715)	(19,801,455)
Interest and other expense, net					(1,077,624)	(537,235)
Net loss					(46,711,339)	(20,338,690)
Capital expenditures					1,580,684	747,402
Depreciation and amortization expense					2,608,776	2,204,772
Total assets					57,818,051	54,004,696
Plasma Collection Centers [Member]
Revenues					10,044,908	11,636,739
Cost of product revenue					6,709,362	7,302,181
Gross (loss) profit					3,335,546	4,334,558
Loss from operations					(4,470,073)	(2,169,192)
Interest and other expense, net					(967)	(6,885)
Net loss					(4,471,040)	(2,176,077)
Capital expenditures					514,916	1,913,663
Depreciation and amortization expense					814,768	436,687
Total assets					5,443,032	3,933,673
Corporate [Member]
Revenues					142,834	142,834
Cost of product revenue					0	0
Gross (loss) profit					142,834	142,834
Loss from operations					(10,185,156)	(17,339,349)
Interest and other expense, net					(4,375,910)	(3,904,859)
Net loss					(14,561,066)	(21,244,208)
Capital expenditures					0	15,263
Depreciation and amortization expense					22,854	50,842
Total assets					$ 25,615,438	$ 50,080,464

14. SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
SUPPLEMENTAL INFORMATION:
Cash paid for interest	$ 4,399,972	$ 2,293,590
Noncash Financing and Inesting Activities:
Equipment acquired reflected in accounts payable and accrued liabilities	238,790	544,125
Equipment acquired through capital lease	165,644	0
Warrants issued in connection with note payable	0	614,513
End of term liability for senior notes payable	0	2,760,000
Assets acquired through the issuance of common stock and liabilities assumed	$ 0	$ 60,161,629

16. QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) - USD ($)

3 Months Ended

12 Months Ended

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2018

Dec. 31, 2017

REVENUES:

Product revenue

$ 4,020,715

$ 4,194,602

$ 4,620,841

$ 4,006,298

$ 16,842,456

$ 15,617,726

License and other revenue

35,709

35,708

35,709

35,708

7,000,000

Total Revenues

4,056,424

4,230,310

4,656,550

4,042,006

16,985,290

22,760,560

OPERATING EXPENSES:

Cost of product revenue (exclusive of amortization expense shown below)

11,142,116

9,164,109

9,645,662

12,242,748

42,194,635

29,164,321

Research and development

917,304

1,002,818

^[1]

1,040,427

^[1]

965,571

^[1]

3,926,120

5,570,029

Plasma center operating expenses

2,260,379

1,973,338

1,738,128

1,833,774

7,805,619

6,503,750

Amortization of intangibles

211,234

211,235

211,234

211,235

844,938

1,234,674

Selling, general and administrative

6,073,051

5,670,210

^[1]

5,438,480

^[1]

5,321,181

^[1]

22,502,922

18,752,393

Total operating expenses

20,604,084

18,021,710

18,073,931

20,574,509

77,274,234

62,070,556

LOSS FROM OPERATIONS

(16,547,660)

(13,791,400)

(13,417,381)

(16,532,503)

(60,288,944)

(39,309,996)

OTHER INCOME (EXPENSE):

Interest income

60,206

75,581

33,070

26,546

195,403

57,228

Interest expense

(1,437,968)

(1,402,475)

(1,359,188)

(1,323,152)

(5,522,783)

(3,285,847)

Other expense

(112,565)

(17,191)

(4,332)

6,967

(127,121)

(10,144)

Other expense, net

(1,490,327)

(1,344,085)

(1,330,450)

(1,289,639)

(5,454,501)

(4,448,979)

NET LOSS

$ (18,037,987)

$ (15,135,485)

$ (14,747,831)

$ (17,822,142)

$ (65,743,445)

$ (43,758,975)

BASIC AND DILUTED LOSS PER COMMON SHARE

$ (0.39)

$ (0.33)

$ (0.35)

$ (0.39)

$ (1.45)

$ (1.91)

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic and Diluted

46,351,860

46,350,392

42,712,168

45,317,042

45,188,899

22,896,042

[1]	For the three months ended March 31, June 30, and September 30, 2018, the Company reclassified $0.3 million, $0.4 million and $0.3 million, respectively, of operating expenses from Research and development expenses to Selling, general and administrative expenses.