0001193805-20-000348 | 10-K | XBRL Viewer

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2019	Jun. 30, 2020	Mar. 10, 2020
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, 2019
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		$ 158,690,677
Entity Common Stock, Shares Outstanding			86,345,313
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2019
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Entity File Number	001-36728

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 26,752,135	$ 22,754,852
Accounts receivable, net	3,469,919	1,392,441
Inventories	53,064,734	18,616,169
Prepaid expenses and other current assets	2,533,593	1,766,163
Total current assets	85,820,381	44,529,625
Property and equipment, net	31,741,317	30,115,730
Intangible assets, net	3,159,474	4,004,412
Goodwill	3,529,509	3,529,509
Assets to be transferred under purchase agreement	0	1,153,508
Restricted cash	0	4,000,000
Deposits and other assets	2,840,044	1,543,737
TOTAL ASSETS	127,090,725	88,876,521
Current liabilities:
Accounts payable	9,174,591	5,900,394
Accrued expenses and other current liabilities	4,481,395	3,551,835
Current portion of deferred revenue	142,834	142,834
Current portion of lease obligation	229,073	29,983
Total current liabilities	14,027,893	9,625,046
Senior notes payable, net of discount	68,291,163	26,440,830
End of term liability, notes payable	0	2,760,000
Deferred revenue, net of current portion	2,261,532	2,404,365
Subordinated note payable, net of discount	14,908,053	14,874,184
Obligation to transfer assets under purchase agreement	0	12,621,844
Lease obligations, net of current portion	1,302,361	119,080
Other non-current liabilities	106,574	260,734
TOTAL LIABILITIES	100,897,576	69,106,083
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred Stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding	0	0
Common Stock - voting, $0.0001 par value, 150,000,000 and 75,000,000 shares authorized, 59,318,355 and 46,353,068 shares issued and outstanding	5,932	4,635
Additional Paid-in Capital	290,903,772	236,203,041
Accumulated Deficit	(264,716,555)	(216,437,238)
TOTAL STOCKHOLDERS' EQUITY	26,193,149	19,770,438
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 127,090,725	$ 88,876,521

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Stockholders Equity
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	150,000,000	75,000,000
Common stock, issued	59,318,355	46,353,068
Common stock, outstanding	59,318,355	46,353,068

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Dec. 31, 2019	Dec. 31, 2018
REVENUES:
Product revenue	$ 29,206,249	$ 16,842,456
License revenue	142,834	142,834
Total Revenues	29,349,083	16,985,290
OPERATING EXPENSES:
Cost of product revenue (exclusive of amortization expense shown below)	39,504,238	42,194,635
Research and development	2,343,848	3,926,120
Plasma center operating expenses	2,169,629	7,805,619
Amortization of intangibles	844,938	844,938
Selling, general and administrative	25,910,757	22,502,922
Total operating expenses	70,773,410	77,274,234
LOSS FROM OPERATIONS	(41,424,327)	(60,288,944)
OTHER INCOME (EXPENSE):
Interest income	800,785	195,403
Interest expense	(8,993,379)	(5,522,783)
Loss on extinguishment of debt	(9,962,495)	0
Gain on transfer of plasma center assets	11,527,421	0
Other expense	(227,322)	(127,121)
Other expense, net	(6,854,990)	(5,454,501)
NET LOSS	$ (48,279,317)	$ (65,743,445)
BASIC AND DILUTED LOSS PER COMMON SHARE	$ (0.89)	$ (1.45)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic and Diluted	54,348,136	45,188,899

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, 2017	$ 3,673	$ 859	$ 191,022,018	$ (150,693,793)	$ 40,332,757
Beginning 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
Stock-based compensation			2,650,777		2,650,777
Warrants issued in connection with note payable			3,579,115		3,579,115
Issuance of common stock, net of offering expenses, Amount	$ 1,294		48,395,794		48,397,088
Issuance of common stock, net of offering expenses, Shares	12,937,500
Stock options exercised, Amount	$ 3		75,045		75,045
Stock options exercised, Shares	27,787
Net loss				(48,279,317)	(48,279,317)
Ending Balance, Amount at Dec. 31, 2019	$ 5,932		$ 290,903,772	$ (264,716,555)	$ 26,193,149
Ending Balance, Shares at Dec. 31, 2019	59,318,355

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2019	Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (48,279,317)	$ (65,743,445)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	3,258,148	3,446,398
Loss on disposal of fixed assets	207,071	122,190
Stock-based compensation	2,650,777	2,223,288
Amortization of debt discount	1,180,348	1,104,161
Loss on extinguishment of debt	9,962,495	0
Gain on transfer of plasma center asset	(11,527,421)	0
Amortization of license revenue	(142,834)	(142,834)
Changes in operating assets and liabilities:
Accounts receivable	(2,077,478)	2,487,713
Inventories	(34,650,132)	(5,987,988)
Prepaid expenses and other current assets	(773,174)	(540,509)
Deposits and other assets	107,974	(208,594)
Accounts payable	3,274,200	(20,480)
Accrued expenses	806,353	406,984
Other current and non-current liabilities	(190,514)	174,434
Net cash used in operating activities	(76,193,504)	(62,678,682)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(3,811,838)	(2,095,600)
Net cash (used in) provided by investing activities	(3,811,838)	(2,095,600)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on note payable	(30,000,000)	0
Payment of end of term fee	(2,760,000)	0
Proceeds from issuance of common stock, net of offering expenses	48,397,088	42,944,831
Proceeds from the exercise of stock options	75,048	13,007
Payment of debt refinancing fees	(6,499,867)	0
Proceeds from issuance of note payable	72,500,000	0
Payment of debt issuance costs	(1,679,661)	0
Payments on finance lease obligations	(29,983)	(16,581)
Payments of leasehold improvement loan	0	(19,697)
Net cash provided by financing activities	80,002,625	42,921,560
Net (decrease) increase in cash and cash equivalents	(2,717)	(21,852,722)
Cash and cash equivalents, including restricted cash - beginning of year	26,754,852	48,607,574
Cash and cash equivalents, including restricted cash - end of year	$ 26,752,135	$ 26,754,852

1. ORGANIZATION AND BUSINESS

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

1. ORGANIZATION AND BUSINESS

ADMA Biologics, Inc. (“ADMA” or the “Company”) is an end-to-end commercial biopharmaceutical company dedicated to manufacturing, marketing and developing specialty plasma-derived biologics for the treatment of immunodeficient patients at risk for infection and others at risk for certain infectious diseases. The Company’s targeted patient populations include immune-compromised individuals who suffer from an underlying immune deficiency disorder or who may be immune-suppressed for medical reasons.

ADMA operates through its wholly-owned subsidiaries ADMA BioManufacturing, LLC (“ADMA BioManufacturing”) and ADMA 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. BTBU had been the Company’s third-party manufacturer for its then-lead pipeline product candidate, ASCENIV, previously referred to as “RI-002.” ADMA Bio Centers is the Company’s source plasma collection business with a plasma collection facility located in the U.S., which holds an approved license with the U.S. Food and Drug Administration (the “FDA”). Effective January 1, 2019, in connection with the Biotest Transaction (as defined below), the Company transferred two of its FDA-approved plasma collection facilities to BPC.

The Company has three FDA-approved products, all of which are currently marketed and commercially available: (i) BIVIGAM (Immune Globulin Intravenous, Human), an Intravenous Immune Globulin (“IVIG”) product indicated for the treatment of Primary Humoral Immunodeficiency (“PI”), also known as Primary Immunodeficiency Disease (“PIDD”), and for which we received FDA approval on May 9, 2019 for the commercial re-launch of the product and commenced the commercial re-launch in August 2019; (ii) ASCENIV (Immune Globulin Intravenous, Human – slra 10% Liquid), previously referred to as RI-002, an IVIG product indicated for the treatment of PI, for which we received FDA approval on April 1, 2019 and commenced first commercial sales in October 2019; and (iii) Nabi-HB (Hepatitis B Immune Globulin, Human), which is indicated for the treatment of acute exposure to blood containing Hepatitis B surface antigen (“HBsAg”) and other listed exposures to Hepatitis B. The Company seeks to develop a pipeline of plasma-derived therapeutics, and its products and product candidates are intended to be used by physician specialists focused on caring for immune-compromised patients with or at risk for certain infectious diseases.

On June 6, 2017, ADMA completed the acquisition of certain assets (the “Biotest Assets”) of BTBU, which included the FDA-licensed BIVIGAM and Nabi-HB immunoglobulin products, and an FDA-licensed plasma fractionation manufacturing facility located in Boca Raton, FL (the “Boca Facility”) (the “Biotest Transaction”). In addition to its commercially available immunoglobulin products, the Company provides contract manufacturing services for certain clients and generates revenues from the sale of intermediate by-products that result from the immunoglobulin production process. Immediately following the closing of the Biotest Transaction, the Biotest Assets were contributed into ADMA BioManufacturing.

As of December 31 2019, the Company had working capital of $71.8 million, including $26.8 million of cash and cash equivalents. Based upon the Company’s current projected revenue and expenditures, including capital expenditures and continued implementation of the Company’s commercialization and expansion activities, as well as certain other assumptions, the Company’s management currently believes that its cash, cash equivalents, projected revenue and accounts receivable, along with the net proceeds received from the February 2020 public offering of the Company’s common stock (see Note 17) and the additional $12.5 million it is able to access under its senior credit facility, will be sufficient to fund ADMA’s operations, as currently conducted, into the second quarter of 2021. In order to have sufficient cash to fund its operations thereafter, the Company expects it will need to raise additional capital before the end of the second quarter of 2021. These estimates may change based upon the success of the Company’s commercial manufacturing ramp-up activities, the acceptability of BIVIGAM and ASCENIV by physicians, patients or payers and the various financing options that may be available to the Company. Other than the $12.5 million commitment currently available under its senior credit facility (see Note 7), the Company currently has no firm commitments for additional financing, and there can be no assurance 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.

The Company may decide to raise capital through public or private equity offerings or debt financings, or obtain a bank credit facility or enter into corporate collaboration and licensing arrangements. The sale of additional equity or debt securities, if convertible, could result in dilution to the Company’s existing stockholders and, in such event, the market value of its common stock may decline. The incurrence of additional indebtedness would result in increased fixed obligations and could also result in covenants that would restrict the Company’s operations or other financing alternatives. In addition, the Company is exploring additional contract manufacturing arrangements and other business development opportunities, which may provide additional liquidity to the Company.

There can be no assurance that the Company’s approved products will be commercially viable, or that research and development, plant capacity expansion, plasma center build-outs or other capital improvements will be successfully completed or that any product developed in the future will be approved. The Company is subject to risks common to companies in the biotechnology and pharmaceutical manufacturing industries including, but not limited to, dependence on collaborative arrangements, development by the Company or its competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, and compliance with FDA and other governmental regulations and approval requirements.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2019

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, 2019 and 2018, comprehensive loss was equal to the net loss amounts presented for the respective periods 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 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.

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

Restricted cash

Restricted cash at December 31, 2018 consists of cash held in a reserve account as required by the terms of the Company’s then-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 manufacturing, commercialization or research and development activities, are carried at the lower of cost or net realizable value determined by the first-in, first-out method. Due to previous uncertainties surrounding certain prior submissions made to the FDA, all costs related to the production of BIVIGAM and ASCENIV prior to their FDA approval dates of May 9, 2019 and April 1, 2019, respectively, 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, 2019 and 2018 was $3.5 million, all of which is attributable to the Company’s ADMA BioManufacturing business segment. There were no changes to the carrying amount of goodwill during the years ended December 31, 2019 and 2018.

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, 2019 and 2018 did not result in any impairment charges related to goodwill for the years ended December 31, 2019 and 2018.

Impairment of long-lived assets

The Company assesses the recoverability of its long-lived assets, which include property and equipment and finite-lived intangible assets, whenever significant events or changes in circumstances indicate impairment may have occurred. If indicators of impairment exist, projected future undiscounted cash flows associated with the asset are compared to its carrying amount to determine whether the asset’s carrying value is recoverable. Any resulting impairment is recorded as a reduction in the carrying value of the related asset in excess of fair value and a charge to operating results. For the years ended December 31, 2019 and 2018, the Company determined that there was no impairment of its long-lived assets.

Revenue recognition

Revenues for the years ended December 31, 2019 and 2018 are comprised of (i) revenues from the sale of the Company’s immunoglobulin products, ASCENIV, BIVIGAM and Nabi-HB, (ii) product revenues from the sale of human plasma collected from the Company’s Plasma Collection Centers business segment, (iii) contract manufacturing revenue, (iv) revenues from the sale of intermediate by-products; and (v) license and other revenues primarily attributable to the out-licensing of ASCENIV to Biotest in 2012 to market and sell this product in Europe and selected countries in North Africa and the Middle East. Biotest has provided the Company with certain services and financial payments in accordance with the related Biotest license agreement and is obligated to pay the Company certain amounts in the future if certain milestones are achieved. Deferred revenue is 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.

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

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

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 at the Boca Facility that were identified by the FDA prior to the closing of the Biotest Transaction of approximately $0.2 million and $1.5 million for the years ended December 31, 2019 and 2018, respectively, are expensed as incurred and were reflected in cost of product revenue in the accompanying consolidated statements of operations.

Research and development expenses

Research and development expenses consist of clinical research organization costs, costs related to clinical trials, post-marketing commitment studies for BIVIGAM, wages, benefits and stock-based compensation for employees directly related to research and development activities and, prior to April 1, 2019, assay development and testing, storage and transportation costs for high-titer plasma used in the manufacture of ASCENIV. 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 and are expensed as incurred. Advertising and marketing expenses were $1.0 million and $0.8 million for the years ended December 31, 2019 and 2018, 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 at the date of grant. Compensation expense related to awards to employees and directors with service-based vesting conditions is recognized on a straight-line over the associated vesting period of the award based on the grant date fair value of the award. Stock options granted under the Company’s equity incentive plans generally have a four-year vesting period and a term of 10 years. Pursuant to ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718), the Company has elected not to establish a forfeiture rate, as stock-based compensation expense related to forfeitures of unvested stock options is fully reversed at the time of forfeiture.

Income taxes

The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or its tax returns. Under this method, deferred tax assets and liabilities are recognized for the temporary differences between the tax bases of assets and liabilities and their respective financial reporting amounts at enacted tax rates in effect for the years in which the temporary differences are expected to reverse. The Company records a valuation allowance on its deferred tax assets if it is more likely than not that the Company will not generate sufficient taxable income to utilize its deferred tax assets (see Note 11). The Company is subject to income tax examinations by major taxing authorities for all tax years since 2015 and for previous periods as it relates to the Company’s net operating loss carryforwards.

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 Note 8) was included in the common stock outstanding prior to its retirement in May 2018 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, 2019 and 2018, the following securities were excluded from the calculation of diluted loss per common share because of their anti-dilutive effects:

	For the Years Ended December 31,
	2019		2018
Stock options		5,630,351		4,342,231
Warrants		2,138,160		528,160
		7,768,511		4,870,391

Fair value of financial instruments

The carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, accounts receivable and accounts payable are shown at cost, which approximates fair value due to the short-term nature of these instruments. The debt outstanding under the Company’s senior notes payable (see Note 7) approximates fair value due to the variable interest rate on this debt. With respect to the subordinated note payable in the amount of $15.0 million as of December 31, 2019 and 2018 (see Note 7), that was issued to a then-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 this update did not have a significant 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 became 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 adopted 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 was also January 1, 2019. The Company recognized right-to-use assets of $1.4 million and corresponding lease liabilities of approximately $1.6 million at the date of adoption (see Note 12). The Company also elected the “package of practical expedients,” which permits the Company to not reassess under the new standard its prior conclusions about lease identification, lease classification and initial direct costs. In addition, the Company elected the short-term lease recognition exemption for all leases that qualify, including the agreement under which the Company occupies certain office space as discussed in Note 9.

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. TRANSFER OF PLASMA CENTER ASSETS

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

3. TRANSFER OF PLASMA CENTER ASSETS

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

4. INVENTORIES

12 Months Ended

Dec. 31, 2019

Inventory Disclosure [Abstract]

4. INVENTORIES

The following table provides the components of inventories:

	December 31, 2019		December 31, 2018

Raw materials	$	33,381,806	$	14,019,668
Work-in-process		14,455,665		—
Finished goods		5,227,263		4,596,501
Total inventories	$	53,064,734	$	18,616,169

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 used in the production of goods expected to be available for sale or which otherwise have alternative uses which provide a probable future benefit. All other activities and materials associated with the production of inventories used in research and development activities are expensed as incurred.

Work-in-process inventory primarily consists of bulk drug substance and unlabeled filled vials of the Company’s immunoglobulin products. Finished goods inventory is comprised of immunoglobulin product inventory and related intermediates that are available for commercial sale, as well as plasma collected at the Company’s plasma collection center which is expected to be sold to third-party customers.

5. PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

5. PROPERTY AND EQUIPMENT

Property and equipment at December 31, 2019 and 2018 is summarized as follows:

	December 31, 2019			December 31, 2018
Manufacturing and laboratory equipment	$	8,831,817		$	8,233,203
Office equipment and computer software		1,690,248			1,608,994
Furniture and fixtures		582,088			1,163,552
Construction in process		4,285,915			845,538
Leasehold improvements		1,673,084			1,660,709
Land		4,339,441			4,339,441
Buildings and building improvements		16,063,680			15,685,325
		37,466,273			33,536,762
Less: Accumulated depreciation		(5,724,956	)		(3,421,032	)
Total property, plant and equipment, net	$	31,741,317		$	30,115,730

The Company recorded depreciation expense on property and equipment of $2.4 million and $2.6 million for the years ended December 31, 2019 and 2018, respectively, which includes $0.3 million of depreciation expense on the plasma assets to be transferred (see Note 3) for the year ended December 31, 2018.

6. INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2019

Intangible Assets, Net (Excluding Goodwill) [Abstract]

6. INTANGIBLE ASSETS

Intangible assets at December 31, 2019 and 2018 consist of the following:

	December 31, 2019						December 31, 2018
			Accumulated						Accumulated
	Cost		Amortization		Net		Cost		Amortization		Net
Trademark and other intangible rights related to Nabi-HB	$	4,100,046	$	1,513,112	$	2,586,934	$	4,100,046	$	927,391	$	3,172,655
Rights to intermediates		907,421		334,881		572,540		907,421		205,250		702,171
Customer contract		1,076,557		1,076,557		—		1,076,557		946,971		129,586
	$	6,084,024	$	2,924,550	$	3,159,474	$	6,084,024	$	2,079,612	$	4,004,412

Under the previous contract manufacturing agreement between ADMA and BPC, intermediate by-products derived from the manufacture of ASCENIV 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 seven years. The intangible rights to Nabi-HB is also being amortized over a period of seven years.

The customer contract pertains to a contract manufacturing agreement with a third-party customer 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. The remaining required production volume was 13 batches over 2018 and 2019. The Company has fulfilled this obligation to the customer in its entirety as of December 31, 2019, the date of expiration of the contract, as amended.

Amortization expense related to the Company’s intangible assets for the years ended December 31, 2019 and 2018 was $0.8 million. Estimated aggregate future aggregate amortization expense for the next five years is expected to be as follows:

2020	$	715,352
2021		715,352
2022		715,352
2023		715,352
2024		298,064

7. NOTES PAYABLE

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

7. NOTES PAYABLE

Senior Notes Payable

A summary of outstanding senior notes payable is as follows:

	December 31, 2019			December 31, 2018
Notes payable	$	72,500,000		$	30,000,000
Less:
Debt discount		(4,208,837	)		(3,559,170	)
Senior notes payable	$	68,291,163		$	26,440,830

On February 11, 2019 (the “Perceptive Closing Date”), the Company and all of its subsidiaries entered into a Credit Agreement and Guaranty (the “Perceptive Credit Agreement”) with Perceptive Credit Holdings II, LP, as the lender and administrative agent (“Perceptive”). The Perceptive Credit Agreement, as amended, provides for a senior secured term loan facility in a principal amount of up to $85.0 million (the “Perceptive Credit Facility”), comprised of (i) a term loan made on the Perceptive Closing Date in the principal amount of $45.0 million, as evidenced by the Company’s issuance of a promissory note (the “Perceptive Tranche I Note”) in favor of Perceptive on the Perceptive Closing Date (the “Perceptive Tranche I Loan”), (ii) a term loan in the principal amount of up to $27.5 million (the “Perceptive Tranche II Loan”) evidenced by the Company’s issuance of a promissory note (the “Perceptive Tranche II Note”) in favor of Perceptive on May 3, 2019; and (iii) a term loan in the principal amount of up to $12.5 million (the “Perceptive Tranche III Loan,” and together with the Perceptive Tranche I Loan and the Perceptive Tranche II Loan, the “Perceptive Loans”) to be drawn-down at the Company’s sole option no later than March 31, 2020. The Perceptive Tranche III Loan is the result of an amendment to the Perceptive Credit Agreement (the “Perceptive Amendment”) that the Company and Perceptive entered into on May 3, 2019, and the Perceptive Tranche III Loan became available to the Company upon the approval of BIVIGAM on May 9, 2019. The Perceptive Credit Facility has a maturity date of March 1, 2022 (the “Maturity Date”), subject to acceleration pursuant to the Perceptive Credit Agreement, including upon an Event of Default (as defined in the Perceptive Credit Agreement).

On the Perceptive Closing Date, the Company used $30.0 million of the Perceptive Tranche I Loan to terminate and pay in full all of the outstanding obligations under its previously existing credit agreement with Marathon Healthcare Finance Fund, L.P. (“Marathon”) (the “Marathon Credit Facility”). The Company also used proceeds from the Perceptive Tranche I Loan to: (i) pay a deferred facility fee to Marathon in the amount of $2.8 million, (ii) pay a prepayment penalty to Marathon in the amount of $6.5 million, (iii) pay outstanding accrued interest to Marathon in the amount of $0.7 million, and (iv) pay certain fees and expenses incurred in connection with the Perceptive Credit Facility of approximately $1.5 million. In addition, Marathon released $4.0 million of cash to the Company that was held in a debt service reserve account per the terms of the Marathon Credit Facility, which was reflected as restricted cash in the accompanying consolidated balance sheet as of December 31, 2018. In connection with the Perceptive Amendment, the Company paid an additional facility fee to Perceptive in the amount of $0.1 million on May 3, 2019.

As a result of the Company’s entering into the Perceptive Credit Agreement and terminating the Marathon Credit Facility, the Company recognized a loss on the extinguishment of debt in the amount of approximately $10.0 million, comprised of the $6.5 million prepayment penalty and the write-off of unamortized debt discount related to the Marathon Credit Facility in the amount of $3.5 million.

Borrowings under the Perceptive Credit Agreement bear interest at a rate per annum equal to 7.5% plus the greater of (i) one-month LIBOR and (ii) 3.5%; provided, however, that upon, and during the continuance of, an Event of Default, the interest rate will automatically increase by an additional 400 basis points. Accrued interest is payable to Perceptive on the last day of each month during the term of the Perceptive Credit Facility. The rate of interest in effect as of the Perceptive Closing Date and at December 31, 2019 was 11.0%.

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

All of the Company’s obligations under the Perceptive Credit Agreement are secured by a first-priority lien and security interest in substantially all of the Company’s tangible and intangible assets, including intellectual property and all of the equity interests in the Company’s subsidiaries. The Perceptive Credit Agreement contains certain representations and warranties, affirmative covenants, negative covenants and conditions that are customarily required for similar financings. The negative covenants restrict or limit the ability of the Company and its subsidiaries to, among other things and subject to certain exceptions contained in the Perceptive Credit Agreement, incur new indebtedness; create liens on assets; engage in certain fundamental corporate changes, such as mergers or acquisitions, or changes to the Company’s or subsidiaries’ business activities; make certain Investments or Restricted Payments (each as defined in the Perceptive Credit Agreement); change its fiscal year; pay dividends; repay other certain indebtedness; engage in certain affiliate transactions; or enter into, amend or terminate any other agreements that have the impact of restricting the Company’s ability to make loan repayments under the Perceptive Credit Agreement. In addition, the Company must (i) at all times prior to the Maturity Date maintain a minimum cash balance of $3.0 million; and (ii) as of the last day of each fiscal quarter commencing with the fiscal quarter ending June 30, 2019, report revenues for the trailing 12-month period that exceed the amounts set forth in the Perceptive Credit Agreement, which range from $7.0 million for the fiscal quarter ending June 30, 2019 to $55.0 million for the fiscal quarter ending December 31, 2021. At December 31, 2019, the Company was in compliance with all of the covenants contained in the Perceptive Credit Agreement.

As consideration for the Perceptive Credit Agreement, the Company issued to Perceptive a warrant to purchase 1,360,000 shares of the Company’s common stock (the “Perceptive Warrant”) on the Perceptive Closing Date. The Perceptive Warrant has an exercise price equal to $3.28 per share, which was equal to the trailing 10-day volume weighted average price (“VWAP”) of the Company’s common stock on the business day immediately prior to the Perceptive Closing Date multiplied by 1.15. The Company valued the Perceptive Warrant at $2.7 million as of the Perceptive Closing Date and it has an expiration date of February 11, 2029. In connection with the Perceptive Amendment, the Company issued an additional warrant (the “Perceptive Tranche III Warrant” and, together with the Perceptive Warrant, the “Perceptive Warrants”) to purchase 250,000 shares of the Company’s common stock to Perceptive with an exercise price equal to $4.64 per share, which represents the trailing 10-day VWAP of the Company’s common stock as of May 2, 2019. The Perceptive Tranche III Warrant was valued by the Company at $0.9 million and has an expiration date of May 3, 2029. Perceptive has represented to the Company, among other things, that it is an “accredited investor” (as such term is defined in Rule 501(a) of Regulation D under the Securities Act) and the Company issued the Perceptive Warrants in reliance upon an exemption from registration contained in Section 4(2) under the Securities Act. The Perceptive Warrants and the shares of common stock issuable thereunder may not be offered, sold, pledged or otherwise transferred in the U.S. absent registration or an applicable exemption from the registration requirements under the Securities Act.

As a result of the fees paid to Perceptive and the value of the Perceptive Warrants, the Company recognized an aggregate discount on the Perceptive Tranche I Note and Perceptive Tranche II Note in the amount of $5.3 million. The Company records debt discount as a reduction to the face amount of the debt, and the debt discount is amortized as interest expense over the life of the debt using the interest method. Based on the fair value of the Perceptive Warrants and the aggregate amount of fees and expenses associated with obtaining the Perceptive Credit Facility, the effective interest rate on the Perceptive Loans as of May 3, 2019 was approximately 14.1%.

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, 2019		December 31, 2018
Cash and cash equivalents	$	26,752,135	$	22,754,852
Restricted cash included in long-term assets		—		4,000,000
Total cash, cash equivalents and restricted cash as shown in the consolidated statements of cash flows	$	26,752,135	$	26,754,852

Subordinated Note Payable

A summary of the outstanding subordinated note payable is as follows:

	December 31, 2019			December 31, 2018
Subordinated note payable to Biotest	$	15,000,000		$	15,000,000
Less:
Debt discount		(91,947	)		(125,816	)
Subordinated note payable	$	14,908,053		$	14,874,184

In connection with the acquisition of the Biotest Assets (see Note 1), ADMA BioManufacturing issued a subordinated note payable to BPC and in connection therewith received cash proceeds of $15.0 million. The note bears interest at a rate of 6.0% per annum and matures on June 6, 2022. The Company is obligated to make semi-annual interest payments, with all principal and unpaid interest due at maturity. The note is subordinate to all amounts outstanding under the Perceptive Credit Agreement. In the event of default, all principal and unpaid interest is due on demand. The subordinated note also contains several non-financial covenants with which the Company was in compliance as of December 31, 2019.

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, 2019

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, 2019 and 2018.

Common Stock

As of December 31, 2019 and 2018, the Company was authorized to issue 150,000,000 and 75,000,000 shares, respectively, of its common stock, $0.0001 par value per share, and 59,318,355 and 46,353,068 shares of common stock were outstanding as of December 31, 2019 and 2018, respectively. On August 23, 2019, the Company’s stockholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation to increase the number of shares of common stock that the Company is authorized to issue from 75,000,000 to 150,000,000. After giving effect to shares reserved for the issuance of warrants and stock options, 82,913,134 shares of common stock were available for issuance as of December 31, 2019.

On May 21, 2019, the Company issued 12,937,500 shares of its common stock in an underwritten public offering for gross proceeds of approximately $51.8 million. After deducting underwriters’ commissions and other expenses associated with the offering, the Company received net proceeds of $48.4 million.

During the year ended December 31, 2019, the Company issued 27,787 shares of common stock in connection with the exercise of stock options that had been granted to employees.

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 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, 8,591,160 shares of the Company’s then-issued and outstanding non-voting common stock, $0.0001 par value per share (the “NV Biotest Shares”) that had been issued to Biotest as part of the purchase price for the Biotest Assets. 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”).

Warrants

On the Perceptive Closing Date, the Company issued the Perceptive Warrant, whereby Perceptive may purchase an aggregate of 1,360,000 shares of common stock at an exercise price of $3.28 per share. The Perceptive Warrant became exercisable on the Perceptive Closing Date, and was valued at $2.7 million. The Perceptive Warrant was valued using the Black-Scholes option-pricing model assuming an expected term of 10 years, a volatility of 61.2%, a dividend yield of 0% and a risk-free interest rate of 2.65%.

On May 3, 2019, the Company issued the Perceptive Tranche III Warrant, whereby Perceptive may purchase an aggregate of 250,000 shares of common stock at an exercise price of $4.64 per share. The Perceptive Tranche III was exercisable on the date of issuance and was valued at $0.9 million. The Perceptive Tranche III Warrant was valued using the Black-Scholes option-pricing model assuming an expected term of 10 years, a volatility of 62.3%, a dividend yield of 0% and a risk-free interest rate of 2.54%. At December 31, 2019, the Company had outstanding warrants to purchase an aggregate of 2,138,160 shares of common stock, with a weighted average exercise price of $3.81 per share and expiration dates ranging between June 2022 and May 2029.

No warrants were issued during the year ended December 31, 2018. At December 31, 2018, 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, 2019, an aggregate of 1,931,709 shares were available for issuance under the 2007 Plan and the 2014 Plan. In accordance with the foregoing, on January 1, 2020 the aggregate number of shares available for issuance increased to 4,304,443.

During the years ended December 31, 2019 and 2018, the Company recorded stock-based compensation expense to employees of $2.7 million and $2.2 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 years ended December 31, 2019 and 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.

The grant date fair values of stock options awarded during the years ended December 31, 2019 and 2018 were determined using the Black-Scholes option-pricing model with the following assumptions:

	Years Ended
	December 31, 2019		December 31, 2018
Expected term		5.8-6.3 years		5.8-6.3 years
Volatility		54-63%		54-57	%
Dividend yield		0.0		0.0
Risk-free interest rate		1.36-2.92%		2.40-3.11%

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 Plan and 2014 Plan are intended to be incentive stock options (“ISOs”), unless specified by the Committee to be non-qualified options (“NQOs”) as defined by the Internal Revenue Code. ISOs and NQOs may be granted to employees, consultants or Board members at an option price not less than the fair market value of the common stock subject to the stock option agreement. The following table summarizes information about stock options outstanding as of December 31, 2019 and 2018:

	Shares			Weighted Average Exercise Price
Options outstanding, vested and expected to vest 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
Options outstanding, vested and expected to vest at December 31, 2018		4,342,231		$	5.16
Forfeited		(169,993	)	$	3.97
Expired		(19,983	)	$	4.60
Granted		1,508,000		$	3.49
Exercised		(29,904	)	$	2.84
Options outstanding, vested and expected to vest at December 31, 2019		5,630,351		$	4.76

Options exercisable		3,250,593		$	5.57

The weighted average remaining contractual term of stock options outstanding and expected to vest at December 31, 2019 is 7.1 years. The weighted average remaining contractual term of stock options exercisable at December 31, 2019 is 6.1 years. The following table summarizes additional information regarding outstanding and exercisable options under the stock option plans at December 31, 2019:

	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	5,168	1.1	$ 1.41	$ 13,387	4,928	0.8	$ 1.40	$ 12,921
$2.62 - $3.98	3,827,577	8.2	$ 3.58	1,603,478	1,678,942	7.7	$ 3.68	540,127
$4.03 - $6.26	564,503	7.8	$ 5.09	—	360,048	7.3	$ 5.19	—
$6.28 - $10.80	1,233,103	3.6	$ 8.28	—	1,206,675	3.5	$ 8.32	—
	5,630,351	7.1	$ 4.76	$ 1,616,865	3,250,593	6.1	$ 5.57	$ 553,048

Stock-based compensation expense for the years ended December 31, 2019 and 2018 was as follows:

	2019		2018
Research and development	$	360,569	$	292,736
Plasma center operating expenses		51,340		34,797
Selling, general and administrative		2,047,025		1,739,037
Cost of product revenue		191,843		156,718
Total stock-based compensation expense	$	2,650,777	$	2,223,288

As of December 31, 2019, the total unrecognized compensation expense related to unvested options was $4.4 million, which is expected to be recognized over a weighted-average period of 2.4 years. The Company’s outstanding and exercisable options had an aggregate intrinsic value of approximately $0.6 million as of December 31, 2019.

9. RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2019

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. On November 7, 2019, an additional amendment was entered into between Areth and the Company to extend the term of this agreement through September 30, 2020, and to provide for automatic one-year renewals unless ADMA gives written notice of termination to Areth 60 days prior to the end of the term. Rent expense for the years ended December 31, 2019 and 2018 amounted to $120,000. Areth is a company controlled by Dr. Jerrold B. Grossman, the Vice Chairman of the Company’s Board of Directors, and Adam S. Grossman, the Company’s President and Chief Executive Officer. The Company also reimburses Areth for office and building related (common area) expenses, equipment and certain other operational expenses, which were not material to the consolidated financial statements for the years ended December 31, 2019 and 2018.

See Note 7 for a discussion of the Company’s credit facility and related transactions with Perceptive, a holder of more than 10% of the Company’s common stock.

10. COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

10. COMMITMENTS AND CONTINGENCIES

General Legal Matters

From time to time the Company is or may become subject to certain legal proceedings and claims arising in connection with the normal course of its business. Management does not expect that the outcome of any such claims or actions will have a material effect on the Company’s liquidity, results of operations or financial condition.

Vendor and Licensor Commitments

Pursuant to the terms of a plasma purchase agreement with BPC dated as of November 17, 2011 (the “2011 Plasma Purchase Agreement”), the Company agreed to purchase from BPC an annual minimum volume of source plasma containing antibodies to RSV to be used in the manufacture of ASCENIV. The Company must purchase a to-be-determined and agreed upon annual minimum volume from BPC, but may also collect high-titer RSV plasma from up to five wholly-owned ADMA plasma collection facilities. During 2015, the Company and BPC amended the 2011 Plasma Purchase Agreement to allow the Company the ability to collect its raw material RSV high-titer plasma from other third-party collection organizations, thus allowing the Company to expand its reach for raw material supply as it executes its commercialization plans for ASCENIV. Unless terminated earlier, the 2011 Plasma Purchase Agreement expires in June 2027, after which it may be renewed for two additional five-year periods if agreed to by the parties. As part of the closing of the Biotest Transaction, the parties amended the 2011 Plasma Purchase Agreement to extend the initial term through the ten year anniversary of the closing date of the Biotest Transaction. On December 10, 2018, BPC assigned its rights and obligations under the 2011 Plasma Purchase Agreement to Grifols Worldwide Operations Limited (“Grifols”) as its successor-in-interest, effective January 1, 2019. On January 1, 2019, Grifols and the Company entered into an additional amendment to the 2011 Plasma Purchase Agreement for the purchase of source plasma containing antibodies to RSV from Grifols. Pursuant to this amendment, until January 1, 2022, the Company may purchase RSV plasma from Grifols from the two plasma collection centers that were transferred to BPC on January 1, 2019 (see Note 3) at a price equal to cost plus five percent (5%) (without any additional increase due to inflation).

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

On June 6, 2017, the Company and BPC entered into a Plasma Purchase Agreement (the “2017 Plasma 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.

Post-marketing commitments

In connection with the approval of the BLA for BIVIGAM, on December 19, 2012 Biotest committed to perform two additional post-marketing studies, a pediatric study to evaluate the efficacy and safety of BIVIGAM in children and adolescents, and a post-authorization safety study to further assess the potential risk of hypotension and hepatic and renal impairment in BIVIGAM-treated patients with primary humoral immunodeficiency. These studies are still pending completion, as such ADMA has assumed the remaining obligations, and the costs of the studies will be expensed as incurred as research and development expenses. The Company currently expects both studies to be completed by the end of 2021. However, the timing of the completion of these studies is dependent upon the availability of BIVIGAM and the completion of the planned manufacturing process improvements.

In connection with the FDA’s approval of ASCENIV on April 1, 2019, the Company is required to perform a pediatric study to evaluate the safety and efficacy of ASCENIV in children and adolescents. This study is required to be completed by June of 2023.

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.

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, 2019. The Company does not anticipate recognizing any significant losses relating to these arrangements.

11. INCOME TAXES

12 Months Ended

Dec. 31, 2019

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,
	2019			2018
Benefit at U.S. federal statutory rate	$	(10,138,657	)	$	(13,806,124	)
State taxes - deferred		(2,010,517	)		(1,443,538	)
Increase in valuation allowance		11,790,031			(1,015,582	)
Research and development credits		(115,086	)		(223,735	)
Decrease in federal net operating loss		—			12,090,203
Decrease in federal research and development credits		—			4,294,344
Other		474,229			104,432
Benefit for income taxes	$	—		$	—

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

	Year Ended December 31,
	2019			2018
Federal and state net operating loss carryforwards	$	42,496,374		$	26,080,351
Federal and state research credits		630,516			525,248
Interest expense limitation carryforwards		—			1,159,422
Transaction costs		1,174,733			1,147,581
Deferred revenue		603,535			624,610
Accrued expenses and other		2,433,142			6,011,057
Total gross deferred tax assets		47,338,300			35,548,269
Less: valuation allowance for deferred tax assets		(47,338,300	)		(35,548,269	)
Net deferred tax assets	$	—		$	—

As of December 31, 2019, the Company had federal and state (post-apportioned basis) net operating losses (“NOLs”) of $175.1 million and $116.2 million, respectively, as well as federal research and development tax credit carryforwards of approximately $0.6 million. Approximately $115.8 million and $71.8 million of the foregoing federal and state NOLs, respectively, will expire at various dates from 2027 through 2037, if not limited by triggering events prior to such time. Under the provisions of the Internal Revenue Code, changes in ownership of the Company, in certain circumstances, would limit the amount of federal NOLs that can be utilized annually in the future to offset taxable income. In particular, Section 382 of the Internal Revenue Code 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, 2019, 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 NOLs that 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.

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.

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, 2019 and 2018, and does not anticipate a significant change in unrecognized tax benefits during the next 12 months.

12. LEASE OBLIGATIONS

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

12. LEASE OBLIGATIONS

The Company leases certain properties and equipment for its ADMA Bio Centers subsidiary and certain equipment for its ADMA BioManufacturing subsidiary, which leases provide the right to use the underlying assets and require lease payments through the respective lease terms which expire at various dates through 2026. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The Company determines if an arrangement is an operating lease at inception. Leases with an initial term of 12 months or less are not recorded on the balance sheet. All other leases are recorded on the balance sheet with assets representing the right to use the underlying asset for the lease term and lease liabilities representing the obligation to make lease payments arising from the lease. Right-to-use assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term and include options to extend or terminate the lease when they are reasonably certain to be exercised. The present value of the lease payments is determined using the Company’s incremental borrowing rate as of the date of application of ASU 2016-02, or the lease commencement date. For the lease liabilities recognized upon the application of ASU 2016-02, the Company used a discount rate of 13% to determine the present value of its lease obligations. The Company’s operating lease expense is recognized on a straight-line basis over the lease term and is reflected in Plasma center operating expenses and Selling, general and administrative expenses. Aggregate rent expense and cash paid for the Company’s operating leases for the years ended December 31, 2019 and 2018 was $0.6 million and $1.1 million, respectively.

In connection with the adoption of ASU 2016-02 on January 1, 2019 (see Note 2), the Company recognized right to use assets of $1.4 million and lease liabilities of approximately $1.6 million. The right-to-use assets are reflected in Deposits and other assets in the accompanying consolidated balance sheet as of December 31, 2019. Including a finance lease the Company entered into in June 2018, the Company has aggregate lease liabilities of $1.4 million as of December 31, 2019, which are comprised primarily of the lease for the Company’s plasma collection center in Kennesaw, GA and an administrative office lease in Roswell, GA related to the Company’s ADMA Bio Centers subsidiary. The Company’s operating leases have a weighted average remaining term of 5.9 years. Scheduled payments under the Company’s lease obligations are as follows:

Year ended December 31, 2020	$	407,792
2021		385,887
2022		382,287
2023		360,197
2024		313,015
Thereafter		293,897
Total payments		2,143,075
Less: imputed interest		(611,641	)
Current portion		(229,073	)
Balance at December 31, 2019	$	1,302,361

During the year ended December 31, 2019, the Company entered into two new property leases where the Company intends to construct new plasma collection facilities. As of December 31, 2019, the Company had not taken possession of the leased property pertaining to either lease. The lease commencement date is February 1, 2020 for the first lease and the lease commencement date has not been determined for the second lease. With the exception of an advance deposit and an initial months’ rent for each lease totaling approximately $41,000, no payments were made under these leases during the year ended December 31, 2019. The initial term of the first lease is for 130 months, with monthly rental payments varying between approximately $9,000 and $11,000, including common area maintenance charges. The initial term of the second lease is for 128 months with monthly rental payments varying between $11,000 and $14,000, including common area maintenance charges.

13. SEGMENTS

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

13. SEGMENTS

The Company is engaged in the manufacture, marketing and development of specialty plasma-derived biologics. The Company’s ADMA BioManufacturing segment reflects the Company’s immune globulin manufacturing and development operations in Florida, acquired on June 6, 2017. The Plasma Collection Centers segment consists of one FDA-licensed source plasma collection facility for the year ended December 31, 2019, and three FDA-licensed source plasma collection facilities for the year ended December 31, 2018 (see Note 3). 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, 2019
	ADMA BioManufacturing			Plasma Collection Centers			Corporate			Consolidated

Revenues	$	22,176,699		$	7,029,550		$	142,834		$	29,349,083

Cost of product revenue		33,306,858			6,197,380			—			39,504,238

Loss from operations		(29,360,522	)		(1,337,459	)		(10,726,346	)		(41,424,327	)

Interest and other expense, net		(1,091,993	)		13,521			(7,341,444	)		(8,419,916	)

Gain on transfer of plasma center assets		—			11,527,421			—			11,527,421

Loss on extinguishment of debt		—			—			(9,962,495	)		(9,962,495	)

Net (loss) income		(30,452,515	)		10,203,483			(28,030,285	)		(48,279,317	)

Capital expenditures		3,772,742			39,096			—			3,811,838
Depreciation and amortization expense		2,789,498			455,412			13,238			3,258,148
Total assets		100,461,050			3,967,860			22,661,815			127,090,725

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

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

14. OTHER EMPLOYEE BENEFITS

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

14. OTHER EMPLOYEE BENEFITS

The Company sponsors a 401(k) savings plan. Under the plan, employees may make contributions which are eligible for a Company discretionary percentage contribution as defined in the plan and determined by the Board of Directors. The Company recognized $0.7 million of related compensation expense for the years ended December 31, 2019 and 2018.

15. SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

12 Months Ended

Dec. 31, 2019

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

15. SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

Supplemental cash flow information for the years ended December 31, 2019 and 2018 is as follows:

	2019		2018
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	$	8,112,231	$	4,399,972
Noncash Financing and Investing Activities:
Equipment acquired reflected in accounts payable and accrued liabilities	$	514,904	$	238,790
Equipment acquired through capital lease	$	—	$	165,644
Warrants issued in connection with notes payable	$	3,579,115	$	—

16. CONCENTRATIONS

12 Months Ended

Dec. 31, 2019

Concentration Risks, Types, No Concentration Percentage [Abstract]

16. 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, 2019, two customers accounted for 89% of the Company’s total accounts receivable. At December 31, 2018, three customers accounted for approximately 95% of the Company’s consolidated accounts receivable.

For the year ended December 31, 2019, three customers totaled 70% of the Company’s consolidated revenues. 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.

The Company purchases substantially all of its raw material plasma from Grifols. For the year ended December 31, 2019, plasma purchases from Grifols totaled approximately $28.6 million, representing approximately 82% of the Company’s total inventory purchases. For the year ended December 31, 2018, plasma purchases from BPC totaled $7.8 million, or approximately 71% of the Company’s total inventory purchases.

17. SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2019

Subsequent Events [Abstract]

17. SUBSEQUENT EVENTS

Issuance of Common Stock

On February 11, 2020, the Company completed an underwritten public offering of 23,500,000 shares of its common stock for gross proceeds of $82.3 million. On February 21, 2020, the Company sold an additional 3,525,000 shares pursuant to the underwriters’ exercise of their option to purchase additional shares of the Company’s common stock for additional gross proceeds of $12.3 million. The Company received net proceeds, after underwriting discounts and other expenses associated with the offering, of approximately $88.5 million.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Principles of consolidation and basis of presentation

During the years ended December 31, 2019 and 2018, comprehensive loss was equal to the net loss amounts presented for the respective periods in the accompanying consolidated statements of operations.

Use of estimates

Cash and cash equivalents

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

Restricted cash

Restricted cash at December 31, 2018 consists of cash held in a reserve account as required by the terms of the Company’s then-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

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,
	2019		2018
Stock options		5,630,351		4,342,231
Warrants		2,138,160		528,160
		7,768,511		4,870,391

Fair value of financial instruments

Recent accounting pronouncements

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Schedule of dilutive securities

	For the Years Ended December 31,
	2019		2018
Stock options		5,630,351		4,342,231
Warrants		2,138,160		528,160
		7,768,511		4,870,391

4. INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2019

Inventory Disclosure [Abstract]

Schedule of inventory

	December 31, 2019		December 31, 2018

Raw materials	$	33,381,806	$	14,019,668
Work-in-process		14,455,665		—
Finished goods		5,227,263		4,596,501
Total inventories	$	53,064,734	$	18,616,169

5. PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

	December 31, 2019			December 31, 2018
Manufacturing and laboratory equipment	$	8,831,817		$	8,233,203
Office equipment and computer software		1,690,248			1,608,994
Furniture and fixtures		582,088			1,163,552
Construction in process		4,285,915			845,538
Leasehold improvements		1,673,084			1,660,709
Land		4,339,441			4,339,441
Buildings and building improvements		16,063,680			15,685,325
		37,466,273			33,536,762
Less: Accumulated depreciation		(5,724,956	)		(3,421,032	)
Total property, plant and equipment, net	$	31,741,317		$	30,115,730

6. INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2019

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Schedule of intangible assets

	December 31, 2019						December 31, 2018
			Accumulated						Accumulated
	Cost		Amortization		Net		Cost		Amortization		Net
Trademark and other intangible rights related to Nabi-HB	$	4,100,046	$	1,513,112	$	2,586,934	$	4,100,046	$	927,391	$	3,172,655
Rights to intermediates		907,421		334,881		572,540		907,421		205,250		702,171
Customer contract		1,076,557		1,076,557		—		1,076,557		946,971		129,586
	$	6,084,024	$	2,924,550	$	3,159,474	$	6,084,024	$	2,079,612	$	4,004,412

Intangible asset future aggregate amortization expense

2020	$	715,352
2021		715,352
2022		715,352
2023		715,352
2024		298,064

7. NOTES PAYABLE (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Summary of outstanding senior notes payable

	December 31, 2019			December 31, 2018
Notes payable	$	72,500,000		$	30,000,000
Less:
Debt discount		(4,208,837	)		(3,559,170	)
Senior notes payable	$	68,291,163		$	26,440,830

Reconciliation of cash, cash equivalents and restricted cash

	December 31, 2019		December 31, 2018
Cash and cash equivalents	$	26,752,135	$	22,754,852
Restricted cash included in long-term assets		—		4,000,000
Total cash, cash equivalents and restricted cash as shown in the consolidated statements of cash flows	$	26,752,135	$	26,754,852

Summary of the outstanding related party note payable

	December 31, 2019			December 31, 2018
Subordinated note payable to Biotest	$	15,000,000		$	15,000,000
Less:
Debt discount		(91,947	)		(125,816	)
Subordinated note payable	$	14,908,053		$	14,874,184

8. STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2019

STOCKHOLDERS' EQUITY

Schedule of assumptions

	Years Ended
	December 31, 2019		December 31, 2018
Expected term		5.8-6.3 years		5.8-6.3 years
Volatility		54-63%		54-57	%
Dividend yield		0.0		0.0
Risk-free interest rate		1.36-2.92%		2.40-3.11%

Schedule of stock option activity

	Shares			Weighted Average Exercise Price
Options outstanding, vested and expected to vest 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
Options outstanding, vested and expected to vest at December 31, 2018		4,342,231		$	5.16
Forfeited		(169,993	)	$	3.97
Expired		(19,983	)	$	4.60
Granted		1,508,000		$	3.49
Exercised		(29,904	)	$	2.84
Options outstanding, vested and expected to vest at December 31, 2019		5,630,351		$	4.76

Options exercisable		3,250,593		$	5.57

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	5,168	1.1	$ 1.41	$ 13,387	4,928	0.8	$ 1.40	$ 12,921
$2.62 - $3.98	3,827,577	8.2	$ 3.58	1,603,478	1,678,942	7.7	$ 3.68	540,127
$4.03 - $6.26	564,503	7.8	$ 5.09	—	360,048	7.3	$ 5.19	—
$6.28 - $10.80	1,233,103	3.6	$ 8.28	—	1,206,675	3.5	$ 8.32	—
	5,630,351	7.1	$ 4.76	$ 1,616,865	3,250,593	6.1	$ 5.57	$ 553,048

Stock-based compensation expense

	2019		2018
Research and development	$	360,569	$	292,736
Plasma center operating expenses		51,340		34,797
Selling, general and administrative		2,047,025		1,739,037
Cost of product revenue		191,843		156,718
Total stock-based compensation expense	$	2,650,777	$	2,223,288

11. INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of reconciliation of income taxes

	Year Ended December 31,
	2019			2018
Benefit at U.S. federal statutory rate	$	(10,138,657	)	$	(13,806,124	)
State taxes - deferred		(2,010,517	)		(1,443,538	)
Increase in valuation allowance		11,790,031			(1,015,582	)
Research and development credits		(115,086	)		(223,735	)
Decrease in federal net operating loss		—			12,090,203
Decrease in federal research and development credits		—			4,294,344
Other		474,229			104,432
Benefit for income taxes	$	—		$	—

Schedule of deferred tax asset

	Year Ended December 31,
	2019			2018
Federal and state net operating loss carryforwards	$	42,496,374		$	26,080,351
Federal and state research credits		630,516			525,248
Interest expense limitation carryforwards		—			1,159,422
Transaction costs		1,174,733			1,147,581
Deferred revenue		603,535			624,610
Accrued expenses and other		2,433,142			6,011,057
Total gross deferred tax assets		47,338,300			35,548,269
Less: valuation allowance for deferred tax assets		(47,338,300	)		(35,548,269	)
Net deferred tax assets	$	—		$	—

12. LEASE OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Schedule of future minimum lease payments

Year ended December 31, 2020	$	407,792
2021		385,887
2022		382,287
2023		360,197
2024		313,015
Thereafter		293,897
Total payments		2,143,075
Less: imputed interest		(611,641	)
Current portion		(229,073	)
Balance at December 31, 2019	$	1,302,361

13. SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Summarized segment financial information

Year Ended December 31, 2019
	ADMA BioManufacturing			Plasma Collection Centers			Corporate			Consolidated

Revenues	$	22,176,699		$	7,029,550		$	142,834		$	29,349,083

Cost of product revenue		33,306,858			6,197,380			—			39,504,238

Loss from operations		(29,360,522	)		(1,337,459	)		(10,726,346	)		(41,424,327	)

Interest and other expense, net		(1,091,993	)		13,521			(7,341,444	)		(8,419,916	)

Gain on transfer of plasma center assets		—			11,527,421			—			11,527,421

Loss on extinguishment of debt		—			—			(9,962,495	)		(9,962,495	)

Net (loss) income		(30,452,515	)		10,203,483			(28,030,285	)		(48,279,317	)

Capital expenditures		3,772,742			39,096			—			3,811,838
Depreciation and amortization expense		2,789,498			455,412			13,238			3,258,148
Total assets		100,461,050			3,967,860			22,661,815			127,090,725

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

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

15. SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION (Tables)

12 Months Ended

Dec. 31, 2019

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

Schedule of supplemental cash flow information

	2019		2018
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	$	8,112,231	$	4,399,972
Noncash Financing and Investing Activities:
Equipment acquired reflected in accounts payable and accrued liabilities	$	514,904	$	238,790
Equipment acquired through capital lease	$	—	$	165,644
Warrants issued in connection with notes payable	$	3,579,115	$	—

1. ORGANIZATION AND BUSINESS (Details Narrative) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 26,752,135	$ 22,754,852
Accumulated deficit	$ (264,716,555)	$ (216,437,238)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Potentially dilutive securities	7,768,511	4,870,391
Stock Options
Potentially dilutive securities	5,630,351	4,342,231
Warrants
Potentially dilutive securities	2,138,160	528,160

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Goodwill	$ 3,529,509	$ 3,529,509
Asset impairment charge	0	0
Expenses associated with remediating issues	200,000	1,500,000
Advertising and marketing expenses	$ 1,000,000	$ 800,000

3. TRANSFER OF PLASMA CENTER ASSETS (Details Narrative)	Dec. 31, 2018 USD ($)
Business Combinations [Abstract]
Combined fair value of obligation	$ 12,600,000

4. INVENTORIES (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Raw materials	$ 33,381,806	$ 14,019,668
Work-in-process	14,455,665	0
Finished goods	5,227,263	4,596,501
Total inventories	$ 53,064,734	$ 18,616,169

5. PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Property, plant and equipments, gross	$ 37,466,273	$ 33,536,762
Less: accumulated depreciation and amortization	(5,724,956)	(3,421,032)
Property, plant and equipments, net	31,741,317	30,115,730
Manufacturing and laboratory equipment
Property, plant and equipments, gross	8,831,817	8,233,203
Office equipment and computer software
Property, plant and equipments, gross	1,690,248	1,608,994
Furniture and fixtures
Property, plant and equipments, gross	582,088	1,163,552
Construction in process
Property, plant and equipments, gross	4,285,915	845,538
Leasehold improvements
Property, plant and equipments, gross	1,673,084	1,660,709
Land
Property, plant and equipments, gross	4,339,441	4,339,441
Buildings
Property, plant and equipments, gross	$ 16,063,680	$ 15,685,325

5. PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)	12 Months Ended
5. PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 2,400,000	$ 2,600,000

6. INTANGIBLE ASSETS (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Cost	$ 6,084,024	$ 6,084,024
Accumulated amortization	2,924,550	2,079,612
Net	3,159,474	4,004,412
Trademark and other intangible rights related to Nabi-HB
Cost	4,100,046	4,100,046
Accumulated amortization	1,513,112	927,391
Net	2,586,934	3,172,655
Right to intermediates
Cost	907,421	907,421
Accumulated amortization	334,881	205,250
Net	572,540	702,171
Customer contract
Cost	1,076,557	1,076,557
Accumulated amortization	1,076,557	946,971
Net	$ 0	$ 129,586

6. INTANGIBLE ASSETS (Details 1)	Dec. 31, 2019 USD ($)
Intangible Assets, Net (Excluding Goodwill) [Abstract]
2020	$ 715,352
2021	715,352
2022	715,352
2023	715,352
2024	$ 298,064

7. NOTES PAYABLE (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Notes payable	$ 72,500,000	$ 30,000,000
Less: debt discount	(4,208,837)	(3,559,170)
Senior notes payable	$ 68,291,163	$ 26,440,830

7. NOTES PAYABLE (Details 1) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
Cash and cash equivalents	$ 26,752,135	$ 22,754,852
Restricted cash included in long-term assets	0	4,000,000
Total cash, cash equivalents and restricted cash as shown in the consolidated statements of cash flows	$ 26,752,135	$ 26,754,852	$ 48,607,574

7. NOTES PAYABLE (Details 2) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Subordinated note payable to Biotest	$ 15,000,000	$ 15,000,000
Less:
Debt discount	(91,947)	(125,816)
Subordinated note payable	$ 14,908,053	$ 14,874,184

8. STOCKHOLDERS' EQUITY (Details)	12 Months Ended
8. STOCKHOLDERS' EQUITY (Details)	Dec. 31, 2019	Dec. 31, 2018
Dividend yield	0.00%	0.00%
Minimum
Expected term	5 years 9 months 18 days	5 years 9 months 18 days
Volatility	54.00%	54.00%
Risk-free interest rate	1.36%	2.40%
Maximum
Expected term	6 years 3 months 18 days	6 years 3 months 18 days
Volatility	63.00%	57.00%
Risk-free interest rate	2.92%	3.11%

8. STOCKHOLDERS' EQUITY (Details 1) - $ / shares	12 Months Ended
8. STOCKHOLDERS' EQUITY (Details 1) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Shares
Outstanding at beginning of period	4,342,231	3,276,043
Forfeited	(169,993)	(60,854)
Expired	(19,983)	(34,489)
Granted	1,508,000	1,167,044
Exercised	(29,904)	(5,513)
Outstanding at end of period and expected to vest	5,630,351	4,342,231
Options exercisable	3,250,593
Weighted Average Exercise Price
Outstanding at beginning of period	$ 5.16	$ 5.52
Forfeited	3.97	4.09
Expired	4.60	8.38
Granted	3.49	4.15
Exercised	2.84	3.31
Outstanding at end of period and expected to vest	4.76	$ 5.16
Options exercisable	$ 5.57

8. STOCKHOLDERS' EQUITY (Details 2) - USD ($)	12 Months Ended
8. STOCKHOLDERS' EQUITY (Details 2) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Options outstanding	5,630,351	4,342,231	3,276,043
Options outstanding, weighted average remaining contractual life	7 years 1 month 6 days
Options outstanding, weighted average exercise price	$ 4.76	$ 5.16	$ 5.52
Options outstanding, aggregate intrinsic value	$ 1,616,865
Options exercisable	3,250,593
Options exercisable, weighted average remaining contractual life	6 years 1 month 6 days
Options exercisable, weighted average exercise price	$ 5.57
Options exercisable, aggregate intrinsic value	$ 553,048
$1.34 - $2.06
Options outstanding	5,168
Options outstanding, weighted average remaining contractual life	1 year 1 month 6 days
Options outstanding, weighted average exercise price	$ 1.41
Options outstanding, aggregate intrinsic value	$ 13,387
Options exercisable	4,928
Options exercisable, weighted average remaining contractual life	9 months 18 days
Options exercisable, weighted average exercise price	$ 1.40
Options exercisable, aggregate intrinsic value	$ 12,921
$2.62 - $3.98
Options outstanding	3,827,577
Options outstanding, weighted average remaining contractual life	8 years 2 months 12 days
Options outstanding, weighted average exercise price	$ 3.58
Options outstanding, aggregate intrinsic value	$ 1,603,478
Options exercisable	1,678,942
Options exercisable, weighted average remaining contractual life	7 years 8 months 12 days
Options exercisable, weighted average exercise price	$ 3.68
Options exercisable, aggregate intrinsic value	$ 540,127
$4.03 - $6.26
Options outstanding	564,503
Options outstanding, weighted average remaining contractual life	7 years 9 months 18 days
Options outstanding, weighted average exercise price	$ 5.09
Options outstanding, aggregate intrinsic value	$ 0
Options exercisable	360,048
Options exercisable, weighted average remaining contractual life	7 years 3 months 18 days
Options exercisable, weighted average exercise price	$ 5.19
Options exercisable, aggregate intrinsic value	$ 0
$6.28 - $10.80
Options outstanding	1,233,103
Options outstanding, weighted average remaining contractual life	3 years 7 months 6 days
Options outstanding, weighted average exercise price	$ 8.28
Options outstanding, aggregate intrinsic value	$ 0
Options exercisable	1,206,675
Options exercisable, weighted average remaining contractual life	3 years 6 months
Options exercisable, weighted average exercise price	$ 8.32
Options exercisable, aggregate intrinsic value	$ 0

8. STOCKHOLDERS' EQUITY (Details 3) - USD ($)	12 Months Ended
8. STOCKHOLDERS' EQUITY (Details 3) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Total stock-based compensation expense	$ 2,650,777	$ 2,223,288
Research and Development Expense
Total stock-based compensation expense	360,569	292,739
Plasma centers [Member]
Total stock-based compensation expense	51,340	34,797
Selling, General and Administrative Expense
Total stock-based compensation expense	2,047,025	1,739,037
Cost of goods sold
Total stock-based compensation expense	$ 191,843	$ 156,718

8. STOCKHOLDERS' EQUITY (Details Narrative) - USD ($)	12 Months Ended
8. STOCKHOLDERS' EQUITY (Details Narrative) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
STOCKHOLDERS' EQUITY
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	150,000,000	75,000,000
Common stock, issued	59,318,355	46,353,068
Common stock, outstanding	59,318,355	46,353,068
Stock-based compensation	$ 2,650,777	$ 2,223,288
Options outstanding, weighted average remaining contractual life	7 years 1 month 6 days
Options exercisable, weighted average remaining contractual life	6 years 1 month 6 days
Total unrecognized compensation expense related to unvested options	$ 4,400,000
Total unrecognized compensation expense related to unvested options, period	2 years 4 months 24 days
Exercisable options intrinsic value	$ 553,048

9. RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Related Party Transactions [Abstract]
Rent expense	$ 120,000	$ 120,000

11. INCOME TAXES (Details) - USD ($)	12 Months Ended
11. INCOME TAXES (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Benefit at U.S. Federal statutory rate	$ (10,138,657)	$ (13,806,124)
State taxes - deferred	(2,010,517)	(1,443,538)
Increase in valuation allowance	11,790,031	(1,015,580)
Research and development credits	(115,086)	(223,735)
Decrease in federal net operating loss	0	12,090,203
Decrease in federal research and development credits	0	4,294,344
Other	474,229	104,430
Benefit for income taxes	$ 0	$ 0

11. INCOME TAXES (Details 1) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Federal and state net operating loss carryforwards	$ 42,496,374	$ 26,080,351
Federal and state research credits	630,516	525,248
Interest expense limitations carryforwards	0	1,159,422
Transaction costs	1,174,733	1,147,581
Deferred revenue	603,535	624,610
Accrued expenses and other	2,433,142	6,011,057
Total gross deferred tax assets	47,338,300	35,548,269
Less: valuation allowance for deferred tax assets	47,338,300	(35,548,269)
Net deferred tax assets	$ 0	$ 0

11. INCOME TAXES (Details Narrative)	Dec. 31, 2019 USD ($)
Federal
Net operating loss carryforwards	$ 175,100,000
Research and development tax credit carryforwards	600,000
Net operating loss carry forwards write-offs	(57,600,000)
State
Net operating loss carryforwards	116,200,000
Research and development tax credit carryforwards	0
Net operating loss carry forwards write-offs	$ 10,900,000

12. LEASE OBLIGATIONS (Details)	Dec. 31, 2019 USD ($)
Leases [Abstract]
2020	$ 407,792
2021	385,887
2022	382,287
2023	360,197
2024	313,015
Thereafter	293,897
Total payments	2,143,075
Less: imputed interest	611,641
Current portion	(229,073)
Total	$ 1,302,361

13. SEGMENTS (Details) - USD ($)	12 Months Ended
13. SEGMENTS (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Revenues	$ 29,349,083	$ 16,985,290
Cost of product revenue	39,504,238	42,194,635
Loss from operations	(41,424,327)	(60,288,944)
Interest and other expense, net	(8,419,916)	(5,454,501)
Gain on transfer of plasma center asset	11,527,421	0
Loss on extingishment of debt	(9,962,495)	0
Net loss	(48,279,317)	(65,743,445)
Capital expenditures	3,811,838	2,095,600
Depreciation and amortization expense	3,258,148	3,446,398
Total assets	127,090,725	88,876,521
ADMA BioManufacturing
Revenues	22,176,699	6,797,548
Cost of product revenue	33,306,858	35,485,273
Loss from operations	(29,360,522)	(45,633,715)
Interest and other expense, net	(1,091,993)	(1,077,624)
Gain on transfer of plasma center asset	0
Loss on extingishment of debt	0
Net loss	(30,452,515)	(46,711,339)
Capital expenditures	3,772,742	1,580,684
Depreciation and amortization expense	2,789,498	2,608,776
Total assets	100,461,050	57,818,051
Plasma Collection Centers
Revenues	7,029,550	10,044,908
Cost of product revenue	6,197,380	6,709,362
Loss from operations	(1,337,459)	(4,470,073)
Interest and other expense, net	13,521	(967)
Gain on transfer of plasma center asset	11,527,421
Loss on extingishment of debt	0
Net loss	10,203,483	(4,471,040)
Capital expenditures	39,096	514,916
Depreciation and amortization expense	455,412	814,768
Total assets	3,967,860	5,443,032
Corporate
Revenues	142,834	142,834
Cost of product revenue	0	0
Loss from operations	(10,726,346)	(10,185,156)
Interest and other expense, net	(7,341,444)	(4,375,910)
Gain on transfer of plasma center asset	0
Loss on extingishment of debt	(9,962,495)
Net loss	(28,030,285)	(14,561,066)
Capital expenditures	0	0
Depreciation and amortization expense	13,238	22,854
Total assets	$ 22,661,815	$ 25,615,438

15. SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
SUPPLEMENTAL INFORMATION:
Cash paid for interest	$ 8,112,231	$ 4,399,972
Noncash Financing and Inesting Activities:
Equipment acquired reflected in accounts payable and accrued liabilities	514,904	238,790
Equipment acquired through capital lease	0	165,644
Warrants issued in connection with note payable	$ 3,579,115	$ 0

16. CONCENTRATIONS (Details Narrative)	12 Months Ended
16. CONCENTRATIONS (Details Narrative)	Dec. 31, 2019	Dec. 31, 2018
Grifols \| Inventory Purchases
Concentration of credit risk	82.00%	71.00%
Two Customers \| Accounts Receivable
Concentration of credit risk	89.00%
Two Customers \| Revenues
Concentration of credit risk		31.00%
Three Customers \| Accounts Receivable
Concentration of credit risk		95.00%
Three Customers \| Revenues
Concentration of credit risk	70.00%
One Customer \| Revenues
Concentration of credit risk		56.00%