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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">ADMA Biologics, Inc. (“ADMA” or the “Company”)
is a vertically integrated commercial biopharmaceutical company that manufactures, markets and develops specialty plasma-derived
biologics for the treatment of Primary Immune Deficiency Disease (“PIDD”) and the prevention and treatment of certain
infectious diseases. The Company’s targeted patient populations include immune-compromised individuals who suffer from an
underlying immune deficiency disorder or who may be immune-suppressed for medical reasons. ADMA operates through its wholly-owned
subsidiaries ADMA BioManufacturing, LLC (“ADMA BioManufacturing”) and ADMA Bio Centers Georgia Inc. (“ADMA BioCenters”).
ADMA BioManufacturing was formed in January 2017 to facilitate the acquisition of the Biotest Therapy Business Unit (“BTBU”)
of Biotest Pharmaceuticals Corporation (“BPC” and, together with Biotest AG, “Biotest”) as more fully described
below. ADMA BioCenters is the Company’s source plasma collection business, with facilities located in Norcross, GA, Marietta,
GA and Kennesaw, GA. Both the Norcross and Marietta, GA facilities have approved licenses with the U.S. Food and Drug Administration
(the “FDA”) and certifications from the German Health Authority (the “GHA”) and the Korean Ministry of
Food and Drug Safety.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">As discussed in Note 3, on June 6, 2017, ADMA completed
the acquisition of certain assets (the “Biotest Assets”) of BTBU, which include two FDA-licensed products, Nabi-HB
(Hepatitis B Immune Globulin, Human) and BIVIGAM (Immune Globulin Intravenous, Human), and a plasma fractionation facility located
in Boca Raton, FL (the “Boca Facility”) (the “Biotest Transaction”). In addition to Nabi-HB and BIVIGAM,
BTBU also provides contract manufacturing services for certain clients, including the sale of intermediate by-products. The Boca
Facility is FDA-licensed and certified by the GHA. Immediately following the closing of the Biotest Transaction, the Biotest Assets
were contributed into ADMA BioManufacturing.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Nabi-HB is a hyperimmune globulin that is rich in antibodies
to the hepatitis B virus. Nabi-HB is indicated for the treatment of acute exposure to blood containing hepatitis B surface antigen
(“HBsAg”), prenatal exposure to infants born to HBsAg-positive mothers, sexual exposure to HBsAg-positive persons and
household exposure to persons with acute Hepatitis B virus infection. FDA approval for Nabi-HB was received on March 24, 1999.
Under ADMA’s leadership, the production of Nabi-HB resumed during the third quarter of 2017, with subsequent commercial sales.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">BIVIGAM is indicated for the treatment of primary humoral
immunodeficiency. FDA approval for BIVIGAM was received on December 19, 2012, and sales commenced in the first quarter of 2013.
In December 2016, Biotest temporarily suspended the commercial production of BIVIGAM in order to focus on the completion of planned
improvements to the manufacturing process. ADMA resumed production of BIVIGAM during the fourth quarter of 2017. The Company submitted
a Prior Approval Supplement (the “PAS”) for BIVIGAM to amend the FDA-approved Biologics License Application (“BLA”)
for BIVIGAM and once approved, ADMA intends to relaunch BIVIGAM in the United States. The target action date for the PAS is October
25, 2018 under the Prescription Drug User Fee Act. The BIVIGAM inventory produced in the fourth quarter of 2017 and the first quarter
of 2018 has been used in connection with, and as the basis for, the prepared and submitted PAS, which was accepted for review by
the FDA in July 2018. Upon approval of the PAS by the FDA, the Company intends to relaunch BIVIGAM. This relaunch is expected to
take place prior to or during the first quarter of 2019. The anticipated relaunch of BIVIGAM is dependent upon the timing of certain
FDA decisions, production slots available with the Company’s contract fill/finish provider as well as other commercial requirements
and regulatory factors.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Prior to the closing of the Biotest Transaction, BTBU
was the Company’s third-party manufacturer for RI-002. In the third quarter of 2015, the FDA accepted for review the Company’s
BLA for RI-002 (the “RI-002 BLA”) for the treatment of PIDD. In July 2016, the FDA issued a Complete Response Letter
(the “CRL”) to the Company for the RI-002 BLA. Although the CRL did not cite any concerns with the clinical safety
or efficacy data for RI-002 submitted in the RI-002 BLA, nor did the FDA request any additional clinical studies be completed prior
to FDA approval of RI-002, the CRL reaffirmed the issues set forth in the November 2014 warning letter (the “Warning Letter”)
that had been issued by the FDA to Biotest related to certain compliance issues identified at the Boca Facility, and also identified
certain outstanding inspection issues and deficiencies at the Boca Facility and certain of the Company’s third-party vendors,
and requested documentation of corrections for a number of these issues. The FDA indicated in the CRL that it cannot grant final
approval of the BLA until, among other things, these deficiencies are resolved. Upon the completion of the Biotest Transaction,
ADMA gained control over the regulatory, quality, general operations and drug substance manufacturing process at the Boca Facility,
and the Company’s highest priority has been the remediation of the outstanding compliance issues that were identified at
the Boca Facility in the Warning Letter. The Company has been working with a consulting firm consisting of quality management systems
and biologics production subject matter experts in order to improve the FDA inspection classification relative to the Warning Letter
compliance issues as indicated in the CRL. Based on communication received from the FDA in July 2018, the Company has determined
that the April 2018 compliance inspection of the Boca Facility has been successfully closed out, and the Company anticipates that
it will be in a position to refile the RI-002 BLA in the second half of 2018. Pending FDA approval, ADMA anticipates initial commercial
sales of RI-002 to occur no earlier than the first half of 2019.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">As of June 30, 2018, the Company had working capital of
$66.7 million, including $55.2 million of cash and cash equivalents. Based upon the Company’s current projected revenue and
expenditures, including capital expenditures and regulatory and consulting fees for the remediation of the Warning Letter and ongoing
discussions with the FDA, as well as continuing implementation of the Company’s commercialization and expansion activities
and certain other assumptions, the Company’s management currently believes that its cash, cash equivalents, projected revenue
and accounts receivable, along with the additional $10.0 million it expects to be able to access under its senior credit facility,
will be sufficient to fund ADMA’s operations, as currently conducted, into the second quarter of 2019. In order to have sufficient
cash to fund its operations thereafter and to continue as a going concern, the Company will need to raise capital prior before
the end of the second quarter of 2019. These estimates may change based upon how quickly the Company is able to execute on its
quality management systems’ remediation plans for the ADMA BioManufacturing operations, timing of receipt of communications,
determinations and feedback from the FDA regarding inspectional outcomes and remediation activities undertaken to date, commercial
manufacturing ramp-up activities and the various financing options available to the Company. The Company currently has no firm
commitments for additional financing, and there can be no assurances that the Company will be able to secure additional financing
on terms that are acceptable to the Company, or at all. Furthermore, if the Company’s assumptions underlying its estimated
expenses and revenues are incorrect, it may have to raise additional capital sooner than currently anticipated.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Due to numerous risks and uncertainties associated with
ongoing remediation efforts and the research and development and potential future commercialization of its products and product
candidates, the Company is unable to estimate with certainty the amounts of increased capital outlays and operating expenditures
associated with its development activities. The Company’s current estimates may be subject to change as circumstances regarding
its business requirements evolve. The Company may decide to raise capital through public or private equity offerings or debt financings,
or obtain a bank credit facility or corporate collaboration and licensing arrangements. The sale of additional equity or debt securities,
if convertible, could result in dilution to the Company’s stockholders and, in such event, the value and potential future
market price of its common stock may decline. The incurrence of additional indebtedness would result in increased fixed obligations
and could also result in covenants that would restrict the Company’s operations or other financing alternatives. Failure
to secure any necessary financing in a timely manner and on commercially reasonable terms could have a material adverse effect
on the Company’s business plan and financial performance and it could be forced to delay or discontinue its product development,
clinical trial or commercialization activities, delay or discontinue the approval efforts for any of the Company’s potential
products or potentially cease operations. The Company has reported losses since inception in June 2004 through June 30, 2018 of
$183.3 million. Management believes that the Company will continue to incur net losses and negative net cash flows from operating
activities to fund its research and development and commercial programs and to meet its obligations on a timely basis through the
foreseeable future. As such, these factors raise substantial doubt about the Company’s ability to continue as a going concern.
The accompanying condensed consolidated financial statements do not include any adjustments related to the recoverability and classification
of asset carrying amounts and the classification of liabilities that might be necessary if the Company is unable to continue as
a going concern.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">In June 2018, the Company completed an underwritten public
offering of its common stock and received net proceeds of $42.9 million (see Note 5).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">There can be no assurance that the Company’s research
and development will be successfully completed or that any product will be approved or commercially viable. The Company is subject
to risks common to companies in the biotechnology industry 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><font style="letter-spacing: -0.15pt"><i><u>Basis of
presentation</u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The accompanying unaudited condensed consolidated financial
statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S.
GAAP”) for interim financial information. Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP
as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the
Financial Accounting Standards Board (the “FASB”).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The accompanying unaudited condensed consolidated financial
statements should be read in conjunction with the annual audited consolidated financial statements and notes thereto as of and
for the year ended December 31, 2017 included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities
and Exchange Commission (the “SEC”) on March 29, 2018. These condensed consolidated interim financial statements have
been prepared in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X, and therefore omit or condense
certain footnotes and other information normally included in consolidated interim financial statements prepared in accordance with
U.S. GAAP. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the
accompanying unaudited condensed consolidated financial statements include all normal and recurring adjustments (which consist
primarily of accruals, estimates and assumptions that impact the financial statements) considered necessary to present fairly the
Company’s financial position as of June 30, 2018 and its results of operations for the three and six months ended June 30,
2018 and 2017 and cash flows for the six months ended June 30, 2018 and 2017.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">During the three and six months ended June 30, 2018 and
2017, comprehensive loss was equal to the net loss amounts presented for the respective periods in the accompanying condensed consolidated
statements of operations. In addition, certain prior year balances have been reclassified to conform to the current presentation.
Specifically, Other current liabilities at December 31, 2017 of approximately $58,000 have been reclassified into Accrued expenses
and other current liabilities in the accompanying consolidated balance sheets. Operating results for the six months ended June
30, 2018 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2018.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><font style="letter-spacing: -0.15pt"><i><u>Use of estimates</u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">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. <font style="color: black">Significant estimates include the fair value
of assets acquired and liabilities assumed in a business combination, the valuation of inventory and assumptions used in the fair
value determination of stock-based compensation and the allowance for the valuation of future tax benefits.</font></p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><font style="letter-spacing: -0.15pt"><i><u>Business
combinations</u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="letter-spacing: -0.15pt">The Company accounts
for business combinations using the acquisition method of accounting in accordance with FASB ASC 805, <i>Business Combinations</i>.
Identifiable assets acquired, liabilities assumed, and contingent consideration are recorded at their acquisition date fair values.
Any change in the fair value of the acquisition-related contingent consideration subsequent to the acquisition date, including
changes from events after the acquisition date, is recognized in the period of the estimated fair value change. Goodwill represents
the excess of the purchase price over the fair value of identifiable assets acquired and liabilities assumed as a result of the
business combination. Identifiable assets with finite lives are amortized over their useful lives. Acquisition related costs are
expensed as incurred. </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="letter-spacing: -0.15pt"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="letter-spacing: -0.15pt"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><font style="letter-spacing: -0.15pt"><i><u>Fair value
of financial instruments</u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The carrying amounts of certain of the Company’s
financial instruments, including cash and cash equivalents and accounts payable, are shown at cost which approximates fair value
due to the short-term nature of these instruments. The debt outstanding under the Company’s senior secured term loan (see
Note 4) approximates fair value due to the variable interest rate on this debt. With respect to the related party note payable
in the amount of $15.0 million as of June 30, 2018 which is held by a principal stockholder of the Company and was issued concurrent
with an acquisition transaction with an affiliate of such stockholder (see Note 4), the Company has concluded that an estimation
of fair value for this note is not practicable.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><i> </i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in"><i><u>Accounts receivable</u></i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">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. At
June 30, 2018, three customers accounted for an aggregate of 90% of the Company’s total accounts receivable, and at December
31, 2017, two customers accounted for approximately 79% of the Company’s total accounts receivable.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in"><i><u>Inventories</u></i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Inventories, including plasma intended for resale and
plasma intended for internal use in the Company's research and development and future anticipated commercialization activities,
are carried at the lower of cost or net realizable value determined by the first-in, first-out method.  Research and
development plasma used in clinical trials is processed to a finished product and subsequently expensed to research and development. </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Although the Company expects that the BIVIGAM inventory
produced during 2017 and 2018 will ultimately be available for commercial sale, due to uncertainties at the time of production
surrounding the timing and outcome of any FDA determinations concerning the Warning Letter and the PAS that must be filed with
and approved by the FDA prior to this inventory being available for commercial sale, all costs related to the production of BIVIGAM
during the six months ended June 30, 2018 in the amount of $1.1 million have been charged to cost of product revenue in the accompanying
consolidated statement of operations. In addition, the costs related to the manufacture of conformance lots of RI-002 during the
six months ended June 30, 2018 in the amount of $2.8 million were also charged to cost of product revenue.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><i> </i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in"><i><u>Goodwill</u></i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Goodwill represents the excess of purchase price over
the fair value of net assets acquired by the Company. Goodwill at June 30, 2018 and December 31, 2017 was $3.5 million. All of
the Company’s goodwill is attributable to its ADMA BioManufacturing business segment.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Goodwill is not amortized, but is assessed for impairment
on an annual basis or more frequently if impairment indicators exist. The Company has the option to perform a qualitative assessment
of goodwill to determine whether it is more likely than not that the fair value of its reporting unit is less than its carrying
amount, including goodwill and other intangible assets. If the Company concludes that this is the case, then it must perform a
goodwill impairment test by comparing the fair value of the reporting unit to its carrying value. An impairment charge is recorded
to the extent the reporting unit’s carrying value exceeds its fair value, not to exceed the total amount of goodwill allocated
to that reporting unit. The Company performs its annual goodwill impairment test as of October 1 of each year.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in"><i><u>Impairment of long-lived assets</u></i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The Company assesses the recoverability of its long-lived
assets, which include property and equipment and definite-lived intangible assets, whenever significant events or changes in circumstances
indicate impairment may have occurred. If indicators of impairment exist, projected future undiscounted cash flows associated with
the asset are compared to its carrying amount to determine whether the asset’s value is recoverable. Any resulting impairment
is recorded as a reduction in the carrying value of the related asset in excess of fair value and a charge to operating results.
For the three and six months ended June 30, 2018 and 2017, the Company determined that there was no impairment of its long-lived
assets.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><i> </i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in"><i><u>Revenue recognition</u></i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Revenue from the sale of Nabi-HB is recognized when the
product reaches the customer’s destination. Nabi-HB revenue is recorded net of estimated customer prompt pay discounts and
contractual allowances in accordance with managed care agreements, including wholesaler chargebacks, rebates, customer returns
and other wholesaler fees. For sales of intermediates, title typically transfers when the product is delivered to a third party
warehouse. With all other contract manufacturing, the title transfers to the customer when they take possession of the product
from the Boca Facility. As the Company maintains a significant risk of loss throughout the contract manufacturing process, contract
manufacturing revenue is not recognized until the product is released and title transfers to the customer.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Product revenues from the sale of human plasma collected
at the Company’s plasma collection centers are recognized at the time of transfer of title and risk of loss to the customer,
which generally occurs at the time of delivery. </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">License and other revenues are primarily attributable
to the out-licensing of RI-002 to Biotest to market and sell this product in Europe and selected countries in North Africa and
the Middle East. Biotest has provided the Company with certain services and financial payments in accordance with the related
Biotest license agreement and is obligated to pay the Company certain amounts in the future if certain milestones are achieved. Deferred
revenue is recognized over the term of the Biotest license. Deferred revenue is amortized into income for a period of approximately
20 years, the term of the Biotest license agreement.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">For the six months ended June 30, 2018, three customers
represented an aggregate of 90% of the Company’s consolidated revenues, with BPC representing 55% of the Company’s
consolidated revenues and the other two customers representing an aggregate of 35% of the Company’s consolidated revenues.
For the six months ended June 30, 2017, sales to BPC represented 75% of the Company’s consolidated revenues, and another
customer represented 15% of the Company’s consolidated revenues.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="letter-spacing: -0.15pt"><i> </i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><font style="letter-spacing: -0.15pt"><i><u>Cost of
product revenue</u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="letter-spacing: -0.15pt">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. </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="letter-spacing: -0.15pt"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="letter-spacing: -0.15pt">Expenses associated
with remediating the issues identified in the Warning Letter for the three and six months ended June 30, 2018 were approximately
$0.5 million and $1.3 million, respectively, and are reflected in cost of product revenue in the accompanying consolidated statements
of operations. For the three and six months ended June 30, 2017, these expenses totaled $0.5 million. I</font>n addition, for the
six months ended June 30, 2018, all operating expenses associated with the Boca Facility, other than the Nabi-HB production that
was capitalized into inventory, have been expensed as incurred.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><i> </i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><i><u>Loss per common share</u></i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Basic loss per common share is computed by dividing net
loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period.
For purposes of computing basic and diluted loss per common share, the non-voting class of common stock (see Notes 3 and 5) is
included in the common stock outstanding as the characteristics of the non-voting class are substantially the same as the voting
class of common stock.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Diluted loss per common share is calculated by dividing
net loss attributable to common stockholders, as adjusted for the effect of dilutive securities, if any, by the weighted average
number of shares of common stock and dilutive common stock outstanding during the period. Potentially dilutive common stock includes
the shares of common stock issuable upon the exercise of outstanding stock options and warrants, using the treasury stock method.
Potentially dilutive common stock is excluded from the diluted loss per common share computation to the extent that it would be
anti-dilutive. As a result, no potentially dilutive securities are included in the computation of any of the accompanying diluted
loss per share amounts as the Company reported a net loss for all periods presented. For the six months ended June 30, 2018 and
2017, the following securities were excluded from the calculation of diluted loss per common share because of their anti-dilutive
effects:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the Six Months Ended June 30,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Stock options</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">4,251,465</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">3,321,260</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt">Warrants</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">528,160</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">188,859</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4,779,625</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">3,510,119</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><i><u>Stock-based compensation</u></i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The Company follows recognized accounting guidance which
requires all equity-based payments, including grants of stock options, to be recognized in the statements of operations as compensation
expense based on their fair values at the date of grant. The Company uses the Black-Scholes option pricing model to determine the
fair value of options granted. Compensation expense related to awards to employees and directors with service-based vesting conditions
is recognized on a straight-line basis based on the grant date fair value over the associated service period of the award, which
is generally the vesting term (see Note 5).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">During the three and six months ended June 30, 2018, the
Company granted options to purchase an aggregate of 134,200 and 982,900 shares of common stock, respectively, to its directors
and employees, and during the six months ended June 30, 2018, the Company granted options to purchase 20,000 shares of common stock
to a third party service provider. During the three and six months ended June 30, 2017, the Company granted options to purchase
an aggregate of 1,674,595 and 1,856,595 shares of common stock, respectively, to its directors and employees.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><i><u>Income Taxes</u></i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The accounting and reporting requirements with respect
to accounting for income taxes require an asset and liability approach. Deferred income tax assets and liabilities are computed
for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible
amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable
income. Valuation allowances are established, when necessary, to reduce deferred income tax assets to the amount expected to be
realized.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">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. Based on its analysis, the Company has determined that it has not incurred any liability
for unrecognized tax benefits as of June 30, 2018 and December 31, 2017. The Company is subject to income tax examinations by major
taxing authorities for all tax years since 2013 and its tax returns may be subject to review and adjustment at a later date based
on factors including, but not limited to, on-going analyses of and changes to tax laws, regulations and interpretations thereof.
No interest expense or penalties have been recognized as of June 30, 2018 and December 31, 2017. During the three months and six
months ended June 30, 2018 and 2017, the Company recognized no adjustments for uncertain tax positions.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><i><u>Recent Accounting Pronouncements </u></i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">In May 2017, the FASB issued ASU No. 2017-09, <i>Modification
Accounting for Share-Based Payment Arrangements</i>, which amends the scope of modification accounting for share-based payment
arrangements. The ASU provides guidance on the types of changes to the terms or conditions of share-based payment awards to which
an entity would be required to apply modification accounting under ASC 718, <i>Compensation – Stock Compensation</i>. Specifically,
an entity would not apply modification accounting if the fair value, vesting conditions, and classification of the awards are the
same immediately before and after the modification. Adoption of this new guidance in 2018 did not have a material impact on the
Company’s condensed consolidated financial statements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">In February 2016, the FASB issued ASU No. 2016-02, <i>Leases
(Topic 842)</i> (“ASU 2016-02”)<i>,</i> which requires lessees to recognize assets and liabilities for the rights and
obligations created by most leases on their balance sheet. The guidance is effective for fiscal years beginning after December
15, 2018, including interim periods within those fiscal years. Early application is permitted. 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 is currently evaluating the impact the standard may have on its condensed consolidated financial statements
and related disclosures.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">In May 2014, the FASB issued new guidance related to revenue
recognition, ASU 2014-09, <i>Revenue from Contracts with Customers </i>(“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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">In March 2016, April 2016 and December 2016, the FASB
issued ASU No. 2016-08, <i>Revenue From Contracts with Customers (ASC 606): Principal Versus Agent Considerations</i>, ASU No.
2016-10, <i>Revenue From Contracts with Customers (ASC 606): Identifying Performance Obligations and Licensing</i>, and ASU No.
2016-20, <i>Technical Corrections and Improvements to Topic 606, Revenue From Contracts with Customers</i>, 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, <i>Revenue from Contracts with Customers</i>, 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">On June 6, 2017, ADMA completed the acquisition of the
Biotest Assets from BPC. As a result of this transaction, the Company acquired Nabi-HB, BIVIGAM, the Boca Facility and certain
other assets of BTBU. The acquisition of the Biotest Assets expanded the Company’s product offering with two FDA-approved
products while providing direct control over the manufacturing and regulatory processes impacting the Company’s RI-002 product
candidate, including remediation of the Warning Letter as well as certain other remediation items affecting the Boca Facility.
Pursuant to the acquisition, the Company issued to Biotest 4,295,580 voting shares of its common stock and 8,591,160 shares of
non-voting common stock (the “NV Biotest Shares”). The Company will also transfer ownership of two of its plasma centers
to Biotest on January 1, 2019 as additional consideration, which are reflected as non-current assets in the accompanying consolidated
balance sheets at June 30, 2018 and December 31, 2017 in the amount of $1.3 million and $1.5 million, respectively.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">As a result of the foregoing transaction, BPC became a
principal stockholder and Biotest became a related party of the Company (see Note 9). Therefore, all transactions with Biotest
subsequent to June 6, 2017, including product and license revenues attributable to Biotest (see Note 2), are related party transactions.
The results from BTBU’s operations are included in the Company’s consolidated financial statements from the date of
acquisition.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The following unaudited pro forma summary presents consolidated
information of the Company as if the business combination had occurred on January 1, 2017. The pro forma information is presented
for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved had
the acquisition been consummated as of that time or that may result in the future.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended<br />
June 30, 2017</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six Months Ended<br />
June 30, 2017</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>Revenues:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 56%">       As reported</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">3,399,401</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">6,028,272</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>       Pro forma</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">10,569,393</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">24,292,042</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Net loss</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>       As reported</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(9,036,495</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(15,573,458</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>       Pro forma</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(12,751,262</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(24,826,749</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Basic and diluted net loss per share:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>       As reported</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(0.55</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(1.06</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>       Pro forma</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(0.49</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(0.96</td><td style="text-align: left">)</td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></p>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<p style="margin-top: 0; margin-bottom: 0"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="letter-spacing: -0.15pt">On May 14, 2018,
the Company, ADMA BioManufacturing and ADMA BioCenters entered into a Share Transfer, Amendment and Release Agreement with BPC,
Biotest AG, Biotest US Corporation and The Biotest Divestiture Trust (the “Biotest Trust”) (the “Biotest Transfer
Agreement”) whereby BPC transferred to the Company, for no cash consideration, the NV Biotest Shares. Immediately upon transfer
of the NV Biotest Shares to the Company, the shares were retired and are no longer available for issuance. The retired NV Biotest
Shares comprised approximately 19% of the total outstanding common stock of the Company as of May 14, 2018. 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, and (ii) relinquished its rights to, under certain circumstances, repurchase the two FDA-approved plasma collection centers
required to be transferred to BPC on January 1, 2019. In addition, pursuant to the Biotest Transfer Agreement, BPC waived and terminated
its rights to name a director and an observer to the Company’s Board of Directors (the “Board”). As BPC has made
public statements regarding the U.S. Government required divestiture of all of BPC’s U.S. assets in connection with the sale
of Biotest AG to CREAT Group Corporation, pursuant to the Biotest Transfer Agreement BPC transferred its remaining 10,109,534 shares
of the Company’s common stock to the Biotest Trust on July 24, 2018, and the Biotest Trust has agreed to be bound by all
obligations of and will have all of the remaining rights of BPC under that certain (i) Stockholders Agreement dated as of June
6, 2017, by and between the Company and BPC, as amended by the Biotest Transfer Agreement, and (ii) Registration Rights Agreement,
dated as of June 6, 2017, by and between the Company and BPC, as amended by the Biotest Transfer Agreement. Furthermore, subject
to the terms contained in the Biotest Transfer Agreement, for a 90-day period following BPC’s transfer of the remaining shares
of ADMA common stock to the Biotest Trust, the Biotest Trust granted the Company a right of first negotiation for the purchase
of the remaining shares of common stock held by the Biotest Trust. </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in"><font style="letter-spacing: -0.15pt"><i><u>Senior
Notes Payable</u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">A summary of outstanding senior notes payable is as follows:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Notes payable:</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">30,000,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">30,000,000</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Less:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 12px">Debt discount</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,121,919</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,631,542</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Senior notes payable</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">25,878,081</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">25,368,458</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<p style="margin-top: 0; margin-bottom: 0"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">On October 10, 2017 (the “Marathon Closing Date”),
the Company entered into a Credit Agreement (the “Credit Agreement”) with Marathon Healthcare Finance Fund, L.P. (“Marathon”
or the “Lender”) and Wilmington Trust, National Association, as the administrative agent for the Lender (the “Administrative
Agent”). The Credit Agreement provides for a senior secured term loan facility in an aggregate amount of up to $40.0 million
(collectively, the “Credit Facility”), comprised of (i) a term loan made on the Marathon Closing Date in the principal
amount of $30.0 million evidenced by a secured promissory note (the “Tranche One Note”), and (ii) an additional term
loan evidenced by a secured promissory note to be made in the maximum principal amount not to exceed $10.0 million (the “Tranche
Two Note” and, together with the Tranche One Note, the “Notes”), which Tranche Two Note availability is subject
to the satisfaction of certain conditions, including, but not limited to, those described below. The Notes each have a maturity
date of April 10, 2022 (the “Maturity Date”), subject to acceleration pursuant to the Credit Agreement, including upon
an Event of Default (as defined in the Credit Agreement).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Borrowings under the Credit Agreement bear interest at
a rate per annum equal to LIBOR plus 9.50% with a 1% LIBOR floor; provided, however, that in the event that the Company achieves
sales of not less than $61.7 million for the 2018 calendar year and the Tranche Two Loan has been funded, then the interest rate
on the borrowings under the Credit Agreement will decrease to LIBOR plus 7.75% with a 1% LIBOR floor. During an Event of Default
under the Credit Agreement, the outstanding amount of indebtedness under the Credit Agreement will bear interest at a rate per
annum equal to the interest rate then applicable to the borrowings under the Credit Agreement plus 5% per annum. Quarterly cash
interest payments are due the first business day of each March, June, September and December, beginning on December 1, 2017. During
the six months ended June 30, 2018, the interest rate on the Tranche One Note ranged from 10.99% to 11.81%.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The Company will pay Marathon a facility fee in an amount
equal to 9.20% of the amount of the Tranche One Note, payment of which is deferred until the Maturity Date pursuant to the terms
of the Credit Agreement. Commencing on October 10, 2020, and on the first business day of each month, the Company is required
to make principal payments on the Tranche One Note (and Tranche Two Note in the event it shall have been funded) in equal monthly
installments over 18 months, subject to certain conditions in the Credit Agreement. The outstanding principal amount of the Notes,
together with all accrued interest thereon, is due on the Maturity Date.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The Credit Agreement contains market representations and
warranties, affirmative covenants, negative covenants, financial covenants, and conditions that are customarily required for similar
financings. The affirmative covenants, among other things, require the Company to undertake various reporting requirements. The
negative covenants restrict or limit the ability of the Company and its subsidiaries to, among other things, incur new indebtedness;
create liens on assets; engage in certain fundamental corporate changes or changes to the Company’s business activities;
sell or otherwise dispose of assets; repurchase stock, pay dividends; repay certain other indebtedness; engage in certain affiliate
transactions; or enter into any other agreements that restrict the Company’s ability to make loan repayments.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The Credit Agreement also required the establishment of
a debt service reserve account, and the Company is required to maintain a certain minimum level of liquidity at all times. Liquidity
is defined in the Credit Agreement as cash held in the debt service reserve account and any other deposit account subject to a
control agreement with the Administrative Agent, and the required liquidity amount is reflected as restricted cash in the accompanying
consolidated balance sheets as of June 30, 2018 and December 31, 2017. The minimum liquidity requirement was $4.0 million and $5.5
million as of June 30, 2018 and December 31, 2017, respectively. On May 31, 2018, the Credit Agreement was amended to reduce the
minimum liquidity requirement to $5.25 million, and $250,000 was released from the debt service reserve account to the Company
on June 25, 2018. On June 26, 2018, the Lender and the Administrative Agent acknowledged that the Company had met the requirements
regarding its leased properties as set forth in Credit Agreement, and an additional $1.25 million was released from the debt service
reserve account to the Company.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The Credit Agreement also contains customary Events of
Default which include, among others, non-payment of principal, interest or fees, violation of covenants, inaccuracy of representations
and warranties, bankruptcy and insolvency events, material judgments, cross-defaults to material contracts and events constituting
a change of control. The occurrence of an Event of Default could result in, among other things, the termination of commitments
under the Credit Facility and the declaration that all outstanding Loans are immediately due and payable in whole or in part. At
June 30, 2018 and December 31, 2017, the Company was in compliance with all of the covenants contained in its senior lending agreements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><i><u>Related Party Note Payable</u></i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">A summary of the outstanding related party note payable
is as follows:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Biotest - Gross proceeds</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">15,000,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">15,000,000</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Less:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 12px">Debt discount</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(142,092</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(157,304</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Note payable - related party</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">14,857,908</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">14,842,696</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">In connection with the acquisition of the Biotest Assets
(see Note 3), ADMA BioManufacturing issued a subordinated note payable to Biotest 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 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 June 30, 2018.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><i><u>Preferred Stock</u></i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">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 June 30,
2018 and December 31, 2017.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><i><u>Common Stock</u></i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">As of June 30, 2018 and December 31, 2017, the Company
was authorized to issue 75,000,000 shares of its common stock, and 46,349,514 and 36,725,499 shares of common stock, respectively,
were outstanding. After giving effect to shares reserved for the issuance of warrants and stock options, as of June 30, 2018, 23,870,861
shares of common stock were available for issuance.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">On May 14, 2018, pursuant to the Biotest Transfer Agreement,
all 8,591,160 shares of the Company’s non-voting common stock (see Note 3) were transferred from Biotest to the Company and
the shares were immediately retired and are no longer available for issuance.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">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. The net proceeds will be used for (i) for
continued remediation and ongoing improvement and enhancements at the Boca Facility, (ii) to submit the PAS for, and relaunch of,
BIVIGAM, (iii) to resubmit the RI-002 BLA, (iv) expenses associated with obtaining with FDA approval of ADMA’s third plasma
collection facility, and (v) for general corporate purposes and other capital expenditures.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><font style="background-color: white"><i><u>Equity Incentive
Plan</u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The fair value of stock options granted under the Company’s
2007 Employee Stock Option Plan (the “2007 Plan”) and the ADMA Biologics, Inc. 2014 Omnibus Incentive Compensation
Plan, as amended and restated (the “2014 Plan”), was determined on the date of grant using the Black-Scholes option
valuation model. The Black-Scholes model was developed for use in estimating the fair value of publicly traded options, which have
no vesting restrictions and are fully transferable. In addition, option valuation models require the input of certain subjective
assumptions including the expected stock price volatility. The stock options granted to employees and directors have characteristics
significantly different from those of traded options, and changes in the subjective input assumptions can materially affect the
fair value estimate. The following assumptions were used to determine the fair value of options granted during the six months ended
June 30, 2018 and 2017:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six Months Ended June 30,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2017</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Expected term</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5.8 - 6.3 years</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5.8 - 6.3 years</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Volatility</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">54-57%</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">51-64%</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Dividend yield</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">0.0</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">0.0</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Risk-free interest rate</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2.40-2.59%</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1.77-2.29%</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: left; text-indent: 0in">The weighted average
remaining contractual life of stock options outstanding and expected to vest at June 30, 2018 is 7.9 years. The weighted average
remaining contractual life of stock options exercisable at June 30, 2018 is 6.2 years.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: left; text-indent: 0in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: left; text-indent: 0in">A summary of the Company’s
option activity under the 2007 Plan and 2014 Plan and related information is as follows:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="7" style="font-weight: bold; text-align: center">Six Months Ended</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2018</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted Average Exercise Price</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3" style="text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%">Outstanding at beginning of period</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">3,276,043</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">5.52</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Forfeited</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(23,185</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">4.24</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>Expired</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,334</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">2.68</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Granted</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,002,900</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">3.87</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1pt">Exercised</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,959</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">2.68</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Outstanding at end of period and expected to vest</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4,251,465</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5.14</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Options exercisable</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,842,738</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6.76</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<p style="margin-top: 0; margin-bottom: 0"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0in">During the six
months ended June 30, 2018, an aggregate of 1,959 option shares were exercised in cashless exercise transactions resulting in the
issuance of an aggregate of 585 shares of common stock. Stock-based compensation expense for the three and six months ended June
30, 2018 and 2017 is as follows:</p>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="7" style="font-weight: bold; text-align: center">Three Months Ended</td><td style="font-weight: bold"> </td>
<td colspan="7" style="font-weight: bold; text-align: center">Six Months Ended</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30,</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3" style="text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%; text-align: left">Research and development</td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">83,339</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">68,434</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">161,644</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">121,417</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Plasma centers</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,760</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">13,196</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14,846</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">25,947</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Selling, general and administrative</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">406,193</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">223,973</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">801,050</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">394,116</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Cost of product revenue</td><td style="padding-bottom: 1pt"> </td>
<td style="text-align: left; border-bottom: Black 1pt solid"> </td><td style="text-align: right; border-bottom: Black 1pt solid">38,099</td><td style="text-align: left; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td style="text-align: left; border-bottom: Black 1pt solid"> </td><td style="text-align: right; border-bottom: Black 1pt solid">5,760</td><td style="text-align: left; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td style="text-align: left; border-bottom: Black 1pt solid"> </td><td style="text-align: right; border-bottom: Black 1pt solid">72,635</td><td style="text-align: left; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td style="text-align: left; border-bottom: Black 1pt solid"> </td><td style="text-align: right; border-bottom: Black 1pt solid">5,760</td><td style="text-align: left; padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 12px">Total stock-based compensation expense</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">535,391</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">311,363</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,050,175</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">547,240</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"></p>
<p style="margin-top: 0; margin-bottom: 0"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: left; text-indent: 0in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: left; text-indent: 0in">As of June 30, 2018,
the Company had $5.1 million of unrecognized compensation expense related to options granted under the Company’s equity incentive
plans, which is expected to be recognized over a weighted-average period of 2.8 years.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: left; text-indent: 0in"> </p>
<p style="margin-top: 0; margin-bottom: 0"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: left; text-indent: 0in">The following table
provides the components of inventories:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: left; text-indent: 0in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: left; text-indent: 0in"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30,<br /> 2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,<br /> 2017</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3" style="text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Raw materials</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">8,529,351</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">10,395,433</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Work-in-progress</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,112,184</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,265,339</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt">Finished goods</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,605,433</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">967,409</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Total inventories</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">12,246,968</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">12,628,181</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<p style="margin-top: 0; margin-bottom: 0"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: left; text-indent: 0in">Inventories are stated
at the lower of cost or net realizable value with cost being determined on the first-in, first-out method. Finished goods inventories
as of June 30, 2018 is comprised of Nabi-HB, a portion of which is recorded at fair value as part of the purchase price allocation
of the Biotest Assets acquired. Raw materials includes materials expected to be used in the production of Nabi-HB, BIVIGAM and
RI-002. All other activities and materials associated with the production of inventories used in research and development activities
are expensed as incurred.</p>
<p style="margin-top: 0; margin-bottom: 0"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: left; text-indent: 0in"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Intangible assets at June 30, 2018 and December 31, 2017
consist of the following:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold">Accumulated</td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold">Accumulated</td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Cost</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; border-bottom: Black 1pt solid">Amortization</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Cost</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; border-bottom: Black 1pt solid">Amortization</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%; text-align: left">Trademark and other intangible rights related to Nabi-HB</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">4,100,046</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">634,531</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">3,465,515</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">4,100,046</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">341,670</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">3,758,376</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Rights to intermediates</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">907,421</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">140,434</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">766,987</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">907,421</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">75,618</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">831,803</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt">Customer contract</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,076,557</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">882,178</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">194,379</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,076,557</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">817,386</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">259,171</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,084,024</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,657,143</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,426,881</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,084,024</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,234,674</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,849,350</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<p style="margin-top: 0; margin-bottom: 0"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">All of the Company’s intangible assets were acquired
in the Biotest Transaction. Amortization expense related to these intangible assets for the three and six months ended June 30,
2018 was $0.2 million and $0.4 million, respectively. Amortization expense for the three and six months ended June 30, 2017 was
$0.1 million. Estimated aggregate future aggregate amortization expense for the next five years is expected to be as follows:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="margin-top: 0; margin-bottom: 0"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 1%; text-align: left"> </td><td style="width: 43%; text-align: left">Remainder of 2018</td><td style="width: 1%; text-align: left"> </td><td style="width: 10%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 43%; text-align: right">422,469</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"> </td><td style="text-align: left">2019</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">844,938</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"> </td><td style="text-align: left">2020</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">715,352</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"> </td><td style="text-align: left">2021</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">715,352</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"> </td><td style="text-align: left">2022</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">715,352</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Property, plant and equipment and related accumulated
depreciation are summarized as follows:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left; padding-left: 12px">Manufacturing and laboratory equipment</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">7,258,395</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">7,148,405</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 12px">Office equipment and computer software</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,557,723</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,086,756</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 12px">Furniture and fixtures</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,136,623</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,136,623</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 12px">Construction in process</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,072,099</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">738,093</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 12px">Leasehold improvements</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,650,029</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,642,903</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 12px">Land</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,339,441</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,339,441</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 12px">Buildings</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">15,660,559</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">15,660,559</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">32,674,869</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">31,752,780</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 12px">Less: Accumulated depreciation</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,337,584</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,285,922</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">30,337,285</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">30,466,858</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<p style="margin-top: 0; margin-bottom: 0"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: left; text-indent: 0in">Fixed assets are stated
at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the asset’s estimated
useful life. Land is not depreciated. The buildings were assigned a useful life of 30 years. Property and equipment other than
land and buildings have useful lives ranging from 3 to 10 years. Leasehold improvements are amortized over the lesser of the lease
term or their estimated useful lives.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The Company recorded depreciation expense on property
and equipment for the three and six months ended June 30, 2018 of $0.6 million and $1.3 million, respectively, which includes $0.1
million and $0.2 million, respectively, of depreciation expense on the plasma assets to be transferred (see Note 3). Depreciation
expense for the three and six months ended June 30, 2017 was $0.1 million and $0.3 million, respectively.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="margin-top: 0; margin-bottom: 0"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The Company leases an office building and equipment from
Areth, LLC (“Areth”) pursuant to a shared services agreement on a month-to-month basis. Monthly rent on this facility
is $10,000. Rent expense under this agreement for the three and six months ended June 30, 2018 was $30,000 and $60,000, respectively.
Rent expense for the three and six months ended June 30, 2017 was $48,000 and $96,000, respectively. Areth is a company controlled
by Dr. Jerrold B. Grossman, the Company’s Vice Chairman of the Board, and Adam Grossman, the Company’s President and
Chief Executive Officer.  </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">As part of the Biotest Transaction, the Company issued
a $15.0 million subordinated note payable to Biotest (see Note 4), and recognized interest expense on this note for the three and
six months ended June 30, 2018 in the amount of $0.2 and $0.5 million, respectively. Interest expense on this note for the three
and six months ended June 30, 2017 was $0.1 million.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">For the three and six months ended June 30, 2018, and
for the three and six months ended June 30, 2017, the Company recognized revenues under its out-licensing agreements with Biotest
of approximately $36,000 and $71,000, respectively. Deferred revenue of $2.6 million and $2.7 million as of June 30, 2018 and December
31, 2017, respectively, is related to these agreements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Biotest is the Company’s largest customer for the
sale of normal source plasma. Plasma sales to Biotest for the three and six months ended June 30, 2018 and 2017 were $2.5 million
and $4.8 million, respectively. For the three and six months ended June 30, 2017, plasma sales to Biotest were $2.4 million and
$4.5 million, respectively. Accounts receivable includes $1.0 million and $1.2 million due from Biotest as of June 30, 2018 and
December 31, 2017, respectively. Additionally, Biotest is a supplier of plasma to ADMA. For the three and six months ended June
30, 2018, the Company purchased $0.6 million and $0.8 million, respectively, of plasma from Biotest. Plasma purchases from Biotest
for the three and six months ended June 30, 2017 were $0.1 million and $0.3 million, respectively. Included in accounts payable
is $0.3 million and $0.1 million due to Biotest as of June 30, 2018 and December 31, 2017, respectively. The following table summarizes
the related party balances with Biotest:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended June 30,</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six Months Ended June 30,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Sale and purchase of plasma</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 40%; text-align: left; padding-left: 12px">Product revenue</td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,473,777</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,362,059</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">4,802,068</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">4,454,274</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 12px">Purchases</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">639,771</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">141,754</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">834,789</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">324,140</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">License revenue</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">35,709</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">35,709</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">71,417</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">71,417</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Interest expense</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">225,000</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">60,000</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">450,000</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">60,000</td><td style="text-align: left"> </td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center">June 30,</td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center">December 31,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Accounts receivable</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,045,388</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,245,677</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Accounts payable</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">297,490</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">139,939</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Accrued expenses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">225,286</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">314,820</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Note payable, net of discount</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14,857,908</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14,842,396</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Accrued interest</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">62,500</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">65,000</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Deferred revenue</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,618,616</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,690,033</td><td style="text-align: left"> </td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<p style="margin-top: 0; margin-bottom: 0"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">In connection with the acquisition of the Biotest Assets,
the Company entered into a Transition Services Agreement with BPC pursuant to which each of the Company and BPC agreed to provide
transition services to the other party, including services related to finance, human resources, information technologies, leasing
of equipment and clinical and regulatory services for a period of up to 24 months after the June 6, 2017 closing date, as well
as agreements to lease certain laboratory space within the Boca Facility to BPC for a period of up to 24 months after the closing
date of the acquisition transaction. As of June 30, 2018 and December 31, 2017, $0.2 million and $0.3 million, respectively, was
payable by the Company to BPC for services rendered and expenses incurred on behalf of the Company related to these agreements.
This amount is reflected in accrued expenses in the accompanying consolidated balance sheets.  The services component of amounts
billed to the Company by BPC for the three months and six months ended June 30, 2018 was not material to the Company’s consolidated
financial statements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Under the terms of the acquisition of the Biotest Assets,
the Company will transfer ownership of two plasma collection centers to BPC on January 1, 2019. The Company has estimated the fair
value of these assets to be $12.6 million, and the obligation to transfer these assets to Biotest is reflected in non-current liabilities
in the accompanying consolidated balance sheet as of June 30, 2018 and December 31, 2017.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="margin-top: 0; margin-bottom: 0"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><font style="letter-spacing: -0.15pt"><i><u>General
Legal Matters </u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">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. </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><font style="letter-spacing: -0.15pt"><i><u>Contract
manufacturing agreement</u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">In connection with the acquisition of the Biotest Assets,
the Company acquired all of the rights and assumed all of the obligations under an existing agreement with a third party related
to the fractionation of plasma provided by the third party. This contract, as amended from time to time, maintains minimum production
requirements as well as a payment due to the counterparty to the contract of $1.5 million per year if the minimum volume is not
manufactured in that year and no other breach or default under the contract has occurred.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="letter-spacing: -0.15pt"><i> </i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><font style="letter-spacing: -0.15pt"><i><u>Post-marketing
commitments</u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="letter-spacing: -0.15pt">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, 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.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="letter-spacing: -0.15pt"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><font style="letter-spacing: -0.15pt"><i><u>Other commitments</u></i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="letter-spacing: -0.15pt">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 June 30, 2018. The Company
does not anticipate recognizing any significant losses relating to these arrangements.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="letter-spacing: -0.15pt">The Company is engaged
in the manufacture, marketing and development of specialty plasma-derived biologics. The Company’s operating segments reflect
the consummation of the Biotest Transaction on June 6, 2017 (see Notes 1 and 3), and the nature of its operations subsequent to
the close of the transaction. The Company’s ADMA BioManufacturing segment reflects the Company’s immune globulin manufacturing
and development operations in Boca Raton, FL, acquired on June 6, 2017 (see Note 3). The Plasma Collection Centers segment consists
of two FDA-licensed source plasma collection facilities located in Georgia, as well as a third collection center which opened in
December 2017 and for which an FDA license is pending. 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. </font>Summarized financial information concerning reportable segments is shown in the following tables:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td colspan="17" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended June 30, 2018</td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">ADMA BioManufacturing</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Plasma Collection Centers</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Corporate</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Consolidated</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%">Revenues</td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,144,724</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,476,117</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">35,709</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">4,656,550</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Cost of product revenue</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,965,681</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,679,981</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,645,662</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Loss from operations</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(9,918,243</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(941,993</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,557,145</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(13,417,381</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Interest and other expense, net</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(237,161</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(436</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,092,853</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,330,450</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Net loss</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(10,155,404</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(942,429</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,649,998</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(14,747,831</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Total assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">54,297,915</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,438,645</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">58,015,432</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">117,751,992</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Depreciation and amortization expense</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">639,300</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">200,598</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,001</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">845,899</td><td style="text-align: left"> </td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<p style="margin-top: 0; margin-bottom: 0"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td colspan="17" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six Months Ended June 30, 2018</td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">ADMA BioManufacturing</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Plasma Collection Centers</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Corporate</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Consolidated</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%">Revenues</td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">3,810,967</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">4,816,172</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">71,417</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">8,698,556</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Cost of product revenue</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">18,663,323</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,225,087</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">21,888,410</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Loss from operations</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(22,642,709</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,980,817</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(5,326,358</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(29,949,884</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Interest and other expense, net</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(477,214</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(871</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,142,004</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,620,089</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Net loss</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(23,119,923</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,981,688</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(7,468,362</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(32,569,973</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Capital expenditures</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">591,665</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">454,710</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,046,375</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Depreciation and amortization expense</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,271,131</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">389,512</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14,796</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,675,439</td><td style="text-align: left"> </td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<p style="margin-top: 0; margin-bottom: 0"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td colspan="17" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended June 30, 2017</td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">ADMA BioManufacturing</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Plasma Collection Centers</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Corporate</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Consolidated</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%">Revenues</td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">539,223</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,824,469</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">35,709</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">3,399,401</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Cost of product revenue</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,498,856</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,835,163</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,334,019</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Loss from operations</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,118,300</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(610,864</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(4,672,704</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(8,401,868</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Interest and other expense, net</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(61,987</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(572,640</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(634,627</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Net loss</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,180,287</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(610,864</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(5,245,344</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(9,036,495</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Total assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">65,913,839</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,101,977</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,623,437</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">84,639,253</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Depreciation and amortization expense</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">158,398</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">103,703</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,031</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">277,132</td><td style="text-align: left"> </td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<p style="margin-top: 0; margin-bottom: 0"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td colspan="17" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six Months Ended June 30, 2017</td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">ADMA BioManufacturing</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Plasma Collection Centers</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Corporate</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Consolidated</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%">Revenues</td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">539,223</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">5,417,632</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">71,417</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">6,028,272</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Cost of product revenue</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,498,856</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,451,450</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,950,306</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Loss from operations</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,118,300</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,113,464</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(10,107,107</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(14,338,871</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Interest and other expense, net</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(61,987</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,172,600</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,234,587</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Net loss</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,180,287</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,113,464</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(11,279,707</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(15,573,458</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Depreciation and amortization expense</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">158,398</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">207,343</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">29,453</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">395,194</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Capital expenditures</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">81,294</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,263</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">96,557</td><td style="text-align: left"> </td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"></p>
<p style="margin-top: 0; margin-bottom: 0"></p>
<p style="margin-top: 0; margin-bottom: 0"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="letter-spacing: -0.15pt">Supplemental cash
flow information for the six months ended June 30, 2018 and 2017 is as follows:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">SUPPLEMENTAL CASH FLOW INFORMATION:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 56%; text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Cash paid for interest</td><td style="width: 8%; padding-bottom: 2.5pt"> </td>
<td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="width: 12%; border-bottom: Black 2.5pt double; text-align: right">2,145,005</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 8%; padding-bottom: 2.5pt"> </td>
<td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="width: 12%; border-bottom: Black 2.5pt double; text-align: right">833,515</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Noncash Financing and Investing Activities:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Equipment acquired reflected in accounts payable and accrued liabilities</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">183,233</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Equipment acquired through capital lease</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">165,644</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Equipment acquired through related party payable</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">344,610</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Assets acquired through the issuance of common stock and liabilities assumed</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">60,161,629</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="letter-spacing: -0.15pt">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, </font>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 loan agreement,
dated as of June 6, 2017, between BPC and the Company, under which the Company borrowed $15.0 million from BPC (see Note 4).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="letter-spacing: -0.15pt">On July 24,
2018, pursuant to the Biotest Transfer Agreement (see Note 3), BPC transferred its remaining 10,109,534 shares of the
Company’s common stock to the Biotest Trust. In connection with this transfer, </font>the Biotest Trust agreed to be
bound by all obligations of, and will have all of the remaining rights of BPC under, that certain: (i) Stockholders
Agreement, dated as of June 6, 2017, by and between the Company and BPC, as amended by the Biotest Transfer Agreement; and
(ii) Registration Rights Agreement, dated as of June 6, 2017, by and between the Company and BPC, as amended by the Biotest
Transfer Agreement. Like BPC, the Biotest Trust will be subject to compliance with U.S. securities laws by virtue of
ownership of the Company’s common stock.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The accompanying unaudited condensed consolidated financial
statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S.
GAAP”) for interim financial information. Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP
as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the
Financial Accounting Standards Board (the “FASB”).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The accompanying unaudited condensed consolidated financial
statements should be read in conjunction with the annual audited consolidated financial statements and notes thereto as of and
for the year ended December 31, 2017 included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities
and Exchange Commission (the “SEC”) on March 29, 2018. These condensed consolidated interim financial statements have
been prepared in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X, and therefore omit or condense
certain footnotes and other information normally included in consolidated interim financial statements prepared in accordance with
U.S. GAAP. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the
accompanying unaudited condensed consolidated financial statements include all normal and recurring adjustments (which consist
primarily of accruals, estimates and assumptions that impact the financial statements) considered necessary to present fairly the
Company’s financial position as of June 30, 2018 and its results of operations for the three and six months ended June 30,
2018 and 2017 and cash flows for the six months ended June 30, 2018 and 2017.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">During the three and six months ended June 30, 2018 and
2017, comprehensive loss was equal to the net loss amounts presented for the respective periods in the accompanying condensed consolidated
statements of operations. In addition, certain prior year balances have been reclassified to conform to the current presentation.
Specifically, Other current liabilities at December 31, 2017 of approximately $58,000 have been reclassified into Accrued expenses
and other current liabilities in the accompanying consolidated balance sheets. Operating results for the six months ended June
30, 2018 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2018.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The preparation of financial statements requires management
to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting
period. Actual results could differ from those estimates. Significant estimates include the fair value of assets acquired and liabilities
assumed in a business combination, the valuation of inventory and assumptions used in the fair value determination of stock-based
compensation and the allowance for the valuation of future tax benefits.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="letter-spacing: -0.15pt">The Company accounts
for business combinations using the acquisition method of accounting in accordance with FASB ASC 805, <i>Business Combinations</i>.
Identifiable assets acquired, liabilities assumed, and contingent consideration are recorded at their acquisition date fair values.
Any change in the fair value of the acquisition-related contingent consideration subsequent to the acquisition date, including
changes from events after the acquisition date, is recognized in the period of the estimated fair value change. Goodwill represents
the excess of the purchase price over the fair value of identifiable assets acquired and liabilities assumed as a result of the
business combination. Identifiable assets with finite lives are amortized over their useful lives. Acquisition related costs are
expensed as incurred. </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The carrying amounts of certain of the Company’s
financial instruments, including cash and cash equivalents and accounts payable, are shown at cost which approximates fair value
due to the short-term nature of these instruments. The debt outstanding under the Company’s senior secured term loan (see
Note 4) approximates fair value due to the variable interest rate on this debt. With respect to the related party note payable
in the amount of $15.0 million as of June 30, 2018 which is held by a principal stockholder of the Company and was issued concurrent
with an acquisition transaction with an affiliate of such stockholder (see Note 4), the Company has concluded that an estimation
of fair value for this note is not practicable.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">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. At
June 30, 2018, three customers accounted for an aggregate of 90% of the Company’s total accounts receivable, and at December
31, 2017, two customers accounted for approximately 79% of the Company’s total accounts receivable.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Inventories, including plasma intended for resale and
plasma intended for internal use in the Company's research and development and future anticipated commercialization activities,
are carried at the lower of cost or net realizable value determined by the first-in, first-out method.  Research and
development plasma used in clinical trials is processed to a finished product and subsequently expensed to research and development. </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Although the Company expects that the BIVIGAM inventory
produced during 2017 and 2018 will ultimately be available for commercial sale, due to uncertainties at the time of production
surrounding the timing and outcome of any FDA determinations concerning the Warning Letter and the PAS that must be filed with
and approved by the FDA prior to this inventory being available for commercial sale, all costs related to the production of BIVIGAM
during the six months ended June 30, 2018 in the amount of $1.1 million have been charged to cost of product revenue in the accompanying
consolidated statement of operations. In addition, the costs related to the manufacture of conformance lots of RI-002 during the
six months ended June 30, 2018 in the amount of $2.8 million were also charged to cost of product revenue.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Goodwill represents the excess of purchase price over
the fair value of net assets acquired by the Company. Goodwill at June 30, 2018 and December 31, 2017 was $3.5 million. All of
the Company’s goodwill is attributable to its ADMA BioManufacturing business segment.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Goodwill is not amortized, but is assessed for impairment
on an annual basis or more frequently if impairment indicators exist. The Company has the option to perform a qualitative assessment
of goodwill to determine whether it is more likely than not that the fair value of its reporting unit is less than its carrying
amount, including goodwill and other intangible assets. If the Company concludes that this is the case, then it must perform a
goodwill impairment test by comparing the fair value of the reporting unit to its carrying value. An impairment charge is recorded
to the extent the reporting unit’s carrying value exceeds its fair value, not to exceed the total amount of goodwill allocated
to that reporting unit. The Company performs its annual goodwill impairment test as of October 1 of each year.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The Company assesses the recoverability of its long-lived
assets, which include property and equipment and definite-lived intangible assets, whenever significant events or changes in circumstances
indicate impairment may have occurred. If indicators of impairment exist, projected future undiscounted cash flows associated with
the asset are compared to its carrying amount to determine whether the asset’s value is recoverable. Any resulting impairment
is recorded as a reduction in the carrying value of the related asset in excess of fair value and a charge to operating results.
For the three and six months ended June 30, 2018 and 2017, the Company determined that there was no impairment of its long-lived
assets.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Revenue from the sale of Nabi-HB is recognized when the
product reaches the customer’s destination. Nabi-HB revenue is recorded net of estimated customer prompt pay discounts and
contractual allowances in accordance with managed care agreements, including wholesaler chargebacks, rebates, customer returns
and other wholesaler fees. For sales of intermediates, title typically transfers when the product is delivered to a third party
warehouse. With all other contract manufacturing, the title transfers to the customer when they take possession of the product
from the Boca Facility. As the Company maintains a significant risk of loss throughout the contract manufacturing process, contract
manufacturing revenue is not recognized until the product is released and title transfers to the customer.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Product revenues from the sale of human plasma collected
at the Company’s plasma collection centers are recognized at the time of transfer of title and risk of loss to the customer,
which generally occurs at the time of delivery. </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">License and other revenues are primarily attributable
to the out-licensing of RI-002 to Biotest to market and sell this product in Europe and selected countries in North Africa and
the Middle East. Biotest has provided the Company with certain services and financial payments in accordance with the related
Biotest license agreement and is obligated to pay the Company certain amounts in the future if certain milestones are achieved. Deferred
revenue is recognized over the term of the Biotest license. Deferred revenue is amortized into income for a period of approximately
20 years, the term of the Biotest license agreement.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">For the six months ended June 30, 2018, three customers
represented an aggregate of 90% of the Company’s consolidated revenues, with BPC representing 55% of the Company’s
consolidated revenues and the other two customers representing an aggregate of 35% of the Company’s consolidated revenues.
For the six months ended June 30, 2017, sales to BPC represented 75% of the Company’s consolidated revenues, and another
customer represented 15% of the Company’s consolidated revenues.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="letter-spacing: -0.15pt">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. </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="letter-spacing: -0.15pt"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="letter-spacing: -0.15pt">Expenses associated
with remediating the issues identified in the Warning Letter for the three and six months ended June 30, 2018 were approximately
$0.5 million and $1.3 million, respectively, and are reflected in cost of product revenue in the accompanying consolidated statements
of operations. For the three and six months ended June 30, 2017, these expenses totaled $0.5 million. I</font>n addition, for the
six months ended June 30, 2018, all operating expenses associated with the Boca Facility, other than the Nabi-HB production that
was capitalized into inventory, have been expensed as incurred.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Basic loss per common share is computed by dividing net
loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period.
For purposes of computing basic and diluted loss per common share, the non-voting class of common stock (see Notes 3 and 5) is
included in the common stock outstanding as the characteristics of the non-voting class are substantially the same as the voting
class of common stock.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Diluted loss per common share is calculated by dividing
net loss attributable to common stockholders, as adjusted for the effect of dilutive securities, if any, by the weighted average
number of shares of common stock and dilutive common stock outstanding during the period. Potentially dilutive common stock includes
the shares of common stock issuable upon the exercise of outstanding stock options and warrants, using the treasury stock method.
Potentially dilutive common stock is excluded from the diluted loss per common share computation to the extent that it would be
anti-dilutive. As a result, no potentially dilutive securities are included in the computation of any of the accompanying diluted
loss per share amounts as the Company reported a net loss for all periods presented. For the six months ended June 30, 2018 and
2017, the following securities were excluded from the calculation of diluted loss per common share because of their anti-dilutive
effects:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the Six Months Ended June 30,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Stock options</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">4,251,465</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">3,321,260</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt">Warrants</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">528,160</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">188,859</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4,779,625</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">3,510,119</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The Company follows recognized accounting guidance which
requires all equity-based payments, including grants of stock options, to be recognized in the statements of operations as compensation
expense based on their fair values at the date of grant. The Company uses the Black-Scholes option pricing model to determine the
fair value of options granted. Compensation expense related to awards to employees and directors with service-based vesting conditions
is recognized on a straight-line basis based on the grant date fair value over the associated service period of the award, which
is generally the vesting term (see Note 5).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">During the three and six months ended June 30, 2018, the
Company granted options to purchase an aggregate of 134,200 and 982,900 shares of common stock, respectively, to its directors
and employees, and during the six months ended June 30, 2018, the Company granted options to purchase 20,000 shares of common stock
to a third party service provider. During the three and six months ended June 30, 2017, the Company granted options to purchase
an aggregate of 1,674,595 and 1,856,595 shares of common stock, respectively, to its directors and employees.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The accounting and reporting requirements with respect
to accounting for income taxes require an asset and liability approach. Deferred income tax assets and liabilities are computed
for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible
amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable
income. Valuation allowances are established, when necessary, to reduce deferred income tax assets to the amount expected to be
realized.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">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. Based on its analysis, the Company has determined that it has not incurred any liability
for unrecognized tax benefits as of June 30, 2018 and December 31, 2017. The Company is subject to income tax examinations by major
taxing authorities for all tax years since 2013 and its tax returns may be subject to review and adjustment at a later date based
on factors including, but not limited to, on-going analyses of and changes to tax laws, regulations and interpretations thereof.
No interest expense or penalties have been recognized as of June 30, 2018 and December 31, 2017. During the three months and six
months ended June 30, 2018 and 2017, the Company recognized no adjustments for uncertain tax positions.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">In May 2017, the FASB issued ASU No. 2017-09, <i>Modification
Accounting for Share-Based Payment Arrangements</i>, which amends the scope of modification accounting for share-based payment
arrangements. The ASU provides guidance on the types of changes to the terms or conditions of share-based payment awards to which
an entity would be required to apply modification accounting under ASC 718, <i>Compensation – Stock Compensation</i>. Specifically,
an entity would not apply modification accounting if the fair value, vesting conditions, and classification of the awards are the
same immediately before and after the modification. Adoption of this new guidance in 2018 did not have a material impact on the
Company’s condensed consolidated financial statements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">In February 2016, the FASB issued ASU No. 2016-02, <i>Leases
(Topic 842)</i> (“ASU 2016-02”)<i>,</i> which requires lessees to recognize assets and liabilities for the rights and
obligations created by most leases on their balance sheet. The guidance is effective for fiscal years beginning after December
15, 2018, including interim periods within those fiscal years. Early application is permitted. 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 is currently evaluating the impact the standard may have on its condensed consolidated financial statements
and related disclosures.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">In May 2014, the FASB issued new guidance related to revenue
recognition, ASU 2014-09, <i>Revenue from Contracts with Customers </i>(“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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">In March 2016, April 2016 and December 2016, the FASB
issued ASU No. 2016-08, <i>Revenue From Contracts with Customers (ASC 606): Principal Versus Agent Considerations</i>, ASU No.
2016-10, <i>Revenue From Contracts with Customers (ASC 606): Identifying Performance Obligations and Licensing</i>, and ASU No.
2016-20, <i>Technical Corrections and Improvements to Topic 606, Revenue From Contracts with Customers</i>, 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, <i>Revenue from Contracts with Customers</i>, 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the Six Months Ended June 30,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Stock options</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">4,251,465</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">3,321,260</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt">Warrants</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">528,160</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">188,859</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4,779,625</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">3,510,119</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended<br />
June 30, 2017</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six Months Ended<br />
June 30, 2017</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>Revenues:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 56%">       As reported</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">3,399,401</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">6,028,272</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>       Pro forma</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">10,569,393</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">24,292,042</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Net loss</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>       As reported</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(9,036,495</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(15,573,458</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>       Pro forma</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(12,751,262</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(24,826,749</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Basic and diluted net loss per share:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>       As reported</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(0.55</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(1.06</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>       Pro forma</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(0.49</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(0.96</td><td style="text-align: left">)</td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Notes payable:</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">30,000,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">30,000,000</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Less:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 12px">Debt discount</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,121,919</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,631,542</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Senior notes payable</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">25,878,081</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">25,368,458</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Biotest - Gross proceeds</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">15,000,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">15,000,000</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Less:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 12px">Debt discount</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(142,092</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(157,304</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Note payable - related party</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">14,857,908</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">14,842,696</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six Months Ended June 30,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2017</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Expected term</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5.8 - 6.3 years</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5.8 - 6.3 years</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Volatility</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">54-57%</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">51-64%</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Dividend yield</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">0.0</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">0.0</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Risk-free interest rate</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2.40-2.59%</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1.77-2.29%</td><td style="text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="7" style="font-weight: bold; text-align: center">Six Months Ended</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2018</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted Average Exercise Price</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3" style="text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%">Outstanding at beginning of period</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">3,276,043</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">5.52</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Forfeited</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(23,185</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">4.24</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>Expired</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,334</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">2.68</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Granted</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,002,900</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">3.87</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1pt">Exercised</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,959</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">2.68</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Outstanding at end of period and expected to vest</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4,251,465</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5.14</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Options exercisable</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,842,738</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6.76</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="7" style="font-weight: bold; text-align: center">Three Months Ended</td><td style="font-weight: bold"> </td>
<td colspan="7" style="font-weight: bold; text-align: center">Six Months Ended</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30,</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3" style="text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%; text-align: left">Research and development</td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">83,339</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">68,434</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">161,644</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">121,417</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Plasma centers</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,760</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">13,196</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14,846</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">25,947</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Selling, general and administrative</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">406,193</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">223,973</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">801,050</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">394,116</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Cost of product revenue</td><td style="padding-bottom: 1pt"> </td>
<td style="text-align: left; border-bottom: Black 1pt solid"> </td><td style="text-align: right; border-bottom: Black 1pt solid">38,099</td><td style="text-align: left; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td style="text-align: left; border-bottom: Black 1pt solid"> </td><td style="text-align: right; border-bottom: Black 1pt solid">5,760</td><td style="text-align: left; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td style="text-align: left; border-bottom: Black 1pt solid"> </td><td style="text-align: right; border-bottom: Black 1pt solid">72,635</td><td style="text-align: left; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td style="text-align: left; border-bottom: Black 1pt solid"> </td><td style="text-align: right; border-bottom: Black 1pt solid">5,760</td><td style="text-align: left; padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 12px">Total stock-based compensation expense</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">535,391</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">311,363</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,050,175</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">547,240</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30,<br /> 2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,<br /> 2017</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3" style="text-align: center"> </td><td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Raw materials</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">8,529,351</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">10,395,433</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Work-in-progress</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,112,184</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,265,339</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt">Finished goods</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,605,433</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">967,409</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Total inventories</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">12,246,968</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">12,628,181</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold">Accumulated</td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold">Accumulated</td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Cost</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; border-bottom: Black 1pt solid">Amortization</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Cost</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; border-bottom: Black 1pt solid">Amortization</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%; text-align: left">Trademark and other intangible rights related to Nabi-HB</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">4,100,046</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">634,531</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">3,465,515</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">4,100,046</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">341,670</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">3,758,376</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Rights to intermediates</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">907,421</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">140,434</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">766,987</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">907,421</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">75,618</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">831,803</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt">Customer contract</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,076,557</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">882,178</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">194,379</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,076,557</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">817,386</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">259,171</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,084,024</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,657,143</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,426,881</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,084,024</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,234,674</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,849,350</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 1%; text-align: left"> </td><td style="width: 43%; text-align: left">Remainder of 2018</td><td style="width: 1%; text-align: left"> </td><td style="width: 10%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 43%; text-align: right">422,469</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"> </td><td style="text-align: left">2019</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">844,938</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"> </td><td style="text-align: left">2020</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">715,352</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"> </td><td style="text-align: left">2021</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">715,352</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"> </td><td style="text-align: left">2022</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">715,352</td><td style="text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left; padding-left: 12px">Manufacturing and laboratory equipment</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">7,258,395</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">7,148,405</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 12px">Office equipment and computer software</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,557,723</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,086,756</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 12px">Furniture and fixtures</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,136,623</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,136,623</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 12px">Construction in process</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,072,099</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">738,093</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 12px">Leasehold improvements</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,650,029</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,642,903</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 12px">Land</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,339,441</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,339,441</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 12px">Buildings</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">15,660,559</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">15,660,559</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">32,674,869</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">31,752,780</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 12px">Less: Accumulated depreciation</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,337,584</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,285,922</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">30,337,285</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">30,466,858</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended June 30,</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six Months Ended June 30,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Sale and purchase of plasma</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 40%; text-align: left; padding-left: 12px">Product revenue</td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,473,777</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,362,059</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">4,802,068</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">4,454,274</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 12px">Purchases</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">639,771</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">141,754</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">834,789</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">324,140</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">License revenue</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">35,709</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">35,709</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">71,417</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">71,417</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Interest expense</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">225,000</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">60,000</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">450,000</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">60,000</td><td style="text-align: left"> </td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<p style="margin-top: 0; margin-bottom: 0"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center">June 30,</td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center">December 31,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Accounts receivable</td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,045,388</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,245,677</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Accounts payable</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">297,490</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">139,939</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Accrued expenses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">225,286</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">314,820</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Note payable, net of discount</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14,857,908</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14,842,396</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Accrued interest</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">62,500</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">65,000</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Deferred revenue</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,618,616</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,690,033</td><td style="text-align: left"> </td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td colspan="17" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended June 30, 2018</td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">ADMA BioManufacturing</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Plasma Collection Centers</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Corporate</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Consolidated</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%">Revenues</td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,144,724</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,476,117</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">35,709</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">4,656,550</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Cost of product revenue</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,965,681</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,679,981</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,645,662</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Loss from operations</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(9,918,243</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(941,993</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,557,145</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(13,417,381</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Interest and other expense, net</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(237,161</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(436</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,092,853</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,330,450</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Net loss</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(10,155,404</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(942,429</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,649,998</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(14,747,831</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Total assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">54,297,915</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,438,645</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">58,015,432</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">117,751,992</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Depreciation and amortization expense</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">639,300</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">200,598</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,001</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">845,899</td><td style="text-align: left"> </td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<p style="margin-top: 0; margin-bottom: 0"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td colspan="17" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six Months Ended June 30, 2018</td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">ADMA BioManufacturing</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Plasma Collection Centers</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Corporate</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Consolidated</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%">Revenues</td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">3,810,967</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">4,816,172</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">71,417</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">8,698,556</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Cost of product revenue</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">18,663,323</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,225,087</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">21,888,410</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Loss from operations</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(22,642,709</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,980,817</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(5,326,358</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(29,949,884</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Interest and other expense, net</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(477,214</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(871</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,142,004</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,620,089</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Net loss</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(23,119,923</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,981,688</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(7,468,362</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(32,569,973</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Capital expenditures</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">591,665</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">454,710</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,046,375</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Depreciation and amortization expense</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,271,131</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">389,512</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14,796</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,675,439</td><td style="text-align: left"> </td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<p style="margin-top: 0; margin-bottom: 0"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td colspan="17" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended June 30, 2017</td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">ADMA BioManufacturing</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Plasma Collection Centers</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Corporate</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Consolidated</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%">Revenues</td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">539,223</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,824,469</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">35,709</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">3,399,401</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Cost of product revenue</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,498,856</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,835,163</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,334,019</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Loss from operations</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,118,300</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(610,864</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(4,672,704</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(8,401,868</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Interest and other expense, net</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(61,987</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(572,640</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(634,627</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Net loss</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,180,287</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(610,864</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(5,245,344</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(9,036,495</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Total assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">65,913,839</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,101,977</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,623,437</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">84,639,253</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Depreciation and amortization expense</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">158,398</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">103,703</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,031</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">277,132</td><td style="text-align: left"> </td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<p style="margin-top: 0; margin-bottom: 0"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td colspan="17" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six Months Ended June 30, 2017</td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">ADMA BioManufacturing</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Plasma Collection Centers</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Corporate</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Consolidated</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%">Revenues</td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">539,223</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">5,417,632</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">71,417</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">6,028,272</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Cost of product revenue</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,498,856</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,451,450</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,950,306</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Loss from operations</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,118,300</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,113,464</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(10,107,107</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(14,338,871</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Interest and other expense, net</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(61,987</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,172,600</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,234,587</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Net loss</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,180,287</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,113,464</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(11,279,707</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(15,573,458</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Depreciation and amortization expense</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">158,398</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">207,343</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">29,453</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">395,194</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Capital expenditures</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">81,294</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,263</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">96,557</td><td style="text-align: left"> </td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"></p>
<p style="margin-top: 0; margin-bottom: 0"></p>
<p style="margin-top: 0; margin-bottom: 0"></p>
4779625
3510119
4251465
3321260
528160
188859
982900
1856595
134200
1674595
24292042
10569393
-24826749
-12751262
-0.96
-0.49
P5Y9M18D
P5Y9M18D
P6Y3M18D
P6Y3M18D
0.54
0.51
0.57
0.64
0.00
0.00
0.024
0.0177
0.0259
0.0229
3276043
4251465
23185
2334
1002900
1959
1842738
5.52
5.14
4.24
2.68
3.87
2.68
6.76
715352
715352
715352
844938
422469
450000
60000
225000
60000
71417
71417
35709
35709
117751992
84639253
54297915
65913839
5438645
2101977
58015432
16623437
1046375
96557
454710
81294
0
15263
0
591665
2145005
833515
183233
0
0
60161629
0
344610
165644
0
2682340
1261013
1359188
642485
-2459
-4155
2329
0
0
174839
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">SUPPLEMENTAL CASH FLOW INFORMATION:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 56%; text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Cash paid for interest</td><td style="width: 8%; padding-bottom: 2.5pt"> </td>
<td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="width: 12%; border-bottom: Black 2.5pt double; text-align: right">2,145,005</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 8%; padding-bottom: 2.5pt"> </td>
<td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="width: 12%; border-bottom: Black 2.5pt double; text-align: right">833,515</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Noncash Financing and Investing Activities:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Equipment acquired reflected in accounts payable and accrued liabilities</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">183,233</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Equipment acquired through capital lease</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">165,644</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Equipment acquired through related party payable</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">344,610</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Assets acquired through the issuance of common stock and liabilities assumed</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">60,161,629</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
42946111
0