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DE 56-2590442 465 State Route 17 Ramsey NJ 07446 201 478-5552 Common stock, par value $0.0001 per share ADMA NASDAQ Yes No Yes Yes Large Accelerated Filer false false true false false 4229956395 238159176 <div> <span style="font-weight: bold; text-decoration: underline;">Risk Management and Strategy</span> </div><div style="text-indent: 36pt; text-align: justify;"> <span>We recognize the importance of managing the material risks of cybersecurity threats, and we have implemented processes for identifying and assessing cybersecurity risks and incidents. We have also integrated these processes into our overall risk management system, including senior management’s periodic reviews of cybersecurity risks or threats. Senior management oversees and works closely with our IT department to continuously review and evaluate cybersecurity risks in alignment with our business goals and needs.</span> </div><div style="text-indent: 36pt; text-align: justify;"> <span>With respect to cybersecurity risks and threats, we utilize various third-party consultants and advisors to assist us with regular reviews, internal audits and best practices, including threat prevention and detection, security reviews and enhancements, penetration testing and full scope IT audits. ADMA also has strict processes in place for the review of third-party service providers engaged, including thorough security assessments before engagement and annual monitoring of their IT environments and controls.</span> </div> We have also integrated these processes into our overall risk management system, including senior management’s periodic reviews of cybersecurity risks or threats. Senior management oversees and works closely with our IT department to continuously review and evaluate cybersecurity risks in alignment with our business goals and needs. true true true <div> <span style="font-weight: bold; text-decoration: underline;">Governance</span> </div><div style="text-indent: 36pt; text-align: justify;"> <span>Our President and Chief Executive Officer and Chief Operating Officer are primarily responsible for timely updating the Board and Audit Committee about any material cybersecurity incidents or threats or any cybersecurity related issues worthy of their attention.</span> </div><div style="text-indent: 36pt; text-align: justify;"> <span> Our Board has designated the Audit Committee as the primary committee responsible for overseeing, reviewing and managing cybersecurity risks and threats at ADMA. The Audit Committee is comprised of Board members with diverse experience in healthcare, finance and information technology, enabling them to effectively oversee cybersecurity risks and threats. Our management team, with assistance from third-party consultants or advisors as appropriate, provides quarterly updates regarding cybersecurity risks and threats to the Audit Committee and ad hoc updates or communications are provided to the entire Board as needed.</span> </div><div style="text-indent: 36pt; text-align: justify;"> <span>The IT Operations team is primarily responsible for the timely identification, review, severity assessment and management of cybersecurity incidents. In the event of a cybersecurity incident, the IT Department leadership follows the procedures outlined in our Cybersecurity Incident Response Policy and works closely with management to form a Security Incident Response Team comprised of members from the appropriate functional teams. In accordance with this policy, senior management will also communicate the occurrence of any significant cybersecurity incidents to our Board, Audit Committee and auditors on a timely basis and will keep them informed of the remediation plans and progress.</span> </div><div style="text-indent: 36pt; text-align: justify;"> <span>We maintain cybersecurity insurance coverage in an amount appropriate for our risk profile. We also conduct mandatory cybersecurity training for employees annually, and all new hires are required to complete cybersecurity training within 90 days of receiving their Company computer. Periodically, management conducts simulated phishing exercises to evaluate the effectiveness of its training programs. Employees who fall victim to these simulations may be required to participate in additional remedial cybersecurity training.</span> </div><div style="text-indent: 36pt; text-align: justify;"> <span>Employees within our IT Department receive ongoing cybersecurity awareness communications, including monthly newsletters highlighting emerging cybersecurity threats and developments, as well as targeted communications as appropriate. Separately, the IT Department periodically conducts cybersecurity tabletop exercises with assistance from third-party experts. Lessons learned from these exercises are incorporated into management’s ongoing assessment of cybersecurity risks and mitigation strategies.</span> </div><div style="text-indent: 36pt; text-align: justify;"> <span>In addition, members of the IT Department maintain industry recognized certifications related to cybersecurity, threat detection, and incident management. The Company also supports ongoing development by enabling IT personnel to participate in industry-led conferences and forums to stay informed of evolving cybersecurity trends, threats, and best practices. Insights gained through these activities are considered as part of ADMA’s broader cybersecurity risk management program.</span> </div> Our Board has designated the Audit Committee as the primary committee responsible for overseeing, reviewing and managing cybersecurity risks and threats at ADMA. The Audit Committee is comprised of Board members with diverse experience in healthcare, finance and information technology, enabling them to effectively oversee cybersecurity risks and threats. Our management team, with assistance from third-party consultants or advisors as appropriate, provides quarterly updates regarding cybersecurity risks and threats to the Audit Committee and ad hoc updates or communications are provided to the entire Board as needed. <div style="text-indent: 36pt; text-align: justify;"> <span>The IT Operations team is primarily responsible for the timely identification, review, severity assessment and management of cybersecurity incidents. In the event of a cybersecurity incident, the IT Department leadership follows the procedures outlined in our Cybersecurity Incident Response Policy and works closely with management to form a Security Incident Response Team comprised of members from the appropriate functional teams. In accordance with this policy, senior management will also communicate the occurrence of any significant cybersecurity incidents to our Board, Audit Committee and auditors on a timely basis and will keep them informed of the remediation plans and progress.</span> </div> <div style="text-indent: 36pt; text-align: justify;"> <span>The IT Operations team is primarily responsible for the timely identification, review, severity assessment and management of cybersecurity incidents. In the event of a cybersecurity incident, the IT Department leadership follows the procedures outlined in our Cybersecurity Incident Response Policy and works closely with management to form a Security Incident Response Team comprised of members from the appropriate functional teams. In accordance with this policy, senior management will also communicate the occurrence of any significant cybersecurity incidents to our Board, Audit Committee and auditors on a timely basis and will keep them informed of the remediation plans and progress.</span> </div><div style="text-indent: 36pt; text-align: justify;"> <span>We maintain cybersecurity insurance coverage in an amount appropriate for our risk profile. We also conduct mandatory cybersecurity training for employees annually, and all new hires are required to complete cybersecurity training within 90 days of receiving their Company computer. Periodically, management conducts simulated phishing exercises to evaluate the effectiveness of its training programs. Employees who fall victim to these simulations may be required to participate in additional remedial cybersecurity training.</span> </div><div style="text-indent: 36pt; text-align: justify;"> <span>Employees within our IT Department receive ongoing cybersecurity awareness communications, including monthly newsletters highlighting emerging cybersecurity threats and developments, as well as targeted communications as appropriate. Separately, the IT Department periodically conducts cybersecurity tabletop exercises with assistance from third-party experts. Lessons learned from these exercises are incorporated into management’s ongoing assessment of cybersecurity risks and mitigation strategies.</span> </div><div style="text-indent: 36pt; text-align: justify;"> <span>In addition, members of the IT Department maintain industry recognized certifications related to cybersecurity, threat detection, and incident management. The Company also supports ongoing development by enabling IT personnel to participate in industry-led conferences and forums to stay informed of evolving cybersecurity trends, threats, and best practices. Insights gained through these activities are considered as part of ADMA’s broader cybersecurity risk management program.</span> </div> The IT Operations team is primarily responsible for the timely identification, review, severity assessment and management of cybersecurity incidents. true true <div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> During the quarter ended December 31, 2025, none of our directors or executive officers adopted or terminated any such contract, instruction or written plans except for Adam Grossman, our President and CEO, who entered into a Rule 10b5-1 trading plan with Fidelity Brokerage Services LLC on November 14, 2025 (the “Grossman Plan”). The Grossman Plan provides that Mr. Grossman may sell up to an aggregate of (i) 66,000 shares of our common stock and (ii) 165,000 shares of our common stock to be received upon the exercise of vested options granted to Mr. Grossman. The Grossman Plan is scheduled to terminate on December 31, 2026, subject to earlier termination upon the sale of all shares subject to the plan, upon <span style="-sec-ix-hidden: hidden-fact-2">termination</span> by Mr. Grossman or the broker, or as otherwise provided in the plan. </div> false false false Adam Grossman President and CEO true November 14, 2025 66000 165000 December 31, 2026 true 185 KPMG LLP Stamford, Connecticut 87630000 103147000 158429000 49999000 206465000 170235000 7458000 8029000 6530000 0 466512000 331410000 65057000 54707000 632000 460000 3530000 3530000 73261000 84280000 6650000 8634000 8600000 5657000 624242000 488678000 22519000 20219000 40466000 34105000 2813000 0 1096000 1218000 2647000 0 69541000 55542000 69330000 72337000 1405000 1547000 0 1313000 6646000 8561000 0 360000 146922000 139660000 0.0001 0.0001 10000000 10000000 0 0 0 0 0 0 0.0001 0.0001 300000000 300000000 239793566 237874496 236620545 236620545 24000 24000 1919070 0 32090000 0 671039000 657577000 -161653000 -308583000 477320000 349018000 624242000 488678000 510173000 426454000 258215000 217408000 206901000 169273000 292765000 219553000 88942000 4762000 1813000 3300000 4836000 4245000 4266000 144000 388000 724000 91580000 74124000 59020000 101322000 80570000 67310000 191443000 138983000 21632000 1871000 2097000 1617000 7110000 13930000 25027000 -3336000 -1243000 -26174000 -212000 -193000 -287000 -8787000 -13269000 -49871000 182656000 125714000 -28239000 35726000 -71959000 0 146930000 197673000 -28239000 0.62 0.85 -0.13 0.6 0.81 -0.13 238299024 233084236 223977315 244904640 243342466 223977315 221816930 22000 629969000 -478017000 0 0 151974000 0 6187000 0 0 6187000 833722 0 -1415000 0 0 -1415000 0 5595000 0 0 5595000 1444533 1000 1103000 0 0 1104000 1967847 0 0 0 0 0 0 0 -28239000 0 -28239000 226063032 23000 641439000 -506256000 0 0 135206000 0 13616000 0 0 13616000 1344555 0 -4971000 0 0 -4971000 1988066 0 7494000 0 0 7494000 7224892 1000 -1000 0 0 0 0 0 197673000 0 197673000 236620545 24000 657577000 -308583000 0 349018000 0 20026000 0 0 20026000 866302 0 -1000 0 0 -1000 1308069 0 -9547000 0 0 -9547000 998650 0 2984000 0 0 2984000 0 0 0 1919070 32090000 32090000 0 0 146930000 0 146930000 239793566 24000 671039000 -161653000 -1919070 -32090000 477320000 146930000 197673000 -28239000 8096000 8045000 8332000 -9000 -106000 -182000 -11020000 84280000 0 0 0 3836000 20026000 13616000 6187000 717000 951000 2594000 -3336000 -1243000 -26174000 -143000 -143000 -143000 108430000 22578000 11916000 36230000 -2671000 9626000 1525000 2695000 239000 -279000 -15000 -1080000 2330000 4150000 3839000 5212000 1042000 7530000 -1231000 -1144000 -791000 50396000 118672000 8800000 22575000 8226000 4771000 316000 349000 210000 1000000 0 0 -21891000 -8575000 -4981000 32500000 60000000 158584000 72500000 0 0 30000000 0 0 938000 0 0 75000000 0 0 1031000 450000 11140000 0 0 135000000 9547000 4971000 1415000 0 0 17000 2237000 0 0 2984000 7494000 1104000 1313000 375000 1586000 0 0 2351000 31940000 0 0 -44022000 -58302000 -38989000 -15517000 51795000 -35170000 103147000 51352000 86522000 87630000 103147000 51352000 <div style="text-indent: -27pt; margin-bottom: 8pt; padding-left: 27pt; font-family: Aptos;"> <div style="float: left; width: 27.0pt; white-space: nowrap;"> <span style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">1.</span> </div> <div> <span style="font-weight: bold; text-decoration: underline;">ORGANIZATION AND BUSINESS</span> </div> </div><div style="text-indent: 33.75pt; text-align: justify; font-size: 10pt;">ADMA Biologics, Inc. (“ADMA” or the “Company”) is a U.S. based, end-to-end commercial biopharmaceutical company dedicated to manufacturing, marketing and developing specialty biologics for the treatment of immunodeficient patients at risk for infection and others at risk for certain infectious diseases. The Company’s targeted patient populations include immune-compromised individuals who suffer from an underlying immune deficiency disorder or who may be immune-suppressed for medical reasons. </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-indent: 33.75pt; text-align: justify; font-size: 10pt;"> ADMA operates through its wholly owned subsidiaries ADMA BioManufacturing, LLC (“ADMA BioManufacturing”) and ADMA BioCenters Georgia Inc. (“ADMA BioCenters”). ADMA BioManufacturing was formed in January 2017 to facilitate the acquisition of certain assets held by the Company’s former third-party contract manufacturer, which included the U.S. Food and Drug Administration (“FDA”)-licensed BIVIGAM and Nabi-HB immunoglobulin products, and an FDA-licensed plasma fractionation manufacturing facility located in Boca Raton, FL (the “Boca Facility”). ADMA BioCenters is the Company’s source plasma collection business with ten plasma collection facilities located throughout the U.S. as of December 31, 2025, all of which hold an approved license with the FDA. </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-indent: 33.75pt; text-align: justify; font-size: 10pt;"> The Company has three FDA-approved products, all of which are currently marketed and commercially available: (i) ASCENIV (Immune Globulin Intravenous, Human – slra 10% Liquid), an intravenous immune globulin (“IVIG”) product indicated for the treatment of Primary Humoral Immunodeficiency (“PI”), also known as Primary Immunodeficiency Disease (“PIDD”) or Inborn Errors of Immunity, for which the Company received FDA approval in April 2019 and commenced first commercial sales in October 2019; (ii) BIVIGAM (Immune Globulin Intravenous, Human), an IVIG product indicated for the treatment of PI, and for which the Company received FDA approval in May 2019 and commenced commercial sales in August 2019; and (iii) Nabi-HB (Hepatitis B Immune Globulin, Human), which is indicated for the treatment of acute exposure to blood containing Hepatitis B surface antigen (“HBsAg”) and other listed exposures to Hepatitis B. In addition to its commercially available immunoglobulin products, the Company generates revenues from the sale of intermediate by-products that result from the immunoglobulin production process and from time to time provides contract manufacturing and laboratory services for certain clients. The Company seeks to develop a pipeline of plasma-derived therapeutics, including but not limited to SG-001, a pre-clinical, investigative hyperimmune globulin targeting <span style="font-style: italic;">S. pneumonia</span>. The Company’s products and product candidates are intended to be used by physician specialists focused on caring for immune-compromised patients with or at risk for certain infectious diseases.</div> 10 3 <div style="text-indent: -27pt; padding-left: 27pt; font-family: Aptos;"> <div style="float: left; width: 27.0pt; white-space: nowrap;"> <span style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">2.</span> </div> <div> <span style="font-family: &quot;Times New Roman&quot;; font-weight: bold; text-decoration: underline;">SIGNIFICANT ACCOUNTING POLICIES</span> </div> </div><div>  </div><div style="font-size: 10pt;"> <span style="text-decoration: underline;">Principles of consolidation and basis of presentation</span> </div><div style="text-indent: 36pt; line-height: 12pt; text-align: justify; font-size: 10pt;"> The accompanying consolidated financial statements include the accounts of ADMA and its wholly owned subsidiaries and have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and in accordance with Article 3 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). All intercompany balances have been eliminated in consolidation. Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (the “FASB”). </div><div style="line-height: 12pt; font-size: 10pt;">  </div><div style="text-indent: 36pt; line-height: 12pt; text-align: justify; font-size: 10pt;"> During the years ended December 31, 2025, 2024 and 2023, comprehensive income (loss) was equal to the net income (loss) amounts presented for the respective periods in the accompanying consolidated statements of operations. </div><div style="line-height: 12pt; text-align: justify; font-size: 10pt;">  </div><div style="font-size: 10pt;"> <span style="text-decoration: underline;">Use of estimates</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include estimates related to the Company’s effective tax rate. </div><div style="font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> In 2024, the Company engaged a third-party specialist to assist in the evaluation of the Company’s accrual for U.S. Medicaid rebates related to the sale of the Company’s immunoglobulin products. As a result of this evaluation, the Company recognized a reduction in this accrual and a corresponding increase to net revenues of $12.6 million for the year ended December 31, 2024. </div><div style="font-size: 10pt;"> <span style="text-decoration: underline;">Cash and cash equivalents</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> The Company regularly maintains cash and cash equivalents at third-party financial institutions in excess of the Federal Deposit Insurance Corporation insurance limit. Although the Company monitors the daily cash balances in its operating accounts and adjusts the balances as appropriate, these balances could be impacted, and there could be a material adverse effect on the Company’s business, if one or more of the financial institutions with which the Company has deposits fails or is subject to other adverse conditions in the financial or credit markets. To date, the Company has not experienced a loss or lack of access to its deposited cash or cash equivalents; however, the Company cannot provide assurance that access to its cash and cash equivalents will not be impacted by adverse conditions in the financial and credit markets in the future. </div><div style="font-size: 10pt;">  </div><div style="font-size: 10pt;"> <span style="text-decoration: underline;">Accounts receivable</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> Accounts receivable is reported at realizable value, net of allowances for contractual credits and doubtful accounts in the amount of $0.3 million and $0.2 million at December 31, 2025 and 2024, respectively, which are recognized in the period the related revenue is recorded. <span style="color: rgb(33, 37, 41);">The Company extends credit to its customers based upon an evaluation of each customer's financial condition and credit history. Evaluations of the financial condition and associated credit risk of customers are performed on an ongoing basis.</span>  </div><div style="font-size: 10pt;">  </div><div style="font-size: 10pt;"> <span style="text-decoration: underline;">Inventories</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> Raw materials inventory consists of normal source plasma (“NSP”) and Respiratory Syncytial Virus (“RSV”) high-titer plasma collected at the Company’s plasma collection facilities or purchased from third parties, along with various materials purchased from suppliers, used in the production of the Company’s products. Work-in-process and finished goods inventories (see Note 3) reflect the cost of raw materials as well as costs for direct and indirect labor, primarily salaries, wages and benefits for applicable employees, as well as an allocation of overhead costs related to the Boca Facility including utilities, property taxes, general repairs and maintenance, consumable supplies and depreciation. </div><div style="font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> Inventories, including plasma intended for resale and plasma intended for internal use in the Company’s manufacturing, commercialization or research and development activities, are carried at the lower of cost or net realizable value determined by the first-in, first-out method. For both the Company’s immune globulin products and plasma intended for resale and internal use, net realizable value is generally determined based upon the consideration the Company expects to receive when the inventory is sold, less costs to deliver the inventory to the recipient. The estimates for net realizable value of inventory are based on contractual terms or upon historical experience and certain other assumptions, and the Company believes that such assumptions are reasonable. Inventory is periodically reviewed to ensure that its carrying value does not exceed its net realizable value, and adjustments are recorded to write down such inventory, with a corresponding charge to cost of product revenue, when the carrying value or historical cost exceeds its estimated net realizable value. In addition, costs associated with the production of engineering lots that would not qualify as immediately available for commercial sale are charged to cost of product revenue and not capitalized into inventory. </div><div style="font-size: 10pt;">  </div><div style="font-size: 10pt;"> <span style="text-decoration: underline;">Property and equipment</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> Assets comprising property and equipment (see Note 4) are stated at cost less accumulated depreciation and any historical impairment charges. Depreciation is calculated using the straight-line method over the asset’s estimated useful life. Land is not depreciated. The buildings have been assigned a useful life of 30 years and building improvement 15 years. Property and equipment other than land and buildings have useful lives ranging from 3 to 8 years. Leasehold improvements are amortized over the lesser of the lease term or their estimated useful lives. </div><div style="font-size: 10pt;"> <span style="text-decoration: underline;">Goodwill</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> Goodwill represents the excess of purchase price over the fair value of net assets acquired by the Company. Goodwill at December 31, 2025 and 2024 was $3.5 million, all of which is attributable to the Company’s ADMA BioManufacturing business segment. There were no changes to the carrying amount of goodwill during the years ended December 31, 2025, 2024 and 2023. </div><div style="font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> Goodwill is not amortized but is assessed for impairment on an annual basis or more frequently if impairment indicators exist. The Company has the option to perform a qualitative assessment of goodwill to determine whether it is more likely than not that the fair value of its reporting unit is less than its carrying amount, including goodwill and other intangible assets. If the Company concludes that this is the case, then it must perform a goodwill impairment test by comparing the fair value of the reporting unit to its carrying value. An impairment charge is recorded to the extent the reporting unit’s carrying value exceeds its fair value, not to exceed the total amount of goodwill allocated to that reporting unit. The Company performs its annual goodwill impairment assessment as of October 1 of each year. The Company’s annual goodwill impairment assessments as of October 1, 2025, 2024 and 2023 did not result in any impairment charges related to goodwill for the years ended December 31, 2025, 2024 and 2023. </div><div style="font-size: 10pt;">  </div><div style="font-size: 10pt;"> <span style="text-decoration: underline;">Impairment of long-lived assets</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> The Company assesses the recoverability of its long-lived assets, which include property and equipment, right-of-use assets and finite-lived intangible assets, whenever significant events or changes in circumstances indicate impairment may have occurred. If indicators of impairment exist, projected future undiscounted cash flows associated with the asset are compared to its carrying amount to determine whether the asset’s carrying value is recoverable. Any resulting impairment is recorded as a reduction in the carrying value of the related asset in excess of fair value and a charge to operating results. For the years ended December 31, 2025, 2024 and 2023, the Company determined that there was no impairment of its long-lived assets. </div><div style="font-size: 10pt;">  </div><div style="font-size: 10pt;"> <span style="text-decoration: underline;">Revenue recognition</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> Revenues for the years ended December 31, 2025, 2024 and 2023 are comprised of (i) revenues from the sale of the Company’s immunoglobulin products, ASCENIV, BIVIGAM and Nabi-HB, (ii) product revenues from the sale of human plasma collected by the Company’s Plasma Collection Centers business segment, (iii) contract manufacturing and laboratory services revenue, (iv) revenues from the sale of intermediate by-products and (v) license and other revenues primarily attributable to the out-licensing of ASCENIV to Biotest AG (“Biotest”) in 2012 to market and sell this product in Europe and certain countries in Northern Africa and the Middle East. Biotest has provided the Company with certain services and financial payments in accordance with the related Biotest license agreement and is obligated to pay the Company certain amounts in the future if certain milestones are achieved. Deferred revenue is amortized into income over the term of the Biotest license, representing a period of approximately 22 years. </div><div style="font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> Product revenue is recognized when the customer is deemed to have control over the product and the performance obligation is satisfied. Control is determined based on when the product is shipped or delivered and title passes to the customer. Revenue is recorded in an amount that reflects the consideration the Company expects to receive in exchange. Revenue from the sale of the Company’s immunoglobulin products is recognized when the product reaches the customer’s destination, and is recorded net of estimated rebates, wholesaler distribution and related fees, customer incentives, including prompt pay discounts, wholesaler chargebacks, group purchasing organization fees and reimbursements for patient assistance. These estimates are based on contractual arrangements, historical experience and certain other assumptions, and while the Company believes that such estimates are reasonable, they are subject to change based on future developments and other factors. </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> For revenues associated with contract manufacturing and the sale of intermediates, control transfers to the customer and the performance obligation is satisfied when the customer takes possession of the product from the Boca Facility. </div><div style="margin-left: 18pt; font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> Product revenues from the sale of human plasma collected at the Company’s plasma collection centers are recognized at the time control of the product has been transferred to the customer and the performance obligation is satisfied, which generally occurs at the time of shipment from one of the Company’s plasma collection facilities or from a third-party warehouse that is utilized by the Company. Product revenues are recognized at the time of delivery if the Company retains control of the product during shipment. </div><div style="font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> For all of the Company’s product revenues, payment from the customer is typically due within 90 days of sale. </div><div style="font-size: 10pt;"> <span style="text-decoration: underline;">Cost of product revenue</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> Cost of product revenue includes costs associated with the manufacture of the Company’s FDA approved products and intermediates and for the collection of human source plasma, as well as expenses related to conformance batch production, process development and scientific and technical operations when these operations are attributable to marketed products. When the activities of these operations are attributable to new products in development, the expenses are classified as research and development expenses. </div><div style="font-size: 10pt;">  </div><div style="font-size: 10pt;"> <span style="text-decoration: underline;">Research and development expenses</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> Research and development expenses consist of clinical research organization costs, costs related to clinical trials, post-marketing commitment studies for BIVIGAM and ASCENIV and salaries, benefits and stock-based compensation for employees directly related to research and development activities. All research and development costs are expensed as incurred. </div><div style="font-size: 10pt;">  </div><div style="font-size: 10pt;"> <span style="text-decoration: underline;">Plasma center operating expenses</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> Plasma center operating expenses consist of certain general and administrative plasma center costs, marketing, rent expense, maintenance, utilities and compensation and benefits for administrative staff. </div><div style="font-size: 10pt;">  </div><div style="font-size: 10pt;"> <span style="text-decoration: underline;">Advertising and marketing expenses</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> Advertising and marketing expense includes cost for promotional materials and trade show expenses for the marketing of the Company’s products and expenses incurred for attracting donors to the Company’s plasma collection centers. All advertising and marketing expenses are expensed as incurred. Advertising and marketing expenses were $3.1 million, $2.7 million and $3.3 million for the years ended December 31, 2025, 2024 and 2023, respectively. </div><div style="font-size: 10pt;">  </div><div style="font-size: 10pt;"> <span style="text-decoration: underline;">Stock-based compensation</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> The Company follows recognized accounting guidance which requires all equity-based payments, including grants of stock options and restricted stock unit awards (“RSUs”), to be recognized in the statement of operations as compensation expense based on their fair values at the date of grant. Compensation expense related to awards to employees and directors with service-based vesting conditions is recognized on a straight-line basis over the associated vesting period of the award based on the grant date fair value of the award. Stock options granted to employees under the Company’s equity incentive plans generally have a four-year vesting period and a term of 10 years. RSUs granted to employees also have a four-year vesting period. Pursuant to ASU No. 2016-09, <span style="font-style: italic;">Improvements to Employee Share-Based Payment Accounting (Topic 718)</span>, the Company has elected not to establish a forfeiture rate, as stock-based compensation expense related to forfeitures of unvested equity awards is reversed at the time of forfeiture. </div><div style="font-size: 10pt;">  </div><div style="font-size: 10pt;"> <span style="text-decoration: underline;">Income taxes</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or its tax returns. Under this method, deferred tax assets and liabilities are recognized for the temporary differences between the tax bases of assets and liabilities and their respective financial reporting amounts at enacted tax rates in effect for the years in which the temporary differences are expected to reverse. The Company records a valuation allowance on its deferred tax assets if it is more likely than not that the Company will not generate sufficient taxable income to utilize its deferred tax assets (see Note 11). The Company is subject to income tax examinations by major taxing authorities for all tax years since 2020 and for previous periods as it relates to the Company’s net operating loss carryforwards. </div><div style="font-size: 10pt;"> <span style="text-decoration: underline;">Earnings Per Common Share</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> Basic earnings per common share are computed by dividing net income or loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share are calculated by dividing net income attributable to common stockholders as adjusted for the effect of dilutive securities, if any, by the weighted average number of shares of common stock and dilutive common stock outstanding during the period. Potentially dilutive common stock includes the shares of common stock issuable upon the exercise of outstanding stock options and warrants (using the treasury stock method) and upon the vesting of RSUs. Potentially dilutive common stock in the diluted net earnings per common share computation is excluded to the extent that it would be anti-dilutive. For the years ended December 31, 2025 and 2024, basic and diluted earnings per common share are calculated as follows: </div><div style="font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="10" style="vertical-align: bottom; text-align: center; width: 1%;"> <span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Year ended December 31,</span> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2025</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2024</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2023</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Net income (loss) available to common stockholders ($000's) (numerator) </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">146,930</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">197,673</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">(28,239</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Weighted-average number of common shares (denominator) </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">238,299,024</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">233,084,236</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">223,977,315</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Basic earnings (loss) per common share </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">0.62</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">0.85</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">(0.13</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;">) </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Weighted-average number of common shares </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">238,299,024</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">233,084,236</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">223,977,315</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Potential shares of common stock arising from outstanding stock options </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">3,545,197</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">4,150,584</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">          - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Potential shares of common stock arising from outstanding warrants </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">11,772</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">3,085,640</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">          - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Potential shares of common stock arising from outstanding RSUs </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: left; width: 1%; border-top: none; border-left: none; border-right: none;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: right; width: 9%; border-top: none; border-left: none; border-right: none;">3,048,647</td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: left; width: 1%; border-top: none; border-left: none; border-right: none;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: right; width: 9%; border-top: none; border-left: none; border-right: none;">3,022,006</td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">          - </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Total shares - diluted (denominator) </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">244,904,640</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">243,342,466</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">223,977,315</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Diluted earnings (loss) per common share </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">0.60</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">0.81</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">(0.13</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;">) </td> </tr> </table><div style="font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> During the years ended December 31, 2025 and 2024, there were no shares with an anti-dilutive effect that needed to be excluded from the earnings per share computation. For the year ended December 31, 2023, the following securities were excluded from the calculation of diluted loss per common share because of their anti-dilutive effects: </div><div style="font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%;"> <span style="font-weight: bold;">Year ended December 31,</span> </td><td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 9%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2023</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Stock Options </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">5,906,184</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Restricted Stock Units </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">4,657,297</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Warrants </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">12,502,906</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Total </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">23,066,387</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> </tr> </table><div style="text-align: center; font-size: 10pt;">  </div><div style="font-size: 10pt;"> <span style="text-decoration: underline;">Fair value of financial instruments</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> The carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, accounts receivable and accounts payable are shown at cost, which approximates fair value due to the short-term nature of these instruments. The debt outstanding under the Company’s senior notes payable (see Note 7) also approximates fair value, based on a Level 3 classification under the fair value hierarchy, due to the variable interest rate on this debt. </div><div style="font-size: 10pt;">  </div><div style="font-size: 10pt;"> <span style="text-decoration: underline;">Recent Accounting Pronouncements</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> In December 2025, the FASB issued ASU 2025-10, <span style="font-style: italic;">Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities</span>, which establishes authoritative guidance on the recognition, measurement, presentation, and disclosure of government grants. Under ASU 2025-10, government grants are recognized when it is probable that the entity will both comply with the conditions of the grant and the grant will be received. The ASU provides specific accounting models for grants related to assets and grants related to income, including options to recognize government grants as deferred income or as a reduction of the asset’s cost basis. The ASU also requires enhanced disclosures regarding the nature of government grants, significant terms and conditions, accounting policies applied, and amounts recognized in the financial statements. ASU 2025-10 is effective for fiscal years beginning after December 15, 2028, including interim periods within those fiscal years, with early adoption permitted. No material impact is expected upon adoption of this authoritative guidance. </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> In December 2025, the FASB issued ASU 2025-11, <span style="font-style: italic;">Interim Reporting (Topic 270): Narrow-Scope Improvements</span>, which clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting. The ASU provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-11. </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, <span style="font-style: italic;">Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses</span>, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03. </div><div style="font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;">  In December 2023, the FASB issued ASU 2023-09, <span style="font-style: italic;">Income Taxes (Topic 740): Improvements to Income Tax Disclosures</span>, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-09 for the year ended December 31, 2025, and applied the new disclosure requirements prospectively to the current annual period. Prior period disclosures have not been adjusted to reflect the new disclosure requirements. See Note 11 for further details. </div> <div style="font-size: 10pt;"> <span style="text-decoration: underline;">Principles of consolidation and basis of presentation</span> </div><div style="text-indent: 36pt; line-height: 12pt; text-align: justify; font-size: 10pt;"> The accompanying consolidated financial statements include the accounts of ADMA and its wholly owned subsidiaries and have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and in accordance with Article 3 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). All intercompany balances have been eliminated in consolidation. Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (the “FASB”). </div><div style="text-indent: 36pt; line-height: 12pt; text-align: justify; font-size: 10pt;"> During the years ended December 31, 2025, 2024 and 2023, comprehensive income (loss) was equal to the net income (loss) amounts presented for the respective periods in the accompanying consolidated statements of operations. </div> <div style="font-size: 10pt;"> <span style="text-decoration: underline;">Use of estimates</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include estimates related to the Company’s effective tax rate. </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> In 2024, the Company engaged a third-party specialist to assist in the evaluation of the Company’s accrual for U.S. Medicaid rebates related to the sale of the Company’s immunoglobulin products. As a result of this evaluation, the Company recognized a reduction in this accrual and a corresponding increase to net revenues of $12.6 million for the year ended December 31, 2024. </div> 12600000 <div style="font-size: 10pt;"> <span style="text-decoration: underline;">Cash and cash equivalents</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> The Company regularly maintains cash and cash equivalents at third-party financial institutions in excess of the Federal Deposit Insurance Corporation insurance limit. Although the Company monitors the daily cash balances in its operating accounts and adjusts the balances as appropriate, these balances could be impacted, and there could be a material adverse effect on the Company’s business, if one or more of the financial institutions with which the Company has deposits fails or is subject to other adverse conditions in the financial or credit markets. To date, the Company has not experienced a loss or lack of access to its deposited cash or cash equivalents; however, the Company cannot provide assurance that access to its cash and cash equivalents will not be impacted by adverse conditions in the financial and credit markets in the future. </div> <div style="font-size: 10pt;"> <span style="text-decoration: underline;">Accounts receivable</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> Accounts receivable is reported at realizable value, net of allowances for contractual credits and doubtful accounts in the amount of $0.3 million and $0.2 million at December 31, 2025 and 2024, respectively, which are recognized in the period the related revenue is recorded. <span style="color: rgb(33, 37, 41);">The Company extends credit to its customers based upon an evaluation of each customer's financial condition and credit history. Evaluations of the financial condition and associated credit risk of customers are performed on an ongoing basis.</span>  </div> 300000 200000 <div style="font-size: 10pt;"> <span style="text-decoration: underline;">Inventories</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> Raw materials inventory consists of normal source plasma (“NSP”) and Respiratory Syncytial Virus (“RSV”) high-titer plasma collected at the Company’s plasma collection facilities or purchased from third parties, along with various materials purchased from suppliers, used in the production of the Company’s products. Work-in-process and finished goods inventories (see Note 3) reflect the cost of raw materials as well as costs for direct and indirect labor, primarily salaries, wages and benefits for applicable employees, as well as an allocation of overhead costs related to the Boca Facility including utilities, property taxes, general repairs and maintenance, consumable supplies and depreciation. </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> Inventories, including plasma intended for resale and plasma intended for internal use in the Company’s manufacturing, commercialization or research and development activities, are carried at the lower of cost or net realizable value determined by the first-in, first-out method. For both the Company’s immune globulin products and plasma intended for resale and internal use, net realizable value is generally determined based upon the consideration the Company expects to receive when the inventory is sold, less costs to deliver the inventory to the recipient. The estimates for net realizable value of inventory are based on contractual terms or upon historical experience and certain other assumptions, and the Company believes that such assumptions are reasonable. Inventory is periodically reviewed to ensure that its carrying value does not exceed its net realizable value, and adjustments are recorded to write down such inventory, with a corresponding charge to cost of product revenue, when the carrying value or historical cost exceeds its estimated net realizable value. In addition, costs associated with the production of engineering lots that would not qualify as immediately available for commercial sale are charged to cost of product revenue and not capitalized into inventory. </div> <div style="font-size: 10pt;"> <span style="text-decoration: underline;">Property and equipment</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> Assets comprising property and equipment (see Note 4) are stated at cost less accumulated depreciation and any historical impairment charges. Depreciation is calculated using the straight-line method over the asset’s estimated useful life. Land is not depreciated. The buildings have been assigned a useful life of 30 years and building improvement 15 years. Property and equipment other than land and buildings have useful lives ranging from 3 to 8 years. Leasehold improvements are amortized over the lesser of the lease term or their estimated useful lives. </div> P30Y P15Y P3Y P8Y <div style="font-size: 10pt;"> <span style="text-decoration: underline;">Goodwill</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> Goodwill represents the excess of purchase price over the fair value of net assets acquired by the Company. Goodwill at December 31, 2025 and 2024 was $3.5 million, all of which is attributable to the Company’s ADMA BioManufacturing business segment. There were no changes to the carrying amount of goodwill during the years ended December 31, 2025, 2024 and 2023. </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> Goodwill is not amortized but is assessed for impairment on an annual basis or more frequently if impairment indicators exist. The Company has the option to perform a qualitative assessment of goodwill to determine whether it is more likely than not that the fair value of its reporting unit is less than its carrying amount, including goodwill and other intangible assets. If the Company concludes that this is the case, then it must perform a goodwill impairment test by comparing the fair value of the reporting unit to its carrying value. An impairment charge is recorded to the extent the reporting unit’s carrying value exceeds its fair value, not to exceed the total amount of goodwill allocated to that reporting unit. The Company performs its annual goodwill impairment assessment as of October 1 of each year. The Company’s annual goodwill impairment assessments as of October 1, 2025, 2024 and 2023 did not result in any impairment charges related to goodwill for the years ended December 31, 2025, 2024 and 2023. </div> 3500000 3500000 0 0 0 <div style="font-size: 10pt;"> <span style="text-decoration: underline;">Impairment of long-lived assets</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> The Company assesses the recoverability of its long-lived assets, which include property and equipment, right-of-use assets and finite-lived intangible assets, whenever significant events or changes in circumstances indicate impairment may have occurred. If indicators of impairment exist, projected future undiscounted cash flows associated with the asset are compared to its carrying amount to determine whether the asset’s carrying value is recoverable. Any resulting impairment is recorded as a reduction in the carrying value of the related asset in excess of fair value and a charge to operating results. For the years ended December 31, 2025, 2024 and 2023, the Company determined that there was no impairment of its long-lived assets. </div> 0 0 0 <div style="font-size: 10pt;"> <span style="text-decoration: underline;">Revenue recognition</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> Revenues for the years ended December 31, 2025, 2024 and 2023 are comprised of (i) revenues from the sale of the Company’s immunoglobulin products, ASCENIV, BIVIGAM and Nabi-HB, (ii) product revenues from the sale of human plasma collected by the Company’s Plasma Collection Centers business segment, (iii) contract manufacturing and laboratory services revenue, (iv) revenues from the sale of intermediate by-products and (v) license and other revenues primarily attributable to the out-licensing of ASCENIV to Biotest AG (“Biotest”) in 2012 to market and sell this product in Europe and certain countries in Northern Africa and the Middle East. Biotest has provided the Company with certain services and financial payments in accordance with the related Biotest license agreement and is obligated to pay the Company certain amounts in the future if certain milestones are achieved. Deferred revenue is amortized into income over the term of the Biotest license, representing a period of approximately 22 years. </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> Product revenue is recognized when the customer is deemed to have control over the product and the performance obligation is satisfied. Control is determined based on when the product is shipped or delivered and title passes to the customer. Revenue is recorded in an amount that reflects the consideration the Company expects to receive in exchange. Revenue from the sale of the Company’s immunoglobulin products is recognized when the product reaches the customer’s destination, and is recorded net of estimated rebates, wholesaler distribution and related fees, customer incentives, including prompt pay discounts, wholesaler chargebacks, group purchasing organization fees and reimbursements for patient assistance. These estimates are based on contractual arrangements, historical experience and certain other assumptions, and while the Company believes that such estimates are reasonable, they are subject to change based on future developments and other factors. </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> For revenues associated with contract manufacturing and the sale of intermediates, control transfers to the customer and the performance obligation is satisfied when the customer takes possession of the product from the Boca Facility. </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> Product revenues from the sale of human plasma collected at the Company’s plasma collection centers are recognized at the time control of the product has been transferred to the customer and the performance obligation is satisfied, which generally occurs at the time of shipment from one of the Company’s plasma collection facilities or from a third-party warehouse that is utilized by the Company. Product revenues are recognized at the time of delivery if the Company retains control of the product during shipment. </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> For all of the Company’s product revenues, payment from the customer is typically due within 90 days of sale. </div> P22Y P90D <div style="font-size: 10pt;"> <span style="text-decoration: underline;">Cost of product revenue</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> Cost of product revenue includes costs associated with the manufacture of the Company’s FDA approved products and intermediates and for the collection of human source plasma, as well as expenses related to conformance batch production, process development and scientific and technical operations when these operations are attributable to marketed products. When the activities of these operations are attributable to new products in development, the expenses are classified as research and development expenses. </div> <div style="font-size: 10pt;"> <span style="text-decoration: underline;">Research and development expenses</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> Research and development expenses consist of clinical research organization costs, costs related to clinical trials, post-marketing commitment studies for BIVIGAM and ASCENIV and salaries, benefits and stock-based compensation for employees directly related to research and development activities. All research and development costs are expensed as incurred. </div> <div style="font-size: 10pt;"> <span style="text-decoration: underline;">Plasma center operating expenses</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> Plasma center operating expenses consist of certain general and administrative plasma center costs, marketing, rent expense, maintenance, utilities and compensation and benefits for administrative staff. </div> <div style="font-size: 10pt;"> <span style="text-decoration: underline;">Advertising and marketing expenses</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> Advertising and marketing expense includes cost for promotional materials and trade show expenses for the marketing of the Company’s products and expenses incurred for attracting donors to the Company’s plasma collection centers. All advertising and marketing expenses are expensed as incurred. Advertising and marketing expenses were $3.1 million, $2.7 million and $3.3 million for the years ended December 31, 2025, 2024 and 2023, respectively. </div> 3100000 2700000 3300000 <div style="font-size: 10pt;"> <span style="text-decoration: underline;">Stock-based compensation</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> The Company follows recognized accounting guidance which requires all equity-based payments, including grants of stock options and restricted stock unit awards (“RSUs”), to be recognized in the statement of operations as compensation expense based on their fair values at the date of grant. Compensation expense related to awards to employees and directors with service-based vesting conditions is recognized on a straight-line basis over the associated vesting period of the award based on the grant date fair value of the award. Stock options granted to employees under the Company’s equity incentive plans generally have a four-year vesting period and a term of 10 years. RSUs granted to employees also have a four-year vesting period. Pursuant to ASU No. 2016-09, <span style="font-style: italic;">Improvements to Employee Share-Based Payment Accounting (Topic 718)</span>, the Company has elected not to establish a forfeiture rate, as stock-based compensation expense related to forfeitures of unvested equity awards is reversed at the time of forfeiture. </div> P4Y P10Y P4Y <div style="font-size: 10pt;"> <span style="text-decoration: underline;">Income taxes</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or its tax returns. Under this method, deferred tax assets and liabilities are recognized for the temporary differences between the tax bases of assets and liabilities and their respective financial reporting amounts at enacted tax rates in effect for the years in which the temporary differences are expected to reverse. The Company records a valuation allowance on its deferred tax assets if it is more likely than not that the Company will not generate sufficient taxable income to utilize its deferred tax assets (see Note 11). The Company is subject to income tax examinations by major taxing authorities for all tax years since 2020 and for previous periods as it relates to the Company’s net operating loss carryforwards. </div> <div style="font-size: 10pt;"> <span style="text-decoration: underline;">Earnings Per Common Share</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> Basic earnings per common share are computed by dividing net income or loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share are calculated by dividing net income attributable to common stockholders as adjusted for the effect of dilutive securities, if any, by the weighted average number of shares of common stock and dilutive common stock outstanding during the period. Potentially dilutive common stock includes the shares of common stock issuable upon the exercise of outstanding stock options and warrants (using the treasury stock method) and upon the vesting of RSUs. Potentially dilutive common stock in the diluted net earnings per common share computation is excluded to the extent that it would be anti-dilutive. For the years ended December 31, 2025 and 2024, basic and diluted earnings per common share are calculated as follows: </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="10" style="vertical-align: bottom; text-align: center; width: 1%;"> <span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Year ended December 31,</span> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2025</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2024</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2023</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Net income (loss) available to common stockholders ($000's) (numerator) </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">146,930</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">197,673</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">(28,239</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Weighted-average number of common shares (denominator) </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">238,299,024</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">233,084,236</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">223,977,315</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Basic earnings (loss) per common share </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">0.62</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">0.85</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">(0.13</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;">) </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Weighted-average number of common shares </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">238,299,024</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">233,084,236</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">223,977,315</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Potential shares of common stock arising from outstanding stock options </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">3,545,197</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">4,150,584</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">          - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Potential shares of common stock arising from outstanding warrants </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">11,772</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">3,085,640</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">          - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Potential shares of common stock arising from outstanding RSUs </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: left; width: 1%; border-top: none; border-left: none; border-right: none;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: right; width: 9%; border-top: none; border-left: none; border-right: none;">3,048,647</td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: left; width: 1%; border-top: none; border-left: none; border-right: none;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: right; width: 9%; border-top: none; border-left: none; border-right: none;">3,022,006</td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">          - </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Total shares - diluted (denominator) </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">244,904,640</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">243,342,466</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">223,977,315</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Diluted earnings (loss) per common share </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">0.60</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">0.81</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">(0.13</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;">) </td> </tr> </table><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> During the years ended December 31, 2025 and 2024, there were no shares with an anti-dilutive effect that needed to be excluded from the earnings per share computation. For the year ended December 31, 2023, the following securities were excluded from the calculation of diluted loss per common share because of their anti-dilutive effects: </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%;"> <span style="font-weight: bold;">Year ended December 31,</span> </td><td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 9%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2023</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Stock Options </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">5,906,184</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Restricted Stock Units </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">4,657,297</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Warrants </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">12,502,906</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Total </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">23,066,387</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> </tr> </table> For the years ended December 31, 2025 and 2024, basic and diluted earnings per common share are calculated as follows:<table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="10" style="vertical-align: bottom; text-align: center; width: 1%;"> <span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Year ended December 31,</span> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2025</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2024</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2023</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Net income (loss) available to common stockholders ($000's) (numerator) </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">146,930</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">197,673</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">(28,239</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Weighted-average number of common shares (denominator) </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">238,299,024</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">233,084,236</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">223,977,315</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Basic earnings (loss) per common share </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">0.62</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">0.85</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">(0.13</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;">) </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Weighted-average number of common shares </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">238,299,024</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">233,084,236</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">223,977,315</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Potential shares of common stock arising from outstanding stock options </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">3,545,197</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">4,150,584</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">          - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Potential shares of common stock arising from outstanding warrants </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">11,772</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">3,085,640</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">          - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Potential shares of common stock arising from outstanding RSUs </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: left; width: 1%; border-top: none; border-left: none; border-right: none;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: right; width: 9%; border-top: none; border-left: none; border-right: none;">3,048,647</td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: left; width: 1%; border-top: none; border-left: none; border-right: none;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: right; width: 9%; border-top: none; border-left: none; border-right: none;">3,022,006</td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">          - </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Total shares - diluted (denominator) </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">244,904,640</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">243,342,466</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">223,977,315</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Diluted earnings (loss) per common share </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">0.60</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">0.81</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">(0.13</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;">) </td> </tr> </table> 146930000 197673000 -28239000 238299024 233084236 223977315 0.62 0.85 -0.13 238299024 233084236 223977315 3545197 4150584 0 11772 3085640 0 3048647 3022006 0 244904640 243342466 223977315 0.6 0.81 -0.13 0 0 For the year ended December 31, 2023, the following securities were excluded from the calculation of diluted loss per common share because of their anti-dilutive effects:<table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%;"> <span style="font-weight: bold;">Year ended December 31,</span> </td><td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 9%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2023</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Stock Options </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">5,906,184</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Restricted Stock Units </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">4,657,297</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Warrants </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">12,502,906</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Total </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">23,066,387</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> </tr> </table> 5906184 4657297 12502906 23066387 <div style="font-size: 10pt;"> <span style="text-decoration: underline;">Fair value of financial instruments</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> The carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, accounts receivable and accounts payable are shown at cost, which approximates fair value due to the short-term nature of these instruments. The debt outstanding under the Company’s senior notes payable (see Note 7) also approximates fair value, based on a Level 3 classification under the fair value hierarchy, due to the variable interest rate on this debt. </div> <div style="font-size: 10pt;"> <span style="text-decoration: underline;">Recent Accounting Pronouncements</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> In December 2025, the FASB issued ASU 2025-10, <span style="font-style: italic;">Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities</span>, which establishes authoritative guidance on the recognition, measurement, presentation, and disclosure of government grants. Under ASU 2025-10, government grants are recognized when it is probable that the entity will both comply with the conditions of the grant and the grant will be received. The ASU provides specific accounting models for grants related to assets and grants related to income, including options to recognize government grants as deferred income or as a reduction of the asset’s cost basis. The ASU also requires enhanced disclosures regarding the nature of government grants, significant terms and conditions, accounting policies applied, and amounts recognized in the financial statements. ASU 2025-10 is effective for fiscal years beginning after December 15, 2028, including interim periods within those fiscal years, with early adoption permitted. No material impact is expected upon adoption of this authoritative guidance. </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> In December 2025, the FASB issued ASU 2025-11, <span style="font-style: italic;">Interim Reporting (Topic 270): Narrow-Scope Improvements</span>, which clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting. The ASU provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-11. </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, <span style="font-style: italic;">Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses</span>, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03. </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;">  In December 2023, the FASB issued ASU 2023-09, <span style="font-style: italic;">Income Taxes (Topic 740): Improvements to Income Tax Disclosures</span>, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-09 for the year ended December 31, 2025, and applied the new disclosure requirements prospectively to the current annual period. Prior period disclosures have not been adjusted to reflect the new disclosure requirements. See Note 11 for further details. </div> <div style="text-indent: -27pt; line-height: 12.95pt; padding-left: 27pt; font-family: Aptos;"> <div style="float: left; width: 27.0pt; white-space: nowrap;"> <span style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">3.</span> </div> <div> <span style="font-family: &quot;Times New Roman&quot;; font-weight: bold; text-decoration: underline;">INVENTORIES</span> </div> </div><div style="text-indent: -36pt; padding-left: 36pt;">  </div><div style="text-indent: 36pt; font-size: 10pt;"> The following table provides the components of inventories: </div><div style="font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">December 31, <br/>2025</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">December 31, <br/>2024</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td colspan="7" style="vertical-align: bottom; text-align: center;"> <span style="font-style: italic;">(in thousands)</span> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Raw materials </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">96,612</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">60,473</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Work-in-process </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">57,798</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">61,641</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Finished goods </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: none; border-left: none; border-right: none; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-left: none; border-right: none; border-bottom: 2px solid rgb(0, 0, 0); border-top: none;">52,055</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-left: none; border-right: none; border-bottom: 2px solid rgb(0, 0, 0); border-top: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-left: none; border-right: none; border-bottom: 2px solid rgb(0, 0, 0); border-top: none;">48,121</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Total inventories, net </div> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">206,465</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">170,235</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table><div style="text-align: center; font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> Raw materials includes plasma and other materials expected to be used in the production of ASCENIV, BIVIGAM and Nabi-HB. These materials will be consumed in the production of products expected to be available for sale or otherwise have alternative uses that provide a probable future benefit. </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> Work-in-process inventory primarily consists of the Company’s IVIG products that are manufactured to the bulk drug substance and unlabeled filled vials stage of production. </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> Finished goods inventory is comprised of the Company’s immunoglobulin products that have reached the filled, labeled and serialized vial stage of production and related intermediates that are available for commercial sale, as well as plasma collected at the Company’s plasma collection centers which is expected to be sold to third-party customers. </div> <div style="text-indent: 36pt; font-size: 10pt;"> The following table provides the components of inventories: </div><div style="font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">December 31, <br/>2025</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">December 31, <br/>2024</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td colspan="7" style="vertical-align: bottom; text-align: center;"> <span style="font-style: italic;">(in thousands)</span> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Raw materials </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">96,612</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">60,473</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Work-in-process </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">57,798</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">61,641</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Finished goods </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: none; border-left: none; border-right: none; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-left: none; border-right: none; border-bottom: 2px solid rgb(0, 0, 0); border-top: none;">52,055</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-left: none; border-right: none; border-bottom: 2px solid rgb(0, 0, 0); border-top: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-left: none; border-right: none; border-bottom: 2px solid rgb(0, 0, 0); border-top: none;">48,121</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Total inventories, net </div> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">206,465</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">170,235</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table> 96612000 60473000 57798000 61641000 52055000 48121000 206465000 170235000 <div style="text-indent: -27pt; padding-left: 27pt; font-family: Aptos;"> <div style="float: left; width: 27.0pt; white-space: nowrap;"> <span style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">4.</span> </div> <div> <span style="font-family: &quot;Times New Roman&quot;; font-weight: bold; text-decoration: underline;">PROPERTY AND EQUIPMENT</span> </div> </div><div>  </div><div style="text-indent: 36pt; font-size: 10pt;"> Property and equipment at December 31, 2025 and 2024 is summarized as follows: </div><div style="font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-right: none; border-left: none; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">December 31, 2025</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> <td colspan="3" style="vertical-align: bottom; white-space: nowrap; width: 1%; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">December 31, 2024</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td colspan="8" style="vertical-align: bottom; text-align: center;"> <span style="font-style: italic;">(in thousands)</span> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Manufacturing and laboratory equipment </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">28,119</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">21,305</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Office equipment and computer software </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">6,307</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">5,772</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Furniture and fixtures </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">5,614</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">5,840</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Construction in process </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">8,457</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">8,149</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Leasehold improvements </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">14,983</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">21,066</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Land </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">13,039</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">4,339</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Buildings and building improvements </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">26,886</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">21,788</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">103,405</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">88,259</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Less: Accumulated depreciation </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(38,348</td><td style="vertical-align : bottom; text-align : left; width : 1%; border-bottom : 2px solid transparent; border-top-color : transparent; border-right-color : transparent; border-left-color : transparent; ">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(33,552</td><td style="vertical-align : bottom; text-align : left; width : 1%; border-bottom : 2px solid transparent; border-top-color : transparent; border-right-color : transparent; border-left-color : transparent; ">) </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Total property and equipment, net </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">65,057</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">54,707</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table><div style="font-size: 10pt;">  </div><div style="text-indent: 36pt; font-size: 10pt;"> The Company recorded depreciation expense on property and equipment of $8.0 million, $7.7 million and $7.6 million for the years ended December 31, 2025, 2024 and 2023, respectively. </div> <div style="text-indent: 36pt; font-size: 10pt;"> Property and equipment at December 31, 2025 and 2024 is summarized as follows: </div><div style="font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-right: none; border-left: none; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">December 31, 2025</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> <td colspan="3" style="vertical-align: bottom; white-space: nowrap; width: 1%; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">December 31, 2024</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td colspan="8" style="vertical-align: bottom; text-align: center;"> <span style="font-style: italic;">(in thousands)</span> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Manufacturing and laboratory equipment </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">28,119</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">21,305</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Office equipment and computer software </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">6,307</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">5,772</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Furniture and fixtures </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">5,614</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">5,840</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Construction in process </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">8,457</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">8,149</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Leasehold improvements </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">14,983</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">21,066</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Land </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">13,039</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">4,339</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Buildings and building improvements </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">26,886</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">21,788</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">103,405</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">88,259</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Less: Accumulated depreciation </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(38,348</td><td style="vertical-align : bottom; text-align : left; width : 1%; border-bottom : 2px solid transparent; border-top-color : transparent; border-right-color : transparent; border-left-color : transparent; ">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(33,552</td><td style="vertical-align : bottom; text-align : left; width : 1%; border-bottom : 2px solid transparent; border-top-color : transparent; border-right-color : transparent; border-left-color : transparent; ">) </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Total property and equipment, net </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">65,057</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">54,707</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table> 28119000 21305000 6307000 5772000 5614000 5840000 8457000 8149000 14983000 21066000 13039000 4339000 26886000 21788000 103405000 88259000 38348000 33552000 65057000 54707000 8000000 7700000 7600000 <div style="text-indent: -27pt; padding-left: 27pt; font-family: Aptos;"> <div style="float: left; width: 27.0pt; white-space: nowrap;"> <span style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">5.</span> </div> <div> <span style="font-family: &quot;Times New Roman&quot;; font-weight: bold; text-decoration: underline;">ASSETS AND LIABILITIES HELD FOR SALE</span> </div> </div><div>  </div><div style="text-indent: 36pt; line-height: 12pt; text-align: justify; font-size: 10pt;"> On December 31, 2025, the Company signed an Asset Purchase Agreement with a third party pursuant to which the Company agreed to sell its plasma collection centers located in Maryville, Tennessee (“Maryville Center”), Knoxville, Tennessee (“Knoxville Center”), and Laurel, Maryland (“Laurel Center” and, collectively with the Maryville Center and Knoxville Center, the “Disposal Group”), for an aggregate purchase price equal to $12.0 million, with fifty percent (50%) of such consideration in the form of a one-year secured promissory note with a ten percent (10%) interest rate, and the remaining fifty percent (50%) payable in cash. On December 31, 2025, the purchaser paid the Company a cash deposit in the amount of $1.0 million, recorded in accrued expenses and other current liabilities, to be applied towards the consideration paid at the closing of the sale of the Maryville Center. </div><div style="line-height: 12pt; text-align: justify; font-size: 10pt;">  </div><div style="text-indent: 36pt; line-height: 12pt; text-align: justify; font-size: 10pt;"> As of December 31, 2025, the Disposal Group met the criteria to be classified as held for sale under ASC 360, <span style="font-style: italic;">Property, Plant, and Equipment</span>, as management approved and initiated an active program to locate a buyer, the assets are available for immediate sale in their present condition, and the sale is probable and expected to be completed within one year. Assets and liabilities classified as held for sale are measured at the lower of their carrying amount or estimated fair value less costs to sell. </div><div style="line-height: 12pt; text-align: justify; font-size: 10pt;">  </div><div style="text-indent: 36pt; line-height: 12pt; text-align: justify; font-size: 10pt;"> Assets held for sale as of December 31, 2025 are as follows: </div><div style="line-height: 12pt; text-align: justify; font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td> </td> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-right: none; border-left: none; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">December 31, 2025</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%;"> <span style="font-style: italic;">(in thousands)</span> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> <span style="font-weight: bold;">Assets held for sale:</span> </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 9%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="2" style="vertical-align: bottom; padding-left: 10px;"> <div> Right-of-use assets </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">2,238</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="vertical-align: bottom; padding-left: 10px;"> <div> Property and equipment, net </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">4,233</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="2" style="vertical-align: bottom; padding-left: 10px;"> <div> Other assets </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">59</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="vertical-align: bottom; padding-left: 20px;"> <div> Total </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">6,530</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> <span style="font-weight: bold;">Liabilities held for sale:</span> </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="2" style="vertical-align: bottom; padding-left: 10px;"> <div> Lease obligations </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">2,647</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="vertical-align: bottom; padding-left: 20px;"> <div> Total </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">2,647</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table><div style="line-height: 12pt; font-size: 10pt;">  </div><div style="text-indent: 36pt; line-height: 12pt; font-size: 10pt;"> There were no assets held for sale as of December 31, 2024. </div><div style="line-height: 12pt; font-size: 10pt;">  </div><div style="text-indent: 36pt; line-height: 12pt; font-size: 10pt;"> Assets and liabilities held for sale are reflected in Plasma Collection Centers segment in Note 13 and are classified as current based on the expectation that the sale of the disposal group will be completed in 2026. </div> 12000000 0.50 P1Y 0.10 0.50 1000000 <div style="text-indent: 36pt; line-height: 12pt; text-align: justify; font-size: 10pt;"> Assets held for sale as of December 31, 2025 are as follows: </div><div style="line-height: 12pt; text-align: justify; font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td> </td> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-right: none; border-left: none; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">December 31, 2025</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%;"> <span style="font-style: italic;">(in thousands)</span> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> <span style="font-weight: bold;">Assets held for sale:</span> </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 9%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="2" style="vertical-align: bottom; padding-left: 10px;"> <div> Right-of-use assets </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">2,238</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="vertical-align: bottom; padding-left: 10px;"> <div> Property and equipment, net </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">4,233</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="2" style="vertical-align: bottom; padding-left: 10px;"> <div> Other assets </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">59</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="vertical-align: bottom; padding-left: 20px;"> <div> Total </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">6,530</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> <span style="font-weight: bold;">Liabilities held for sale:</span> </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="2" style="vertical-align: bottom; padding-left: 10px;"> <div> Lease obligations </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">2,647</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="vertical-align: bottom; padding-left: 20px;"> <div> Total </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">2,647</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table> 2238000 4233000 59000 6530000 2647000 2647000 <div style="text-indent: -27pt; padding-left: 27pt; font-family: Aptos;"> <div style="float: left; width: 27.0pt; white-space: nowrap;"> <span style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">6.</span> </div> <div> <span style="font-family: &quot;Times New Roman&quot;; font-weight: bold; text-decoration: underline;">ACCRUED EXPENSES AND OTHER LIABILITIES</span> </div> </div><div style="text-indent: -36pt; padding-left: 36pt;">  </div><div style="text-indent: 36pt; font-size: 10pt;"> Accrued expenses and other current liabilities at December 31, 2025 and 2024 are as follows: </div><div style="font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-right: none; border-left: none; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">December 31, 2025</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-right: none; border-left: none; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">December 31, 2024</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="8" style="vertical-align: bottom; text-align: center;"> <span style="font-style: italic;">(in thousands)</span> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="2" style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Accrued rebates </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">5,758</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">4,155</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Accrued distribution fees </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">14,808</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">11,565</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="2" style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Accrued incentives </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">6,005</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">5,892</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Accrued interest </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">172</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">2,857</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="2" style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Accrued testing </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">130</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">827</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Accrued payroll and other compensation </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">809</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">3,332</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="2" style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Income taxes payable </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">8,616</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">3,481</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Other </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">4,168</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">1,996</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="2" style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Total accrued expenses and other current liabilities </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">40,466</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">34,105</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table> <div style="text-indent: 36pt; font-size: 10pt;"> Accrued expenses and other current liabilities at December 31, 2025 and 2024 are as follows: </div><div style="font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-right: none; border-left: none; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">December 31, 2025</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-right: none; border-left: none; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">December 31, 2024</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="8" style="vertical-align: bottom; text-align: center;"> <span style="font-style: italic;">(in thousands)</span> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="2" style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Accrued rebates </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">5,758</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">4,155</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Accrued distribution fees </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">14,808</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">11,565</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="2" style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Accrued incentives </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">6,005</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">5,892</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Accrued interest </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">172</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">2,857</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="2" style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Accrued testing </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">130</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">827</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Accrued payroll and other compensation </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">809</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">3,332</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="2" style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Income taxes payable </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">8,616</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">3,481</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Other </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">4,168</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">1,996</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="2" style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Total accrued expenses and other current liabilities </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">40,466</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">34,105</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table> 5758000 4155000 14808000 11565000 6005000 5892000 172000 2857000 130000 827000 809000 3332000 8616000 3481000 4168000 1996000 40466000 34105000 <div style="text-indent: -27pt; padding-left: 27pt; font-family: Aptos;"> <div style="float: left; width: 27.0pt; white-space: nowrap;"> <span style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">7.</span> </div> <div> <span style="font-family: &quot;Times New Roman&quot;; font-weight: bold; text-decoration: underline;">NOTES PAYABLE</span> </div> </div><div style="text-indent: -36pt; padding-left: 36pt;">  </div><div style="margin-left: 18pt; font-size: 10pt;">A summary of outstanding senior notes payable is as follows: </div><div>  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-right: none; border-left: none; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">December 31, 2025</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-right: none; border-left: none; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">December 31, 2024</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td colspan="8" style="vertical-align: bottom; text-align: center;"> <span style="font-style: italic;">(in thousands)</span> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Ares term loan </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">              - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">32,500</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Ares revolving credit facility </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">               - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">42,500</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> JPM term loan </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">74,063</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">               - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Less: Debt discount and issuance costs </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(1,920</td><td style="vertical-align : bottom; text-align : left; width : 1%; border-bottom : 2px solid transparent; ">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(2,663</td><td style="vertical-align : bottom; text-align : left; width : 1%; border-bottom : 2px solid transparent; ">) </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Total debt </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">72,143</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">72,337</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Less: current portion of long-term debt </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(2,813</td><td style="vertical-align : bottom; text-align : left; width : 1%; border-bottom : 2px solid transparent; ">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">               - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Long-term debt </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">69,330</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">72,337</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> </table><div style="line-height: 12pt; text-align: center; font-size: 10pt;">  </div><div style="font-size: 10pt;"> <span style="font-style: italic;">Ares Credit Agreement</span> </div><div style="font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> On December 18, 2023 (the “Ares Closing Date”), the Company and all of its subsidiaries entered into a new senior secured credit facility (the “Ares Credit Agreement”) with Ares Capital Corporation and certain credit funds affiliated with Ares Capital Corporation (collectively, “Ares”). The Ares Credit Agreement provided for a total of $135.0 million in senior secured credit facilities (the “Ares Credit Facility”) consisting of (i) a term loan in the aggregate principal amount of $62.5 million and (ii) a revolving credit facility in the aggregate principal amount of $72.5 million (collectively, the “Ares Loans”), both of which were fully drawn on the Ares Closing Date. The Ares Credit Facility had a maturity date of December 20, 2027 (the “Ares Maturity Date”). On the Ares Closing Date, the Company used the proceeds from the Ares Loans, along with a portion of its existing cash on hand, to terminate and pay in full all of the outstanding obligations under the Company’s previous senior credit facility (the “Hayfin Credit Facility”) with Hayfin Services LLP (“Hayfin”) including the outstanding principal in the amount of $158.6 million, a prepayment penalty in the amount $11.1 million, an exit fee of $1.6 million, all accrued and unpaid interest outstanding on the Hayfin Credit Facility as of the Ares Closing date, as well as certain fees and expenses related thereto. In connection with the payoff and termination of the Hayfin Credit Facility, the Company also wrote off $15.0 million of unamortized debt discount related to the Hayfin Credit Facility. As a result of this transaction, during the year ended December 31, 2023, the Company recorded a total loss on the extinguishment in the amount of $26.2 million. </div><div style="font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> On August 14, 2024, the Company repaid $30.0 million against the Ares revolving credit facility and the outstanding balance on the Ares revolving credit facility as of December 31, 2024, was $42.5 million, with an additional $30.0 million of availability through the Ares Maturity Date. The Company was required to pay an unused commitment fee of 0.5% per annum for this availability. </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> On December 19, 2024, the Company repaid $30.0 million against the Ares term loan and the outstanding balance on the Ares term loan as of December 31, 2024 was $32.5 million. In connection with the repayment against the term loan, during the year ended December 31, 2024, the Company recognized a loss on extinguishment of debt in the approximate amount of $1.2 million, which is comprised of a prepayment penalty in the amount of $0.5 million and a partial write-off of unamortized discount attributable to the term loan in the amount of $0.8 million. </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> Borrowings under the Ares term loan bore interest at the adjusted Term SOFR for a three‑month tenor in effect on the day that is two business days prior to the first day of the applicable calendar quarter plus 6.50% (the “Initial <span style="-sec-ix-hidden: hidden-fact-3">SOFR</span> Term Loan Applicable Margin”). Borrowings under the Ares revolving facility bore interest at the adjusted Term SOFR for a three‑month tenor in effect on the day that is two business days prior to the first day of the applicable calendar quarter<span style="font-style: italic;"> </span>plus<span style="font-style: italic;"> </span>3.75% (the “SOFR Revolving Facility Applicable Margin”). As of December 31, 2024, the interest rate on the Ares term loan was approximately 10.85%, and the interest rate on the Ares revolving facility was approximately 8.34%. </div><div style="font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> On the Ares Maturity Date, the Company was required to pay Ares the entire outstanding principal amount underlying the Ares term loan and revolving loan (together, the “Ares Loans”) and any accrued and unpaid interest thereon. Prior to the Ares Maturity Date, there were no scheduled principal payments on the Ares Loans. The Ares Credit Agreement permitted prepayment of the outstanding principal under the revolving facility, together with any accrued but unpaid interest on the prepaid principal amount, at any time and from time to time upon three business days’ prior written notice with no prepayment premium. However, in the event the Company paid down an aggregate amount under the revolving facility that is greater than 50% of the $72.5 million commitment amount, or $36,250,000, the Company was still required to pay an amount of interest on the revolving facility that would have been payable had $36,250,000 been outstanding, through the Ares Maturity Date. The Ares Credit Agreement permitted prepayment of the outstanding principal on the term loan, together with any accrued but unpaid interest on the prepaid principal amount, at any time and from time to time upon three business days’ prior written notice, subject to the payment to Ares of a prepayment premium equal to (i) 1.5% of the prepaid principal amount, if prepaid after the first anniversary of the Ares Closing Date and on or prior to the second anniversary of the Ares Closing Date or (ii) 1.0% of the prepaid principal amount, if prepaid on or prior to the third anniversary of the Ares Closing Date. </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> In May 2025, the Company repaid $30.0 million against the Ares term loan using a draw of $30.0 million against the Ares revolving credit facility made in May 2025. In August 2025, the Company repaid all obligations outstanding under the Ares Credit Agreement using the proceeds from the JPM Credit Agreement, defined below. As a result of the aforementioned transactions, during the year ended December 31, 2025, the Company recognized debt extinguishment losses of $3.3 million. </div><div style="margin-left: 18pt; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> <span style="font-style: italic;">JPM Credit Agreement</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> On August 5, 2025 (the “JPM Closing Date”), the Company and all of the Company’s subsidiaries entered into a Credit Agreement (the “JPM Credit Agreement”) with the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent. The JPM Credit Agreement provides for $300 million of senior secured credit facilities, consisting of (a) a term loan in the aggregate principal amount of $75 million (the “JPM Term Loan Facility”), which was drawn in full on the JPM Closing Date, and (b) a revolving credit facility in the aggregate principal amount of $225 million (the “JPM Revolving Facility”). The Company may also request, subject to customary conditions, additional incremental revolving commitments or term loans in an aggregate principal amount not to exceed $100 million (together with the JPM Term Loan Facility and the JPM Revolving Facility, the “JPM Credit Facilities”). The JPM Term Loan Facility has a maturity date of August 5, 2028 (the “JPM Term Maturity Date”) and the JPM Revolving Facility has a maturity date of August 5, 2028 or any earlier date on which the commitments under the JPM Revolving Facility are reduced to zero or otherwise terminated pursuant to the terms of the JPM Credit Agreement (the “JPM Revolving Maturity Date”). </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> Interest on borrowings under the JPM Credit Facilities accrues at an applicable rate equal to (i) an alternate base rate plus an applicable spread (each such borrowing, an “ABR Borrowing”) or (ii) Term SOFR plus an applicable spread (each such borrowing, a “Term Benchmark Borrowing”), in each case based on the lower of the applicable rates set forth in the JPM Credit Agreement, which are based on the Company’s total leverage ratio. These applicable spreads range from 150 basis points to 200 basis points over the alternate base rate and 250 basis points to 300 basis points over Term SOFR, in each case, as determined in accordance with the provisions of the JPM Credit Agreement. The Company has agreed to pay a commitment fee at specified rates set forth in the JPM Credit Agreement, which, based on the Company’s total leverage ratio, ranges from 30 basis points to 35 basis points on the daily amount of the undrawn portion of the aggregate commitments of the lenders under the JPM Revolving Facility. At the Company’s request, each borrowing initially shall be either an ABR Borrowing or a Term Benchmark Borrowing, and the Company may thereafter elect to convert any such borrowing to a different type. During the occurrence and continuance of an Event of Default (as defined in the JPM Credit Agreement), all borrowings shall accrue interest at a rate per annum equal to 2% plus the applicable rate. As of December 31, 2025, the interest rate on the JPM Term Loan Facility was approximately 6.42%. No borrowings were outstanding under the JPM Revolving Facility as of December 31, 2025. </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> On the JPM Revolving Maturity Date, the Company will repay the unpaid principal amount outstanding under the JPM Revolving Facility. Under the JPM Term Loan Facility, the Company will make principal payments in accordance with and on the dates specified in the amortization schedule set forth in the JPM Credit Agreement, with the remaining unpaid principal amount to be paid in full on the JPM Term Maturity Date. The Company may prepay at any time and from time to time any borrowing in whole or in part, without premium or penalty (other than, if applicable, any break funding expenses), subject to customary notice requirements. </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> All of the Company’s obligations under the JPM Credit Agreement are secured by a first-priority lien and security interest in substantially all of the tangible and intangible assets, including intellectual property and equity interests, of the Company and all of its subsidiaries. </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> The JPM Credit Agreement contains certain representations and warranties, affirmative covenants, negative covenants and conditions that are customarily required for similar debt financings. The negative covenants include certain financial covenants, including a maximum total leverage ratio of 2.50 to 1.00 and a minimum fixed charge coverage ratio of 1.20 to 1.00. The negative covenants also restrict or limit the Company’s ability and the ability of the Company’s subsidiaries to, among other things and subject to certain exceptions contained in the JPM Credit Agreement, incur new indebtedness; create liens on assets; engage in certain fundamental corporate changes; make certain investments; dispose of certain assets; engage in sale and leaseback transactions or swap agreements; make dividend payments and other certain Restricted Payments (as defined in the JPM Credit Agreement); engage in certain affiliate transactions; enter into any other agreements that have the impact of restricting the Company’s ability to make loan repayments under the JPM Credit Agreement; or amend certain material documents. </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> Debt maturities over the next five years are as follows (<span style="font-style: italic;">in thousands</span>): </div><div style="text-align: justify; font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 1.0pt;"> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; border-top: none; border-left: none; border-right: none;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> <span style="font-weight: bold;">Fiscal year</span> </div> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">Amount</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> 2026 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">2,813</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> 2027 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">4,688</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> 2028 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">66,562</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> 2029 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">         - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> 2030 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">         - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Total </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">74,063</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> </tr> </table><div style="text-align: center; font-size: 10pt;">  </div><div style="text-indent: 36pt; font-size: 10pt;"> As of December 31, 2025, the Company was in compliance with all of its debt covenants in the JPM Credit Agreement. </div> <div style="margin-left: 18pt; font-size: 10pt;">A summary of outstanding senior notes payable is as follows: </div><div>  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-right: none; border-left: none; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">December 31, 2025</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-right: none; border-left: none; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">December 31, 2024</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td colspan="8" style="vertical-align: bottom; text-align: center;"> <span style="font-style: italic;">(in thousands)</span> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Ares term loan </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">              - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">32,500</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Ares revolving credit facility </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">               - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">42,500</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> JPM term loan </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">74,063</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">               - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Less: Debt discount and issuance costs </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(1,920</td><td style="vertical-align : bottom; text-align : left; width : 1%; border-bottom : 2px solid transparent; ">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(2,663</td><td style="vertical-align : bottom; text-align : left; width : 1%; border-bottom : 2px solid transparent; ">) </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Total debt </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">72,143</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">72,337</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Less: current portion of long-term debt </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(2,813</td><td style="vertical-align : bottom; text-align : left; width : 1%; border-bottom : 2px solid transparent; ">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">               - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Long-term debt </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">69,330</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">72,337</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> </table> 0 32500000 0 42500000 74063000 0 1920000 2663000 72143000 72337000 2813000 0 69330000 72337000 135000000 62500000 72500000 2027-12-20 158600000 11100000 1600000 15000000 -26200000 30000000 42500000 30000000 0.005 30000000 32500000 -1200000 500000 800000 P3M P2D 0.065 P3M P2D 0.0375 0.1085 0.0834 0 P3D 0 0.50 72500000 36250000 36250000 P3D 0.015 0.015 0.01 30000000 30000000 -3300000 300000000 75000000 225000000 100000000 2028-08-05 0 1.50 2 2.50 3 0.30 0.35 0.02 0.0642 0 0.025 0.012 <div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> Debt maturities over the next five years are as follows (<span style="font-style: italic;">in thousands</span>): </div><div style="text-align: justify; font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 1.0pt;"> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; border-top: none; border-left: none; border-right: none;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> <span style="font-weight: bold;">Fiscal year</span> </div> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">Amount</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> 2026 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">2,813</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> 2027 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">4,688</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> 2028 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">66,562</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> 2029 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">         - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> 2030 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">         - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Total </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">74,063</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> </tr> </table> 2813000 4688000 66562000 0 0 74063000 <div style="text-indent: -27pt; padding-left: 27pt; font-family: Aptos;"> <div style="float: left; width: 27.0pt; white-space: nowrap;"> <span style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">8.</span> </div> <div> <span style="font-family: &quot;Times New Roman&quot;; font-weight: bold; text-decoration: underline;">STOCKHOLDERS’ EQUITY</span> </div> </div><div>  </div><div style="font-size: 10pt;"> <span style="text-decoration: underline;">Treasury Stock</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> In May 2025, the Company’s board of directors (the “Board”) authorized a share repurchase program of up to $500.0 million of the Company’s outstanding shares of common stock (the “Repurchase Program”). The Repurchase Program does not obligate the Company to acquire any particular amount of its common stock, and may be modified, suspended, or terminated at any time at the Company’s discretion. The Repurchase Program has no expiration date. A summary of common stock repurchase activity under the Repurchase Program is as follows: </div><div style="text-align: justify; font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td> </td> <td> </td> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; width: 1%;"> </td><td colspan="6" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none; width: 1%;"><span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Years ended December 31,</span> </td> <td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr><tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2025</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2024</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="3" style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> <span style="font-style: italic;">(In thousands)</span> </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 9%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 9%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="3" style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Shares repurchased </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">1,919</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> n/a </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="3" style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Total cost of shares repurchased </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">32,090</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> n/a </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> </table><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> The repurchased shares are recorded at the repurchase cost in treasury stock in the Company’s consolidated balance sheet and are available for reissuance. </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="font-size: 10pt;"> <span style="text-decoration: underline;">Preferred Stock</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> The Company is currently authorized to issue up to 10 million shares of preferred stock, $0.0001 par value per share. There were no shares of preferred stock outstanding at December 31, 2025 and 2024. </div><div style="font-size: 10pt;">  </div><div style="font-size: 10pt;"> <span style="text-decoration: underline;">Common Stock</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> As of December 31, 2025 and 2024, the Company was authorized to issue 300,000,000 shares of its common stock, $0.0001 par value per share, and 237,874,496 and 236,620,545 shares of common stock were outstanding as of December 31, 2025 and 2024, respectively. After giving effect to shares reserved for the issuance of warrants and for awards issued under the Company’s equity incentive plans, 38,703,218 shares of common stock were available for issuance as of December 31, 2025.   </div><div style="font-size: 10pt;">  </div><div style="font-size: 10pt;"> <span style="text-decoration: underline;">Warrants</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> During the year ended December 31, 2025, affiliates of a former noteholder of the Company exercised warrants to purchase an aggregate of 966,554 shares of common stock on a cashless basis, and the Company issued 866,302 shares of common stock to these entities. </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> During the year ended December 31, 2024, several of the Company’s former noteholders exercised an aggregate of 11,308,702 warrants in cashless exercise transactions resulting in the Company issuing 7,224,892 shares of its common stock. Also during the year ended December 31, 2024, warrants to purchase 227,650 shares of common stock that had been issued to former noteholders of the Company expired in accordance with their terms. </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> During the year ended December 31, 2023, various entities affiliated with Hayfin exercised warrants to purchase an aggregate of 3,388,686 shares of common stock in a cashless exercise transaction, resulting in the Company issuing 1,967,847 shares of its common stock to such entities. Also during the year ended December 31, 2023, warrants to purchase 2,391,244 shares of common stock were issued to the Company’s former noteholders. </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> The following table summarizes information about warrants outstanding as of December 31, 2025, 2024 and 2023: </div><div style="text-align: justify; font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">Shares</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-right: none; border-left: none; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">Weighted <br/>Average <br/>Exercise Price</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Warrants outstanding at December 31, 2022 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">13,525,148</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">1.99</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Expired </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(24,800</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">6.37</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Granted </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">2,391,244</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">3.26</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Exercised </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(3,388,686</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">1.65</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Warrants outstanding at December 31, 2023 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">12,502,906</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">2.32</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Expired </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(227,650</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">4.21</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Granted </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">            - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">          - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Exercised </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(11,308,702</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">2.31</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Warrants outstanding at December 31, 2024 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">966,554</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">1.98</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Expired </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">            - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">          - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Granted </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">            - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">          - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Exercised </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(966,554</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">1.98</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Warrants outstanding at December 31, 2025 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">            - </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">          - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> </table><div style="text-align: center; font-size: 10pt;">  </div><div style="font-size: 10pt;"> <span style="text-decoration: underline;">Equity Incentive Plans</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> In 2022, the Company’s stockholders approved the ADMA Biologics, Inc. 2022 Compensation Plan (the “2022 Equity Plan”), which replaced the Company’s Amended and Restated 2014 Omnibus Incentive Compensation Plan (the “2014 Plan”). Approval of the 2022 Equity Plan resulted in approximately 18 million additional shares of the Company’s common stock being reserved for future awards. The 2022 Equity Plan provides for the Company’s Board of Directors (the “Board”) or a Committee of the Board (the “Committee”) to grant awards to grantees and to determine the exercise price, vesting term, expiration date and all other terms and conditions of the awards, including acceleration of the vesting of an award at any time. Any options granted under the 2022 Equity Plan are intended to be Incentive Stock Options (“ISOs”), unless specified by the Committee to be Non-Qualified Options (“NQOs”) as defined by the Internal Revenue Code. ISOs and NQOs may be granted to employees, consultants or Board members at an option price not less than the fair market value of the common stock subject to the stock option agreement. Shares issued in connection with the exercise of stock options or the vesting of RSUs are newly issued shares. </div><div style="font-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> <span style="font-style: italic;">Options</span> </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> The fair value of stock options granted is determined on the date of grant using the Black-Scholes model. To determine the risk-free interest rate, the Company utilizes the U.S. Treasury yield curve in effect at the time of the grant with a term consistent with the term of the awards granted by the Company. The expected term of all options granted is in accordance with Staff Accounting Bulletins 107 and 110, which is based on the average between vesting terms and contractual terms as the Company had a limited history of option exercises prior to the middle of fiscal 2023. The expected dividend yield reflects the Company’s current and expected future policy for dividends on the Company’s common stock. For the years ended December 31, 2025, 2024 and 2023, the expected stock price volatility for the Company’s stock options was calculated by examining the historical volatility of the Company’s common stock since the stock became publicly traded in the fourth quarter of 2013.   </div><div style="font-size: 10pt;">  </div><div style="text-indent: 36pt; font-size: 10pt;"> The grant date fair values of stock options awarded during the years ended December 31, 2025, 2024 and 2023 were determined using the Black-Scholes option pricing model with the following assumptions: </div><div style="text-indent: 36pt; font-size: 10pt;">   </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="10" style="vertical-align: bottom; text-align: center; width: 1%;"> <span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Year ended December 31,</span> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2025</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2024</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2023</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Expected term </div> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%;"> 5.5 - 6.3 years </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%;"> 5.5 - 6.3 years </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%;"> 5.5 - 6.3 years </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Volatility </div> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">66</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">66</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">68</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Dividend yield </div> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">0.0</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">0.0</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">0.0</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Risk-free interest rate </div> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%;"> 3.86-4.41% </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%;"> 4.16-4.39% </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%;"> 4.20-4.62% </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> </table><div style="text-indent: 36pt; font-size: 10pt;"> The following table summarizes information about the Company’s stock options for the years ended December 31, 2025, 2024 and 2023: </div><div style="margin-left: -9pt; font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none; width: 1%;"> <span style="font-weight: bold;">Shares</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">Weighted-<br/>Average <br/>Exercise Price</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Options outstanding, vested and expected to vest at December 31, 2022 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">8,256,211</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">3.37</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Forfeited </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(99,345</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">2.73</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Expired </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(262,940</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">6.42</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Granted </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">1,826,380</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">3.36</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Exercised </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(3,814,122</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">3.15</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Options outstanding, vested and expected to vest at December 31, 2023 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">5,906,184</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">3.38</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Forfeited </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(30,094</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">3.36</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Expired </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(246,067</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">7.01</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Granted </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">1,531,635</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">6.40</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Exercised </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(2,020,142</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">3.90</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Options outstanding, vested and expected to vest at December 31, 2024 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">5,141,516</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">3.90</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Forfeited </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(68,812</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">2.90</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Expired </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(137,337</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">2.71</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Granted </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">774,886</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">16.46</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Exercised </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(1,027,470</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">3.45</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Options outstanding, vested and expected to vest at December 31, 2025 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">4,682,783</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">6.13</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Options exercisable </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">2,762,135</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">3.98</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table><div style="text-align: center; margin-left: -9pt; font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> As of December 31, 2025, the Company had $10.0 million of unrecognized compensation expense related to stock options granted under the Company’s equity incentive plans, which is expected to be recognized over a weighted-average period of 2.7 years. The following table summarizes additional information regarding outstanding and exercisable options under the stock option plans at December 31, 2025: </div><div style="text-align: justify; font-size: 10pt;"> </div><table cellpadding="0" style="border-width: initial; border-style: none; border-color: initial; border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="height: 0px; font-size: 0px;"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr style="height: 0px; font-size: 0px;"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr style="height: 0px; font-size: 0px;"> <td> </td> <td> </td><td> </td><td> </td><td> </td> <td> </td><td> </td><td> </td><td> </td> <td> </td><td> </td><td> </td><td> </td> <td> </td><td> </td><td> </td><td> </td> <td> </td><td> </td><td> </td><td> </td> <td> </td><td> </td><td> </td><td> </td> <td> </td><td> </td><td> </td><td> </td> <td> </td><td> </td><td> </td><td> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align : bottom; text-align : center; white-space : nowrap; "> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td><td colspan="14" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap;"><span style="font-weight: 700; letter-spacing: normal; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Stock Options Outstanding</span> </td> <td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td><td colspan="14" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap;"><span style="font-weight: 700; letter-spacing: normal; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Stock Options Exercisable</span> </td> <td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap;"> </td> </tr><tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align : bottom; text-align : center; white-space : nowrap; "> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Range of <br/>Exercise Prices </div> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap;"> <div> Options <br/>Outstanding </div> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap;"> <div> Weighted Average <br/>Remaining Contractual <br/>Life (Years) </div> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap;"> <div> Weighted <br/>Average Exercise <br/>Price </div> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap;"> <div> Aggregate <br/>Intrinsic Value <br/>($000's) </div> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap;"> <div> Options <br/>Outstanding </div> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap;"> </td> <td colspan="3" style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 2px solid rgb(0, 0, 0);"> <div> Weighted Average <br/>Remaining Contractual <br/>Life (Years) </div> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap;"> <div> Weighted <br/>Average Exercise <br/>Price </div> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap;"> <div> Aggregate<br/> Intrinsic Value<br/>($000's) </div> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; text-align: center;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> $1.10 - $1.67 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">713,790</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">5.8</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">1.58</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">10,599</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">636,185</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">6.1</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">1.59</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">11,220</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; text-align: center;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> $1.84 - $2.76 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">402,601</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">4.8</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">2.38</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">6,065</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">382,330</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">5.0</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">2.38</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">6,387</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; text-align: center;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> $2.83 - $4.245 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">1,368,176</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">5.8</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">3.45</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">14,345</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">970,193</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">5.5</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">3.43</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">19,684</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; text-align: center;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> $4.31 - $6.465 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">987,891</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">7.4</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">5.34</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">6,528</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">506,126</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">6.8</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">5.37</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">12,718</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; text-align: center;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> $6.54 - $9.81 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">300,328</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">8.3</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">6.54</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">1,464</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">125,136</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">8.3</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">6.54</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">3,514</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; text-align: center;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> $13.58 - $20.37 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="border-bottom: 1pt solid black; vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="border-bottom: 1pt solid black; vertical-align: bottom; text-align: right; width: 9%;">909,997</td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">9.2</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">15.56</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">382</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">142,165</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">9.0</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">16.12</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">2,035</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; font-size: 0px; border-width: initial; border-style: none; border-color: initial;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">4,682,783</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">6.8</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">3.98</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">39,383</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px solid transparent; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">2,762,135</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">6.1</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">6.19</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">55,558</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> </table><div style="font-size: 10pt;"> </div><div style="font-size: 10pt;"><span style="font-style: italic;">Restricted Stock Units</span> </div><div style="font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> The Company grants RSUs to certain employees and consultants of the Company and to members of its Board. The RSUs generally vest annually over a period of four years for employees and semi-annually over a period of one year for directors. </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> The following table summarizes information about the Company’s RSUs for the years ended December 31, 2025, 2024 and 2023: </div><div style="text-align: justify; font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">Shares</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-right: none; border-left: none; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">Weighted-<br/>Average Grant <br/>Date Fair Value</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Balance at December 31, 2022 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">2,866,987</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">1.59</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Granted </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">3,389,760</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">3.42</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Vested </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(1,199,445</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">1.63</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Forfeited </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(400,005</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">2.71</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Balance at December 31, 2023 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">4,657,297</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">2.81</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Granted </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">3,278,688</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">7.44</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Vested </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(1,886,463</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">2.50</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Forfeited </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(303,532</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">3.92</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Balance at December 31, 2024 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">5,745,990</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">5.50</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Granted </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">1,943,884</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">16.44</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Vested </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(1,875,027</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">5.24</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Forfeited </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(670,344</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">8.72</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Balance at December 31, 2025 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">5,144,503</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">9.31</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> </table><div style="font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> As of December 31, 2025, the Company had $37.0 million of unrecognized compensation expense related to unvested RSUs granted under the Company’s equity incentive plans, which is expected to be recognized over a weighted-average period of 2.8 years. </div><div style="font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> During the year ended December 31, 2024, three of the Company’s employees and one of the Company’s non-employee directors received modifications to their outstanding stock option and RSU awards in connection with their departure from the Company or transition from an employee to a consulting role (see Note 9). The modifications allowed, among other things, the former employees to continue to participate in the Company’s equity incentive plans with respect to certain of their outstanding awards when they would otherwise not be eligible to do so. In connection with these modifications, the Company recognized an aggregate of $2.5 million of additional compensation expense in the year ended December 31, 2024. Total stock-based compensation expense for all awards granted under the Company’s equity incentive plans for the years ended December 31, 2025, 2024 and 2023 was as follows (in thousands): </div><div style="text-align: justify; font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; width: 1%;"> </td><td colspan="10" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none; width: 1%;"><span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Year Ended December 31,</span> </td> <td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr><tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2025</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2024</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2023</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td colspan="12" style="vertical-align: bottom; text-align: center;"> <span style="font-style: italic;">(in thousands)</span> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Research and development </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">202</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">98</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">40</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Plasma center operating expenses </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">419</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">184</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">146</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Selling, general and administrative </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">16,101</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">11,720</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">5,331</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Cost of product revenue </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">3,304</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">1,614</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">670</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Total stock-based compensation expense </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">20,026</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">13,616</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">6,187</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table> 500000000 A summary of common stock repurchase activity under the Repurchase Program is as follows:<table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td> </td> <td> </td> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; width: 1%;"> </td><td colspan="6" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none; width: 1%;"><span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Years ended December 31,</span> </td> <td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr><tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2025</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2024</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="3" style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> <span style="font-style: italic;">(In thousands)</span> </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 9%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 9%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="3" style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Shares repurchased </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">1,919</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> n/a </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="3" style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Total cost of shares repurchased </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">32,090</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> n/a </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> </table> 1919000 0 32090000 0 10000000 10000000 0.0001 0.0001 0 0 300000000 300000000 0.0001 0.0001 237874496 236620545 38703218 966554 866302 11308702 7224892 227650 3388686 1967847 2391244 <div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> The following table summarizes information about warrants outstanding as of December 31, 2025, 2024 and 2023: </div><div style="text-align: justify; font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">Shares</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-right: none; border-left: none; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">Weighted <br/>Average <br/>Exercise Price</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Warrants outstanding at December 31, 2022 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">13,525,148</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">1.99</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Expired </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(24,800</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">6.37</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Granted </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">2,391,244</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">3.26</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Exercised </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(3,388,686</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">1.65</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Warrants outstanding at December 31, 2023 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">12,502,906</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">2.32</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Expired </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(227,650</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">4.21</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Granted </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">            - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">          - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Exercised </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(11,308,702</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">2.31</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Warrants outstanding at December 31, 2024 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">966,554</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">1.98</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Expired </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">            - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">          - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Granted </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">            - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">          - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Exercised </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(966,554</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">1.98</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Warrants outstanding at December 31, 2025 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">            - </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">          - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> </table> 13525148 1.99 -24800 6.37 2391244 3.26 -3388686 1.65 12502906 2.32 -227650 4.21 0 0 -11308702 2.31 966554 1.98 0 0 0 0 -966554 1.98 0 0 18000000 <div style="text-indent: 36pt; font-size: 10pt;"> The grant date fair values of stock options awarded during the years ended December 31, 2025, 2024 and 2023 were determined using the Black-Scholes option pricing model with the following assumptions: </div><div style="text-indent: 36pt; font-size: 10pt;">   </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="10" style="vertical-align: bottom; text-align: center; width: 1%;"> <span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Year ended December 31,</span> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2025</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2024</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2023</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Expected term </div> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%;"> 5.5 - 6.3 years </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%;"> 5.5 - 6.3 years </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%;"> 5.5 - 6.3 years </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Volatility </div> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">66</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">66</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">68</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Dividend yield </div> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">0.0</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">0.0</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">0.0</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Risk-free interest rate </div> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%;"> 3.86-4.41% </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%;"> 4.16-4.39% </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%;"> 4.20-4.62% </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> </table> P5Y6M P6Y3M18D P5Y6M P6Y3M18D P5Y6M P6Y3M18D 0.66 0.66 0.68 0 0 0 0.0386 0.0441 0.0416 0.0439 0.042 0.0462 <div style="text-indent: 36pt; font-size: 10pt;"> The following table summarizes information about the Company’s stock options for the years ended December 31, 2025, 2024 and 2023: </div><div style="margin-left: -9pt; font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none; width: 1%;"> <span style="font-weight: bold;">Shares</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">Weighted-<br/>Average <br/>Exercise Price</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Options outstanding, vested and expected to vest at December 31, 2022 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">8,256,211</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">3.37</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Forfeited </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(99,345</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">2.73</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Expired </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(262,940</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">6.42</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Granted </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">1,826,380</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">3.36</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Exercised </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(3,814,122</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">3.15</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Options outstanding, vested and expected to vest at December 31, 2023 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">5,906,184</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">3.38</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Forfeited </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(30,094</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">3.36</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Expired </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(246,067</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">7.01</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Granted </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">1,531,635</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">6.40</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Exercised </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(2,020,142</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">3.90</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Options outstanding, vested and expected to vest at December 31, 2024 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">5,141,516</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">3.90</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Forfeited </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(68,812</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">2.90</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Expired </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(137,337</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">2.71</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Granted </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">774,886</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">16.46</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Exercised </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(1,027,470</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">3.45</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Options outstanding, vested and expected to vest at December 31, 2025 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">4,682,783</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">6.13</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Options exercisable </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">2,762,135</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">3.98</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table> 8256211 3.37 99345 2.73 262940 6.42 1826380 3.36 3814122 3.15 5906184 3.38 30094 3.36 246067 7.01 1531635 6.4 2020142 3.9 5141516 3.9 68812 2.9 137337 2.71 774886 16.46 1027470 3.45 4682783 6.13 2762135 3.98 10000000 P2Y8M12D The following table summarizes additional information regarding outstanding and exercisable options under the stock option plans at December 31, 2025:<table cellpadding="0" style="border-width: initial; border-style: none; border-color: initial; border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="height: 0px; font-size: 0px;"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr style="height: 0px; font-size: 0px;"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr style="height: 0px; font-size: 0px;"> <td> </td> <td> </td><td> </td><td> </td><td> </td> <td> </td><td> </td><td> </td><td> </td> <td> </td><td> </td><td> </td><td> </td> <td> </td><td> </td><td> </td><td> </td> <td> </td><td> </td><td> </td><td> </td> <td> </td><td> </td><td> </td><td> </td> <td> </td><td> </td><td> </td><td> </td> <td> </td><td> </td><td> </td><td> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align : bottom; text-align : center; white-space : nowrap; "> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td><td colspan="14" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap;"><span style="font-weight: 700; letter-spacing: normal; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Stock Options Outstanding</span> </td> <td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td><td colspan="14" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap;"><span style="font-weight: 700; letter-spacing: normal; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Stock Options Exercisable</span> </td> <td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap;"> </td> </tr><tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align : bottom; text-align : center; white-space : nowrap; "> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Range of <br/>Exercise Prices </div> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap;"> <div> Options <br/>Outstanding </div> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap;"> <div> Weighted Average <br/>Remaining Contractual <br/>Life (Years) </div> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap;"> <div> Weighted <br/>Average Exercise <br/>Price </div> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap;"> <div> Aggregate <br/>Intrinsic Value <br/>($000's) </div> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap;"> <div> Options <br/>Outstanding </div> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap;"> </td> <td colspan="3" style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 2px solid rgb(0, 0, 0);"> <div> Weighted Average <br/>Remaining Contractual <br/>Life (Years) </div> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap;"> <div> Weighted <br/>Average Exercise <br/>Price </div> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap;"> <div> Aggregate<br/> Intrinsic Value<br/>($000's) </div> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; text-align: center;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> $1.10 - $1.67 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">713,790</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">5.8</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">1.58</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">10,599</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">636,185</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">6.1</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">1.59</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">11,220</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; text-align: center;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> $1.84 - $2.76 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">402,601</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">4.8</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">2.38</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">6,065</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">382,330</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">5.0</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">2.38</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">6,387</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; text-align: center;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> $2.83 - $4.245 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">1,368,176</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">5.8</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">3.45</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">14,345</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">970,193</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">5.5</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">3.43</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">19,684</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; text-align: center;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> $4.31 - $6.465 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">987,891</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">7.4</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">5.34</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">6,528</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">506,126</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">6.8</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">5.37</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">12,718</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; text-align: center;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> $6.54 - $9.81 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">300,328</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">8.3</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">6.54</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">1,464</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">125,136</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">8.3</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">6.54</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">3,514</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; text-align: center;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> $13.58 - $20.37 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="border-bottom: 1pt solid black; vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="border-bottom: 1pt solid black; vertical-align: bottom; text-align: right; width: 9%;">909,997</td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">9.2</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">15.56</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">382</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">142,165</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">9.0</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">16.12</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">2,035</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; font-size: 0px; border-width: initial; border-style: none; border-color: initial;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">4,682,783</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">6.8</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">3.98</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">39,383</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px solid transparent; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">2,762,135</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">6.1</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">6.19</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">55,558</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> </table> 1.1 1.67 713790 P5Y9M18D 1.58 10599000 636185 P6Y1M6D 1.59 11220000 1.84 2.76 402601 P4Y9M18D 2.38 6065000 382330 P5Y 2.38 6387000 2.83 4.245 1368176 P5Y9M18D 3.45 14345000 970193 P5Y6M 3.43 19684000 4.31 6.465 987891 P7Y4M24D 5.34 6528000 506126 P6Y9M18D 5.37 12718000 6.54 9.81 300328 P8Y3M18D 6.54 1464000 125136 P8Y3M18D 6.54 3514000 13.58 20.37 909997 P9Y2M12D 15.56 382000 142165 P9Y 16.12 2035000 4682783 P6Y9M18D 3.98 39383000 2762135 P6Y1M6D 6.19 55558000 P4Y P1Y <div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> The following table summarizes information about the Company’s RSUs for the years ended December 31, 2025, 2024 and 2023: </div><div style="text-align: justify; font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">Shares</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-right: none; border-left: none; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">Weighted-<br/>Average Grant <br/>Date Fair Value</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Balance at December 31, 2022 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">2,866,987</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">1.59</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Granted </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">3,389,760</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">3.42</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Vested </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(1,199,445</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">1.63</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Forfeited </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(400,005</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">2.71</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Balance at December 31, 2023 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">4,657,297</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">2.81</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Granted </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">3,278,688</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">7.44</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Vested </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(1,886,463</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">2.50</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Forfeited </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(303,532</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">3.92</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Balance at December 31, 2024 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">5,745,990</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">5.50</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Granted </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">1,943,884</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">16.44</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Vested </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(1,875,027</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">5.24</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Forfeited </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(670,344</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">8.72</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Balance at December 31, 2025 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">5,144,503</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">9.31</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> </table> 2866987 1.59 3389760 3.42 1199445 1.63 400005 2.71 4657297 2.81 3278688 7.44 1886463 2.5 303532 3.92 5745990 5.5 1943884 16.44 1875027 5.24 670344 8.72 5144503 9.31 37000000 P2Y9M18D 3 1 2500000 Total stock-based compensation expense for all awards granted under the Company’s equity incentive plans for the years ended December 31, 2025, 2024 and 2023 was as follows (in thousands):<table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; width: 1%;"> </td><td colspan="10" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none; width: 1%;"><span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Year Ended December 31,</span> </td> <td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr><tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2025</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2024</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2023</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td colspan="12" style="vertical-align: bottom; text-align: center;"> <span style="font-style: italic;">(in thousands)</span> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Research and development </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">202</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">98</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">40</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Plasma center operating expenses </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">419</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">184</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">146</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Selling, general and administrative </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">16,101</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">11,720</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">5,331</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Cost of product revenue </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">3,304</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">1,614</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">670</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Total stock-based compensation expense </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">20,026</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">13,616</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">6,187</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table> 202000 98000 40000 419000 184000 146000 16101000 11720000 5331000 3304000 1614000 670000 20026000 13616000 6187000 <div style="text-indent: -27pt; padding-left: 27pt; font-family: Aptos;"> <div style="float: left; width: 27.0pt; white-space: nowrap;"> <span style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">9.</span> </div> <div> <span style="font-family: &quot;Times New Roman&quot;; font-weight: bold; text-decoration: underline;">RELATED PARTY TRANSACTIONS</span> </div> </div><div>  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> The Company leases an office building and equipment from Areth, LLC (“Areth”) pursuant to an agreement for services effective as of January 1, 2016, as amended from time to time, and pays monthly rent on this facility in the amount of $10,000. On October 18, 2022, the Company amended the agreement to extend its term to December 31, 2026, with automatic successive one-year renewals thereafter. Either party may terminate the agreement by providing the other party with one year’s prior written notice. Rent expense for the years ended December 31, 2025, 2024 and 2023 amounted to $0.1 million. Areth is a company controlled by Dr. Jerrold B. Grossman, the Vice Chairman of the Board, and Adam S. Grossman, the Company’s President and Chief Executive Officer. The Company also reimburses Areth for office, warehousing and building related (common area) expenses, equipment and certain other operational expenses, which were not material to the consolidated financial statements for the years ended December 31, 2025, 2024, 2023. </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> During the years ended December 31, 2025, 2024 and 2023, the Company purchased certain specialized equipment and repair services used for the collection and processing of source plasma from GenesisBPS and its affiliates (“Genesis”) in the amount of $0.1 million, $0.2 million and $0.4 million, respectively. Genesis was owned by Dr. Grossman and Adam Grossman until September 30, 2025. </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> On November 19, 2024, the Company entered into an agreement with Bryant Fong whereby the Company agreed, in conjunction with Mr. Fong’s resignation from the Board, to immediately vest all of Mr. Fong’s 12,020 unvested RSUs. The agreement also extended the post-termination exercise period for his vested stock options from 90 days to two years (or earlier, if such options’ 10-year expiration date occurs sooner than November 19, 2026). All of Mr. Fong’s unvested stock options were forfeited in accordance with the terms of the 2022 Equity Plan. In connection with this modification of Mr. Fong’s equity awards, the Company recorded additional compensation expense of $0.3 million (see Note 8) in the year ended December 31, 2024. </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> On April 1, 2024, the Company entered into a consulting agreement with Brian Lenz, the Company’s former Executive Vice President, Chief Financial Officer and General Manager, ADMA BioCenters, whereby Mr. Lenz’s outstanding equity awards were modified in connection with his transition to a consulting role. Under the terms of the consulting agreement, Mr. Lenz remained eligible to participate in the Company’s equity compensation plans with respect to continued vesting of the subject awards as set forth in the agreement. In addition, the post-termination exercise period for Mr. Lenz’s vested stock options was extended from 90 days to two years from the date of the consulting agreement (or earlier, if such options’ 10-year expiration date occurs sooner than March 31, 2026). In connection with this modification, the Company recorded $1.6 million of additional compensation expense for the year ended December 31, 2024. </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> On August 15, 2023, two of the Company’s executive officers exercised options to purchase 2,909,721 shares of the Company’s common stock on a cashless basis, and 688,657 shares of common stock were issued to these executive officers, net of 257,867 shares of common stock to cover a portion of their tax liabilities. </div> 10000 2026-12-31 P1Y P1Y 100000 100000 100000 100000 200000 400000 12020 P90D P2Y P10Y 2026-11-19 300000 P90D P2Y P10Y 2026-03-31 1600000 2 2909721 688657 257867 <div style="text-indent: -27pt; padding-left: 27pt; font-family: Aptos;"> <div style="float: left; width: 27.0pt; white-space: nowrap;"> <span style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">10.</span> </div> <div> <span style="font-family: &quot;Times New Roman&quot;; font-weight: bold; text-decoration: underline;">COMMITMENTS AND CONTINGENCIES</span> </div> </div><div style="font-family: Aptos;">  </div><div style="font-size: 10pt;"><span style="text-decoration: underline;">General Legal Matters</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> 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. </div><div style="font-size: 10pt;">  </div><div style="font-size: 10pt;"> <span style="text-decoration: underline;">IT Systems Disruption</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> On June 19, 2023, the Company experienced an IT systems disruption, which rendered certain of the Company’s IT technology systems inaccessible for less than <span style="-sec-ix-hidden: hidden-fact-4">one week</span>. The Company’s investigation of the disruption was completed with the assistance of third-party consultants, and no definitive root cause was identified. At the time of the disruption, the Company was in production of two batches of BIVIGAM, and after a prolonged hold time, it was deemed to be a prudent GMP quality decision to discard these two in-process production batches as these batches were no longer viable for further production or had any alternative use. As a result, the Company recorded a one-time, non-recurring charge of $2.1 million in the second quarter of 2023 for this inventory, which is reflected in Cost of product revenue in the accompanying consolidated statement of operations for the year ended December 31, 2023. In addition, the Company’s Plasma center operating expenses were adversely impacted by approximately $0.7 million due to the temporary closing of the Company’s plasma collection centers while their IT systems were restored. </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> The Company carries appropriate insurance for these types of instances. During each of the years ended December 31, 2024 and 2023, the Company’s cybersecurity insurer paid the Company an aggregate of $0.2 million for approved restoration-related costs. During the first quarter of 2025, the Company’s cybersecurity insurer paid the Company $0.4 million in business interruption loss coverage. </div><div style="text-align: justify; font-size: 10pt;"> <span style="text-decoration: underline;">Vendor Commitments</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> Pursuant to the terms of a Plasma Purchase Agreement dated as of November 17, 2011 (the “2011 Plasma Purchase Agreement”), the Company agreed to purchase from its former contract manufacturer an annual minimum volume of source plasma containing antibodies to RSV to be used in the manufacture of ASCENIV. The Company must purchase a to-be-determined and agreed upon annual minimum volume from the counterparty, and under the original 2011 Plasma Purchase Agreement the Company was permitted to also collect high-titer plasma from up to five wholly owned ADMA plasma collection facilities. During 2015, the Company amended the 2011 Plasma Purchase Agreement to (i) allow the Company to collect its raw material high-titer plasma from any number of wholly owned ADMA plasma collection facilities and (ii) allow the Company to purchase its raw material high-titer plasma from other third-party collection organizations, in each case, provided that the annual minimum volumes from the Company’s former contract manufacturer were met, thus allowing the Company to expand its reach for raw material supply as it executes its commercialization plans for ASCENIV. On December 10, 2018, the Company’s former contract manufacturer assigned its rights and obligations under the 2011 Plasma Purchase Agreement to Grifols Worldwide Operations Limited (“Grifols”) as its successor-in-interest, effective January 1, 2019. Effective October 1, 2024, the Company entered into an Amended and Restated Plasma Purchase Agreement with Grifols (the “A&amp;R Grifols Agreement”) with a term expiring in <span style="-sec-ix-hidden: hidden-fact-5">September 2039</span>, after which it may be renewed for two additional multi-year periods if agreed to by the parties. Pursuant to the A&amp;R Grifols Agreement, Grifols supplies, on a non-exclusive basis, to ADMA BioManufacturing a minimum of 35,000 liters of RSV plasma annually to be used in the manufacture of ASCENIV, with an escalating price per liter depending on the volume supplied in a given 12-month period, with a minimum annual price increase every 12 months. Additionally, Grifols will be entitled to receive a fixed bonus payment in the event that a specified liter amount of high-titer plasma is supplied to the Company in any 12-month period during the term of the A&amp;R Grifols Agreement. </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> Effective August 6, 2024, the Company entered into a Plasma Purchase Agreement with KEDPlasma LLC (“KEDPlasma”) with a term expiring in <span style="-sec-ix-hidden: hidden-fact-6">July 2031</span>, after which it may be renewed for an additional five-year period if agreed to by the parties (the “KEDPlasma Agreement”). Pursuant to the KEDPlasma Agreement, KEDPlasma supplies, on a non-exclusive basis, to ADMA BioManufacturing a minimum of 35,000 liters of RSV plasma annually commencing with the 12-month period ending July 31, 2026, with an escalating price per liter depending on the volume supplied in a given 12-month period. The price per liter of high-titer plasma supplied pursuant to the KEDPlasma Agreement is also scheduled to increase on an annual basis. Additionally, KEDPlasma will be entitled to receive a fixed bonus payment in the event that a specified liter amount of RSV plasma is supplied to the Company in any 12-month period during the term of the KEDPlasma Agreement. </div><div style="font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> On June 6, 2017, the Company entered into a Plasma Supply Agreement with its former contract manufacturer, pursuant to which the counterparty supplies, on an exclusive basis subject to certain exceptions, to ADMA BioManufacturing an annual minimum volume of hyperimmune plasma that contain antibodies to the Hepatitis B virus for the manufacture of Nabi-HB. The Plasma Supply Agreement has a 10-year term. On July 19, 2018, the Plasma Supply Agreement was amended to provide, among other things, that in the event the counterparty elects not to supply in excess of ADMA BioManufacturing’s specified amount of Hepatitis B plasma and ADMA BioManufacturing is unable to secure Hepatitis B plasma from a third party at a price that is within a low double- digit percentage of the price that ADMA BioManufacturing pays to the counterparty, then the counterparty shall reimburse ADMA BioManufacturing for the difference in price ADMA BioManufacturing incurs. On December 10, 2018, the Company’s former contract manufacturer assigned its rights and obligations under the Plasma Supply Agreement to Grifols, effective January 1, 2019. </div><div style="font-size: 10pt;">  </div><div style="font-size: 10pt;"> <span style="text-decoration: underline;">Post-Marketing Commitments</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> In connection with the FDA approval of ASCENIV on April 1, 2019, the Company is required to perform a pediatric study to evaluate the safety and efficacy of ASCENIV in children and adolescents, for which patient enrollment has been successfully completed. For the years ended December 31, 2025, 2024 and 2023, the Company incurred expenses related to this study in the amounts of $0.9 million, $1.2 million and, $1.0 million, respectively. </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> In connection with the FDA approval of the BLA for BIVIGAM on December 19, 2012, Biotest committed to perform two additional post-marketing studies, a pediatric study to evaluate the efficacy and safety of BIVIGAM in children and adolescents, and a post-authorization safety study to further assess the potential risk of hypotension and hepatic and renal impairment in BIVIGAM-treated patients with primary humoral immunodeficiency. These studies were required to be completed by June 30, 2023. Both studies have been completed, and the study reports have been submitted to the FDA. ADMA had assumed the remaining obligations, and the costs of the studies were expensed as incurred as research and development expenses. The Company did not incur any expenses related to this commitment during the years ended December 31, 2025 and 2024, and incurred $1.7 million during the year ended December 31, 2023. </div><div style="font-size: 10pt;"> <span style="text-decoration: underline;">Other Commitments</span> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> In the normal course of business, the Company enters into contracts that contain a variety of indemnifications with its employees, licensors, suppliers and service providers. Further, the Company indemnifies its directors and officers who are, or were, serving at the Company’s request in such capacities. The Company’s maximum exposure under these arrangements is unknown as of December 31, 2025. The Company does not anticipate recognizing any significant losses relating to these arrangements. </div> 2 2 2100000 700000 200000 200000 400000 5 2 35000 P12M P12M P12M P5Y 35000 P12M P12M P12M P10Y 900000 1200000 1000000 0 0 1700000 <div style="text-indent: -27pt; padding-left: 27pt; font-family: Aptos;"> <div style="float: left; width: 27.0pt; white-space: nowrap;"> <span style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">11.</span> </div> <div> <span style="font-family: &quot;Times New Roman&quot;; font-weight: bold; text-decoration: underline;">INCOME TAXES</span> </div> </div><div style="text-indent: -36pt; padding-left: 36pt;"> </div><div style="text-align: justify; text-indent: 35px; padding-left: 0px;"> Income (loss) before provision for income taxes was as follows: </div><div>  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td style="width: 64%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center;"><br/></td><td colspan="10" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Year Ended December 31,</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2025</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2024</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2023</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td colspan="12" style="vertical-align: middle; text-align: center;"> <span style="font-style: italic;">(in thousands)</span> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Domestic </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">182,656</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">125,714</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">(28,239</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Foreign </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Income (loss) before income taxes </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">182,656</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">125,714</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(28,239</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> </tr> </table><div>  </div><div style="text-indent: 36pt; font-size: 10pt;"> The components of the Company’s income tax expense (benefit) are as follows: </div><div style="font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td> </td> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="10" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none; width: 1%;"><span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Year Ended December 31,</span> </td> <td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr><tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2025</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2024</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2023</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="12" style="vertical-align: bottom; text-align: center;"> <span style="font-style: italic;">(in thousands)</span> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Current: </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 9%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 9%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 9%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="2" style="vertical-align: bottom; padding-left: 10px;"> <div> Federal </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">21,926</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">10,434</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">           - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="vertical-align: bottom; padding-left: 10px;"> <div> State </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">2,780</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">1,887</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">            - </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="2" style="vertical-align: bottom; padding-left: 20px;"> <div> Total current </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">24,706</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">12,321</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">            - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Deferred: </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="2" style="vertical-align: bottom; padding-left: 10px;"> <div> Federal </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">9,383</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(72,858</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">            - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="vertical-align: bottom; padding-left: 10px;"> <div> State </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">1,637</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(11,422</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">            - </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="2" style="vertical-align: bottom; padding-left: 20px;"> <div> Total deferred </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">11,020</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(84,280</td><td style="vertical-align : bottom; text-align : left; width : 1%; border-bottom : 2px solid transparent; ">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">            - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Total income tax expense (benefit) </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">35,726</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">(71,959</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">           - </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> The following table is a reconciliation of the U.S. federal statutory rate to the Company’s effective rate for the year ended December 31, 2025 in accordance with the guidance in ASU No. 2023-09: </div><div style="font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">Amount</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">Percent</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%;"> <span style="font-style: italic;">(in thousands)</span> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%;"> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Tax expense at U.S. federal statutory rate </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">38,358</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">21.0</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> State taxes, net of federal benefit <span style="font-size: .83em; vertical-align: super;">(1)</span></div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">3,834</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">2.1</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Nontaxable or Nondeductible Items </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Nondeductible executive compensation </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">2,799</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">1.5</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Excess tax benefits related to stock-based compensation </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(7,998</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">-4.3</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Tax credits </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(1,883</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">-1.0</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Change in valuation allowance </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">              - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">0.0</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Other Adjustments </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Other </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">616</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">0.3</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Income tax expense </div> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">35,726</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">19.6</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;">%</td> </tr> </table><div style="text-align: center; font-size: 10pt;">  </div><div style="text-indent: -18pt; padding-left: 31.5pt;"> <div style="float: left; width: 18pt; white-space: nowrap; font-size: 10pt;">⁽¹⁾</div> <div style="font-size: 10pt;"> State taxes in Florida, Georgia, Illinois and North Carolina made up the majority (greater than 50%) of the tax effect in this category. </div> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> The following table is a reconciliation of the U.S. federal statutory rate to the Company’s effective rate for the years ended December 31, 2024 and 2023 in accordance with the guidance prior to the adoption of ASU 2023-09: </div><div style="font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td colspan="6" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none; width: 1%;"><span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Years Ended December 31,</span> </td> <td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr><tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 9%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2024</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 9%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2023</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td colspan="7" style="vertical-align: bottom; text-align: center;"> <span style="font-style: italic;">(in thousands)</span> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Tax expense (benefit) at U.S. federal statutory rate </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">26,400</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">(5,930</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> State taxes, net of federal benefit </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(9,931</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(763</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Non-deductible executive compensation </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">4,340</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">983</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Excess tax benefits related to stock-based compensation </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(5,661</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">            - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Change in valuation allowance </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(87,969</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">4,696</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Other </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">862</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">1,014</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Income tax benefit </div> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">(71,959</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">           - </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table><div style="text-align: center; font-size: 10pt;"> </div><div style="text-align: left; text-indent: 47px; padding-left: 0px;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The amounts of cash income taxes paid by the Company during the year ended December 31, 2025 were as follows:</span></div><div style="text-align: center; font-size: 10pt;"> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">Amount</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">Percent</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%;"> <span style="font-style: italic;">(in thousands)</span> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%;"> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Federal </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">17,590</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">89.4</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> State and Local </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">2,093</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">10.6</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Total </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">19,683</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">100.0</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;">%</td> </tr> </table><div style="text-align: center; font-size: 10pt;"> </div><div style="text-indent: 36pt; font-size: 10pt;"> The significant components of the Company’s net deferred tax assets are as follows: </div><div style="font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="6" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none; width: 1%;"><span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Year Ended December 31,</span> </td> <td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr><tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 9%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2025</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 9%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2024</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Deferred tax assets: </div> </td> <td colspan="8" style="vertical-align: bottom; text-align: center;"> <span style="font-style: italic;">(in thousands)</span> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Federal and state net operating loss carryforwards </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">64,432</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">65,615</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Interest expense limitation carryforwards </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">3,328</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">13,604</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Inventory </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">3,978</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">3,911</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Stock-based compensation </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">3,923</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">2,523</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Lease obligations </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">2,392</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">2,549</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Accrued expenses and other </div> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">4,316</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">5,779</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Total deferred tax assets </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">82,369</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">93,981</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Deferred tax liabilities: </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 9%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 9%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Depreciation of property and equipment </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(6,270</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(6,166</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Right-of-use assets </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(2,047</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(2,247</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Other deferred tax liabilities </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(791</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(1,288</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 20px;"> <div> Total deferred tax liabilities </div> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(9,108</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(9,701</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Net deferred tax assets </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; text-align: left; width: 1%; border-top: none; border-left: none; border-right: none;">$</td><td style="border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; text-align: right; width: 9%; border-top: none; border-left: none; border-right: none;">73,261</td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; text-align: left; width: 1%; border-top: none; border-left: none; border-right: none;">$</td><td style="border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; text-align: right; width: 9%; border-top: none; border-left: none; border-right: none;">84,280</td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> </table><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> As of December 31, 2025, the Company has federal and state (post-apportioned basis) net operating losses (“NOLs”) of $265.6 million and $176.9 million, respectively. Approximately $33.4 million and $46.8 million of the foregoing Federal and state NOLs, respectively, will expire at various dates beginning in <span style="-sec-ix-hidden: hidden-fact-7">2029</span>, if not limited by triggering events prior to such time. Under the provisions of the Internal Revenue Code, changes in ownership of the Company, in certain circumstances, would limit the amount of federal NOLs that can be utilized annually in the future to offset taxable income. In particular, Section 382 of the Internal Revenue Code (“Section 382”) imposes limitations on an entity’s ability to use NOLs upon certain changes in ownership. If the Company is limited in its ability to use its NOLs in future years in which it has taxable income, then the Company will pay more taxes than if it were otherwise able to fully utilize its NOLs. The Company may experience ownership changes in the future as a result of shifts in ownership of the Company’s capital stock that the Company cannot predict or control that could result in further limitations being placed on the Company’s ability to utilize its Federal NOLs. The annual amount of Federal NOLs that expire each year is as follows (<span style="font-style: italic;">in thousands</span>): </div><div style="font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 1.0pt;"> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; border-top: none; border-left: none; border-right: none;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Expiration Date </div> </td> <td style="vertical-align: bottom; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-right: none; border-left: none; white-space: nowrap; width: 1%; text-align: center;"> <div> Remaining Available </div> </td><td style="vertical-align: bottom; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> 2031 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">2,409</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> 2032 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">7,430</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> 2033 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">11,295</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> 2034 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">1,025</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> 2035 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">1,025</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> 2036 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">1,025</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> 2037 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">9,157</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Indefinite </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">232,240</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Total </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">265,606</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table><div style="font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. When determining the amount of net deferred tax assets that are more likely than not to be realized, the Company assesses all available positive and negative evidence. This evidence includes, but is not limited to, prior earnings history, expected future earnings, carry-back and carry-forward periods and the feasibility of ongoing tax strategies that could potentially enhance the likelihood of the realization of a deferred tax asset. The weight given to the positive and negative evidence is commensurate with the extent the evidence may be objectively verified. <span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;,serif; mso-fareast-font-family:&quot;Times New Roman&quot;">As of December 31, 2025, the Company believes it is more-likely-than-not that the Company's federal and state deferred tax assets will be realized.</span></div><div style="font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify;"> <span style="line-height: 107%;">The Company does not have any unrecognized tax benefits as of December 31, 2025 and 2024 and does not anticipate a significant change in unrecognized tax benefits during the next 12 months. </span>The Company files income tax returns in the U.S. federal and various state jurisdictions. All net operating losses and tax credits generated to date are subject to adjustment for U.S. federal and state income tax purposes. The Company’s income tax returns are open to examination for tax years 2007 through 2024. </div> <div style="text-align: justify; text-indent: 35px; padding-left: 0px;"> Income (loss) before provision for income taxes was as follows: </div><div>  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td style="width: 64%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center;"><br/></td><td colspan="10" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Year Ended December 31,</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2025</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2024</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2023</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td colspan="12" style="vertical-align: middle; text-align: center;"> <span style="font-style: italic;">(in thousands)</span> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Domestic </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">182,656</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">125,714</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">(28,239</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Foreign </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Income (loss) before income taxes </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">182,656</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">125,714</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(28,239</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> </tr> </table> 182656000 125714000 -28239000 0 0 0 182656000 125714000 -28239000 <div style="text-indent: 36pt; font-size: 10pt;"> The components of the Company’s income tax expense (benefit) are as follows: </div><div style="font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td> </td> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="10" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none; width: 1%;"><span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Year Ended December 31,</span> </td> <td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr><tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2025</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2024</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2023</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="12" style="vertical-align: bottom; text-align: center;"> <span style="font-style: italic;">(in thousands)</span> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Current: </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 9%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 9%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 9%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="2" style="vertical-align: bottom; padding-left: 10px;"> <div> Federal </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">21,926</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">10,434</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">           - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="vertical-align: bottom; padding-left: 10px;"> <div> State </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">2,780</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">1,887</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">            - </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="2" style="vertical-align: bottom; padding-left: 20px;"> <div> Total current </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">24,706</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">12,321</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">            - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Deferred: </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="2" style="vertical-align: bottom; padding-left: 10px;"> <div> Federal </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">9,383</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(72,858</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">            - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="vertical-align: bottom; padding-left: 10px;"> <div> State </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">1,637</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(11,422</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">            - </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="2" style="vertical-align: bottom; padding-left: 20px;"> <div> Total deferred </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">11,020</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(84,280</td><td style="vertical-align : bottom; text-align : left; width : 1%; border-bottom : 2px solid transparent; ">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">            - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Total income tax expense (benefit) </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">35,726</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">(71,959</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">           - </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table> 21926000 10434000 0 2780000 1887000 0 24706000 12321000 0 9383000 -72858000 0 1637000 -11422000 0 11020000 -84280000 0 35726000 -71959000 0 <div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> The following table is a reconciliation of the U.S. federal statutory rate to the Company’s effective rate for the year ended December 31, 2025 in accordance with the guidance in ASU No. 2023-09: </div><div style="font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">Amount</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">Percent</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%;"> <span style="font-style: italic;">(in thousands)</span> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%;"> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Tax expense at U.S. federal statutory rate </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">38,358</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">21.0</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> State taxes, net of federal benefit <span style="font-size: .83em; vertical-align: super;">(1)</span></div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">3,834</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">2.1</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Nontaxable or Nondeductible Items </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Nondeductible executive compensation </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">2,799</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">1.5</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Excess tax benefits related to stock-based compensation </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(7,998</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">-4.3</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Tax credits </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(1,883</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">-1.0</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Change in valuation allowance </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">              - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">0.0</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Other Adjustments </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Other </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">616</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">0.3</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Income tax expense </div> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">35,726</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">19.6</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;">%</td> </tr> </table><div style="text-align: center; font-size: 10pt;">  </div><div style="text-indent: -18pt; padding-left: 31.5pt;"> <div style="float: left; width: 18pt; white-space: nowrap; font-size: 10pt;">⁽¹⁾</div> <div style="font-size: 10pt;"> State taxes in Florida, Georgia, Illinois and North Carolina made up the majority (greater than 50%) of the tax effect in this category. </div> </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> The following table is a reconciliation of the U.S. federal statutory rate to the Company’s effective rate for the years ended December 31, 2024 and 2023 in accordance with the guidance prior to the adoption of ASU 2023-09: </div><div style="font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td colspan="6" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none; width: 1%;"><span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Years Ended December 31,</span> </td> <td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr><tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 9%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2024</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 9%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2023</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td colspan="7" style="vertical-align: bottom; text-align: center;"> <span style="font-style: italic;">(in thousands)</span> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Tax expense (benefit) at U.S. federal statutory rate </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">26,400</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">(5,930</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> State taxes, net of federal benefit </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(9,931</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(763</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Non-deductible executive compensation </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">4,340</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">983</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Excess tax benefits related to stock-based compensation </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(5,661</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">            - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Change in valuation allowance </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(87,969</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">4,696</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Other </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">862</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">1,014</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Income tax benefit </div> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">(71,959</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">           - </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table> 38358000 0.21 3834000 0.021 2799000 0.015 -7998000 -0.043 1883000 0.01 0 0 616000 0.003 35726000 0.196 0.50 0.50 0.50 0.50 26400000 -5930000 -9931000 -763000 4340000 983000 -5661000 0 -87969000 4696000 862000 1014000 -71959000 0 <div style="text-align: left; text-indent: 47px; padding-left: 0px;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The amounts of cash income taxes paid by the Company during the year ended December 31, 2025 were as follows:</span></div><div style="text-align: center; font-size: 10pt;"> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">Amount</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">Percent</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%;"> <span style="font-style: italic;">(in thousands)</span> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%;"> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Federal </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">17,590</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">89.4</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> State and Local </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">2,093</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">10.6</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Total </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">19,683</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">100.0</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;">%</td> </tr> </table> 17590000 0.894 2093000 0.106 19683000 1 <div style="text-indent: 36pt; font-size: 10pt;"> The significant components of the Company’s net deferred tax assets are as follows: </div><div style="font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="6" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none; width: 1%;"><span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Year Ended December 31,</span> </td> <td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr><tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 9%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2025</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> </td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 9%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2024</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Deferred tax assets: </div> </td> <td colspan="8" style="vertical-align: bottom; text-align: center;"> <span style="font-style: italic;">(in thousands)</span> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Federal and state net operating loss carryforwards </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">64,432</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">65,615</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Interest expense limitation carryforwards </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">3,328</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">13,604</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Inventory </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">3,978</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">3,911</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Stock-based compensation </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">3,923</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">2,523</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Lease obligations </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">2,392</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">2,549</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Accrued expenses and other </div> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">4,316</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">5,779</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Total deferred tax assets </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">82,369</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">93,981</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Deferred tax liabilities: </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 9%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 9%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Depreciation of property and equipment </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(6,270</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(6,166</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Right-of-use assets </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(2,047</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(2,247</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Other deferred tax liabilities </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(791</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(1,288</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 20px;"> <div> Total deferred tax liabilities </div> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(9,108</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(9,701</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Net deferred tax assets </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; text-align: left; width: 1%; border-top: none; border-left: none; border-right: none;">$</td><td style="border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; text-align: right; width: 9%; border-top: none; border-left: none; border-right: none;">73,261</td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; text-align: left; width: 1%; border-top: none; border-left: none; border-right: none;">$</td><td style="border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; text-align: right; width: 9%; border-top: none; border-left: none; border-right: none;">84,280</td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> </table> 64432000 65615000 3328000 13604000 3978000 3911000 3923000 2523000 2392000 2549000 4316000 5779000 82369000 93981000 6270000 6166000 2047000 2247000 791000 1288000 9108000 9701000 73261000 84280000 265600000 176900000 33400000 46800000 The annual amount of Federal NOLs that expire each year is as follows (<span style="font-style: italic;">in thousands</span>):<table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 1.0pt;"> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; border-top: none; border-left: none; border-right: none;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Expiration Date </div> </td> <td style="vertical-align: bottom; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-right: none; border-left: none; white-space: nowrap; width: 1%; text-align: center;"> <div> Remaining Available </div> </td><td style="vertical-align: bottom; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> 2031 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">2,409</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> 2032 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">7,430</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> 2033 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">11,295</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> 2034 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">1,025</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> 2035 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">1,025</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> 2036 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">1,025</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> 2037 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">9,157</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Indefinite </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">232,240</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Total </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">265,606</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table> 2409000 7430000 11295000 1025000 1025000 1025000 9157000 232240000 265606000 0 0 <div style="text-indent: -27pt; padding-left: 27pt; font-family: Aptos;"> <div style="float: left; width: 27.0pt; white-space: nowrap;"> <span style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">12.</span> </div> <div> <span style="font-family: &quot;Times New Roman&quot;; font-weight: bold; text-decoration: underline;">LEASE OBLIGATIONS</span> </div> </div><div>  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> The Company leases certain properties and equipment for its ADMA BioCenters and ADMA BioManufacturing subsidiaries, which leases provide the right to use the underlying assets and require lease payments through the respective lease terms which expire at various dates through 2033. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Upon adoption of ASU No. 2016-02, <span style="font-style: italic;">Leases (Topic 842) </span>effective January 1, 2019, the Company elected the package of practical expedients, which permits the Company to not reassess under the new standard its prior conclusions about lease identification, lease classification and initial direct costs. In addition, the Company elected the short-term lease recognition exemption for qualifying leases. </div><div style="text-align: justify; margin-left: 18pt; font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> The Company determines if an arrangement is an operating lease or a financing lease at inception. Leases with an initial term of 12 months or less are not recorded on the balance sheet and lease expense for such leases are recognized on a straight-line basis over the lease term. All other leases are recorded on the balance sheet with assets representing the right to use the underlying asset for the lease term and lease liabilities representing the obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term and include options to extend or terminate the lease when they are reasonably certain to be exercised. The present value of the lease payments is determined using the Company’s estimated incremental borrowing rate as of the lease commencement date. There were no new material leases entered into during the years ended December 31, 2025 and December 31, 2024. For the lease liabilities recognized during the years ended December 31, 2023 and 2022, the Company used discount rates of 13% to 16%, representing a weighted average discount rate of 13.02%, to determine the present value of its lease obligations. The Company’s operating lease expense is recognized on a straight-line basis over the lease term and is reflected in plasma center operating expenses and selling, general and administrative expenses in the accompanying consolidated statements of operations. Aggregate lease expense for the Company’s operating leases for the years ended December 31, 2025, 2024 and 2023 was $2.4 million, $2.4 million and $2.4 million, respectively. Aggregate cash paid on these leases for the years ended December 31, 2025, 2024 and 2023 was $2.5 million, $2.4 million and $2.4 million, respectively. </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> The Company has aggregate lease liabilities of $7.7 million and $9.8 million as of December 31, 2025 and 2024, respectively, which are primarily comprised primarily of leases for the Company’s plasma collection centers. The Company’s operating leases have a weighted average remaining term of 5.77 years. Scheduled payments under the Company’s lease obligations are as follows (<span style="font-style: italic;">in thousands</span>): </div><div style="text-align: justify; font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; text-align: left;"> Year ending December 31, 2026 </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">1,986</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; text-align: left;"> 2027 </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">1,947</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; text-align: left;"> 2028 </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">1,972</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; text-align: left;"> 2029 </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">1,896</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; text-align: left;"> 2030 </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">1,561</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; text-align: left;"> 2031 </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">1,008</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; text-align: left;"> Thereafter </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">445</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; text-align: left;"> Total payments </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">10,815</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; text-align: left;"> Less: imputed interest </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">(3,073</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; text-align: left;"> Current portion </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(1,096</td><td style="vertical-align : bottom; text-align : left; width : 1%; border-bottom : 2px solid transparent; ">) </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; text-align: left;"> Balance at December 31, 2025 </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">6,646</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table><div style="text-align: right; font-size: 10pt;">  </div><div style="text-indent: 36pt; font-size: 10pt;"> As of December 31, 2025, certain of the Company’s right-of-use assets and lease liabilities were classified as held for sale. Refer to Note 5 for more information. </div> 0.13 0.16 0.1302 2400000 2400000 2400000 2500000 2400000 2400000 7700000 9800000 The Company’s operating leases have a weighted average remaining term of 5.77 years. Scheduled payments under the Company’s lease obligations are as follows (<span style="font-style: italic;">in thousands</span>):<table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; text-align: left;"> Year ending December 31, 2026 </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">1,986</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; text-align: left;"> 2027 </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">1,947</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; text-align: left;"> 2028 </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">1,972</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; text-align: left;"> 2029 </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">1,896</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; text-align: left;"> 2030 </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">1,561</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; text-align: left;"> 2031 </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">1,008</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; text-align: left;"> Thereafter </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">445</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; text-align: left;"> Total payments </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">10,815</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; text-align: left;"> Less: imputed interest </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">(3,073</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; text-align: left;"> Current portion </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(1,096</td><td style="vertical-align : bottom; text-align : left; width : 1%; border-bottom : 2px solid transparent; ">) </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; text-align: left;"> Balance at December 31, 2025 </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">6,646</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table> P5Y9M7D 1986000 1947000 1972000 1896000 1561000 1008000 445000 10815000 3073000 1096000 6646000 <div style="text-indent: -27pt; padding-left: 27pt; font-family: Aptos;"> <div style="float: left; width: 27.0pt; white-space: nowrap;"> <span style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">13.</span> </div> <div> <span style="font-family: &quot;Times New Roman&quot;; font-weight: bold; text-decoration: underline;">SEGMENTS</span> </div> </div><div style="text-indent: -36pt; padding-left: 36pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> The Company is engaged in the manufacture, marketing and development of specialty plasma-derived biologics. The Company’s ADMA BioManufacturing operating segment reflects the Company’s immunoglobulin manufacturing, commercial and development operations in Boca Raton, FL. The Plasma Collection Centers operating segment consists of ten plasma collection facilities located throughout the United States, all of which are operational, collecting plasma and currently holding FDA licenses. The Company defines its operating segments as those business units whose operating results are regularly reviewed by the chief operating decision maker (“CODM”) to analyze performance and allocate resources. The Corporate information included in the reconciliations below generally consists of certain unallocated general and administrative overhead expenses and interest expense on the Company’s senior debt (see Note 7). The Company’s CODM is its President and Chief Executive Officer. For the Company’s two operating segments, the CODM uses income/loss before taxes as the measure of segment profit to determine the allocation of resources for each segment. Transactions between the two operating segments consist solely of the transfer of raw material plasma inventory at cost from the Plasma Collection Centers segment to the ADMA BioManufacturing segment with no markup or intercompany profit. Income tax benefit/expense is recorded in the Corporate entity and is not allocated to the operating segments. Summarized financial information concerning reportable segments is shown in the following tables: </div><div style="text-align: justify; font-size: 10pt;">  </div><table cellpadding="0" style="margin-left: 0px; margin-right: 0px; border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr> <td colspan="12" style="border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; text-align: center;"> <b>Year Ended December 31, 2025</b> </td><td style="text-align: center; border-width: initial; border-style: none; border-color: initial; width: 1%;"> </td> </tr> <tr> <td style="font-style: italic; text-align: center; vertical-align: bottom;"> (in thousands) </td> <td style="font-weight: bold; text-align: center; vertical-align: bottom; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="font-weight: bold; vertical-align: bottom; white-space: nowrap; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; text-align: center;"> ADMA <br/>BioManufacturing </td><td style="font-weight: bold; text-align: center; vertical-align: bottom; white-space: nowrap; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> <td style="font-weight: bold; text-align: center; vertical-align: bottom; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="font-weight: bold; vertical-align: bottom; white-space: nowrap; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; text-align: center;"> Plasma Collection <br/>Centers </td><td style="font-weight: bold; text-align: center; vertical-align: bottom; white-space: nowrap; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> <td style="font-weight: bold; text-align: center; vertical-align: bottom; width: 1%;"> </td><td colspan="2" style="font-weight: bold; text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> Total </td><td style="font-weight: bold; text-align: center; vertical-align: bottom; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td> <div> Revenues </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">493,000</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">17,030</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">510,030</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td> <div> Cost of product revenue </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">199,860</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">17,548</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">217,408</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td> <div> Research and development </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">4,762</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">              - </td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">4,762</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td> <div> Plasma center operating expenses </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">               - </td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">4,836</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">4,836</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td> <div> Selling, marketing and distribution </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">24,507</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">              - </td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">24,507</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td> <div> Depreciation and amortization expense</div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">4,905</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">3,192</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">8,097</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td> <div> General and administrative expense </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">32,879</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">              - </td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">32,879</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td> <div> Other expense, net </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(202</td><td style="text-align: left; width: 1%;">) </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(10</td><td style="text-align: left; width: 1%;">) </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(212</td><td style="text-align: left; width: 1%;">) </td> </tr> <tr> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td> <div> Income (loss) before taxes </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">230,646</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(5,364</td><td style="text-align: left; width: 1%;">) </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">225,282</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td> <div> Expenditures for additions to long-lived assets </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">22,384</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">507</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">22,891</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr> <td> <div> Total assets </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">441,512</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">28,494</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">470,006</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr> <td> <div><i> Reconciliation of revenues: </i></div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="padding-left: 10px;"> <div> Segment revenue </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">510,030</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr> <td style="padding-left: 10px;"> <div> License revenue (see Note 2 - Revenue Recognition) </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;">143</td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="padding-left: 20px;"> <div> Consolidated revenues </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="text-align: right; width: 9%; border-bottom: 4px double black;">510,173</td><td style="text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> <tr> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td colspan="5" style="font-style: italic;"> <div> Reconciliation of selling, general and administrative expense: </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr> <td style="padding-left: 10px;"> <div> Segment selling, marketing and distribution expense </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">24,507</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="padding-left: 10px;"> <div> Segment general and administrative expense </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">32,879</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr> <td style="padding-left: 10px;"> <div> Corporate general and administrative expense (a) </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;">34,194</td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td colspan="5" style="padding-left: 20px;"> <div> Consolidated selling, general and administrative expense </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="text-align: right; width: 9%; border-bottom: 4px double black;">91,580</td><td style="text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> <tr> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="font-style: italic;"> <div> Reconciliation of income before taxes: </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr> <td style="padding-left: 10px;"> <div> Segment income before taxes </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">225,282</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="padding-left: 10px;"> <div> License revenue </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">143</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr> <td colspan="9" style="padding-left: 10px;"> <div> Unallocated interest expense, primarily related to interest on senior debt (see Note 7) </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(7,110</td><td style="text-align: left; width: 1%;">) </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="padding-left: 10px;"> <div> Loss on extinguishment of debt (see Note 7) </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(3,336</td><td style="text-align: left; width: 1%;">) </td> </tr> <tr> <td style="padding-left: 10px;"> <div> Unallocated interest income </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">1,871</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="padding-left: 10px;"> <div> Corporate general and administrative expense (a) </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;">(34,194</td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> </tr> <tr> <td style="padding-left: 20px;"> <div> Consolidated income before taxes </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="text-align: right; width: 9%; border-bottom: 4px double black;">182,656</td><td style="text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr> <td style="font-style: italic;"> <div> Reconciliation of total assets: </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="padding-left: 10px;"> <div> Total segment assets </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">470,006</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr> <td style="padding-left: 10px;"> <div> Corporate (b) </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">154,236</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="padding-left: 20px;"> <div> Consolidated total assets </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="text-align: right; width: 9%; border-bottom: 4px double black;">624,242</td><td style="text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table><div style="text-align: left; font-size: 10pt;"> </div><table style="width: 100%; font-size: 10pt;"><tr style="height: 0px; font-size: 0px;"><td style="width: 3%;"> </td><td style="width: 97%;"> </td></tr><tr><td style="vertical-align: top;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(a)</span> </td><td><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Primarily includes compensation expense, including stock-based compensation expense, for certain executive officers and consultants, insurance, legal and investor relations expenses and accounting and tax fees that are not allocated to the Company's operating segments.</span></td></tr><tr><td> </td><td> </td></tr><tr><td><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(b)</span></td><td><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Primarily consists of cash and deferred tax assets.</span></td></tr></table><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="12" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; border-top: none; border-left: none; border-right: none; text-align: center;"> <span style="font-weight: bold;">Year Ended December 31, 2024</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; text-align: center;"> <span style="font-style: italic;">(in thousands)</span> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">ADMA <br/>BioManufacturing</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">Plasma Collection <br/>Centers</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none; width: 1%;"> <span style="font-weight: bold;">Total</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Revenues </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">415,806</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">10,505</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">426,311</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Cost of product revenue </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">195,605</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">11,296</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">206,901</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Research and development </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">1,813</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">              - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">1,813</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Plasma center operating expenses </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">               - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">4,245</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">4,245</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Selling, marketing and distribution </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">18,683</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">              - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">18,683</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="margin : 0in; padding-left : 7.2pt; text-indent : -7.2pt; "><span style="font-size: 10pt">Depreciation and amortization expense</span></div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">4,827</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">3,218</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">8,045</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> General and administrative expense </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">26,001</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">              - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">26,001</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Other expense, net </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(178</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(5</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(183</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Income (loss) before taxes </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">173,138</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(5,041</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">168,097</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Expenditures for additions to long-lived assets </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">8,352</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">223</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">8,575</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Total assets </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">289,297</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">30,477</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">319,774</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> <span style="font-style: italic;">Reconciliation of revenues:</span> </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Segment revenue </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">426,311</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="5" style="vertical-align: bottom; padding-left: 10px;"> <div> License revenue (see Note 2 - Revenue Recognition) </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">143</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 20px;"> <div> Consolidated revenues </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">426,454</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="5" style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> <span style="font-style: italic;">Reconciliation of selling, general and administrative expense:</span> </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="5" style="vertical-align: bottom; padding-left: 10px;"> <div> Segment selling, marketing and distribution expense </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">18,683</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="5" style="vertical-align: bottom; padding-left: 10px;"> <div> Segment general and administrative expense </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">26,001</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="5" style="vertical-align: bottom; padding-left: 10px;"> <div> Corporate general and administrative expense (a) </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">29,440</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="5" style="vertical-align: bottom; padding-left: 20px;"> <div> Consolidated selling, general and administrative expense </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">74,124</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> <span style="font-style: italic;">Reconciliation of income before taxes:</span> </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Segment income before taxes </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">168,097</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> License revenue </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">143</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="9" style="vertical-align: bottom; padding-left: 10px;"> <div> Unallocated interest expense, primarily related to interest on senior debt (see Note 7) </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(13,930</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="5" style="vertical-align: bottom; padding-left: 10px;"> <div> Loss on extinguishment of debt (see Note 7) </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(1,243</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Unallocated interest income </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">2,087</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="5" style="vertical-align: bottom; padding-left: 20px;"> <div> Corporate general and administrative expense (a) </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(29,440</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="5" style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Consolidated income before taxes </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">125,714</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> <span style="font-style: italic;">Reconciliation of total assets:</span> </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Total segment assets </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">319,774</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Corporate (b) </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">168,904</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 20px;"> <div> Consolidated total assets </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">488,678</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table><div style="font-size: 10pt;"> </div><table style="width: 100%; font-size: 10pt;"><tr style="height: 0px; font-size: 0px;"><td style="width: 3%;"> </td><td style="width: 97%;"> </td></tr><tr><td style="vertical-align: top;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(a)</span></td><td><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Primarily includes compensation expense, including stock-based compensation expense, for certain executive officers and consultants, insurance, legal and investor relations expenses and accounting and tax fees that are not allocated to the Company's operating segments.</span> </td></tr><tr><td> </td><td> </td></tr><tr><td><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(b)</span></td><td><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Primarily consists of cash and deferred tax assets.</span></td></tr></table><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="12" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; border-top: none; border-left: none; border-right: none; text-align: center;"> <span style="font-weight: bold;">Year Ended December 31, 2023</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; text-align: center;"> <span style="font-style: italic;">(in thousands)</span> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-right: none; border-left: none; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">ADMA <br/>BioManufacturing</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-right: none; border-left: none; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">Plasma Collection <br/>Centers</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">Total</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Revenues </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">249,738</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">8,334</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">258,072</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Cost of product revenue </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">161,157</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">8,116</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">169,273</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Research and development </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">3,300</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">              - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">3,300</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Plasma center operating expenses </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">               - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">4,266</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">4,266</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Selling, marketing and distribution </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">18,407</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">              - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">18,407</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Depreciation and amortization expense </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">5,156</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">3,176</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">8,332</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> General and administrative expense </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">18,625</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">              - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">18,625</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Income (loss) before taxes </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">47,267</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(4,049</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">43,218</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Expenditures for additions to long-lived assets </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">2,952</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">1,819</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">4,771</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Total assets </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">246,719</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">34,733</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">281,452</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> <span style="font-style: italic;">Reconciliation of revenues:</span> </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Segment revenue </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">258,072</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="5" style="vertical-align: bottom; padding-left: 10px;"> <div> License revenue (see Note 2 - Revenue Recognition) </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">143</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 20px;"> <div> Consolidated revenues </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">258,215</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="5" style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> <span style="font-style: italic;">Reconciliation of selling, general and administrative expense:</span> </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="5" style="vertical-align: bottom; padding-left: 10px;"> <div> Segment selling, marketing and distribution expense </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">18,407</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Segment general and administrative expense </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">18,625</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Corporate general and administrative expense (a) </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">21,988</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="5" style="vertical-align: bottom; padding-left: 20px;"> <div> Consolidated selling, general and administrative expense </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">59,020</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> <span style="font-style: italic;">Reconciliation of loss before taxes:</span> </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Segment income before taxes </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">43,218</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> License revenue </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">143</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="9" style="vertical-align: bottom; padding-left: 10px;"> <div> Unallocated interest expense, primarily related to interest on senior debt (see Note 7) </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(25,027</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Loss on extinguishment of debt (see Note 7) </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(26,174</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Unallocated interest income </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">1,589</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Corporate general and administrative expense (a) </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(21,988</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 20px;"> <div> Consolidated loss before taxes </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">(28,239</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;">) </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> <span style="font-style: italic;">Reconciliation of total assets:</span> </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Total segment assets </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">281,452</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Corporate (b) </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">47,730</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 20px;"> <div> Consolidated total assets </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">329,182</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table><div style="font-size: 10pt;"> </div><table style="width: 100%; font-size: 10pt;"><tr style="height: 0px; font-size: 0px;"><td style="width: 3%;"> </td><td style="width: 97%;"> </td></tr><tr><td style="vertical-align: top;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(a)</span> </td><td><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Primarily includes compensation expense, including stock-based compensation expense, for certain executive officers and consultants, insurance, legal and investor relations expenses and accounting and tax fees that are <span style="text-decoration-thickness: initial; float: none; display: inline !important;">not allocated to the Company's operating segments.</span></span> </td></tr><tr><td> </td><td> </td></tr><tr><td><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(b)</span></td><td><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Primarily consists of cash.</span></td></tr></table><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> Net revenues according to geographic area, based on the location of where the product is shipped, are as follows (<span style="font-style: italic;">in thousands</span>): </div><div style="font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"><br/></td><td colspan="18" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none; width: 1%;"> <span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Year Ended December 31, 2025</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">ADMA <br/>BioManufacturing</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="vertical-align : bottom; text-align : center; width : 1%; border-bottom : 2px solid black; border-top-color : black; border-right-color : black; border-left-color : black; white-space : nowrap; "> <span style="font-weight: bold;">Plasma Centers</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">Total Segment <br/>Revenue</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="vertical-align : bottom; text-align : center; width : 1%; border-bottom : 2px solid black; border-top-color : black; border-right-color : black; border-left-color : black; white-space : nowrap; "> <span style="font-weight: bold;">License Revenue</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">Consolidated <br/>Revenue</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> United States </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">489,016</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">14,908</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">503,924</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">143</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">504,067</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> International </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">3,984</td><td style="vertical-align: bottom; text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">2,122</td><td style="vertical-align: bottom; text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">6,106</td><td style="vertical-align: bottom; text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">                - </td><td style="vertical-align: bottom; text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">6,106</td><td style="vertical-align: bottom; text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Total revenues </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">493,000</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">17,030</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">510,030</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">143</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">510,173</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table><div style="font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"><br/></td><td colspan="18" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none; width: 1%;"> <span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Year Ended December 31, 2024</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">ADMA <br/>BioManufacturing</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="vertical-align : bottom; text-align : center; width : 1%; border-bottom : 2px solid black; border-top-color : black; border-right-color : black; border-left-color : black; white-space : nowrap; "> <span style="font-weight: bold;">Plasma Centers</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">Total Segment <br/>Revenue</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="vertical-align : bottom; text-align : center; width : 1%; border-bottom : 2px solid black; border-top-color : black; border-right-color : black; border-left-color : black; white-space : nowrap; "> <span style="font-weight: bold;">License Revenue</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">Consolidated <br/>Revenue</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> United States </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">400,336</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">9,669</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">410,005</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">143</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">410,148</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> International </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">15,470</td><td style="vertical-align: bottom; text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">836</td><td style="vertical-align: bottom; text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">16,306</td><td style="vertical-align: bottom; text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">                - </td><td style="vertical-align: bottom; text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">16,306</td><td style="vertical-align: bottom; text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Total revenues </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">415,806</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">10,505</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">426,311</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">143</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">426,454</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table><div style="font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"><br/></td><td colspan="18" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none; width: 1%;"> <span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Year Ended December 31, 2023</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">ADMA <br/>BioManufacturing</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="vertical-align : bottom; text-align : center; width : 1%; border-bottom : 2px solid black; border-top-color : black; border-right-color : black; border-left-color : black; white-space : nowrap; "> <span style="font-weight: bold;">Plasma Centers</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">Total Segment <br/>Revenue</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="vertical-align : bottom; text-align : center; width : 1%; border-bottom : 2px solid black; border-top-color : black; border-right-color : black; border-left-color : black; white-space : nowrap; "> <span style="font-weight: bold;">License Revenue</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">Consolidated <br/>Revenue</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> United States </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">237,454</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">7,284</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">244,738</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">143</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">244,881</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> International </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">12,284</td><td style="vertical-align: bottom; text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">1,050</td><td style="vertical-align: bottom; text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">13,334</td><td style="vertical-align: bottom; text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">                - </td><td style="vertical-align: bottom; text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">13,334</td><td style="vertical-align: bottom; text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Total revenues </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">249,738</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">8,334</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">258,072</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">143</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">258,215</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table><div style="font-size: 10pt;">  </div><div style="text-indent: 36pt; font-size: 10pt;"> Net revenues, disaggregated by product, are as follows: </div><div style="font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; width: 1%;"> </td><td colspan="10" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none; width: 1%;"><span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Year Ended December 31,</span> </td> <td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr><tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2025</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2024</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2023</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td colspan="12" style="vertical-align: bottom; text-align: center;"> <span style="font-style: italic;">(in thousands)</span> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> ASCENIV </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">362,531</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">239,594</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">92,592</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> BIVIGAM </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">122,033</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">142,357</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">140,212</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Intermediates and other <span style="font-size: .83em; vertical-align: super;">(1)</span></div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">8,579</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">33,998</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">17,077</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> ADMA BioManufacturing </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">493,143</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">415,949</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">249,881</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Plasma Collection Centers </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">17,030</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">10,505</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">8,334</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 20px;"> <div> <span style="font-weight: bold;">Total</span> </div> </td> <td style="vertical-align: bottom; text-align: right; font-weight: bold; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; font-weight: bold; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; font-weight: bold; width: 9%; border-bottom: 4px double black;">510,173</td><td style="vertical-align: bottom; text-align: left; font-weight: bold; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; font-weight: bold; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; font-weight: bold; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; font-weight: bold; width: 9%; border-bottom: 4px double black;">426,454</td><td style="vertical-align: bottom; text-align: left; font-weight: bold; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; font-weight: bold; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; font-weight: bold; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; font-weight: bold; width: 9%; border-bottom: 4px double black;">258,215</td><td style="vertical-align: bottom; text-align: left; font-weight: bold; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table><div style="font-size: 10pt;">  </div><div style="margin-left: 5.4pt;"> ⁽¹⁾ Due to Nabi-HB historically representing less than 10% of the Company’s revenue within the ADMA <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">BioManufacturing segment, it has been included under intermediates and other.</span></div> 10 2 2 Summarized financial information concerning reportable segments is shown in the following tables:<table cellpadding="0" style="margin-left: 0px; margin-right: 0px; border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr> <td colspan="12" style="border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; text-align: center;"> <b>Year Ended December 31, 2025</b> </td><td style="text-align: center; border-width: initial; border-style: none; border-color: initial; width: 1%;"> </td> </tr> <tr> <td style="font-style: italic; text-align: center; vertical-align: bottom;"> (in thousands) </td> <td style="font-weight: bold; text-align: center; vertical-align: bottom; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="font-weight: bold; vertical-align: bottom; white-space: nowrap; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; text-align: center;"> ADMA <br/>BioManufacturing </td><td style="font-weight: bold; text-align: center; vertical-align: bottom; white-space: nowrap; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> <td style="font-weight: bold; text-align: center; vertical-align: bottom; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="font-weight: bold; vertical-align: bottom; white-space: nowrap; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; text-align: center;"> Plasma Collection <br/>Centers </td><td style="font-weight: bold; text-align: center; vertical-align: bottom; white-space: nowrap; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> <td style="font-weight: bold; text-align: center; vertical-align: bottom; width: 1%;"> </td><td colspan="2" style="font-weight: bold; text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> Total </td><td style="font-weight: bold; text-align: center; vertical-align: bottom; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td> <div> Revenues </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">493,000</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">17,030</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">510,030</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td> <div> Cost of product revenue </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">199,860</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">17,548</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">217,408</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td> <div> Research and development </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">4,762</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">              - </td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">4,762</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td> <div> Plasma center operating expenses </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">               - </td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">4,836</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">4,836</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td> <div> Selling, marketing and distribution </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">24,507</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">              - </td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">24,507</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td> <div> Depreciation and amortization expense</div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">4,905</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">3,192</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">8,097</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td> <div> General and administrative expense </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">32,879</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">              - </td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">32,879</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td> <div> Other expense, net </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(202</td><td style="text-align: left; width: 1%;">) </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(10</td><td style="text-align: left; width: 1%;">) </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(212</td><td style="text-align: left; width: 1%;">) </td> </tr> <tr> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td> <div> Income (loss) before taxes </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">230,646</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(5,364</td><td style="text-align: left; width: 1%;">) </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">225,282</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td> <div> Expenditures for additions to long-lived assets </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">22,384</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">507</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">22,891</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr> <td> <div> Total assets </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">441,512</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">28,494</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">470,006</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr> <td> <div><i> Reconciliation of revenues: </i></div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="padding-left: 10px;"> <div> Segment revenue </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">510,030</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr> <td style="padding-left: 10px;"> <div> License revenue (see Note 2 - Revenue Recognition) </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;">143</td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="padding-left: 20px;"> <div> Consolidated revenues </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="text-align: right; width: 9%; border-bottom: 4px double black;">510,173</td><td style="text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> <tr> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td colspan="5" style="font-style: italic;"> <div> Reconciliation of selling, general and administrative expense: </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr> <td style="padding-left: 10px;"> <div> Segment selling, marketing and distribution expense </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">24,507</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="padding-left: 10px;"> <div> Segment general and administrative expense </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">32,879</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr> <td style="padding-left: 10px;"> <div> Corporate general and administrative expense (a) </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;">34,194</td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td colspan="5" style="padding-left: 20px;"> <div> Consolidated selling, general and administrative expense </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="text-align: right; width: 9%; border-bottom: 4px double black;">91,580</td><td style="text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> <tr> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="font-style: italic;"> <div> Reconciliation of income before taxes: </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr> <td style="padding-left: 10px;"> <div> Segment income before taxes </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">225,282</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="padding-left: 10px;"> <div> License revenue </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">143</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr> <td colspan="9" style="padding-left: 10px;"> <div> Unallocated interest expense, primarily related to interest on senior debt (see Note 7) </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(7,110</td><td style="text-align: left; width: 1%;">) </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="padding-left: 10px;"> <div> Loss on extinguishment of debt (see Note 7) </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(3,336</td><td style="text-align: left; width: 1%;">) </td> </tr> <tr> <td style="padding-left: 10px;"> <div> Unallocated interest income </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">1,871</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="padding-left: 10px;"> <div> Corporate general and administrative expense (a) </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid black;">(34,194</td><td style="text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> </tr> <tr> <td style="padding-left: 20px;"> <div> Consolidated income before taxes </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="text-align: right; width: 9%; border-bottom: 4px double black;">182,656</td><td style="text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr> <td style="font-style: italic;"> <div> Reconciliation of total assets: </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="padding-left: 10px;"> <div> Total segment assets </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">470,006</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr> <td style="padding-left: 10px;"> <div> Corporate (b) </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">154,236</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="padding-left: 20px;"> <div> Consolidated total assets </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="text-align: right; width: 9%; border-bottom: 4px double black;">624,242</td><td style="text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table><div style="text-align: left; font-size: 10pt;"> </div><table style="width: 100%; font-size: 10pt;"><tr style="height: 0px; font-size: 0px;"><td style="width: 3%;"> </td><td style="width: 97%;"> </td></tr><tr><td style="vertical-align: top;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(a)</span> </td><td><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Primarily includes compensation expense, including stock-based compensation expense, for certain executive officers and consultants, insurance, legal and investor relations expenses and accounting and tax fees that are not allocated to the Company's operating segments.</span></td></tr><tr><td> </td><td> </td></tr><tr><td><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(b)</span></td><td><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Primarily consists of cash and deferred tax assets.</span></td></tr></table><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="12" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; border-top: none; border-left: none; border-right: none; text-align: center;"> <span style="font-weight: bold;">Year Ended December 31, 2024</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; text-align: center;"> <span style="font-style: italic;">(in thousands)</span> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">ADMA <br/>BioManufacturing</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">Plasma Collection <br/>Centers</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none; width: 1%;"> <span style="font-weight: bold;">Total</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Revenues </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">415,806</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">10,505</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">426,311</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Cost of product revenue </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">195,605</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">11,296</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">206,901</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Research and development </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">1,813</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">              - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">1,813</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Plasma center operating expenses </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">               - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">4,245</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">4,245</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Selling, marketing and distribution </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">18,683</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">              - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">18,683</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="margin : 0in; padding-left : 7.2pt; text-indent : -7.2pt; "><span style="font-size: 10pt">Depreciation and amortization expense</span></div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">4,827</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">3,218</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">8,045</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> General and administrative expense </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">26,001</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">              - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">26,001</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Other expense, net </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(178</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(5</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(183</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Income (loss) before taxes </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">173,138</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(5,041</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">168,097</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Expenditures for additions to long-lived assets </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">8,352</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">223</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">8,575</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Total assets </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">289,297</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">30,477</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">319,774</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> <span style="font-style: italic;">Reconciliation of revenues:</span> </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Segment revenue </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">426,311</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="5" style="vertical-align: bottom; padding-left: 10px;"> <div> License revenue (see Note 2 - Revenue Recognition) </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">143</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 20px;"> <div> Consolidated revenues </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">426,454</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="5" style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> <span style="font-style: italic;">Reconciliation of selling, general and administrative expense:</span> </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="5" style="vertical-align: bottom; padding-left: 10px;"> <div> Segment selling, marketing and distribution expense </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">18,683</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="5" style="vertical-align: bottom; padding-left: 10px;"> <div> Segment general and administrative expense </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">26,001</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="5" style="vertical-align: bottom; padding-left: 10px;"> <div> Corporate general and administrative expense (a) </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">29,440</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="5" style="vertical-align: bottom; padding-left: 20px;"> <div> Consolidated selling, general and administrative expense </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">74,124</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> <span style="font-style: italic;">Reconciliation of income before taxes:</span> </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Segment income before taxes </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">168,097</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> License revenue </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">143</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="9" style="vertical-align: bottom; padding-left: 10px;"> <div> Unallocated interest expense, primarily related to interest on senior debt (see Note 7) </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(13,930</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="5" style="vertical-align: bottom; padding-left: 10px;"> <div> Loss on extinguishment of debt (see Note 7) </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(1,243</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Unallocated interest income </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">2,087</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="5" style="vertical-align: bottom; padding-left: 20px;"> <div> Corporate general and administrative expense (a) </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(29,440</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="5" style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Consolidated income before taxes </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">125,714</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> <span style="font-style: italic;">Reconciliation of total assets:</span> </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Total segment assets </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">319,774</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Corporate (b) </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">168,904</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 20px;"> <div> Consolidated total assets </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">488,678</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table><div style="font-size: 10pt;"> </div><table style="width: 100%; font-size: 10pt;"><tr style="height: 0px; font-size: 0px;"><td style="width: 3%;"> </td><td style="width: 97%;"> </td></tr><tr><td style="vertical-align: top;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(a)</span></td><td><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Primarily includes compensation expense, including stock-based compensation expense, for certain executive officers and consultants, insurance, legal and investor relations expenses and accounting and tax fees that are not allocated to the Company's operating segments.</span> </td></tr><tr><td> </td><td> </td></tr><tr><td><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(b)</span></td><td><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Primarily consists of cash and deferred tax assets.</span></td></tr></table><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="12" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; border-top: none; border-left: none; border-right: none; text-align: center;"> <span style="font-weight: bold;">Year Ended December 31, 2023</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; text-align: center;"> <span style="font-style: italic;">(in thousands)</span> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-right: none; border-left: none; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">ADMA <br/>BioManufacturing</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-right: none; border-left: none; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">Plasma Collection <br/>Centers</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">Total</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Revenues </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">249,738</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">8,334</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">258,072</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Cost of product revenue </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">161,157</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">8,116</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">169,273</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Research and development </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">3,300</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">              - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">3,300</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Plasma center operating expenses </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">               - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">4,266</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">4,266</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Selling, marketing and distribution </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">18,407</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">              - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">18,407</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Depreciation and amortization expense </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">5,156</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">3,176</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">8,332</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> General and administrative expense </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">18,625</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">              - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">18,625</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Income (loss) before taxes </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">47,267</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(4,049</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">43,218</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Expenditures for additions to long-lived assets </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">2,952</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">1,819</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">4,771</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Total assets </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">246,719</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">34,733</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">281,452</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> <span style="font-style: italic;">Reconciliation of revenues:</span> </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Segment revenue </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">258,072</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="5" style="vertical-align: bottom; padding-left: 10px;"> <div> License revenue (see Note 2 - Revenue Recognition) </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">143</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 20px;"> <div> Consolidated revenues </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">258,215</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="5" style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> <span style="font-style: italic;">Reconciliation of selling, general and administrative expense:</span> </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="5" style="vertical-align: bottom; padding-left: 10px;"> <div> Segment selling, marketing and distribution expense </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">18,407</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Segment general and administrative expense </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">18,625</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Corporate general and administrative expense (a) </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">21,988</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="5" style="vertical-align: bottom; padding-left: 20px;"> <div> Consolidated selling, general and administrative expense </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">59,020</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> <span style="font-style: italic;">Reconciliation of loss before taxes:</span> </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Segment income before taxes </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">43,218</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> License revenue </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">143</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="9" style="vertical-align: bottom; padding-left: 10px;"> <div> Unallocated interest expense, primarily related to interest on senior debt (see Note 7) </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(25,027</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Loss on extinguishment of debt (see Note 7) </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(26,174</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Unallocated interest income </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">1,589</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Corporate general and administrative expense (a) </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(21,988</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 20px;"> <div> Consolidated loss before taxes </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">(28,239</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;">) </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> <span style="font-style: italic;">Reconciliation of total assets:</span> </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Total segment assets </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">281,452</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Corporate (b) </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">47,730</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 20px;"> <div> Consolidated total assets </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">329,182</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table><div style="font-size: 10pt;"> </div><table style="width: 100%; font-size: 10pt;"><tr style="height: 0px; font-size: 0px;"><td style="width: 3%;"> </td><td style="width: 97%;"> </td></tr><tr><td style="vertical-align: top;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(a)</span> </td><td><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Primarily includes compensation expense, including stock-based compensation expense, for certain executive officers and consultants, insurance, legal and investor relations expenses and accounting and tax fees that are <span style="text-decoration-thickness: initial; float: none; display: inline !important;">not allocated to the Company's operating segments.</span></span> </td></tr><tr><td> </td><td> </td></tr><tr><td><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(b)</span></td><td><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Primarily consists of cash.</span></td></tr></table> 493000000 17030000 510030000 199860000 17548000 217408000 4762000 0 4762000 0 4836000 4836000 24507000 0 24507000 4905000 3192000 8097000 32879000 0 32879000 -202000 -10000 -212000 230646000 -5364000 225282000 22384000 507000 22891000 441512000 28494000 470006000 510030000 143000 510173000 24507000 32879000 34194000 91580000 225282000 143000 -7110000 -3336000 1871000 -34194000 182656000 0 470006000 154236000 624242000 415806000 10505000 426311000 195605000 11296000 206901000 1813000 0 1813000 0 4245000 4245000 18683000 0 18683000 4827000 3218000 8045000 26001000 0 26001000 -178000 -5000 -183000 173138000 -5041000 168097000 8352000 223000 8575000 289297000 30477000 319774000 426311000 143000 426454000 18683000 26001000 29440000 74124000 168097000 143000 -13930000 -1243000 2087000 -29440000 125714000 319774000 168904000 488678000 249738000 8334000 258072000 161157000 8116000 169273000 3300000 0 3300000 0 4266000 4266000 18407000 0 18407000 5156000 3176000 8332000 18625000 0 18625000 47267000 -4049000 43218000 2952000 1819000 4771000 246719000 34733000 281452000 258072000 143000 258215000 18407000 18625000 21988000 59020000 43218000 143000 -25027000 -26174000 1589000 -21988000 -28239000 281452000 47730000 329182000 <div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> Net revenues according to geographic area, based on the location of where the product is shipped, are as follows (<span style="font-style: italic;">in thousands</span>): </div><div style="font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"><br/></td><td colspan="18" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none; width: 1%;"> <span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Year Ended December 31, 2025</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">ADMA <br/>BioManufacturing</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="vertical-align : bottom; text-align : center; width : 1%; border-bottom : 2px solid black; border-top-color : black; border-right-color : black; border-left-color : black; white-space : nowrap; "> <span style="font-weight: bold;">Plasma Centers</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">Total Segment <br/>Revenue</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="vertical-align : bottom; text-align : center; width : 1%; border-bottom : 2px solid black; border-top-color : black; border-right-color : black; border-left-color : black; white-space : nowrap; "> <span style="font-weight: bold;">License Revenue</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">Consolidated <br/>Revenue</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> United States </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">489,016</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">14,908</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">503,924</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">143</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">504,067</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> International </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">3,984</td><td style="vertical-align: bottom; text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">2,122</td><td style="vertical-align: bottom; text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">6,106</td><td style="vertical-align: bottom; text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">                - </td><td style="vertical-align: bottom; text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">6,106</td><td style="vertical-align: bottom; text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Total revenues </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">493,000</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">17,030</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">510,030</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">143</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">510,173</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table><div style="font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"><br/></td><td colspan="18" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none; width: 1%;"> <span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Year Ended December 31, 2024</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">ADMA <br/>BioManufacturing</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="vertical-align : bottom; text-align : center; width : 1%; border-bottom : 2px solid black; border-top-color : black; border-right-color : black; border-left-color : black; white-space : nowrap; "> <span style="font-weight: bold;">Plasma Centers</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">Total Segment <br/>Revenue</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="vertical-align : bottom; text-align : center; width : 1%; border-bottom : 2px solid black; border-top-color : black; border-right-color : black; border-left-color : black; white-space : nowrap; "> <span style="font-weight: bold;">License Revenue</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">Consolidated <br/>Revenue</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> United States </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">400,336</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">9,669</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">410,005</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">143</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">410,148</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> International </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">15,470</td><td style="vertical-align: bottom; text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">836</td><td style="vertical-align: bottom; text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">16,306</td><td style="vertical-align: bottom; text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">                - </td><td style="vertical-align: bottom; text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">16,306</td><td style="vertical-align: bottom; text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Total revenues </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">415,806</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">10,505</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">426,311</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">143</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">426,454</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table><div style="font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"><br/></td><td colspan="18" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none; width: 1%;"> <span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Year Ended December 31, 2023</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">ADMA <br/>BioManufacturing</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="vertical-align : bottom; text-align : center; width : 1%; border-bottom : 2px solid black; border-top-color : black; border-right-color : black; border-left-color : black; white-space : nowrap; "> <span style="font-weight: bold;">Plasma Centers</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">Total Segment <br/>Revenue</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="vertical-align : bottom; text-align : center; width : 1%; border-bottom : 2px solid black; border-top-color : black; border-right-color : black; border-left-color : black; white-space : nowrap; "> <span style="font-weight: bold;">License Revenue</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">Consolidated <br/>Revenue</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> United States </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">237,454</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">7,284</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">244,738</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">143</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">244,881</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> International </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">12,284</td><td style="vertical-align: bottom; text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">1,050</td><td style="vertical-align: bottom; text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">13,334</td><td style="vertical-align: bottom; text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">                - </td><td style="vertical-align: bottom; text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">13,334</td><td style="vertical-align: bottom; text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Total revenues </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">249,738</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">8,334</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">258,072</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">143</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">258,215</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table> 489016000 14908000 503924000 143000 504067000 3984000 2122000 6106000 0 6106000 493000000 17030000 510030000 143000 510173000 400336000 9669000 410005000 143000 410148000 15470000 836000 16306000 0 16306000 415806000 10505000 426311000 143000 426454000 237454000 7284000 244738000 143000 244881000 12284000 1050000 13334000 0 13334000 249738000 8334000 258072000 143000 258215000 <div style="text-indent: 36pt; font-size: 10pt;"> Net revenues, disaggregated by product, are as follows: </div><div style="font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; width: 1%;"> </td><td colspan="10" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none; width: 1%;"><span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Year Ended December 31,</span> </td> <td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr><tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2025</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2024</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2023</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td colspan="12" style="vertical-align: bottom; text-align: center;"> <span style="font-style: italic;">(in thousands)</span> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> ASCENIV </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">362,531</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">239,594</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">92,592</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> BIVIGAM </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">122,033</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">142,357</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">140,212</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Intermediates and other <span style="font-size: .83em; vertical-align: super;">(1)</span></div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">8,579</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">33,998</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">17,077</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> ADMA BioManufacturing </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">493,143</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">415,949</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">249,881</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Plasma Collection Centers </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">17,030</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">10,505</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">8,334</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 20px;"> <div> <span style="font-weight: bold;">Total</span> </div> </td> <td style="vertical-align: bottom; text-align: right; font-weight: bold; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; font-weight: bold; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; font-weight: bold; width: 9%; border-bottom: 4px double black;">510,173</td><td style="vertical-align: bottom; text-align: left; font-weight: bold; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; font-weight: bold; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; font-weight: bold; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; font-weight: bold; width: 9%; border-bottom: 4px double black;">426,454</td><td style="vertical-align: bottom; text-align: left; font-weight: bold; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; font-weight: bold; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; font-weight: bold; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; font-weight: bold; width: 9%; border-bottom: 4px double black;">258,215</td><td style="vertical-align: bottom; text-align: left; font-weight: bold; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table><div style="font-size: 10pt;">  </div><div style="margin-left: 5.4pt;"> ⁽¹⁾ Due to Nabi-HB historically representing less than 10% of the Company’s revenue within the ADMA <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">BioManufacturing segment, it has been included under intermediates and other.</span></div> 362531000 239594000 92592000 122033000 142357000 140212000 8579000 33998000 17077000 493143000 415949000 249881000 17030000 10505000 8334000 510173000 426454000 258215000 <div style="text-indent: -27pt; padding-left: 27pt; font-family: Aptos;"> <div style="float: left; width: 27.0pt; white-space: nowrap;"> <span style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">14.</span> </div> <div> <span style="font-family: &quot;Times New Roman&quot;; font-weight: bold; text-decoration: underline;">OTHER EMPLOYEE BENEFITS</span> </div> </div><div>  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> The Company sponsors a 401(k) savings plan. Under the plan, employees may make contributions which are eligible for a Company discretionary percentage contribution as defined in the plan and determined by the Board. The Company recognized $1.7 million, $1.5 million and $1.3 million of related compensation expense for the years ended December 31, 2025, 2024 and 2023, respectively. </div> 1700000 1500000 1300000 <div style="text-indent: -27pt; padding-left: 27pt; font-family: Aptos;"> <div style="float: left; width: 27.0pt; white-space: nowrap;"> <span style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">15.</span> </div> <div> <span style="font-family: &quot;Times New Roman&quot;; font-weight: bold; text-decoration: underline;">SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION</span> </div> </div><div style="text-indent: -36pt; padding-left: 36pt;">  </div><div style="text-indent: 36pt; font-size: 10pt;"> Supplemental cash flow information for the years ended December 31, 2025, 2024 and 2023 is as follows: </div><div style="font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-left: none; border-right: none; border-top: none;"> <span style="font-weight: bold;">2025</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-left: none; border-right: none; border-top: none;"> <span style="font-weight: bold;">2024</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-left: none; border-right: none; border-top: none;"> <span style="font-weight: bold;">2023</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> </td> <td colspan="12" style="vertical-align: bottom; text-align: center;"> <span style="font-style: italic;">(in thousands)</span> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> <span style="font-weight: bold;">SUPPLEMENTAL CASH FLOW INFORMATION:</span> </div> <div style="margin-left: 7.2pt;">  </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 9%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 9%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 9%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Cash paid for interest </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">9,078</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">10,668</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">18,051</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Cash paid for income taxes </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">19,683</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">9,392</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">         - </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> <span style="font-weight: bold;">Noncash Financing and Investing Activities:</span> </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Equipment acquired reflected in accounts payable and accrued liabilities </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">708</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">725</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">86</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Operating lease right-of-use assets obtained in exchange for operating lease obligations </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">1,825</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">         - </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">130</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Warrants issued in connection with notes payable </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">         - </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">         - </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">5,595</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table><div style="margin-left: -49.5pt; font-size: 10pt;">  </div><div style="text-align: justify; font-size: 10pt;"> See Note 8 and the Consolidated Statement of Stockholders’ Equity for more information about the cashless exercise activity related to the Company’s warrants. </div> <div style="text-indent: 36pt; font-size: 10pt;"> Supplemental cash flow information for the years ended December 31, 2025, 2024 and 2023 is as follows: </div><div style="font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-left: none; border-right: none; border-top: none;"> <span style="font-weight: bold;">2025</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-left: none; border-right: none; border-top: none;"> <span style="font-weight: bold;">2024</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-left: none; border-right: none; border-top: none;"> <span style="font-weight: bold;">2023</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> </td> <td colspan="12" style="vertical-align: bottom; text-align: center;"> <span style="font-style: italic;">(in thousands)</span> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> <span style="font-weight: bold;">SUPPLEMENTAL CASH FLOW INFORMATION:</span> </div> <div style="margin-left: 7.2pt;">  </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 9%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 9%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 9%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Cash paid for interest </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">9,078</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">10,668</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">18,051</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Cash paid for income taxes </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">19,683</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">9,392</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">         - </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> <span style="font-weight: bold;">Noncash Financing and Investing Activities:</span> </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Equipment acquired reflected in accounts payable and accrued liabilities </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">708</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">725</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">86</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Operating lease right-of-use assets obtained in exchange for operating lease obligations </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">1,825</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">         - </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">130</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Warrants issued in connection with notes payable </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">         - </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">         - </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">5,595</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table> 9078000 10668000 18051000 19683000 9392000 0 708000 725000 86000 1825000 0 130000 0 0 5595000 <div style="text-indent: -27pt; padding-left: 27pt; font-family: Aptos;"> <div style="float: left; width: 27.0pt; white-space: nowrap;"> <span style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">16.</span> </div> <div> <span style="font-family: &quot;Times New Roman&quot;; font-weight: bold; text-decoration: underline;">CONCENTRATIONS</span> </div> </div><div style="text-indent: -36pt; padding-left: 36pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> Financial instruments that potentially subject the Company to concentration of credit risk consist of accounts receivable. At December 31, 2025, two customers accounted for approximately 87% of the Company’s consolidated accounts receivable. At December 31, 2024, three customers accounted for approximately 91% of the Company’s consolidated accounts receivable.   </div><div style="text-align: justify; font-size: 10pt;">  </div><div style="text-indent: 36pt; text-align: justify; font-size: 10pt;"> For the years ended December 31, 2025, 2024, and 2023, two customers accounted for approximately 73%, 72% and 72%, respectively, of the Company’s consolidated revenues. Revenues for both of these customers are attributable to the ADMA BioManufacturing segment. There were no customers attributable to the Plasma Collection Centers segment whose revenues exceeded 10% of the Company’s consolidated revenues. </div> 2 0.87 3 0.91 2 2 2 0.73 0.72 0.72 0 0.10 <div style="text-indent: -27pt; margin-bottom: 8pt; padding-left: 27pt; font-family: Aptos;"> <div style="float: left; width: 27.0pt; white-space: nowrap;"> <span style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">17.</span> </div> <div> <span style="font-family: &quot;Times New Roman&quot;; font-weight: bold; text-decoration: underline;">SUBSEQUENT EVENTS</span> </div> </div><div style="text-align: justify; font-size: 10pt; text-indent: 47px; padding-left: 0px;"> In February 2026, we completed the sale of the Maryville Center and the Knoxville Center. Closing of the remaining third center included in the Disposal Group, the Laurel Center, is expected to take place in the first quarter of 2026. We anticipate recognizing a gain of approximately $8.0 million upon the finalization of the sale of the Disposal Group. Refer to Note 5 for further information. </div> 8000000 <div style="line-height: 12pt; text-align: center; font-size: 10pt;"> <span style="font-weight: bold;">Schedule II – Valuation and Qualifying Accounts</span> </div><div style="line-height: 12pt; text-align: center; font-size: 10pt;"> <span style="font-weight: bold;">Years ended December 31, 2025, 2024 and 2023</span> </div><div style="line-height: 12pt; text-align: center; margin-left: -18pt; font-size: 10pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td> </td> <td> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td colspan="2" style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%;"> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td> <td colspan="7" style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> <span style="font-weight: 700; letter-spacing: normal; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Additions</span> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 9%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%;"> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr><tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; width: 1%;"> <span style="font-weight: bold;">Balance at</span> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td> <td colspan="3" style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">Charged to costs</span> </td><td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 9%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 9%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="vertical-align : bottom; text-align : center; width : 1%; white-space : nowrap; "> <span style="font-weight: bold;">Balance at</span> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-right: none; border-left: none; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">beginning of year</span> </td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> <td colspan="3" style="vertical-align: bottom; text-align: center; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">and expenses</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">Other</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">Deductions</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="vertical-align : bottom; text-align : center; width : 1%; border-bottom : 2px solid black; border-top-color : black; border-right-color : black; border-left-color : black; white-space : nowrap; "> <span style="font-weight: bold;">end of year</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="vertical-align: bottom;"> </td> <td colspan="20" style="vertical-align: bottom; text-align: center;"> <span style="font-style: italic;">(in thousands)</span> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-decoration: underline;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Year ended December 31, 2025 </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 9%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 9%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 9%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 9%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 9%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="2" style="vertical-align: bottom; padding-left: 10px;"> <div> Accrued rebates </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">4,155</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">12,511</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">      - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">10,908</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">5,758</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="vertical-align: bottom; padding-left: 10px;"> <div> Inventory valuation allowance </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">5,161</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">9,996</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">      - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">10,609</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">4,548</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="2" style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="2" style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-decoration: underline;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Year ended December 31, 2024 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="vertical-align: bottom; padding-left: 10px;"> <div> Accrued rebates </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">16,608</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">8,514</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">(12,618</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">8,349</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">4,155</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="2" style="vertical-align: bottom; padding-left: 10px;"> <div> Inventory valuation allowance </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">2,992</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">9,338</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">118</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">7,287</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">5,161</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="vertical-align: bottom; padding-left: 10px;"> <div> Deferred tax asset valuation allowance </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">101,421</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">(84,280</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">      - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">17,141</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">        - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="2" style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; border-width: initial; border-style: none; border-color: initial; text-decoration: underline;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Year ended December 31, 2023 </div> </td> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom; padding-left: 10px;"> <div> Accrued rebates </div> </td> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">11,437</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">8,448</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">      - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">3,277</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">16,608</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td colspan="2" style="vertical-align: bottom; padding-left: 10px;"> <div> Inventory valuation allowance </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">5,400</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">6,963</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">6</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">9,377</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">2,992</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td colspan="2" style="vertical-align: bottom; padding-left: 10px;"> <div> Deferred tax asset valuation allowance </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">96,725</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">4,696</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">      - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">         - </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">101,421</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> </table> 4155000 12511000 0 10908000 5758000 5161000 9996000 0 10609000 4548000 16608000 8514000 -12618000 8349000 4155000 2992000 9338000 118000 7287000 5161000 101421000 -84280000 0 17141000 0 11437000 8448000 0 3277000 16608000 5400000 6963000 6000 9377000 2992000 96725000 4696000 0 0 101421000 P412D http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember P7D 2039-09-30 2031-07-31 2031-12-31 0001368514 false FY State taxes in Florida, Georgia, Illinois and North Carolina made up the majority (greater than 50%) of the tax effect in this category. Primarily includes compensation expense, including stock-based compensation expense, for certain executive officers and consultants, insurance, legal and investor relations expenses and accounting and tax fees that are not allocated to the Company's operating segments. Primarily consists of cash and deferred tax assets. Primarily consists of cash. Due to Nabi-HB historically representing less than 10% of the Company’s revenue within the ADMA BioManufacturing segment, it has been included under intermediates and other.