UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the transition period from ________ to ________

Commission file number 001-36728

ADMA BIOLOGICS, INC.

(Exact name of registrant as specified in its charter)


Delaware		56-2590442
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)


465 State Route 17, Ramsey, New Jersey			07446
(Address of principal executive offices)			(Zip Code)

(201) 478-5552

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	ADMA	Nasdaq Global Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


	Large accelerated filer ☒	Accelerated filer ☐
	Non-accelerated filer ☐	Smaller reporting company ☐
		Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 1, 2026, there were 231,772,715 shares of the issuer’s common stock outstanding.

ADMA BIOLOGICS, INC. AND SUBSIDIARIES

INDEX


PART I FINANCIAL INFORMATION

	Item 1.	Financial Statements

		Condensed Consolidated Balance Sheets as of March 31, 2026 (Unaudited) and December 31, 2025	1

		Unaudited Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025	2

		Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2026 and 2025	3

		Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025	4

		Notes to Unaudited Condensed Consolidated Financial Statements	5

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	20

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	30

	Item 4.	Controls and Procedures.	30

PART II OTHER INFORMATION			31

	Item 1.	Legal Proceedings.	31

	Item 1A.	Risk Factors.	31

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	62

	Item 3.	Defaults Upon Senior Securities.	62

	Item 4.	Mine Safety Disclosures.	62

	Item 5.	Other Information.	62

	Item 6.	Exhibits.	62

SIGNATURES			64

This Quarterly Report on Form 10-Q includes our trademarks, trade names and service marks, such as “ASCENIV^™,” “Nabi-HB^®” and “BIVIGAM^®,” which are protected under applicable intellectual property laws and are the property of ADMA Biologics, Inc., or its subsidiaries. Solely for convenience, trademarks, trade names and service marks referred to in this report may appear without the ^®, ^™ or ^SM symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the right of the applicable licensor to these trademarks, trade names and service marks. We do not intend our use or display of other parties’ trademarks, trade names or service marks to imply, and such use or display should not be construed to imply, a relationship with, or endorsement or sponsorship of us by, these other parties.

Special Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and such forward-looking statements involve risks and uncertainties. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions that are not historical facts and typically are identified by use of terms such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “project,” “continue,” or the negative thereof, or other variations or comparable terminology, although some forward-looking statements are expressed differently. The forward-looking statements included herein represent management’s current judgment and expectations, but our actual results, events and performance could differ materially from those in the forward-looking statements. These statements include, among others, statements about:

●

our ability to further commercialize ASCENIV and BIVIGAM;

●

our plans to develop, manufacture, market, launch and expand our commercial infrastructure and commercialize our current and future products and the success of such efforts;

●

the safety, efficacy and expected timing of and our ability to obtain and maintain regulatory approvals for our current products and product candidates, the labeling or nature of any such approvals, and whether any of our current products may be subject to post-marketing restrictions or withdrawal from the market;

●

the achievement of or expected timing, progress and results of clinical development, clinical trials and potential regulatory approvals for our product candidates;

●

our dependence upon our third-party customers, suppliers and vendors and their compliance with applicable regulatory requirements;

●

our belief that we have addressed the delays experienced with final drug product current Good Manufacturing Practices (“cGMP”) release testing by our third-party vendors by adding additional release testing laboratories to our U.S. Food and Drug Administration (the “FDA”)-approved consortium listed in our drug approval documents;

●

our ability to obtain adequate quantities of FDA-approved plasma with proper specifications;

●

our plans to increase our supplies of source plasma (including source plasma containing certain levels of antibodies to Respiratory Syncytial Virus), our ability to obtain and maintain regulatory compliance and reliance on third-party supply agreements as well as any extensions to such agreements, and expected impact of such third-party supply of RSV plasma on both ASCENIV growth and overall financial performance;

●

the potential indications for our products and product candidates;

●

potential investigational new product applications;

●

the acceptability of any of our products, including ASCENIV, BIVIGAM and Nabi-HB, for any purpose, including FDA-approved indications, by physicians, patients or payers;

●

our plans to evaluate the clinical and regulatory paths to grow the ASCENIV franchise through expanded FDA-approved uses;

●

Federal, state and local regulatory and business review processes and timing by such governmental and regulatory agencies of our business and regulatory submissions;

●

concurrence by the FDA with our conclusions concerning our products and product candidates;

●

the comparability of results of our hyperimmune and immune globulin products to other comparably run hyperimmune and immune globulin clinical trials;

●

the potential for ASCENIV and BIVIGAM to provide meaningful clinical improvement for patients living with Primary Humoral Immunodeficiency (“PI”), also known as Primary Immunodeficiency Disease (“PIDD”) or Inborn Errors of Immunity, or other immune deficiencies or any other condition for which the products may be prescribed or evaluated;

●

our ability to market and promote Nabi-HB in a highly competitive environment with increasing competition from other antiviral therapies and to generate meaningful revenues from this product;

●

our intellectual property position and the defense thereof, including our expectations regarding the scope of patent protection with respect to ASCENIV, SG-001 or other future pipeline product candidates;

●

our ability to develop, manufacture, receive regulatory approval and commercialize our potential pipeline of any new hyperimmune globulins, including SG-001, and related timing in consideration therewith;

●

our manufacturing capabilities, and third-party contractor capabilities;

●

our use of artificial intelligence (“AI”) in our supply chain and production operations;

●

our implemented strategy related to the expansion and efficiencies of our manufacturing capacity, yield improvements, supply-chain robustness, in-house fill-finish capabilities, distribution and other collaborative agreements and the success of such endeavors;

●

our estimates regarding revenues, certain non-GAAP financial measures (i.e., financial measures that are not prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”)), earnings, expenses, capital requirements, capital expenditures, ASCENIV’s growth, demand and utilization, ability to maintain profitability and positive cash flows and the potential need for and availability of additional financing;

●

ASCENIV’s real-world outcomes data and payer coverage;

●

our ability to timely realize the revenue and earnings benefits associated with our FDA approved yield enhancement production process;

●

our ability to realize our deferred tax assets or the need for a valuation allowance, or the effects of changes in tax laws on our deferred tax assets;

●

our estimates of future taxable income, which could have a material impact on our financial condition or financial results;

●

our estimates of future effective tax rates and corresponding tax obligations and expenses, which could have a material impact on our financial condition or financial results;

●

possible or likely reimbursement levels for our currently marketed products;

●

estimates regarding market size, projected growth and sales of our existing products as well as our expectations of market acceptance of ASCENIV and BIVIGAM;

●

potential operational and financial impacts to our business should the recent trend of competitive pricing tactics in the IVIG and other related industries continue;

●

intended uses and benefits of the recently acquired real estate in Boca Raton, Florida;

●

our senior credit facility;

iii

●

expected financial and operational benefits of the recent divestiture of three of our plasma collection centers;

●

the potential for pandemics, or a resurgence of a pandemic, to adversely affect our business, financial condition, liquidity or results of operations; and

●

future domestic and global economic conditions including, but not limited to, supply chain constraints, inflationary pressures or performance or geopolitical conditions, including the continuing conflicts in Europe, certain countries in South America, Northern Africa and in the Middle East and surrounding areas, and international trade and U.S. tariff policies and any anticipated effects of such factors on the pricing and availability of imported raw materials used in the production of our products.

These statements may be found under the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of this Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 (this “Form 10-Q”). Our actual results could differ materially from those contained in the forward-looking statements due to the factors described in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 10-K”) and in this Form 10-Q. Any forward-looking statement included or incorporated by reference in this Form 10-Q reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions related to our operations, industry and future growth. These forward-looking statements speak only as of the dates such statements are made, and we undertake no obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.

PART I

FINANCIAL INFORMATION

Item 1.

Financial Statements.

ADMA BIOLOGICS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS


	March 31, 2026			December 31, 2025
		(Unaudited)
(In thousands, except share data)
ASSETS
Current assets:
Cash and cash equivalents	$	138,153		$	87,630
Accounts receivable, net		135,862			158,429
Inventories, net		222,098			206,465
Prepaid expenses and other current assets		15,060			7,458
Assets held for sale		-			6,530
Total current assets		511,173			466,512
Property and equipment, net		65,010			65,057
Intangible assets, net		630			632
Goodwill		3,530			3,530
Deferred tax assets, net		69,969			73,261
Right-of-use assets		6,402			6,650
Deposits and other assets		8,470			8,600
TOTAL ASSETS	$	665,184		$	624,242

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	20,523		$	22,519
Accrued expenses and other current liabilities		48,561			40,466
Current portion of long-term debt		3,281			2,813
Current portion of lease obligations		1,176			1,096
Liabilities held for sale		-			2,647
Total current liabilities		73,541			69,541
Long-term debt		193,584			69,330
Deferred revenue, net of current portion		1,369			1,405
Lease obligations, net of current portion		6,365			6,646
TOTAL LIABILITIES	$	274,859		$	146,922

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY
Preferred Stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding		-			-
Common Stock - voting, $0.0001 par value, 300,000,000 shares authorized, March 31, 2026: 240,962,203 issued and 232,288,977 outstanding; December 31, 2025: 239,793,566 issued and 237,874,496 outstanding		24			24
Treasury stock, at cost, 8,673,226 and 1,919,070 shares as of March 31, 2026 and December 31, 2025, respectively		(143,170	)		(32,090	)
Additional paid-in capital		649,796			671,039
Accumulated deficit		(116,325	)		(161,653	)
TOTAL STOCKHOLDERS' EQUITY		390,325			477,320
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	665,184		$	624,242

The accompanying notes are an integral part of these condensed consolidated financial statements.

ADMA BIOLOGICS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)


	Three Months Ended March 31,
	2026			2025
(In thousands, except share and per share data)
REVENUES	$	114,493		$	114,802
Cost of product revenue		33,743			53,705
Gross profit		80,750			61,097

OPERATING EXPENSES:
Research and development		2,597			826
Plasma center operating expenses		1,062			1,286
Amortization of intangible assets		55			25
Gain on sale of plasma centers		(7,980	)		-
Selling, general and administrative		26,742			24,079
Total operating expenses		22,476			26,216

INCOME FROM OPERATIONS		58,274			34,881

OTHER INCOME (EXPENSE):
Interest and other income		1,093			608
Interest expense		(2,100	)		(1,975	)
Other expense		(140	)		(64	)
Other income (expense), net		(1,147	)		(1,431	)

INCOME BEFORE INCOME TAXES		57,127			33,450

Provision for income taxes		11,799			6,546

NET INCOME	$	45,328		$	26,904

BASIC EARNINGS PER COMMON SHARE	$	0.19		$	0.11
DILUTED EARNINGS PER COMMON SHARE	$	0.19		$	0.11

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic		236,072,751			237,775,476
Diluted		239,955,762			244,676,350

The accompanying notes are an integral part of these condensed consolidated financial statements.

ADMA BIOLOGICS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN

STOCKHOLDERS’ EQUITY (Unaudited)

(In thousands, except share data)



For the Three Months Ended March 31, 2026
	Common Stock					Additional Paid-in Capital			Accumulated Deficit		Treasury Stock						Total Stockholders' Equity
		Shares		Amount		Additional Paid-in Capital			Accumulated Deficit		Shares			Amount			Total Stockholders' Equity
Balance at December 31, 2025		239,793,566	$	24	$	671,039		$	(161,653	)	(1,919,070	)	$	(32,090	)	$	477,320
Stock-based compensation		-		-		6,329			-		-			-			6,329
Vesting of Restricted Stock Units, net of shares withheld for taxes		979,735		-		(8,362	)		-		-			-			(8,362	)
Exercise of stock options		188,902		-		588			-		-			-			588
Acquisition of treasury stock		-		-		(19,798	)		-		(6,754,156	)		(111,080	)		(130,878	)
Net income		-		-		-			45,328		-			-			45,328
Balance at March 31, 2026		240,962,203	$	24	$	649,796		$	(116,325	)	(8,673,226	)	$	(143,170	)	$	390,325


For the Three Months Ended March 31, 2025
	Common Stock					Additional Paid-in Capital			Accumulated Deficit		Treasury Stock				Total Stockholders' Equity
		Shares		Amount		Additional Paid-in Capital			Accumulated Deficit		Shares		Amount		Total Stockholders' Equity
Balance at December 31, 2024		236,620,545	$	24	$	657,577		$	(308,583	)	-	$	-	$	349,018
Stock-based compensation		-		-		4,624			-		-		-		4,624
Cashless exercise of warrants		866,302		-		-			-		-		-		-
Vesting of Restricted Stock Units, net of shares withheld for taxes		1,016,005		-		(7,228	)		-		-		-		(7,228	)
Exercise of stock options		29,400		-		101			-		-		-		101
Net income		-		-		-			26,904		-		-		26,904
Balance at March 31, 2025		238,532,252	$	24	$	655,074		$	(281,679	)	-	$	-	$	373,419

The accompanying notes are an integral part of these condensed consolidated financial statements.

ADMA BIOLOGICS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Three Months Ended March 31,
		2026			2025
(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	45,328		$	26,904
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization		1,839			1,969
Gain on sale of plasma centers		(7,980	)		-
Loss on disposal of fixed assets		42			-
Deferred income tax provision		3,292			3,425
Stock-based compensation		6,329			4,624
Amortization of debt discount		191			190
Amortization of license revenue		(36	)		(36	)
Changes in operating assets and liabilities:
Accounts receivable		22,567			(49,413	)
Inventories		(15,633	)		(1,953	)
Prepaid expenses and other current assets		(1,601	)		(2,596	)
Deposits and other assets		379			120
Accounts payable		(1,233	)		142
Accrued expenses		5,105			(2,401	)
Other current and non-current liabilities		(340	)		(650	)
Net cash provided by (used in) operating activities		58,249			(19,675	)

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment		(2,543	)		(4,701	)
Acquisition of intangible assets		(53	)		(19	)
Proceeds on the sales of assets held for sale		5,000			-
Net cash provided by (used in) investing activities		2,404			(4,720	)

CASH FLOWS FROM FINANCING ACTIVITIES:
JPM term loan payments		(469	)		-
JPM revolving facility proceeds		125,000			-
Taxes paid on vested restricted stock units		(5,058	)		(7,228	)
Net proceeds from the exercise of stock options		588			101
Acquisition of treasury stock		(130,191	)		-
Net cash used in financing activities		(10,130	)		(7,127	)

Net increase (decrease) in cash and cash equivalents		50,523			(31,522	)
Cash and cash equivalents - beginning of period		87,630			103,147
Cash and cash equivalents - end of period	$	138,153		$	71,625

The accompanying notes are an integral part of these condensed consolidated financial statements.

ADMA BIOLOGICS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

ORGANIZATION AND BUSINESS

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

ADMA operates through its wholly owned subsidiaries ADMA BioManufacturing, LLC (“ADMA BioManufacturing”) and ADMA BioCenters Georgia Inc. (“ADMA BioCenters”). ADMA BioManufacturing was formed in January 2017 to facilitate the acquisition of certain assets held by the Company’s former third-party contract manufacturer, which included the U.S. Food and Drug Administration (“FDA”)-licensed BIVIGAM and Nabi-HB immunoglobulin products, and an FDA-licensed plasma fractionation manufacturing facility located in Boca Raton, Florida (the “Boca Facility”). ADMA BioCenters is the Company’s source plasma collection business with seven plasma collection facilities located throughout the U.S. as of March 31, 2026, all of which hold an approved license with the FDA.

The Company has three FDA-approved products, all of which are currently marketed and commercially available: (i) ASCENIV (Immune Globulin Intravenous, Human – slra 10% Liquid), an intravenous immune globulin (“IVIG”) product indicated for the treatment of Primary Humoral Immunodeficiency (“PI”), also known as Primary Immunodeficiency Disease (“PIDD”) or Inborn Errors of Immunity, for which the Company received FDA approval in April 2019 and commenced first commercial sales in October 2019; (ii) BIVIGAM (Immune Globulin Intravenous, Human), an IVIG product indicated for the treatment of PI, and for which the Company received FDA approval in May 2019 and commenced commercial sales in August 2019; and (iii) Nabi-HB (Hepatitis B Immune Globulin, Human), which is indicated for the treatment of acute exposure to blood containing Hepatitis B surface antigen (“HBsAg”) and other listed exposures to Hepatitis B. In addition to its commercially available immunoglobulin products, the Company generates revenues from the sale of intermediate by-products that result from the immunoglobulin production process and from time to time provides contract manufacturing and laboratory services for certain clients. The Company seeks to develop a pipeline of plasma-derived therapeutics, including but not limited to SG-001, a preclinical, investigative hyperimmune globulin targeting S. pneumonia. The Company’s products and product candidates are intended to be used by physician specialists focused on caring for immune-compromised patients with or at risk for certain infectious diseases.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of consolidation and basis of presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (the “FASB”).

The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the annual audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2025 included in the 2025 10-K. All intercompany balances and transactions have been eliminated in consolidation. The preparation of our interim consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed. We have made reasonable estimates and judgments of such items within our financial statements and there may be changes to those estimates in future periods.

During the three months ended March 31, 2026 and 2025, comprehensive income was equal to the net income amounts presented for the respective periods in the accompanying condensed consolidated statements of operations. Results for interim periods are not necessarily indicative of the results that may be expected for the full fiscal year.

ADMA BIOLOGICS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Use of Estimates

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include estimates related to the Company’s effective tax rate.

Accounts Receivable

Accounts receivable is reported at realizable value, net of allowances for customer credits and credit losses in the amount of $0.2 million and $0.3 million at March 31, 2026 and December 31, 2025, respectively. 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, payment history and associated credit risk of customers are performed on an ongoing basis. Based on these evaluations, the Company has concluded that its credit risk is minimal. At March 31, 2026 and December 31, 2025, two customers accounted for an aggregate of approximately 82% and 87%, respectively, of the Company’s total accounts receivable.

Inventories

Raw materials inventory consists of normal source plasma (“NSP”) and Respiratory Syncytial Virus (“RSV”) high-titer plasma collected at the Company’s plasma collection facilities or purchased from third parties, along with various materials purchased from suppliers, used in the production of the Company’s products. Work-in-process and finished goods inventories (see Note 3) reflect the cost of raw materials as well as costs for direct and indirect labor, primarily salaries, wages and benefits for applicable employees, as well as an allocation of overhead costs related to the Boca Facility including utilities, property taxes, general repairs and maintenance, consumable supplies and depreciation.

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

Goodwill

Goodwill represents the excess of purchase price over the fair value of net assets acquired by the Company. Goodwill at March 31, 2026 and December 31, 2025 was $3.5 million, all of which is attributable to its ADMA BioManufacturing business segment.

The Company did not record any impairment charges related to goodwill for the three months ended March 31, 2026 and 2025.

Revenue Recognition

Revenues 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.

ADMA BIOLOGICS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Product revenue is recognized when the customer is deemed to have control over the product and the performance obligation is satisfied. Control is determined based on when the product is shipped or delivered and title passes to the customer. Revenue is recorded in an amount that reflects the consideration the Company expects to receive in exchange. Revenue from the sale of the Company’s immunoglobulin products is recognized when the product reaches the customer’s destination, and is recorded net of estimated rebates, wholesaler distribution and related fees, customer incentives, including prompt pay discounts, wholesaler chargebacks, group purchasing organization fees and reimbursements for patient assistance. These estimates are based on contractual arrangements, historical experience and certain other assumptions, and while the Company believes that such estimates are reasonable, they are subject to change based on future developments and other factors.

For revenues associated with contract manufacturing and the sale of intermediates, control transfers to the customer and the performance obligation is satisfied when the customer takes possession of the product from the Boca Facility.

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

For the three months ended March 31, 2026, three customers represented an aggregate of approximately 82% of the Company’s consolidated revenues. For the three months ended March 31, 2025, three customers represented an aggregate of approximately 74% of the Company’s consolidated revenues.

Cost of Product Revenue

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

Earnings Per Common Share

For the three months ended March 31, 2026 and 2025, basic and diluted earnings per share are calculated as follows:



		Three Months Ended March 31,
		2026		2025
Net income available to common stockholders ($000's) (numerator)	$	45,328	$	26,904
Weighted-average number of common shares (denominator)		236,072,751		237,775,476
Basic earnings per common share	$	0.19	$	0.11

Weighted-average number of common shares		236,072,751		237,775,476
Potential shares of common stock arising from outstanding stock options		2,815,666		3,987,814
Potential shares of common stock arising from outstanding warrants		-		47,536
Potential shares of common stock arising from outstanding RSUs		1,067,345		2,865,524
Total shares - diluted (denominator)		239,955,762		244,676,350
Diluted earnings per common share	$	0.19	$	0.11

For the three months ended March 31, 2026 and 2025, the following stock options were excluded from the computation of diluted net income per common share because of their anti-dilutive effects:

ADMA BIOLOGICS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


	Three Months Ended March 31,
	2026	2025
Options	1,490,218	-
Total	1,490,218	-

Fair Value of Financial Instruments

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

Recent Accounting Pronouncements

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

In November 2024, FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), 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 adoption of ASU 2024-03 will result in changes to the presentation of the Company’s financial statements, the impact of which is currently being evaluated.

INVENTORIES

The following table provides the components of inventories:


		March 31, 2026		December 31, 2025
(In thousands)
Raw materials	$	89,281	$	96,612
Work-in-process		67,532		57,798
Finished goods		65,285		52,055
Total inventories, net	$	222,098	$	206,465

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 goods expected to be available for sale or otherwise have alternative uses that provide a probable future benefit.

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

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

ADMA BIOLOGICS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

PROPERTY AND EQUIPMENT

Property and equipment and related accumulated depreciation are summarized as follows:


		March 31, 2026			December 31, 2025
(In thousands)
Manufacturing and laboratory equipment	$	29,329		$	28,119
Office equipment and computer software		6,307			6,307
Furniture and fixtures		5,635			5,614
Construction in process		8,219			8,457
Leasehold improvements		15,046			14,983
Land		13,039			13,039
Buildings and building improvements		27,430			26,886
		105,005			103,405
Less: Accumulated depreciation		(39,995	)		(38,348	)
Total property and equipment, net	$	65,010		$	65,057

The Company recorded depreciation expense on property and equipment of $1.8 million and $1.9 million for the three months ended March 31, 2026 and 2025, respectively.

ASSETS AND LIABILITIES HELD FOR SALE

In the first quarter of 2026, the Company completed the sale of 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”), in that order. The sale was completed pursuant to an Asset Purchase Agreement entered into on December 31, 2025, which provided for an aggregate purchase price of $12.0 million, with fifty percent (50%) of the consideration in the form of one-year secured promissory notes bearing interest at ten percent (10%) and the remaining fifty percent (50%) payable in cash, $1.0 million of which was received in December 2025. As a result of the sale of the Disposal Group, the Company recognized a gain of approximately $8.0 million. We have recorded the one-year secured promissory notes within prepaid expenses and other current assets and recognized the gain within Gain on sale of plasma centers.

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities at March 31, 2026 and December 31, 2025 are as follows:


		March 31, 2026		December 31, 2025
(In thousands)
Accrued rebates	$	7,159	$	5,758
Accrued distribution fees		12,598		14,808
Accrued incentives		1,737		6,005
Accrued interest		750		172
Accrued testing		389		130
Accrued payroll and other compensation		5,453		809
Accrued income taxes		17,123		8,616
Other		3,352		4,168
Total accrued expenses and other current liabilities	$	48,561	$	40,466

ADMA BIOLOGICS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

DEBT

A summary of outstanding senior notes payable is as follows:

		March 31, 2026			December 31, 2025
(In thousands)
JPM revolving credit facility	$	125,000		$	-
JPM term loan		73,594			74,063
Less: Debt discount and issuance costs		(1,729	)		(1,920	)
Total debt		196,865			72,143
Less: current portion of long-term debt		(3,281	)		(2,813	)
Long-term debt	$	193,584		$	69,330

JPM Credit Agreement

On August 5, 2025 (the “JPM Closing Date”), the Company and all of the Company’s subsidiaries entered into a Credit Agreement (the “JPM Credit Agreement”) with the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent. The JPM Credit Agreement provides for $300 million of senior secured credit facilities, consisting of (a) a term loan in the aggregate principal amount of $75 million (the “JPM Term Loan Facility”), which was drawn in full on the JPM Closing Date, and (b) a revolving credit facility in the aggregate principal amount of $225 million (the “JPM Revolving Facility”). The Company may also request, subject to customary conditions, additional incremental revolving commitments or term loans in an aggregate principal amount not to exceed $100 million (together with the JPM Term Loan Facility and the JPM Revolving Facility, the “JPM Credit Facilities”). The JPM Term Loan Facility has a maturity date of August 5, 2028 (the “JPM Term Maturity Date”) and the JPM Revolving Facility has a maturity date of August 5, 2028 or any earlier date on which the commitments under the JPM Revolving Facility are reduced to zero or otherwise terminated pursuant to the terms of the JPM Credit Agreement (the “JPM Revolving Maturity Date”).

On March 2, 2026, the Company borrowed $125.0 million under the JPM Revolving Facility, used to fund the accelerated share repurchase agreement (“ASR Agreement”). See Note 8 for further details.

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 March 31, 2026, the interest rate on the JPM Term Loan Facility and the JPM Revolving Facility was approximately 6.17%.

On the JPM Revolving Facility Maturity Date, the Company will repay the unpaid principal amount outstanding under the JPM Revolving Facility. Under the JPM Term Loan Facility, the Company will make principal payments in accordance with and on the dates specified in the amortization schedule set forth in the JPM Credit Agreement, with the remaining unpaid principal amount to be paid in full on the JPM Term Maturity Date. The Company may prepay at any time and from time to time any borrowing in whole or in part, without premium or penalty (other than, if applicable, any break funding expenses), subject to customary notice requirements.

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

ADMA BIOLOGICS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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.

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


Fiscal year		Amount
2026	$	2,344
2027		4,688
2028		191,562
2029		-
2030		-
Total	$	198,594

As of March 31, 2026, the Company was in compliance with all of its debt covenants in the JPM Credit Agreement.

STOCKHOLDERS’ EQUITY

Treasury Stock

In May 2025, the Company’s board of directors (the “Board”) authorized a share repurchase program of up to $500.0 million of the Company’s outstanding shares of common stock (the “Repurchase Program”). The Repurchase Program does not obligate the Company to acquire any particular amount of its common stock, and may be modified, suspended, or terminated at any time. The Repurchase Program has no expiration date.

On March 2, 2026, the Company entered into an ASR Agreement with JPMorgan Chase Bank, National Association (“JPMorgan”) to repurchase $125.0 million of shares of the Company’s common stock under the Repurchase Program. During the period ended March 31, 2026, the Company initially received 6,422,608 shares related to the ASR Agreement. The remaining shares under the ASR Agreement are expected to be repurchased by August 2026.

During the three months ended March 31, 2026, the Company also repurchased 331,548 shares of common stock under the Repurchase Program at a total cost of $5.2 million.

During the three months ended March 31, 2026, the Company recognized $0.7 million of excise tax liability related to share repurchases in accordance with the Inflation Reduction Act of 2022.

The following table summarizes the common stock repurchase activity under the Repurchase Program:


		For the Three Months Ended March 31,
		2026	2025
(In thousands)
Shares repurchased		6,754	-
Total cost of shares repurchased	$	111,080	-

ADMA BIOLOGICS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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

Preferred Stock

The Company is currently authorized to issue up to

SEC Form 10-Q filed by ADMA Biologics Inc