0001140361-24-025226 | 10-Q | XBRL Viewer

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
STOCKHOLDERS' EQUITY
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	231,769,765	226,063,032
Common stock, shares outstanding (in shares)	231,769,765	226,063,032

STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2024

STOCKHOLDERS' EQUITY [Abstract]

STOCKHOLDERS' EQUITY

8.	STOCKHOLDERS’ EQUITY

Preferred Stock

The Company is currently authorized to issue up to 10 million shares of preferred stock, $0.0001, par value per share. There were no shares of preferred stock outstanding at March 31, 2024 and December 31, 2023.

Common Stock

As of March 31, 2024 and December 31, 2023, the Company was authorized to issue 300,000,000 shares of its common stock, $0.0001 par value per share, and 231,769,765 and 226,063,032 shares of common stock were outstanding as of March 31, 2024 and December 31, 2023, respectively. After giving effect to the 33,596,877 shares reserved for outstanding warrants and awards issued or reserved for future issuance under the Company’s equity incentive plans, as of March 31, 2024 there were 34,633,358 shares of common stock available for issuance.

Warrants

On January 10, 2024, a former noteholder of the Company exercised a warrant to purchase 4 million shares of the Company’s common stock on a cashless basis and the Company issued 1,977,514 shares of common stock to this noteholder. On March 8, 2024 Hayfin and its affiliates exercised warrants to purchase an aggregate of 3,388,681 shares of the Company’s common stock on a cashless basis and the Company issued 2,482,205 shares of common stock to Hayfin and its affiliates. On March 14, 2024 an entity associated with another former noteholder of the Company exercised a warrant to purchase 169,651 shares of the Company’s common stock on a cashless basis and the Company issued 85,784 shares of common stock to this entity.

On February 24, 2024, a warrant to purchase 34,800 shares of the Company’s common stock held by a former noteholder of the Company expired in accordance with its terms. At March 31, 2024 and December 31, 2023, the Company had outstanding warrants to purchase an aggregate of 4,909,774 and 12,502,906 shares, respectively, of common stock, with weighted-average exercise prices of $2.51 and $2.32 per share, respectively, with expiration dates ranging between October 2024 and May 2030. The following table summarizes information about warrants outstanding for the three months ended March 31, 2024:

	Shares			Weighted Average Exercise Price
Warrants outstanding at December 31, 2023		12,502,906		$	2.32
Expired		(34,800	)	$	7.50
Granted		-		$	-
Exercised		(7,558,332	)	$	2.16
Warrants outstanding at March 31, 2024		4,909,774		$	2.51

Equity Incentive Plans

The fair value of stock options granted under the Company’s equity incentive plans was determined on the date of grant using the Black-Scholes option valuation model. The Black-Scholes model was developed for use in estimating the fair value of publicly traded options, which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of certain subjective assumptions including the expected stock price volatility. The stock options granted to employees and directors have characteristics significantly different from those of traded options, and changes in the subjective input assumptions can materially affect the fair value estimate. The following assumptions were used to determine the fair value of options granted during the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31,
	2024	2023
Expected term	5.5 - 6.3 years	5.5 - 6.3 years
Volatility	66%	68%
Dividend yield	0.0	0.0
Risk-free interest rate	4.29%	4.20-4.24%

During the three months ended March 31, 2024 and 2023, the Company granted options to purchase an aggregate of 1,096,196 and 1,727,510 shares of common stock, respectively, to its directors and employees. The weighted average remaining contractual life of stock options outstanding and expected to vest at March 31, 2024 is 7.4 years. The weighted average remaining contractual life of stock options exercisable at March 31, 2024 is 6.0 years. During the three months ended March 31, 2024, options to purchase an aggregate of 393,993 shares of common stock were exercised, which included one exercise transaction for which 7,652 shares were withheld to cover the exercise price, and the Company received aggregate net exercise proceeds of $1.0 million.

A summary of the Company’s option activity under the Company’s equity incentive plans and related information is as follows:

				Weighted
				Average
	Shares			Exercise Price
Options outstanding, vested and expected to vest at December 31, 2023		5,906,184		$	3.38
Forfeited		(13,202	)	$	2.00
Expired		(176,434	)	$	8.48
Granted		1,096,196		$	5.40
Exercised		(393,993	)	$	2.73
Options outstanding, vested and expected to vest at March 31, 2024		6,418,751		$	3.63

Options exercisable		3,476,976		$	3.55

As of March 31, 2024, the Company had $6.9 million of unrecognized compensation expense related to options granted under the Company’s equity incentive plans, which is expected to be recognized over a weighted-average period of 2.9 years.

During the three months ended March 31, 2024 and 2023, the Company granted RSUs representing an aggregate of 2,484,968 and 2,666,260 shares, respectively, to certain employees of the Company and to members of its Board of Directors. These RSUs generally vest annually over a period of four years for employees and semi-annually over a period of one year for directors. During the three months ended March 31, 2024, an aggregate of 1,145,292 shares of common stock vested in connection with grants of RSUs. With respect to these vested RSUs, 370,403 shares valued at approximately $2.5 million were withheld by the Company to cover employees’ tax liabilities. These shares were no longer outstanding as of March 31, 2024. A summary of the Company’s unvested RSU activity and related information is as follows:

				Weighted
				Average Grant
	Shares			Date Fair Value
Balance at December 31, 2023		4,657,297		$	2.81
Granted		2,484,968		$	5.40
Vested		(1,145,292	)	$	2.64
Forfeited		(102,250	)	$	2.82
Balance at March 31, 2024		5,894,723		$	3.94

As of March 31, 2024, the Company had $22.1 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 3.3 years.

Total stock-based compensation expense for all awards granted under the Company’s equity incentive plans for the three months ended March 31, 2024 and 2023 is as follows:

	Three Months Ended March 31,
	2024		2023
Research and development	$	17	$	5
Plasma center operating expenses		39		23
Selling, general and administrative		1,841		978
Cost of product revenue		244		104
Total stock-based compensation expense	$	2,141	$	1,110

- Definition

The entire disclosure for equity.

+ References

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+ Details

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
SUPPLEMENTAL CASH FLOW INFORMATION [Abstract]
Cash paid for interest	$ 584	$ 4,639
Noncash Financing and Investing Activities [Abstract]
Equipment acquired reflected in accounts payable and accrued liabilities	$ 1,351	$ 530

INCOME TAXES

3 Months Ended

Mar. 31, 2024

INCOME TAXES [Abstract]

INCOME TAXES

13.	INCOME TAXES

The Company uses the estimated annual effective tax rate approach as prescribed by ASC 740-270, Interim Reporting, to calculate its interim tax provision. For the three months ended March 31, 2024, the Company recorded income tax expense of $0.6 million, resulting in an effective tax rate of 3.2%. The tax expense for the three months ended March 31, 2024 represents federal and state tax liabilities that are not fully sheltered by net operating loss carryforwards (“NOLs”) or research and development tax credit carryforwards due to limitations from prior ownership changes and other limitations on NOLs incurred after 2017. The Company’s effective tax rate differs from the federal statutory tax rate of 21% due primarily to the reversal of the valuation allowance on certain federal and state NOLs estimated to be realized in the current year.

Valuation Allowance

A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. When determining the amount of net deferred tax assets that are more likely than not to be realized, the Company assesses all available positive and negative evidence. This evidence includes, but is not limited to, prior earnings history, expected future earnings, carry-back and carry-forward periods and the feasibility of ongoing tax strategies that could potentially enhance the likelihood of the realization of a deferred tax asset. The weight given to the positive and negative evidence is commensurate with the extent the evidence may be objectively verified. As such, it is generally difficult for positive evidence regarding projected future taxable income, exclusive of reversing taxable temporary differences, to outweigh objective negative evidence of recent financial reporting losses. Based on these criteria and the relative weighting of both the positive and negative evidence available, the Company continues to maintain a full valuation allowance against its net deferred tax assets.

Net Operating Losses

As of December 31, 2023, the Company had federal and state (post-apportioned basis) NOLs of $315.6 million and $216.4 million, respectively, as well as federal research and development tax credit carryforwards of approximately $0.1 million. Approximately $35.6 million and $95.1 million of the foregoing federal and state NOLs, respectively, will expire at various dates from 2028 through 2043, 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. As of December 31, 2023, approximately $267.8 million of the foregoing federal NOLs are subject to limitation under Section 382 due to prior ownership changes.

The Company may experience ownership changes in the future as a result of subsequent shifts in ownership of the Company’s capital stock that the Company cannot predict or control that could result in further limitations being placed on the Company’s ability to utilize its federal NOLs.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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+ Details

LEASE OBLIGATIONS (Details) - USD ($) $ in Thousands	3 Months Ended
LEASE OBLIGATIONS (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
LEASE OBLIGATIONS [Abstract]
Aggregate lease expense	$ 600	$ 600
Cash payments for lease	600	$ 600
Operating and financing lease liabilities	$ 10,600		$ 10,800
Weighted average remaining term	7 years 4 months 24 days
Payments Under Lease Obligations [Abstract]
Remainder of 2024	$ 1,802
Year ended December 31, 2025	2,421
2026	2,157
2027	2,041
2028	2,088
2029	2,109
Thereafter	4,041
Total payments	16,659
Less: imputed interest	(6,079)
Current portion	(1,093)		(1,045)
Balance at March 31, 2024	$ 9,487		$ 9,779

DEBT (Tables)

3 Months Ended

Mar. 31, 2024

DEBT [Abstract]

Summary of Outstanding Senior Notes Payable

A summary of outstanding senior notes payable is as follows:

	March 31, 2024			December 31, 2023
	(In thousands)
Term loan	$	62,500		$	62,500
Revolving credit facility		72,500			72,500
Less:
Debt discount		(4,153	)		(4,406	)
Senior notes payable	$	130,847		$	130,594

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Accounts Receivable (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) Customer	Dec. 31, 2023 USD ($) Customer
Accounts Receivable [Abstract]
Accounts receivable, allowances for contractual credits and credit losses \| $	$ 0.2	$ 0.1
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Three Customers [Member]
Accounts Receivable [Abstract]
Number of customers \| Customer	3	5
Percentage of account receivables	87.00%	98.00%

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION (Tables)

3 Months Ended

Mar. 31, 2024

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION [Abstract]

Supplemental Cash Flow Information

Supplemental cash flow information for the three months ended March 31, 2024 and 2023 is as follows:

	2024			2023
	(In thousands)
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest		$	584		$	4,639
Noncash Financing and Investing Activities:
Equipment acquired reflected in accounts payable and accrued liabilities		$	1,351		$	530

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Income Taxes (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Income Taxes [Abstract]
Unrecognized tax benefits	$ 0		$ 0
Uncertain tax positions	$ 0	$ 0

LEASE OBLIGATIONS

3 Months Ended

Mar. 31, 2024

LEASE OBLIGATIONS [Abstract]

LEASE OBLIGATIONS

12.	LEASE OBLIGATIONS

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.

The Company determines if an arrangement is an operating lease at inception. Leases with an initial term of 12 months or less are not recorded on the balance sheet. All other leases are recorded on the balance sheet with assets representing the right to use the underlying asset for the lease term and lease liabilities representing the obligation to make lease payments arising from the lease. Right-to-use assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term and include options to extend or terminate the lease when they are reasonably certain to be exercised. The present value of the lease payments is determined using the Company’s incremental borrowing rate. The Company’s lease expense is recognized on a straight-line basis over the lease term and is reflected in Plasma center operating expenses and Selling, general and administrative expenses. Aggregate lease expense for the Company’s leases for the three months ended March 31, 2024 and 2023 was approximately $0.6 million . Cash paid for the Company’s leases for the three months ended March 31, 2024 and 2023 was also approximately $0.6 million.

The Company has aggregate lease liabilities of $10.6 million and $10.8 million as of March 31, 2024 and December 31, 2023, respectively, which are comprised primarily of the leases for the Company’s plasma collection centers and a warehouse lease for raw material storage related to the Company’s immunoglobulin manufacturing operations. The Company’s operating leases have a weighted average remaining term of 7.4 years. Scheduled payments under the Company’s lease obligations are as follows (in thousands):

Remainder of 2024	$	1,802
Year ended December 31, 2025		2,421
2026		2,157
2027		2,041
2028		2,088
2029		2,109
Thereafter		4,041
Total payments		16,659
Less: imputed interest		(6,079	)
Current portion		(1,093	)
Balance at March 31, 2024	$	9,487

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
REVENUES	$ 81,875	$ 56,914
Cost of product revenue	42,767	40,401
Gross profit	39,108	16,513
OPERATING EXPENSES:
Research and development	450	855
Plasma center operating expenses	1,005	1,780
Amortization of intangible assets	193	179
Selling, general and administrative	15,639	14,512
Total operating expenses	17,287	17,326
INCOME (LOSS) FROM OPERATIONS	21,821	(813)
OTHER INCOME (EXPENSE):
Interest income	384	166
Interest expense	(3,769)	(6,115)
Other expense	(35)	(27)
Other expense, net	(3,420)	(5,976)
INCOME (LOSS) BEFORE INCOME TAXES	18,401	(6,789)
Provision for income taxes	595	0
NET INCOME (LOSS)	$ 17,806	$ (6,789)
BASIC EARNINGS (LOSS) PER COMMON SHARE (in dollars per share)	$ 0.08	$ (0.03)
DILUTED EARNINGS (LOSS) PER COMMON SHARE (in dollars per share)	$ 0.08	$ (0.03)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic (in shares)	228,874,847	221,921,750
Diluted (in shares)	236,414,374	221,921,750

INVENTORIES (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
INVENTORIES [Abstract]
Raw materials	$ 59,459	$ 52,999
Work-in-process	49,279	49,621
Finished goods	68,994	70,286
Total inventories	$ 177,732	$ 172,906

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands		3 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Apr. 01, 2019 USD ($)	Mar. 31, 2024 USD ($) Facility Term	Mar. 31, 2023 USD ($)
Vendor and Licensor Commitments [Abstract]
Plasma supply agreement term		10 years
Post-Marketing Commitments [Abstract]
Research and Development Expense	$ 1,200	$ 450	$ 855
ASCENIV [Member]
Post-Marketing Commitments [Abstract]
Research and Development Expense		$ 300	$ 200
2011 Plasma Purchase Agreement [Member]
Vendor and Licensor Commitments [Abstract]
Number of renewal terms \| Term		2
Plasma purchase agreement renewal period		5 years
2011 Plasma Purchase Agreement [Member] \| Maximum [Member]
Vendor and Licensor Commitments [Abstract]
Number of plasma collection facilities \| Facility		5

RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2024

RELATED PARTY TRANSACTIONS

9.	RELATED PARTY TRANSACTIONS

The Company leases office space 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 through December 31, 2026. Rent expense for the three months ended March 31, 2024 and 2023 amounted to $30,000. Areth is a company controlled by Dr. Jerrold B. Grossman, the Vice Chairman of the Company’s Board of Directors, and Adam S. Grossman, the Company’s President, Chief Executive Officer and Interim Chief Financial Officer. The Company also reimburses Areth for office and building-related (common area) expenses, equipment and certain other operational expenses, which were not material to the condensed consolidated financial statements for the three months ended March 31, 2024 and 2023.

During the three months ended March 31, 2024 and 2023, the Company purchased certain specialized medical equipment and services primarily related to the Company’s plasma collection centers, as well as personal protective equipment, from GenesisBPS and its affiliates (“Genesis”), aggregating to $0.1 million. Genesis is owned by Dr. Grossman and Mr. Grossman.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Revenue Recognition (Details) - Customer	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Two Customers [Member] \| Revenues [Member] \| Customer Concentration Risk [Member]
Revenue Recognition [Abstract]
Number of customers	2	3
Percentage of consolidated revenues	70.00%	76.00%
Biotest License Agreement [Member]
Revenue Recognition [Abstract]
Amortization period	22 years

ORGANIZATION AND BUSINESS

3 Months Ended

Mar. 31, 2024

ORGANIZATION AND BUSINESS [Abstract]

ORGANIZATION AND BUSINESS

1.	ORGANIZATION AND BUSINESS

ADMA Biologics, Inc. (“ADMA” or the “Company”) is an end-to-end commercial biopharmaceutical company dedicated to manufacturing, marketing and developing specialty 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, FL (the “Boca Facility”). ADMA BioCenters is the Company’s source plasma collection business with ten plasma collection facilities located throughout the United States, 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 on April 1, 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 on May 9, 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, and its products and product candidates are intended to be used by physician specialists focused on caring for immune-compromised patients with or at risk for certain infectious diseases.

As of March 31, 2024, the Company had working capital of $223.3 million, including $45.3 million of cash and cash equivalents, $49.6 million of accounts receivable and $177.7 million of inventories, partially offset by $53.1 million of current liabilities. Based upon the Company’s current projected revenue and expenditures, including capital expenditures and continued implementation of the Company’s commercialization and expansion activities, the Company’s management currently believes that its cash, cash equivalents and accounts receivable, along with its projected future operating cash flow, will be sufficient to fund ADMA’s operations, as currently conducted, through the end of the second quarter of 2025 and beyond. However, the Company’s current outlook on cash flows and profitability may change based upon several factors, including the success of the Company’s commercial sales of its products, whether or not the assumptions underlying the Company’s projected revenues and expenses are correct and the continued acceptability of ADMA’s immune globulin products by physicians, patients and payers. The Company is subject to risks common to companies in the biotechnology and pharmaceutical manufacturing industries including, but not limited to, dependence on collaborative arrangements, development by the Company or its competitors of new technological innovations, dependence on key personnel, inflationary pressures, supply chain constraints, protection of proprietary technology, and compliance with FDA and other governmental regulations and approval requirements.

ADMA continues to evaluate a variety of strategic alternatives, and the exploration of value-creating opportunities remains a top corporate priority.

STOCKHOLDERS' EQUITY, Preferred Stock (Details) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Preferred Stock [Abstract]
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, outstanding (in shares)	0	0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

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, 2023 included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 28, 2024. The accompanying consolidated balance sheet as of December 31, 2023 was derived from the audited financial statements as of and for the year ended December 31, 2023. These condensed consolidated interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 3 of Regulation S-X, and therefore omit or condense certain footnotes and other information normally included in complete consolidated financial statements prepared in accordance with U.S. GAAP. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all normal and recurring adjustments (which consist primarily of accruals, estimates and assumptions that impact the financial statements) considered necessary to present fairly the Company’s financial position as of March 31, 2024 and its results of operations, changes in stockholders’ equity and cash flows for the three months ended March 31, 2024 and 2023.

During the three months ended March 31, 2024 and 2023, comprehensive income/loss was equal to the net income/loss amounts presented for the respective periods in the accompanying condensed consolidated statements of operations. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full fiscal year.

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 rebates and chargebacks deducted from gross revenues, valuation of inventory, assumptions used in projecting future liquidity and capital requirements, assumptions used in the fair value of awards granted under the Company’s equity incentive plans and warrants issued in connection with the issuance of notes payable and estimates related to the valuation allowance for the Company’s deferred tax assets and its effective tax rate.

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 credit facility (see Note 7) approximates fair value due to the variable interest rate on this debt.

Accounts Receivable

Accounts receivable is reported at realizable value, net of allowances for contractual credits and credit losses in the amount of $0.2 million and $0.1 million at March 31, 2024 and December 31, 2023, respectively, which are recognized in the period the related revenue is recorded. 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, 2024, three customers accounted for an aggregate of approximately 87% of the Company’s total accounts receivable, and at December 31, 2023, five customers accounted for approximately 98% of the Company’s total accounts receivable.

Inventories

Raw materials inventory consists of various materials purchased from suppliers, including normal source plasma and Respiratory Syncytial Virus (“RSV”) high titer plasma, 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. The Boca Facility overhead allocation to inventory is generally based upon the estimated square footage of the Boca Facility that is used in the production of the Company’s FDA-approved products relative to the total square footage of the facility.

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. 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 conformance or 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, 2024 and December 31, 2023 was $3.5 million. All of the Company’s goodwill is attributable to its ADMA BioManufacturing business segment.

Goodwill is not amortized but is assessed for impairment on an annual basis or more frequently if impairment indicators exist. The Company has the option to perform a qualitative assessment of goodwill to determine whether it is more likely than not that the fair value of its reporting unit is less than its carrying amount, including goodwill and other intangible assets. If the Company concludes that this is the case, then it must perform a goodwill impairment test by comparing the fair value of the reporting unit to its carrying value. An impairment charge is recorded to the extent the reporting unit’s carrying value exceeds its fair value, not to exceed the total amount of goodwill allocated to that reporting unit. The Company performs its annual goodwill impairment test as of October 1 of each year. The Company did not record any impairment charges related to goodwill for the three months ended March 31, 2024 and 2023.

Impairment of Long-Lived Assets

The Company assesses the recoverability of its long-lived assets, which include property and equipment and finite-lived intangible assets, whenever significant events or changes in circumstances indicate impairment may have occurred. If indicators of impairment exist, projected future undiscounted cash flows associated with the asset are compared to its carrying amount to determine whether the asset’s carrying value is recoverable. Any resulting impairment is recorded as a reduction in the carrying value of the related asset in excess of fair value and a charge to operating results. For the three months ended March 31, 2024 and 2023, the Company did not identify any impairment indicators for its long-lived assets, and as a result no impairment charges were recorded.

Revenue Recognition

Revenues for the three months ended March 31, 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 through 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 in 2012 to market and sell this product in Europe and selected countries in North Africa and the Middle East. Biotest has provided the Company with certain services and financial payments in accordance with the related Biotest license agreement and is obligated to pay the Company certain amounts in the future if certain milestones are achieved. Deferred revenue is amortized into income over the term of the Biotest license, representing a period of approximately 22 years.

Product revenue is recognized when the customer is deemed to have control over the product. Control is determined based on when the product is shipped or delivered and title passes to the customer. Revenue is recorded in an amount that reflects the consideration the Company expects to receive in exchange. Revenue from the sale of the Company’s immunoglobulin products is recognized when the product reaches the customer’s destination, and is recorded net of estimated rebates, 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 historical experience and certain other assumptions, and while the Company believes that such estimates are reasonable, they are subject to change based on future experience 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 or from a third-party warehouse that is utilized by the Company.

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

For the three months ended March 31, 2024, two customers represented an aggregate of approximately 70% of the Company’s consolidated revenues. For the three months ended March 31, 2023, three customers represented an aggregate of 76% 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, intermediates and the sale 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 or processes in development, the expenses are classified as research and development expenses.

Earnings/loss Per Common Share

Basic earnings/loss per common share is computed by dividing net earnings/loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings/loss per common share is calculated by dividing net earnings/loss attributable to common stockholders, as adjusted for the effect of dilutive securities, if any, by the weighted average number of shares of common stock and dilutive common stock outstanding during the period. Potentially dilutive common stock includes the shares of common stock issuable upon the exercise of outstanding stock options and warrants, as well as Restricted Stock Units (“RSUs”), using the treasury stock method. Potentially dilutive common stock is excluded from the diluted earnings/loss per common share computation to the extent that it would be anti-dilutive. For the three months ended March 31, 2024, basic and diluted earnings per share is calculated as follows:

Net income available to common stockholders ($000’s) (numerator)	$	17,806
Weighted-average number of common shares (denominator)		228,874,847
Basic earnings per common shares	$	0.08

Weighted-average number of common shares		228,874,847
Potential shares of common stock arising from outstanding stock options, warrants and unvested RSUs		7,539,527
Total shares - diluted (denominator)		236,414,374
Diluted earnings per common share	$	0.08

For the three months ended March 31, 2024, there were no shares with an anti-dilutive effect that needed to be excluded from the earnings per share computation. For the three months ended March 31, 2023 no potentially dilutive securities are included in the computation of diluted loss per share in the accompanying condensed consolidated financial statements as the Company reported a net loss for this period. For the three months ended March 31, 2023, the following securities were excluded from the calculation of diluted loss per common share because of their anti-dilutive effects:

Stock Options			9,945,703
Restricted Stock Units			4,875,464
Warrants			13,525,148
			28,346,315

Stock-Based Compensation

The Company follows recognized accounting guidance which requires all equity-based payments, including grants of stock options and 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 generally 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 under the Company’s equity incentive plans generally have a four-year vesting period and a term of 10 years. RSUs granted to employees generally have a four-year vesting period. Pursuant to ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718), the Company has elected not to establish a forfeiture rate, as stock-based compensation expense related to forfeitures of unvested equity awards is fully reversed at the time of forfeiture.

Income Taxes

The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or its tax returns. Under this method, deferred tax assets and liabilities are recognized for the temporary differences between the tax bases of assets and liabilities and their respective financial reporting amounts at enacted tax rates in effect for the years in which the temporary differences are expected to reverse. The Company records a valuation allowance on its deferred tax assets if it is more likely than not that the Company will not generate sufficient taxable income to utilize its deferred tax assets. 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.

In accordance with U.S. GAAP, the Company is required to determine whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. Derecognition of a tax benefit previously recognized could result in the Company recording a tax liability that would reduce net assets. Based on its analysis, the Company has determined that it has not incurred any liability for unrecognized tax benefits as of March 31, 2024 and December 31, 2023, and during the three months ended March 31, 2024 and 2023 the Company recognized no adjustments for uncertain tax positions.

Recent Accounting Pronouncements

In November of 2023 the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this ASU are intended to provide financial statement users with more disaggregated expense information about a public entity’s reportable segments, however the update does not change the definition of an operating segment or the method for determining reportable segments. This update becomes effective for fiscal years beginning after December 15, 2023 and for interim periods beginning after December 15, 2024. The Company does not expect this ASU to have a material impact on the Company’s consolidated financial statements.

SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2024

SEGMENTS [Abstract]

Summarized Financial Information Concerning Reportable Segments

Summarized financial information concerning reportable segments is shown in the following tables:

Three Months Ended March 31, 2024
(in thousands)	ADMA BioManufacturing			Plasma Collection Centers			Corporate			Consolidated

Revenues	$	80,113		$	1,726		$	36		$	81,875

Cost of product revenue		40,991			1,776			-			42,767

Income (loss) from operations		28,696			(1,055	)		(5,820	)		21,821

Interest and other expense, net		(30	)		(1	)		(3,389	)		(3,420	)

Income (loss) before taxes		28,666			(1,056	)		(9,209	)		18,401

Capital expenditures		2,330			17			-			2,347
Depreciation expense		1,307			807			-			2,114
Total assets		278,331			33,990			38,554			350,875

Three Months Ended March 31, 2023
(in thousands)	ADMA BioManufacturing			Plasma Collection Centers			Corporate			Consolidated

Revenues	$	49,577		$	7,301		$	36		$	56,914

Cost of product revenue		33,934			6,467			-			40,401

Income (loss) from operations		5,476			(947	)		(5,342	)		(813	)

Interest and other expense, net		(23	)		-			(5,953	)		(5,976	)

Income (loss) before taxes		5,453			(947	)		(11,295	)		(6,789	)

Capital expenditures		452			1,493			-			1,945
Depreciation expense		1,293			740			-			2,033
Total assets		234,895			38,854			67,039			340,788

Net Revenues According to Geographic Area

Net revenues according to geographic area, based on the location of where the product is shipped, is as follows:

	Three Months Ended March 31,
(in thousands)	2024		2023
United States	$	77,991	$	52,695
International		3,884		4,219
Total revenues	$	81,875	$	56,914

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

3 Months Ended

Mar. 31, 2024

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION [Abstract]

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

14.	SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

Supplemental cash flow information for the three months ended March 31, 2024 and 2023 is as follows:

	2024			2023
	(In thousands)
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest		$	584		$	4,639
Noncash Financing and Investing Activities:
Equipment acquired reflected in accounts payable and accrued liabilities		$	1,351		$	530

INVENTORIES

3 Months Ended

Mar. 31, 2024

INVENTORIES [Abstract]

INVENTORIES

3.	INVENTORIES

The following table provides the components of inventories:

	March 31, 2024		December 31, 2023
	(In thousands)
Raw materials	$	59,459	$	52,999
Work-in-process		49,279		49,621
Finished goods		68,994		70,286
Total inventories	$	177,732	$	172,906

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 bulk drug substance and unlabeled filled vials of the Company’s immunoglobulin products.

Finished goods inventory is comprised of immunoglobulin product inventory and related intermediates that are available for commercial sale, as well as plasma collected at the Company’s plasma collection centers that is expected to be sold to third-party customers.

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2024

COMMITMENTS AND CONTINGENCIES [Abstract]

COMMITMENTS AND CONTINGENCIES

10.	COMMITMENTS AND CONTINGENCIES

General Legal Matters

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

Vendor Commitments

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 RSV 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 RSV high-titer plasma from any number of wholly-owned ADMA plasma collection facilities and (ii) allow the Company to purchase its raw material RSV 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. Unless terminated earlier, the 2011 Plasma Purchase Agreement expires in June 2027, after which it may be renewed for two additional five-year periods if agreed to by the parties. 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.

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.

Post-Marketing Commitments

In connection with the FDA’s approval of ASCENIV on April 1, 2019, the Company is required to perform a pediatric study to evaluate the safety and efficacy of ASCENIV in children and adolescents. For the three months ended March 31, 2024 and 2023, the Company incurred expenses related to this study in the amount of $0.3 million and $0.2 million, respectively. The Company expects to incur expenses of approximately $1.2 million to complete this study, which is required to be completed by June of 2026.

Employment Contracts

The Company previously entered into employment agreements with Mr. Grossman and with Brian Lenz, the Company’s former Executive Vice President, Chief Financial Officer and General Manager, ADMA BioCenters. Effective as of April 1, 2024, Mr. Lenz transitioned to a non-employee consulting role and entered into a consulting agreement with the Company. On April 1, 2024, the Company entered into an employment agreement with Kaitlin Kestenberg, who was promoted to Chief Operating Officer and Senior Vice President, Compliance.

Other Commitments

In the normal course of business, the Company enters into contracts that contain a variety of indemnifications with its employees, licensors, suppliers and service providers. Further, the Company indemnifies its directors and officers who are, or were, serving at the Company’s request in such capacities. The Company’s maximum exposure under these arrangements is unknown as of March 31, 2024. The Company does not anticipate recognizing any significant losses relating to these arrangements.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Calculation of Basic and Diluted Earnings Per Share

For the three months ended March 31, 2024, basic and diluted earnings per share is calculated as follows:

Net income available to common stockholders ($000’s) (numerator)	$	17,806
Weighted-average number of common shares (denominator)		228,874,847
Basic earnings per common shares	$	0.08

Weighted-average number of common shares		228,874,847
Potential shares of common stock arising from outstanding stock options, warrants and unvested RSUs		7,539,527
Total shares - diluted (denominator)		236,414,374
Diluted earnings per common share	$	0.08

Calculation of Diluted Loss Per Common Share

For the three months ended March 31, 2023, the following securities were excluded from the calculation of diluted loss per common share because of their anti-dilutive effects:

Stock Options			9,945,703
Restricted Stock Units			4,875,464
Warrants			13,525,148
			28,346,315

INCOME TAXES, Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
INCOME TAXES [Abstract]
Income tax expense	$ 595	$ 0
Effective tax rate	3.20%
Federal statutory tax rate	21.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

3 Months Ended

Mar. 31, 2024

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

6.	ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities at March 31, 2024 and December 31, 2023 are as follows:

	March 31, 2024		December 31, 2023
	(In thousands)
Accrued rebates	$	17,330	$	16,608
Accrued distribution fees		7,100		5,954
Accrued incentives		1,220		4,961
Accrued interest		3,478		546
Accrued testing		329		282
Accrued payroll and other compensation		1,853		2,203
Other		2,381		2,365
Total accrued expenses and other current liabilities	$	33,691	$	32,919

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	3 Months Ended
PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	$ 83,964		$ 80,572
Less: accumulated depreciation	(28,647)		(26,737)
Total property, plant and equipment, net	55,317		53,835
Depreciation expense	$ 1,900	$ 1,900
Minimum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful life	3 years
Maximum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful life	10 years
Manufacturing and Laboratory Equipment [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	$ 21,232		21,093
Office Equipment and Computer Software [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	6,432		6,062
Furniture and Fixtures [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	5,776		5,776
Construction in Process [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	4,447		2,273
Leasehold Improvements [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	21,026		20,811
Land [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	4,339		4,339
Buildings and Building Improvements [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	$ 20,712		$ 20,218
Building [Member]
Property, Plant and Equipment [Abstract]
Estimated useful life	30 years

INCOME TAXES, Net Operating Losses (Details) $ in Millions	12 Months Ended
INCOME TAXES, Net Operating Losses (Details) $ in Millions	Dec. 31, 2023 USD ($)
Minimum [Member]
Net Operating Losses [Abstract]
Net operating loss carryforwards, expiration	Dec. 31, 2028
Maximum [Member]
Net Operating Losses [Abstract]
Net operating loss carryforwards, expiration	Dec. 31, 2043
Federal [Member]
Net Operating Losses [Abstract]
Net operating loss carryforwards	$ 315.6
Operating loss carryforwards subject to limitation ownership changes	267.8
Federal [Member] \| 2028 through 2043 [Member]
Net Operating Losses [Abstract]
Net operating loss carryforwards	35.6
Federal [Member] \| Research and Development [Member]
Net Operating Losses [Abstract]
Tax credit carryforwards	0.1
State [Member]
Net Operating Losses [Abstract]
Net operating loss carryforwards	216.4
State [Member] \| 2028 through 2043 [Member]
Net Operating Losses [Abstract]
Net operating loss carryforwards	$ 95.1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Earnings/loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings/loss Per Common Share [Abstract]
Net income available to common stockholders (numerator)	$ 17,806	$ (6,789)
Weighted-average number of common shares (denominator) (in shares)	228,874,847	221,921,750
Basic earnings per common shares (in dollars per share)	$ 0.08	$ (0.03)
Total shares - diluted (denominator) (in shares)	236,414,374	221,921,750
Diluted earnings per common share (in dollars per share)	$ 0.08	$ (0.03)
Loss Per Common Share [Abstract]
Potentially dilutive securities (in shares)	0	28,346,315
Potentially dilutive securities not included in computation of diluted loss per share amount (in shares)	0
Stock Options [Member]
Earnings/loss Per Common Share [Abstract]
Potential shares of common stock arising from outstanding stock options, warrants and unvested RSUs (in shares)	7,539,527
Loss Per Common Share [Abstract]
Potentially dilutive securities (in shares)		9,945,703
Restricted Stock Units [Member]
Loss Per Common Share [Abstract]
Potentially dilutive securities (in shares)		4,875,464
Unvested Restricted Stock Units [Member]
Earnings/loss Per Common Share [Abstract]
Potential shares of common stock arising from outstanding stock options, warrants and unvested RSUs (in shares)	7,539,527
Warrants [Member]
Earnings/loss Per Common Share [Abstract]
Potential shares of common stock arising from outstanding stock options, warrants and unvested RSUs (in shares)	7,539,527
Loss Per Common Share [Abstract]
Potentially dilutive securities (in shares)		13,525,148

DEBT (Details) - USD ($) $ in Thousands		3 Months Ended
DEBT (Details) - USD ($) $ in Thousands	Dec. 18, 2023	Mar. 31, 2024	Dec. 31, 2023
Senior Notes Payable [Abstract]
Senior notes payable before debt discount	$ 135,000
Less: Debt discount		$ (4,153)	$ (4,406)
Senior notes payable		130,847	130,594
Ares Credit Agreement [Member]
Senior Notes Payable [Abstract]
Minimum liquidity covenant		$ 15,000
Increase applicable margin		2.00%
Ares Credit Agreement [Member] \| Prepaid on or Prior to First Anniversary [Member]
Senior Notes Payable [Abstract]
Percentage of prepaid principal amount	1.50%
Ares Credit Agreement [Member] \| Prepaid after the First Anniversary [Member]
Senior Notes Payable [Abstract]
Percentage of prepaid principal amount	1.50%
Ares Credit Agreement [Member] \| Prepaid on or Prior to Second Anniversary [Member]
Senior Notes Payable [Abstract]
Percentage of prepaid principal amount	1.50%
Ares Credit Agreement [Member] \| Prepaid on or Prior to Third Anniversary [Member]
Senior Notes Payable [Abstract]
Percentage of prepaid principal amount	1.00%
Ares Credit Agreement [Member] \| Minimum [Member]
Senior Notes Payable [Abstract]
Revolving facility percentage	50.00%
Term Loan [Member]
Senior Notes Payable [Abstract]
Senior notes payable before debt discount		$ 62,500	$ 62,500
Term Loan [Member] \| SOFR [Member]
Senior Notes Payable [Abstract]
Term of variable rate	3 months
Number of business days	2 days
Applicable margin	6.50%
Interest rate		11.83%	11.88%
Revolving Credit Facility [Member]
Senior Notes Payable [Abstract]
Senior notes payable before debt discount		$ 72,500	$ 72,500
Revolving Credit Facility [Member] \| SOFR [Member]
Senior Notes Payable [Abstract]
Term of variable rate	3 months
Number of business days	2 days
Applicable margin	3.75%
Interest rate		9.08%	9.13%
Ares Credit Facility [Member] \| Ares Credit Agreement [Member]
Senior Notes Payable [Abstract]
Less: Debt discount		$ (4,400)
Maturity date		Dec. 20, 2027
Scheduled principal payments	$ 0
Frequency of periodic payment		quarterly
Interest payments	3,600
Number of business days for prior written notice		3 days
Prepayments of premium	0
Aggregate principal amount revolving credit facility		$ 36,300
Incurred fees and expenses		2,800
Original discount payable		1,700
Exit fee		$ 1,700	$ 1,700
Effective interest rate		11.36%	11.39%
Hayfin Credit Facility [Member]
Senior Notes Payable [Abstract]
Outstanding principal amount	$ 158,600

STOCKHOLDERS' EQUITY (Tables)

3 Months Ended

Mar. 31, 2024

STOCKHOLDERS' EQUITY [Abstract]

Warrants Outstanding

The following table summarizes information about warrants outstanding for the three months ended March 31, 2024:

	Shares			Weighted Average Exercise Price
Warrants outstanding at December 31, 2023		12,502,906		$	2.32
Expired		(34,800	)	$	7.50
Granted		-		$	-
Exercised		(7,558,332	)	$	2.16
Warrants outstanding at March 31, 2024		4,909,774		$	2.51

Schedule of Assumptions

The following assumptions were used to determine the fair value of options granted during the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31,
	2024	2023
Expected term	5.5 - 6.3 years	5.5 - 6.3 years
Volatility	66%	68%
Dividend yield	0.0	0.0
Risk-free interest rate	4.29%	4.20-4.24%

Schedule of Option Activity

A summary of the Company’s option activity under the Company’s equity incentive plans and related information is as follows:

				Weighted
				Average
	Shares			Exercise Price
Options outstanding, vested and expected to vest at December 31, 2023		5,906,184		$	3.38
Forfeited		(13,202	)	$	2.00
Expired		(176,434	)	$	8.48
Granted		1,096,196		$	5.40
Exercised		(393,993	)	$	2.73
Options outstanding, vested and expected to vest at March 31, 2024		6,418,751		$	3.63

Options exercisable		3,476,976		$	3.55

Schedule of Unvested RSU Activity

A summary of the Company’s unvested RSU activity and related information is as follows:

				Weighted
				Average Grant
	Shares			Date Fair Value
Balance at December 31, 2023		4,657,297		$	2.81
Granted		2,484,968		$	5.40
Vested		(1,145,292	)	$	2.64
Forfeited		(102,250	)	$	2.82
Balance at March 31, 2024		5,894,723		$	3.94

Schedule of Stock-Based Compensation Expense

Total stock-based compensation expense for all awards granted under the Company’s equity incentive plans for the three months ended March 31, 2024 and 2023 is as follows:

	Three Months Ended March 31,
	2024		2023
Research and development	$	17	$	5
Plasma center operating expenses		39		23
Selling, general and administrative		1,841		978
Cost of product revenue		244		104
Total stock-based compensation expense	$	2,141	$	1,110

INVENTORIES (Tables)

3 Months Ended

Mar. 31, 2024

INVENTORIES [Abstract]

Components of Inventory

The following table provides the components of inventories:

	March 31, 2024		December 31, 2023
	(In thousands)
Raw materials	$	59,459	$	52,999
Work-in-process		49,279		49,621
Finished goods		68,994		70,286
Total inventories	$	177,732	$	172,906

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

DEBT

3 Months Ended

Mar. 31, 2024

DEBT [Abstract]

DEBT

A summary of outstanding senior notes payable is as follows:

	March 31, 2024			December 31, 2023
	(In thousands)
Term loan	$	62,500		$	62,500
Revolving credit facility		72,500			72,500
Less:
Debt discount		(4,153	)		(4,406	)
Senior notes payable	$	130,847		$	130,594

On December 18, 2023 (the “Ares Closing Date”), the Company and all of its subsidiaries entered into a credit agreement (the “Ares Credit Agreement”) with Ares Capital Corporation and certain credit funds affiliated with Ares Capital Corporation (collectively, “Ares”). The Ares Credit Agreement provides 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 has 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.

Borrowings under the term loan bear 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 SOFR Term Loan Applicable Margin”). Borrowings under the revolving facility bear 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 3.75% (the “SOFR Revolving Facility Applicable Margin”). As of March 31, 2024 and December 31, 2023, the interest rate on the term loan was approximately 11.83% and 11.88%, respectively, and the interest rate on the revolving facility was approximately 9.08% and 9.13%, respectively.

On the Ares Maturity Date, the Company is required to pay Ares the entire outstanding principal amount underlying the Ares Loans and any accrued and unpaid interest thereon. Prior to the Ares Maturity Date, there are no scheduled principal payments on the Ares Credit Facilities, and the Company is required to make quarterly interest payments to Ares of approximately $3.6 million. The Company may prepay 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 prepays an amount under the Revolving Facility that is greater than 50% of the current $72.5 million outstanding balance, the Company will still be required to pay interest on 50% of this balance, or $36.3 million, through the term of Ares Credit Facility. The Company may prepay 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) the present value as of such date of all remaining required interest payments on the principal amount being repaid plus 1.5% of the prepaid principal amount, if prepaid on or prior to the first anniversary of the Ares Closing Date, (ii)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 (iii) 1.0% of the prepaid principal amount, if prepaid on or prior to the third anniversary of the Ares Closing Date.

In connection with the closing of the Ares Credit Facility, the Company incurred fees and expenses related to the transaction of $2.8 million, including a $1.7 million original discount payable to Ares, all of which was deducted from the Ares loan proceeds. In addition, the Company is also required to pay Ares an exit fee of $1.7 million upon the earlier of any prepayment date or the Ares Maturity Date, and this amount has been accrued as a separate liability in the Company’s consolidated balance sheets as of March 31, 2024 and December 31, 2023. As a result, the Company recognized an aggregate debt discount of $4.4 million as of the Ares Closing Date, and the weighted-average effective interest rate on the Ares Loans as of March 31, 2024 and December 31, 2023 was 11.36% and 11.39%, respectively. This debt discount was recorded as a reduction to the face amount of the debt and is being amortized as interest expense over the term of the debt using the interest method.

All of the Company’s obligations under the Ares Credit Agreement are secured by a first-priority lien and security interest in substantially all of the Company’s tangible and intangible assets, including intellectual property and all of the equity interests in the Company’s subsidiaries. The Ares 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 maximum total leverage ratios and a $15.0 million minimum liquidity covenant, and 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 Ares Credit Agreement, incur new indebtedness; create liens on assets; engage in certain fundamental corporate changes, such as mergers or acquisitions, or changes to the Company’s or the Company’s subsidiaries’ business activities; make certain Investments or Restricted Payments (each as defined in the Ares Credit Agreement); engage in certain affiliate transactions; or enter into, amend or terminate any other agreements that have the impact of restricting the Company’s ability to make loan repayments under the Ares Credit Agreement. As of March 31, 2024 the Company was in compliance with all of the covenants contained in the Ares Credit Agreement.

Events of Default on the Ares Loans include, among others, non-payment of principal, interest or fees, violation of covenants, inaccuracy of representations and warranties, bankruptcy and insolvency events, material judgments, cross-defaults to material contracts and events constituting a change of control. If there is an event of default, the Company will incur an increase in the rate of interest on the Ares Loans of 2% per annum.

INTANGIBLE ASSETS, Summary (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Finite-Lived Intangible Assets, Net [Abstract]
Cost	$ 5,232		$ 5,217
Accumulated amortization	4,911		4,718
Net	321		499
Amortization of intangible assets	193	$ 179
Trademark and Other Intangible Rights Related to Nabi-HB [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Cost	4,100		4,100
Accumulated amortization	4,002		3,856
Net	98		244
Internally Developed Software [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Cost	225		210
Accumulated amortization	23		9
Net	202		201
Rights to Intermediates [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Cost	907		907
Accumulated amortization	886		853
Net	$ 21		$ 54

ORGANIZATION AND BUSINESS (Details) $ in Thousands	3 Months Ended
ORGANIZATION AND BUSINESS (Details) $ in Thousands	Mar. 31, 2024 USD ($) Facility Product	Dec. 31, 2023 USD ($)
Organization and Business [Abstract]
Number of plasma collection facilities under approval and development \| Facility	10
Number of FDA approved product \| Product	3
Working capital	$ 223,300
Cash and cash equivalents	45,300
Accounts receivable	49,621	$ 27,421
Inventories	177,732	172,906
Current liabilities	$ 53,088	$ 49,806

- Definition

Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 3
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481404/852-10-50-7

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481404/852-10-50-7

Reference 21: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-Subparagraph (SX 210.5-02.21)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Use of Estimates

Fair Value of Financial Instruments

Accounts Receivable

Inventories

Goodwill

Impairment of Long-Lived Assets

Revenue Recognition

Cost of Product Revenue

Earnings/loss Per Common Share

Net income available to common stockholders ($000’s) (numerator)	$	17,806
Weighted-average number of common shares (denominator)		228,874,847
Basic earnings per common shares	$	0.08

Weighted-average number of common shares		228,874,847
Potential shares of common stock arising from outstanding stock options, warrants and unvested RSUs		7,539,527
Total shares - diluted (denominator)		236,414,374
Diluted earnings per common share	$	0.08

Stock Options			9,945,703
Restricted Stock Units			4,875,464
Warrants			13,525,148
			28,346,315

Stock-Based Compensation

Income Taxes

Recent Accounting Pronouncements

PROPERTY AND EQUIPMENT

3 Months Ended

Mar. 31, 2024

PROPERTY AND EQUIPMENT [Abstract]

PROPERTY AND EQUIPMENT

5.	PROPERTY AND EQUIPMENT

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

	March 31, 2024			December 31, 2023
	(In thousands)
Manufacturing and laboratory equipment	$	21,232		$	21,093
Office equipment and computer software		6,432			6,062
Furniture and fixtures		5,776			5,776
Construction in process		4,447			2,273
Leasehold improvements		21,026			20,811
Land		4,339			4,339
Buildings and building improvements		20,712			20,218
		83,964			80,572
Less: Accumulated depreciation		(28,647	)		(26,737	)
Total property, plant and equipment, net	$	55,317		$	53,835

Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the asset’s estimated useful life. Land is not depreciated. The buildings were assigned a useful life of 30 years. Property and equipment other than land and buildings have useful lives ranging from three to 10 years. Leasehold improvements are amortized over the lesser of the lease term or their estimated useful lives.

The Company recorded depreciation expense on property and equipment for the three months ended March 31, 2024 and 2023 of $1.9 million.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 17,806	$ (6,789)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	2,114	2,033
Loss on disposal of fixed assets	23	18
Interest paid in kind	0	980
Stock-based compensation	2,141	1,110
Amortization of debt discount	253	488
Amortization of license revenue	(36)	(36)
Changes in operating assets and liabilities:
Accounts receivable	(22,200)	(11,013)
Inventories	(4,826)	(705)
Prepaid expenses and other current assets	1,593	716
Deposits and other assets	(982)	289
Accounts payable	447	(273)
Accrued expenses	772	(1,354)
Other current and non-current liabilities	677	(187)
Net cash used in operating activities	(2,218)	(14,723)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(2,347)	(1,945)
Acquisition of intangible assets	(15)	0
Net cash used in investing activities	(2,362)	(1,945)
CASH FLOWS FROM FINANCING ACTIVITIES:
Taxes paid on vested Restricted Stock Units	(2,476)	(640)
Payments on finance lease obligations	0	(10)
Net proceeds from the exercise of stock options	1,029	0
Net cash used in financing activities	(1,447)	(650)
Net decrease in cash and cash equivalents	(6,027)	(17,318)
Cash and cash equivalents - beginning of period	51,352	86,522
Cash and cash equivalents - end of period	$ 45,325	$ 69,204

PROPERTY AND EQUIPMENT (Tables)

3 Months Ended

Mar. 31, 2024

PROPERTY AND EQUIPMENT [Abstract]

Property and Equipment

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

	March 31, 2024			December 31, 2023
	(In thousands)
Manufacturing and laboratory equipment	$	21,232		$	21,093
Office equipment and computer software		6,432			6,062
Furniture and fixtures		5,776			5,776
Construction in process		4,447			2,273
Leasehold improvements		21,026			20,811
Land		4,339			4,339
Buildings and building improvements		20,712			20,218
		83,964			80,572
Less: Accumulated depreciation		(28,647	)		(26,737	)
Total property, plant and equipment, net	$	55,317		$	53,835

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2024

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities at March 31, 2024 and December 31, 2023 are as follows:

	March 31, 2024		December 31, 2023
	(In thousands)
Accrued rebates	$	17,330	$	16,608
Accrued distribution fees		7,100		5,954
Accrued incentives		1,220		4,961
Accrued interest		3,478		546
Accrued testing		329		282
Accrued payroll and other compensation		1,853		2,203
Other		2,381		2,365
Total accrued expenses and other current liabilities	$	33,691	$	32,919

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Impairment of Long-lived Assets (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Impairment of Long-lived Assets [Abstract]
Impairment of long-lived assets	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Stock-based Compensation (Details)	3 Months Ended
	Mar. 31, 2024
Stock Options [Member]
Stock-based Compensation [Abstract]
Equity incentive plans, vesting period	4 years
Equity incentive plans, term	10 years
Restricted Stock Units (RSUs) [Member]
Stock-based Compensation [Abstract]
Equity incentive plans, vesting period	4 years

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2022	$ 22	$ 629,969	$ (478,017)	$ 151,974
Balance (in shares) at Dec. 31, 2022	221,816,930
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 0	1,110	0	1,110
Vesting of Restricted Stock Units, net of shares withheld for taxes	$ 0	(640)	0	(640)
Vesting of Restricted Stock Units, net of shares withheld for taxes (in shares)	443,215
Exercise of stock options	$ 0	0	0	0
Exercise of stock options (in shares)	2,443
Net income (loss)	$ 0	0	(6,789)	(6,789)
Balance at Mar. 31, 2023	$ 22	630,439	(484,806)	145,655
Balance (in shares) at Mar. 31, 2023	222,262,588
Balance at Dec. 31, 2023	$ 23	641,439	(506,256)	135,206
Balance (in shares) at Dec. 31, 2023	226,063,032
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 0	2,141	0	2,141
Cashless exercise of warrants	$ 0	0	0	0
Cashless exercise of warrants (in shares)	4,545,503
Vesting of Restricted Stock Units, net of shares withheld for taxes	$ 0	(2,476)	0	(2,476)
Vesting of Restricted Stock Units, net of shares withheld for taxes (in shares)	774,889
Exercise of stock options	$ 0	1,029	0	1,029
Exercise of stock options (in shares)	386,341
Net income (loss)	$ 0	0	17,806	17,806
Balance at Mar. 31, 2024	$ 23	$ 642,133	$ (488,450)	$ 153,706
Balance (in shares) at Mar. 31, 2024	231,769,765

LEASE OBLIGATIONS (Tables)

3 Months Ended

Mar. 31, 2024

LEASE OBLIGATIONS [Abstract]

Payments Under Lease Obligations

Scheduled payments under the Company’s lease obligations are as follows (in thousands):

Remainder of 2024	$	1,802
Year ended December 31, 2025		2,421
2026		2,157
2027		2,041
2028		2,088
2029		2,109
Thereafter		4,041
Total payments		16,659
Less: imputed interest		(6,079	)
Current portion		(1,093	)
Balance at March 31, 2024	$	9,487

SEGMENTS

3 Months Ended

Mar. 31, 2024

SEGMENTS [Abstract]

SEGMENTS

11.

SEGMENTS

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 hold 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. While not considered an operating segment, the Corporate information included in the tables below 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. Summarized financial information concerning reportable segments is shown in the following tables:

Three Months Ended March 31, 2024
(in thousands)	ADMA BioManufacturing			Plasma Collection Centers			Corporate			Consolidated

Revenues	$	80,113		$	1,726		$	36		$	81,875

Cost of product revenue		40,991			1,776			-			42,767

Income (loss) from operations		28,696			(1,055	)		(5,820	)		21,821

Interest and other expense, net		(30	)		(1	)		(3,389	)		(3,420	)

Income (loss) before taxes		28,666			(1,056	)		(9,209	)		18,401

Capital expenditures		2,330			17			-			2,347
Depreciation expense		1,307			807			-			2,114
Total assets		278,331			33,990			38,554			350,875

Three Months Ended March 31, 2023
(in thousands)	ADMA BioManufacturing			Plasma Collection Centers			Corporate			Consolidated

Revenues	$	49,577		$	7,301		$	36		$	56,914

Cost of product revenue		33,934			6,467			-			40,401

Income (loss) from operations		5,476			(947	)		(5,342	)		(813	)

Interest and other expense, net		(23	)		-			(5,953	)		(5,976	)

Income (loss) before taxes		5,453			(947	)		(11,295	)		(6,789	)

Capital expenditures		452			1,493			-			1,945
Depreciation expense		1,293			740			-			2,033
Total assets		234,895			38,854			67,039			340,788

Net revenues according to geographic area, based on the location of where the product is shipped, is as follows:

	Three Months Ended March 31,
(in thousands)	2024		2023
United States	$	77,991	$	52,695
International		3,884		4,219
Total revenues	$	81,875	$	56,914

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

INTANGIBLE ASSETS, Future Aggregate Amortization Expense (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Estimated Aggregate Amortization Expense [Abstract]
2024	$ 162
2025	56
2026	56
2027	$ 47

INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2024

INTANGIBLE ASSETS [Abstract]

INTANGIBLE ASSETS

4.	INTANGIBLE ASSETS

Intangible assets at March 31, 2024 and December 31, 2023 consist of the following:

	March 31, 2024						December 31, 2023
	(In thousands)
			Accumulated						Accumulated
	Cost		Amortization		Net		Cost		Amortization		Net
Trademark and other intangible rights related to Nabi-HB	$	4,100	$	4,002	$	98	$	4,100	$	3,856	$	244
Internally developed software		225		23		202		210		9		201
Rights to intermediates		907		886		21		907		853		54
	$	5,232	$	4,911	$	321	$	5,217	$	4,718	$	499

Amortization expense related to the Company’s intangible assets was $0.2 million for the three months ended March 31, 2024 and 2023. Estimated future aggregate amortization expense is expected to be as follows (in thousands):

2024	$	162
2025		56
2026		56
2027		47

INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2024

INTANGIBLE ASSETS [Abstract]

Schedule of Intangible Assets

Intangible assets at March 31, 2024 and December 31, 2023 consist of the following:

	March 31, 2024						December 31, 2023
	(In thousands)
			Accumulated						Accumulated
	Cost		Amortization		Net		Cost		Amortization		Net
Trademark and other intangible rights related to Nabi-HB	$	4,100	$	4,002	$	98	$	4,100	$	3,856	$	244
Internally developed software		225		23		202		210		9		201
Rights to intermediates		907		886		21		907		853		54
	$	5,232	$	4,911	$	321	$	5,217	$	4,718	$	499

Intangible Asset Future Aggregate Amortization Expense

2024	$	162
2025		56
2026		56
2027		47

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	May 03, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Document Transition Report	false
Entity File Number	001-36728
Entity Registrant Name	ADMA BIOLOGICS, INC.
Entity Central Index Key	0001368514
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	56-2590442
Entity Address, Address Line One	465 State Route 17
Entity Address, City or Town	Ramsey
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07446
City Area Code	201
Local Phone Number	478-5552
Title of 12(b) Security	Common Stock
Trading Symbol	ADMA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		231,809,197

STOCKHOLDERS' EQUITY, Warrants (Details) - $ / shares	3 Months Ended
STOCKHOLDERS' EQUITY, Warrants (Details) - $ / shares	Mar. 31, 2024	Mar. 14, 2024	Mar. 08, 2024	Feb. 24, 2024	Jan. 10, 2024	Dec. 31, 2023
Warrants [Abstract]
Warrant to purchase shares of common stock (in shares)		169,651		34,800	4,000,000
Common stock, shares issued (in shares)	231,769,765	85,784			1,977,514	226,063,032
Warrants outstanding (in shares)	33,596,877
Hayfin Warrants [Member]
Warrants [Abstract]
Warrant to purchase shares of common stock (in shares)			3,388,681
Common stock, shares issued (in shares)			2,482,205
Warrant [Member]
Warrants Outstanding [Abstract]
Beginning balance (in shares)	12,502,906
Expired (in shares)	(34,800)
Granted (in shares)	0
Exercised (in shares)	(7,558,332)
Ending balance (in shares)	4,909,774
Warrants Outstanding, Weighted Average Grant Date Fair Value [Abstract]
Beginning balance (in dollars per share)	$ 2.32
Expired (in dollars per share)	7.5
Granted (in dollars per share)	0
Exercised (in dollars per share)	2.16
Ending balance (in dollars per share)	$ 2.51
Common Stock [Member]
Warrants [Abstract]
Warrants outstanding (in shares)	4,909,774					12,502,906
Warrant exercise price per share (in dollars per share)	$ 2.51					$ 2.32

STOCKHOLDERS' EQUITY, Equity Incentive Plans (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock Options [Abstract]
Aggregate exercise proceeds	$ 1,029	$ 0
Stock-based compensation expense [Abstract]
Stock-based compensation expense	2,141	1,110
Research and Development [Member]
Stock-based compensation expense [Abstract]
Stock-based compensation expense	17	5
Plasma Center Operating Expenses [Member]
Stock-based compensation expense [Abstract]
Stock-based compensation expense	39	23
Selling, General and Administrative [Member]
Stock-based compensation expense [Abstract]
Stock-based compensation expense	1,841	978
Cost of Product Revenue [Member]
Stock-based compensation expense [Abstract]
Stock-based compensation expense	$ 244	$ 104
Stock Options [Member]
Fair Value Assumptions and Methodology [Abstract]
Volatility	66.00%	68.00%
Dividend yield	0.00%	0.00%
Risk-free interest rate	4.29%
Stock Options [Abstract]
Number of stock options granted (in shares)	1,096,196	1,727,510
Weighted average remaining contractual life of stock options, outstanding	7 years 4 months 24 days
Weighted average remaining contractual life of stock options, expected to vest	6 years
Stock Options, Shares [Abstract]
Options outstanding, vested and expected to vest, beginning balance (in shares)	5,906,184
Forfeited (in shares)	(13,202)
Expired (in shares)	(176,434)
Granted (in shares)	1,096,196
Exercised (in shares)	(393,993)
Options outstanding, vested and expected to vest, ending balance (in shares)	6,418,751
Options exercisable (in shares)	3,476,976
Stock Options, Weighted Average Exercise Price [Abstract]
Options outstanding, vested and expected to vest, beginning balance (in dollars per share)	$ 3.38
Forfeited (in dollars per share)	2
Expired (in dollars per share)	8.48
Granted (in dollars per share)	5.4
Exercised (in dollars per share)	2.73
Options outstanding, vested and expected to vest, ending balance (in dollars per share)	3.63
Options exercisable (in dollars per share)	$ 3.55
Restricted Stock Units [Abstract]
Restricted stock units vested over a period	4 years
Stock Options [Member] \| Minimum [Member]
Fair Value Assumptions and Methodology [Abstract]
Expected term	5 years 6 months	5 years 6 months
Risk-free interest rate		4.20%
Stock Options [Member] \| Maximum [Member]
Fair Value Assumptions and Methodology [Abstract]
Expected term	6 years 3 months 18 days	6 years 3 months 18 days
Risk-free interest rate		4.24%
Stock Options [Member] \| Equity Incentive Plans [Member]
Stock Options [Abstract]
Shares withheld to cover aggregate exercise prices (in shares)	7,652
Aggregate exercise proceeds	$ 1,000
Stock Options, Weighted Average Exercise Price [Abstract]
Unrecognized compensation expense, stock options	$ 6,900
Unrecognized compensation expense recognition period	2 years 10 months 24 days
RSUs [Member]
Restricted Stock Units [Abstract]
Number of restricted stock units granted (in shares)	2,484,968	2,666,260
Restricted stock units vested over a period	4 years
Shares withheld for tax withholding obligation (in shares)	370,403
Amount of shares withheld for tax withholding obligation	$ 2,500
Unvested RSU, Shares [Abstract]
Beginning balance (in shares)	4,657,297
Granted (in shares)	2,484,968
Vested (in shares)	(1,145,292)
Forfeited (in shares)	(102,250)
Ending balance (in shares)	5,894,723
Unvested RSU, Weighted Average Grant Date Fair Value [Abstract]
Beginning balance (in dollars per share)	$ 2.81
Granted (in dollars per share)	5.4
Vested (in dollars per share)	2.64
Forfeited (in dollars per share)	2.82
Ending balance (in dollars per share)	$ 3.94
RSUs [Member] \| Directors [Member]
Restricted Stock Units [Abstract]
Restricted stock units vested over a period	1 year
RSUs [Member] \| Employees [Member]
Restricted Stock Units [Abstract]
Restricted stock units vested over a period	4 years
RSUs [Member] \| Equity Incentive Plans [Member]
Stock Options, Weighted Average Exercise Price [Abstract]
Unrecognized compensation expense recognition period	3 years 3 months 18 days
Unvested RSU, Weighted Average Grant Date Fair Value [Abstract]
Unrecognized compensation expense, non option	$ 22,100

SEGMENTS (Details) $ in Thousands	3 Months Ended
SEGMENTS (Details) $ in Thousands	Mar. 31, 2024 USD ($) Facility Segment	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Abstract]
Number of FDA-licensed plasma collection facilities \| Facility	10
Number of operating segments \| Segment	2
Revenues	$ 81,875	$ 56,914
Cost of product revenue	42,767	40,401
Income (loss) from operations	21,821	(813)
Interest and other expense, net	(3,420)	(5,976)
INCOME (LOSS) BEFORE INCOME TAXES	18,401	(6,789)
Capital expenditures	2,347	1,945
Depreciation and amortization expense	2,114	2,033
Total assets	350,875	340,788	$ 329,182
United States [Member]
Segment Reporting Information [Abstract]
Revenues	77,991	52,695
International [Member]
Segment Reporting Information [Abstract]
Revenues	3,884	4,219
Corporate [Member]
Segment Reporting Information [Abstract]
Revenues	36	36
Cost of product revenue	0	0
Income (loss) from operations	(5,820)	(5,342)
Interest and other expense, net	(3,389)	(5,953)
INCOME (LOSS) BEFORE INCOME TAXES	(9,209)	(11,295)
Capital expenditures	0	0
Depreciation and amortization expense	0	0
Total assets	38,554	67,039
Operating Segments [Member] \| ADMA BioManufacturing [Member]
Segment Reporting Information [Abstract]
Revenues	80,113	49,577
Cost of product revenue	40,991	33,934
Income (loss) from operations	28,696	5,476
Interest and other expense, net	(30)	(23)
INCOME (LOSS) BEFORE INCOME TAXES	28,666	5,453
Capital expenditures	2,330	452
Depreciation and amortization expense	1,307	1,293
Total assets	278,331	234,895
Operating Segments [Member] \| Plasma Collection Centers [Member]
Segment Reporting Information [Abstract]
Revenues	1,726	7,301
Cost of product revenue	1,776	6,467
Income (loss) from operations	(1,055)	(947)
Interest and other expense, net	(1)	0
INCOME (LOSS) BEFORE INCOME TAXES	(1,056)	(947)
Capital expenditures	17	1,493
Depreciation and amortization expense	807	740
Total assets	$ 33,990	$ 38,854

STOCKHOLDERS' EQUITY, Common Stock (Details) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Common Stock [Abstract]
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares outstanding (in shares)	231,769,765	226,063,032
Warrants outstanding (in shares)	33,596,877
Common stock, available for issuance (in shares)	34,633,358

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accrued Expenses and Other Current Liabilities [Abstract]
Accrued rebates	$ 17,330	$ 16,608
Accrued distribution fees	7,100	5,954
Accrued incentives	1,220	4,961
Accrued interest	3,478	546
Accrued testing	329	282
Accrued payroll and other compensation	1,853	2,203
Other	2,381	2,365
Total accrued expenses and other current liabilities	$ 33,691	$ 32,919

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Goodwill [Abstract]
Goodwill	$ 3,530		$ 3,530
Impairment charges related to goodwill	$ 0	$ 0

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

RELATED PARTY TRANSACTIONS (Details) - Related Party [Member] - USD ($)	1 Months Ended	3 Months Ended
	Jan. 31, 2016	Mar. 31, 2024	Mar. 31, 2023
Areth, LLC [Member]
Related Party Transactions [Abstract]
Rent expense	$ 10,000	$ 30,000	$ 30,000
Genesis [Member]
Related Party Transactions [Abstract]
Purchased materials amount		$ 100,000	$ 100,000

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 45,325	$ 51,352
Accounts receivable, net	49,621	27,421
Inventories	177,732	172,906
Prepaid expenses and other current assets	3,741	5,334
Total current assets	276,419	257,013
Property and equipment, net	55,317	53,835
Intangible assets, net	321	499
Goodwill	3,530	3,530
Right-to-use assets	9,397	9,635
Deposits and other assets	5,891	4,670
TOTAL ASSETS	350,875	329,182
Current liabilities:
Accounts payable	17,186	15,660
Accrued expenses and other current liabilities	33,691	32,919
Current portion of deferred revenue	1,118	182
Current portion of lease obligations	1,093	1,045
Total current liabilities	53,088	49,806
Senior notes payable, net of discount	130,847	130,594
Deferred revenue, net of current portion	1,654	1,690
End of term fee	1,688	1,688
Lease obligations, net of current portion	9,487	9,779
Other non-current liabilities	405	419
TOTAL LIABILITIES	197,169	193,976
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred Stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding	0	0
Common Stock - voting, $0.0001 par value, 300,000,000 shares authorized, 231,769,765 and 226,063,032 shares issued and outstanding at March 31, 2024 and December 31, 2023	23	23
Additional paid-in capital	642,133	641,439
Accumulated deficit	(488,450)	(506,256)
TOTAL STOCKHOLDERS' EQUITY	153,706	135,206
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 350,875	$ 329,182